HFO chasing 3 CITI Loans + **WON PPI**

[coledog]

The applications go to the original creditor - for Citi, the form is on the Citi web site. Makes no difference if it was 'sold on' - Citi misold the PPI

Edited May 8, 2013 by coledog

[broken arrow]

Ok that's good to know. A further weight off the mind anyway. Had a letter saying it had been assigned to Buchanan n Wells. Can't remember tbh if I kept it.

 

Re ppi, feels strange as been saying for 3 years ( I feel) to prove it . And now I am saying cough up the ppi I paid. I don't leave myself open do I?

 

If not how would I start processing and even working out how much is owed? I have the last loan but it is an "extension" so know there's more added. Also finally can they still just take what is refunded off their supposed final balance?

 

Assigned to BCW, that's interesting, could you post that letter up please.

[coledog]

Get the reclaim form from Citi's web site and fill it it in quoting the original account numbers, Have a look at Dx's links. You do not need to work it out, just think about when you took out the loans and your situation at the time and ask for any PPI to be refunded. How did they sell it to you? Was PPI added? You obviously had problems but did not claim on the PPI. The debt has been paid off as it was 'sold on' so claim PPI from the original lender

 

Tell BCW to go and do one as this is SB!

[batleyboy]

Assigned to BCW, that's interesting, could you post that letter up please.

 

I ll see if I kept it or "filed" it. You remember well CD it was a loan on top of a loan. Will start looking into that tomorrow. Does the SBd amount offset the ppi claim?

[batleyboy]

Started looking at this today. 3 loans ( 2 rolling over) all with ppi in initial lumps. Finding it hard to see if I basically paid 3 ppi for 3 or whether the 2nd loan amount refunded the initial amount.

[batleyboy]

Sorry!! Me again. Been busy. Can I run something past people? Just to check my thinking out as I may be well off bat.

 

Last loan 22:07/05, ppi amount 1855, 2848 days ago at .002 interest per day is 10566.08 interest. Is that right??? I'm sure the maths is correct but is my logic behind it sound?

[dx100uk]

attach the spread [go advanced/manage attachments]

 

 

if you had rollover see no.1. below

 

dx

[batleyboy]

hows this Dx? thanks

[dx100uk]

you need to use this and enter EVERY PPI payment and calc the rollover

This first spreadsheet is the latest version of the statutory interest calculator and is used for Single Premium PPI cases. It can also be used where rollover PPI is involved, i.e. a new loan re-financing a previous one and where PPI is included in one or more loans. It can also be used for S69 redress calculation on any sum, like on a closed/frozen interest PENALTY charges claim.

 

StatIntSheet v101.xls

 

see no.1. below

 

dx

[batleyboy]

Thanks DX! all calculated, the 4 PPI forms completed and ready to send

[dx100uk]

post up the spread please lets see.

 

[it should be one spread detailing all the payment s & rollover]

 

and ONE FOS CQ

 

dx

[batleyboy]

[ATTACH]43783[/ATTACH] HI Dx,

 

here you go.

 

The PPI rollover i couldnt see anything to calculate for me so done manually..

[dx100uk]

nope you have enter the PPI in the MONTHLY format

on the dates you paid it.

[batleyboy]

Ah... Even if it was a one off charge on beginning on loan?

[dx100uk]

yes because it is paid back monthly

 

you need to read link 1 below

 

dx

[batleyboy]

[ATTACH]43787[/ATTACH]

 

right ok so re done.

 

Have added the last monthly Ppi til the end of the 48 months with the thinking that DCA would ve taken whole amount including ppi when chasing...

 

is that correct?

[dx100uk]

that's better

 

now that's for the first loan up until refinanced?

 

it might be better if you scan up the agreements

 

did you get all the statements?

dx

[batleyboy]

that's better

 

now that's for the first loan up until refinanced?

 

it might be better if you scan up the agreements

 

did you get all the statements?

dx

 

 

Hi, no thats all 4 loans.

 

post 194 has all the agreements, except the first one they couldnt at the time provide. was a v quick re loan period!!

[dx100uk]

have you ever sar'd citi?

 

ideally you need all the statements.

 

dx

[batleyboy]

yes back in 2010, unfortunately all I got was teh attached statement from 01/09/05 . I think this is all we may have to play with

[dx100uk]

you need to follow link 1 below

 

had a loan which included a Single Premium PPI. It was initially an 8 year loan. After 6 years I took out another loan which gave me some cash in my pocket and also paid off the balance on my previous loan. The second loan also had PPI included and the term of this new loan was 10 years. What do I claim?

 

This is another scenario where the banks can make more money from you, the unsuspecting “customer”. (Sometimes referred to as the victim).

 

We already know that if you had stuck with loan 1, your PPI part of the loan would have run for 8 years because it was included in the main loan. But you have effectively taken the balance on that loan after six years and transferred it into a new loan. Accordingly part of the balance transferred or “rolled over” into the second loan would have included the balance on the PPI part of loan 1. That balance would be paid off over the term of loan 2.

 

To see how the advantage is with the bank, consider this.

 

Your original loan was for 8 years so you would have originally have been paying the PPI part of the loan for that period. You refinance after 6 years and let us suppose that a sum of, say £400 being the PPI balance on the old loan, is rolled into loan 2.

 

Now the term of loan 2 is 10 years. So that balance of £400 is now being paid off over a period of ten years. And for those ten years you will be paying interest on that rolled over amount. Had you stuck with loan 1 only, then that £400 would have been paid off over only two years. You can see that this is a tidy profit for the bank.

 

And of course you have PPI on loan 2 as well and you’re paying that PPI off over a period of 10 years as well.

 

If we look a bit deeper, the PPI cover on loan 2 was actually covering you for some PPI on loan 1. So you have been sold PPI to cover PPI. What’s that all about then?

 

So who is the winner? It certainly isn’t you so I wonder who it could be?

 

So what about the calculation of the refund that is due?

 

First off you calculate the percentage of PPI which is included in the first loan as described above.

 

Second, we have to find out what the balance of the PPI part of loan 1 was when it was rolled into loan 2. That can be done using the loan progression spreadsheet.

 

Third, we have to express that balance as a percentage of the total of loan 2.

 

Fourth, we need establish the percentage of loan 2 that relates to the loan 2 PPI.

 

Then we need to enter the data into the spreadsheet.

 

This scenario is probably best explained using an example.

 

Let us suppose that we have established that loan 1 had a PPI percentage of 7.75% of the total of loan 1.

 

Let us say that we have worked out (or the bank have told us) that the balance on loan 1 at the time of refinancing is £1,500. We now know that 7.75% of that £1,500 is the PPI part of loan 1. 7.75% of £1,500 is £116.25 which is the amount of PPI rolled into loan 2.

 

Now let us suppose that loan 2 was for a total amount (including the PPI on loan 2) of £5,000 and that the loan 2 PPI premium included in that was £600.

 

The percentage of loan 1 PPI included in loan 2 is given by £116.25/£5,000 x 100 = 2.33%. So for every repayment you make on loan 2, a sum equivalent to 2.33% of it relates to PPI on loan 1.

 

Now we also now that of the £5,000 for loan 2, that included a PPI premium of £600, so loan 2 PPI percentage is £600/£5,000 x 100 = 12%. That means that for every repayment we make on loan 2, an amount of 2.33% of it is going to loan 1 PPI rolled over and an amount of 12% of it is paying the PPI on loan 2.

 

So to enter this in the spreadsheet you list the actual payments made for PPI on loan 1 prior to refinancing. From then on you list the 2.33% of each payment and annotate it as Loan 1 PPI and then you list the 12% of each payment which relates to the PPI on loan 2.

 

dx

[batleyboy]

ok i THINK i have done the same calculation....but in a different way. let me revisit though

[batleyboy]

[ATTACH]43792[/ATTACH][ATTACH]43791[/ATTACH]

 

ok so i have completed the attached 2 files. first is my calculations as to the rolling PPI. The second is the breakdown

[batleyboy]

scrub that, column k needs some work. will re post

[batleyboy]

[ATTACH]43796[/ATTACH][ATTACH]43795[/ATTACH]

ok take 2