Can anybody advise about a really old PPI please ?

[bunkey]

Hello

I took out a rescheduled loan ( bundling up a couple of loans that had fallen into arrears ) for 7k in December 1993, Ancient history I know ! - I still have the agreement in fact and all the correspondence. The agreement has a box ; - "Credit Insurance " ... The customer is required to take out and maintain life insurance in respect of the person named below....." ( ie me ), the PPI was obligatory as a condition of the loan. So I paid this loan until around 2002, might be a bit later.

I know theres time limits on these things - any chance of a claim on this anyone please ?

Thanks !

Edited May 17, 2010 by bunkey

[landy_alert]

Hello

I took out a rescheduled loan ( bundling up a couple of loans that had fallen into arrears ) for 7k with NWS Trust Ltd ( part of Bank of Scotland) in December 1993, Ancient history I know ! - I still have the agreement in fact and all the correspondence. The agreement has a box ; - "Credit Insurance " ... The customer is required to take out and maintain life insurance in respect of the person named below....." ( ie me ), the PPI was obligatory as a condition of the loan. So I paid this loan until around 2002, might be a bit later.

I know theres time limits on these things - any chance of a claim on this anyone please ?

Thanks !

 

Hi Bunkey:)

 

Welcome to Cag!

 

You've come to the right place for claiming mis-sold PPI as you will get lots of guidance here. It would be a good idea to start by reading the 'stickies' at the top of this forum where there is plenty of helpful stuff!

 

The clock starts ticking from when you discovered you were mis-sold, so if the financial institution tries to tell you otherwise they are pulling a fast one. As it would appear from what you have said that the PPI was a condition of being accepted for the loan that's pretty good for starters and I'm sure if you look at the other mis-selling reasons in the stickies you will find you fit other criteria too.

 

You say you have your original agreement (the CCA) - do you have all relevant paperwork - statements or a record of what you paid? If not it might be a good idea to do a Subject Access Request to the company (you'll find a template in the templates library or I believe there's one specifically geared towards PPI in the stickies). It is important to keep everything in writing so you have a paper trail and to send your correspondence via recorded delivery so you have proof of delivery.

 

Once you have all your info regarding the payments you made you will be in a position to start reclaiming and we will be able to offer further advice.

 

Hope this helps!

 

Landy x

[dx100uk]

if you have the previous agreements of the refinanced loans too, go for ppi back on them too, because i bet [if it was the same co.]you didn't get the old ppi refunded to you either , so they fleeced you twice on ppi and the int they charged on it.

 

dx

[bunkey]

Can anyone advise please where I go from here now ? Thanks very much.

Edited May 17, 2010 by bunkey

[dx100uk]

you need to workout how much of your monthly repayment went to PPI.

then you basically use the calculator to 'add' 8% stat int from the day that money was taken to the day of your claim. for each monthly payment.

 

i'd be inclined too read here:

http://www.consumeractiongroup.co.uk/forum/payment-protection-insurance-ppi/61081-ppi-some-notes-claimants.html

 

there are other stickies and the calculator at the top of the PPI forum.

 

dx

[bunkey]

Many thanks. Using the templates supplied ( template 2 ) I have nearly completed my letter, but I cannot calculate the amounts due over 9 years !

None of the calculators on this or any other site I can find will calculate the PPI paid on the basis of 25p per £100 balance outstanding after montly loan payments are taken, and monthly interest added.. All I can do is calculate over 100 calculations using my calculator and then do another 100 calculations to show what I would have paid without the PPI ! Crazy. Anyway, thanks again !

[dx100uk]

use excel

 

balance outstanding-monthly payment=A

A*1.671%=B

B/100=C

C*£0.25=D

D+[8% stat from date paid to date of claim]

 

dx

 

 

dx

[bunkey]

Thanks for the formula DX.

Although I use Excel all the time, I am no good at those type of calculations so i have done it manually ( 108 months - that's a lot of calculations ! )

So, now I have a figure .....which is circa 5k

This is made up from every monthly PPI Payment, and I have also added on interest @8% for the PPI for every year since loan start in 1993 to 2010.

( Is this interest add on correct ?)

 

Can you advise me which letter I should now draft ; should I just send a letter statiing that I require a PPI refund without stating a figure ?

This seems to me a better option as I cannot be certain of the exact amount due, and if so, which letter should I send please ? Cheers !

[dx100uk]

per i would include a spreadsheet.

however, it is important for you to get this correct and not look silly.

 

as long as you have added 8% stat for each month to the date of you claim then that should be ok.

 

if you use excel i cant see how you cant use my example.

 

dx

[bunkey]

Thanks, i shall have to google "excel calculations". Not sure where to put the * and / signs and in which boxes.

[dx100uk]

ah

* is times X

/ is divide

 

use the normal formula bar

 

=A2*1.671%

=B2/100

=C2*£0.25

=D2+[8% [date calc in numbers]]

 

dx

[bunkey]

Thanks again for that DX, but I have not a clue what that means. I use excel for sorting and graphs everyday but never for calculations of that nature. My cat would have as much chance of calculating that !

However, I will post your formula up on one of the excel forums on another site and see if someone provide me with a spreadsheet with the items in the correct place.

As I see it I should be due

a) All the 100 payments of PPI and

b) All the interest on the PPI from the month paid @ 8% pa

but does your formula include

c) The additional notional amount of loan that I have paid on account of the wrongly applied PPI payments.

Thanks !

[dx100uk]

c: dont get what you mean.

you only paid PPI on the outstanding bal each month.

 

dx

[crampers]

Hi thought I would let you her indoors had one with RBS through NWS from 1995 we sent them a letter demanding the ppi back and they coughed up about a month later 2 cheques in total 2900.

 

good luck

[bunkey]

crampers ; Thanks for that , good result there; gives me hope, and thanks for taking the trouble to post.

 

dx, what I meant by

"c) The additional notional amount of loan that I have paid on account of the wrongly applied PPI payments."

Because the PPI was wrongfully added on each month , after the interest, it took far longer to pay off the loan, As a result the final settlement figure was higher than it would have been if PPI had not been added.

I could have explained it better.

[laffing]

Hi thought I would let you her indoors had one with RBS through NWS from 1995 we sent them a letter demanding the ppi back and they coughed up about a month later 2 cheques in total 2900.

 

good luck

 

Hi

 

I have just sent a prelim to RBS through NWS for a loan I had in 1996 (I did try once before in 2008) but was fobbed off.....

I still have the origanal customer copy Credit Agreement, which I haven't signed.... how did your wife go about pursueing her claim?

[crampers]

Just a letter asking for refund as we felt the PPI had been missold.