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Reclaiming ppi, interest question


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Hi,

 

This loan has been repaid in full but I was wanting to reclaim the ppi I paid on it as it was mis-sold

 

Loan 4000

ppi 1226

Interest 2236

Total to repay 7462

 

I paid it over 48 mths at 155.46 per month.

 

I don't know how much of this interest (2236) was paid to the loan and how much was paid to the ppi, does anybody know an easy way for me to work it out please?

 

Thanks

Sjay

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Hi,

 

This loan has been repaid in full but I was wanting to reclaim the ppi I paid on it as it was mis-sold

 

Loan 4000

ppi 1226

Interest 2236

Total to repay 7462

 

I paid it over 48 mths at 155.46 per month.

 

I don't know how much of this interest (2236) was paid to the loan and how much was paid to the ppi, does anybody know an easy way for me to work it out please?

 

Thanks

Sjay

 

I cannot help you out here if you make a claim via the Financial Ombudsman Service they will use a formula to calculate what you are due in a refund. You should be able to claim the PPI added to the loan including the interest but you will not be able to claim any compound interest over the loan period only the initial interest added to the PPI at the beginning of the loan. You should however claim the statutory interest at 8% on each and every payment made from the date the payment was made each month until such time as a settlement is agreed via the FOS. I hope this helps. It seems to be a bee in the bonnet but you will not be able to claim the contractual interest rate on any PPI you have paid.

 

good luck

 

aa

I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner.

------------------------------------------------

Bank charge successes:

Halifax - Full settlement incl interest.

HSBC - Settlement, goodwill no admission of liability about 75% of claim.

RBS - Settlement, goodwill no admission of liability about 70% of claim.

2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did :mad:

PPI Successes

PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.

2 claims settled in full with LV without FOS involvement.

2 claims settled in full with HSBC without FOS involvement

 

PPI Claims ongoing with:

Cap one Now with the FOS

Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.

LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc

 

1 Complaint not upheld by FOS they said it was ICO issue. Complaint upheld by ICO. See this..

Post 290 from

***RBS PPI Claim Long fight but, WON***

 

Please do not PM me for advice as it may be sometime before I can respond.

 

Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.

 

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Hi aa, thanks

 

Am I right in thinking I have to put a claim into the loan company first before I would go to the FOS?

 

If so, just wondering what my initial claim would be for then. Since my ppi was 1226 paid over 48 months, would I claim back £25.54 per month + 8% for each monthly payment?

 

Thanks

Sjay

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Hi,

 

I think now I should be reclaiming my ppi + the interest paid on the ppi + 8% Stat Interest.

 

I'm just not sure how to work out the interest paid on the ppi only. My loan application gives a total value for interest (2236) but this is for the loan & the ppi.

 

Any ideas?

 

Thanks

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Sjay

 

Don't worry too much about putting figures in your complaint letter. just get it off to the institution concerned and then wait (you have to give them 8 weeks to repsond before you can go to the FOS). You can always ask for a breakdown from the bank/loan company when you get a refund and then post the numbers on the forum here for someone to check!

 

Good luck!

 

PS there is now a questionnaire on the FOS website to send to the company concerned instead of a letter and then if your claim goes to the FOS, you use the same questionnaire to send to the FOS.

 

Good luck!

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