Reclaiming PPI from Chartered Trust [Black Horse Finance]

[Fred_Funk]

Hi guys!

 

I've already had a couple of successful PPI claims but it's been a while and, moreover, this one could, in one or two respects, prove a little more complicated so I thought I'd check-in for some advice.

 

Okay, here's a copy of the loan agreement [minus my personal details]...

 

 

It goes without saying, I'd be interested in any thoughts you might have and, in particular, with regard to the following:

 

[1] As you'll see, this agreement dates from 2000 but, as I read it, that ain't a problem and, should the need arise, the FOS will still investigate my case [despite the fact that new regulations dealing with the sale of PPI didn't come into effect until 2005]?

 

[2] Chartered Trust subsequently became Black Horse Finance so I pursue my claim with them, yeah?!

 

[3] Aside from all the usual well-rehearsed arguments about mis-sold PPI, the fact that there's no suggestion anywhere on the loan agreement that it's optional must, surely, give me a very strong case indeed... wouldn't you agree?

 

[4] In the same vein, there's no mention of the total cost of the PPI once interest has been added.

 

[5] Can someone gimme give me a quick resume of how I go about calculating the interest and, if at all possible, point me in the direction of a decent spreadsheet.

 

Thanks in anticipation

Fred_Funk

[Fred_Funk]

Would really welcome some thoughts on the opening post above... thanks.

[xboxer]

Hi Fred, did you ever get a result on this?

[Fred_Funk]

Just reigniting this claim and would, again, be grateful for any thoughts on the questions posed in my opening post.

 

Thanks in anticipation

Fred_Funk

[ims21]

Hi

 

Re post 1....items 1 to 4 yes....it is as you see it

 

question 5, here's the spreadsheet to use....just follow the instructions in the sheet

 

StatIntSheet v101.xls

 

ims

[minmoo]

Hi Fred, i am about to claim against Chartered for PPI on an MFI kitchen which we were told we had to have (it said optional but it was made clear it needed to be chosen! (from 2000). Who did you send the complaint to?

[Fred_Funk]

Guys

 

I'm now back on the case with this thread and, as ever, looking for your help.

 

It transpires that I had three loans from Black Horse and a proportion of both the second and third ones was attributable to the outstanding [mis-sold] PPI on the previous loans.

 

This being the case, I am aware that I can also seek repayment of this element of the loans. However, I am unclear as to whether I should make my calculations on the basis of: [1] the proportion of the loan that was attributable to the outstanding PPI on the previous loan; or [2] the proportion of the total repayments which was attributable to the outstanding PPI on the previous loan.

 

For instance, if it's the former - which I'm guessing it is - then it amounts to just over three per cent of each of the repayments on my second loan, while if it's the latter it amounts to just less than five per cent. I appreciate that, in the great scheme of things, it probably won't make a great deal of difference but for my own piece of mind would like to get my figures right.

 

Thanks in anticipation

Fred_Funk

[ims21]

Hi

 

You need to work out what proportion of the settlement figure of loan 1 was for PPI.

 

This gives you the amount of PPI carried into the next loan.

 

You then work out what the percentage is of that figure to the total of loan 2 and apply that percentage to each repayment made on loan 2.

 

You then carry out a similar exercise for loan 2 into loan 3.

 

Have a read of No.1 in my signature which gives more detail.

[Fred_Funk]

ims21

 

Thanks for your reply. I understand the procedure you've outlined above.

 

The only thing I'm not entirely clear on is whether I calculate the proportion of the new loan attributable to carried-over PPI on the basis of: [1] the new loan amount; or [2] the total amount to be repaid with the new loan.

 

Clearly, if it's [1] the percentage figure - which will form the basis for my calculations - will be markedly higher than if it's [2].

 

Thanks in anticipation

Fred_Funk

[ims21]

If I understand you correctly its 1.

 

You take the rollover amount from loan 1 and use it as the base to calculate the percentage relative to the total amount borrowed for loan 2.

 

The formula would be...

 

 

Loan 1 Rollover Amount / Loan 2 Total Amount Borrowed x 100