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emmtay

Emmtay V Colonial/Chatham/Paragon Finance please

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Hi

Hoping DJ or Pompey are around?

Trying to work out the interest on PPI claim on a loan.

They have admitted I didn't tick the box for it, and have sent me a cheque, but I asked for the breakdown and workings of the interest they have worked out they owe, and want to double check woth someone please?

Ive done credit cards and bank reclaims, but not done a loan before.

The figures on the credit agreement are as follows:=

 

Loan 10,107.70

 

Repayment Protection Premium 2,812.97

 

Total Charge for Credit 4,826.85

 

Total Amount Payable 17,747.52

 

APR 9.94%

 

84 monthly instalments of 211.28

 

 

They are saying they owe me :=

2812.97 PPI

1053.55 Interest

 

Please can someone have a look?

Thanks

Emmtay

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Emma,

 

When did you make your first and last monthly repayments?

 

DJ

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Hi, and thank you for reading it!

The agreement is dated 21st July 2000

Settled early, end July 2004, figures on settlement document as follows:=

Loan remaining 8,307.60

Less rebate of future interest charges 900.47

Less payment protection premium rebate, if any 35.89

Total amount payable for settlement on or before 1st August 2004 7,371.89

Thanks SO much for looking

Emmtay

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Emma,

 

Your claim should be:

 

Total PPI: £2,812.97

Less rebate: £35.89

Plus compound interest: £620.86

Plus 8% on monthly repayments: £2,228.91

Plus 8% on difference: £1,390.30

 

Total claim = £7,017.15

 

Now go get your money

 

DJ

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WOW, really? That much?

Should I just list it exactly as you have put then?

Emmtay:whoo:

 

Could you explain what you mean by the interest on the difference?

Sorry, I'm probably being very thick!:oops:

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Emmtay,

 

You ain't thick, this is a mine field probably set up that way by banks to deter people from actually making a claim.

 

You can claim 8% simple interest on the total cost of PPI from the date the loan was paid off, until the date your claim is settled. Now as we cannot know at this stage when the claim will be settled, I have used 01/10/10 as a starting point for now.

 

DJ

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Hi, thanks for that, I think I get it, will try phoning now, then send letter if they need it in black and white!

Emmtay

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Hi DJ

Yep, they need it in black and white!

They say I am requesting an 'enhanced' payment, not sure what that means, but will keep you posted.

I have another thread which I could do with your help on if you don't mind, please can you have a look. Its Emmtay v Norton Finance/Endeavour.

Cheers

Emmtay

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Hi

Hoping you're about tonight DJ! I am really struggling to know if they are trying to pull a fast one on me....I have copied & pasted their latest!

"Further to our telephone conversation earlier today, I detail below the calculations used in reaching the refund amount of £3,866.52.

 

Loan advanced 1 August 2000

Loan £10,107.70

PPI premium £2,812.97

Interest rate 9.510%

Monthly payment based on a balance of £12,920.67 (£10,107.70 + £2,812.97) would be £211.28

 

Remove PPI premium and the balance reduces to £10,107.70

Monthly based on this reduced balance would be £165.25

 

Term of the loan was 84 months.

 

Take the difference in the monthly premiums of £211.28 and £165.25 = £46.03

Multiply this by the term of the loan £46.03 x 84 = £3,866.52

 

I would add that the payment protection policy was cancelled on 23 July 2002. Your account was credited with the sum £336.42 in respect of the payment protection rebate. This was not taken into account when assessing your refund and you have therefore benefited from an additional amount of £336.42.

 

As advised in Dave Mullin's letter, if you wish to accept our offer, please send an email confirming this and I will arrange for this amount to be credited to your bank account as a gesture of goodwill. If you wish to discuss the matter further please do not hesitate to call me. "

Does this look right to you?

Thanks

Emmtay

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Emmtay,

 

They have not added the 8% simple on the monthly repayments from date of payment, to date they refund you and also the 8% simple on the full amount you paid for PPI, from date you finished paying the loan until date they refund you.

 

Don't remember what we were these figures out as, but they are certainly tring to fob you off.

 

Personally, I would put something in writing.

 

DJ

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Hi DJ

Ok, thanks, I will let you know how I get on,

Emmtay

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Hi DJ,

Would you take another look at the figures for me before I get intouch with them again, so I sound like I know what I'm talking about?

 

Loan 10,107.70

 

Repayment Protection Premium 2,812.97

 

Total Charge for Credit 4,826.85

 

Total Amount Payable 17,747.52

 

APR 9.94%

 

84 monthly instalments of 211.28

 

The agreement is dated 21st July 2000

Settled early, end July 2004, figures on settlement document as follows:=

Loan remaining 8,307.60

Less rebate of future interestlink3.gif charges 900.47

Less payment protection premium rebate, if any 35.89

Total amount payable for settlement on or before 1st August 2004 7,371.89.

They say that the payment protection policy was cancelled on 23 July 2002, and that my account was credited with the sum £336.42 in respect of the payment protection rebate. I have no details of this part unfortunately, so have to take their word for it, but why would I have the 35.89 PPI rebate showing in the settlement figures?

Thanks very much, again!

Emmtay

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Hi,

Hoping you are about today DJ, please could you advise me how the figures will differ because I settled early?

Sorry to be a pain!

Thanks

Emmtay

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Emmtay,

 

Have done the calculations and attached in an excel spreadsheet.

 

The second set of calculations are for the actual loan and the rebate they gave you for settling early. In my humble opinion they have really fleeced you on this one.

 

Open to comments, suggestions on my calculations.

 

DJ

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Emmtay,

 

Have done the calculations and attached in an excel spreadsheet.

 

The second set of calculations are for the actual loan and the rebate they gave you for settling early. In my humble opinion they have really fleeced you on this one.

 

Open to comments, suggestions on my calculations.

 

DJ

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Hi DJ,

Thanks very much for doing that, so is it the two totals added together- 9.5k?? Slightly confused, sorry!

If so, they really are trying to fleece me!

Hope you pop in later to confirm, then I can get this fired off at them!

Cheers

Emmtay

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Emtay,

 

The first figure is what you can claim for PPI.

 

The second figure is how much I have worked out that they have overcharged you for the loan.

 

DJ

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Hi DJ

I have sent them an email this morning saying I want them to pay the 3866.52 into my account today, but purposely didnt say it was in f&f settlement.

 

They have replied saying the money will be transferred by 3.30pm today, in f&f settlement.

 

I was going to be a bit naughty and once i had withdrawn the funds(well, paying my rent arrears!), was going to go back and say I want the rest.

 

Can you explain how they have managed to over charge me so I can go back to them and split it into two claims?

 

Do you think that is the best plan?

 

Money went into my account, they've asked me to confirm when i receive it,

 

ive paid my rent arrears, so its gone already, but will wait for your reply then email them tomorrow.

Cheers

Emmtay

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Yes I think it is better to split them out.

 

I have shown on the spreadsheet how they have overcharged you and by how much.

 

It looks like they did not refund the amount of insurance they should have when you settled early and also claimed there was more outstanding on the loan than there actually was.

 

Personally I would email them tomorrow with confirmation of receipt for the PPI and also hot them with, " while I have been looking into the selling of PPI on my loan it has also come to my attention I may not have received a fair rebate on future interest when I paid the loan off.

 

There also seems to be some discrepancy between how much you claim was outstanding on the loan and how much I believe should have been outstanding. Please provide a full and detailed breakdown of how you made your calculations"

 

Good luck

 

DJ

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Thats fantastic DJ, many many thanks again, will keep you posted!

Emmtay

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Nice1 EM. Look forward to hearing what they come back with.

 

DJ

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hi

As I thought, they've said there is no obligation on their part to accept my claim as it has been raised more than 6 years after my agreement with them ended, the refunded sum was a gesture of goodwill in f&f settlement of the matter, and they are unable to support my claim for reimbursement of any further monies.

Time to go to FOS me thinks!

Any opinions?

Emmtay

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limitations act sec 32c applies

 

when you became aware

 

total rollox designed to put you off

go get 'em

 

dx


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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Thanks dx, always good to have posts comfirming you're doing the right thing, as they often start to make you doubt yourself!:sad:

It;s Chatham finance btw, not sure if I have mentioned that yet. They go under Paragon now mainly I think, confusing though as some letters still use chatham letterheaded paper!

Cheers

Emmtay

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