PPI claim...Just starting... ***WON***

[rob5]

duh !! thanks got it now.

 

 

why do you say my ppi would be £17,683.20 ? The agreement has a ppi figure of £12,375

 

 

Rob

 

also, in the blue area should the annual interest rate be changed to what the bank was charging me (7.8%) or should this stay as 8% ?

 

sorry, another question,

 

some months i didnt make the full payment and only paid £500 instead of the full £776. What should i enter for these payments?

Edited June 13, 2011 by rob5

[rob5]

Hi.

 

ok, so ive filled in spreadsheet up to Feb 2009. Here the loan changed from 10 years to 25 years and im not sure what i should put in from here.

 

Hers a couple of lines from the extension letter from Nemo :

 

"At present your loan is over a 10 year period (120 months) with a monthly payment of £776.48, variable, In extending your loan, which will commence with an opening balance of £57,956.16 to 25 years (300 months less 20 payments already made) your monthly repayment will reduce to £479.12"

 

and then a line at the bottom of letter about the PPI :

 

"As interest is paid on your insurance premium and this is spread over the term of the loan, the overall cost of insurance increases with a longer loan term. In particular, your insurance premium loan of £12375 will remain in place but by extending the term to 300 months the interest payable on that loan at 8.57% will be £15,041.28 making a total amount repayable on the loan of £26.521.74"

 

All help appreciated.

 

Rob

[ims21]

Hi rob

 

can you post up your spreadsheet as it is to the end of Feb 09 (MINUS ANY PERSONAL INFO YOU MAY HAVE PUT IN IT)

 

I'll check the balance just before the restructure and come back to you with relevant percentages

 

Regards

 

ims

[rob5]

PAYMENT PROTECTION INSURANCE - SINGLE PREMIUM

STATUTORY INTEREST (s69) at 8%

SCHEDULE OF CLAIM

 

BANK/LENDER NAME OF BANK GOES HERE (D4)

CUSTOMER NAME YOUR NAME(S) GOES HERE (D5)

ACCOUNT NUMBER ACCOUNT NUMBER GOES HERE (D6)

START DATE OF CLAIM DATE OF FIRST PAYMENT GOES HERE (D7)

END DATE OF CLAIM 13/06/2011

ANNUAL INTEREST RATE 7.80%

DAILY INTEREST RATE 0.021%

 

TOTAL OF CHARGES £1,959.28

TOTAL STATUTORY INTEREST £490.87

TOTAL CLAIM £2,450.15

 

Date of Amount of Days Statutory

Charge Nature of Charge Charge Elapsed Interest

 

12/05/2007 PAYMENT £103.12 1493 £32.90

12/06/2007 PAYMENT £103.12 1462 £32.22

25/07/2007 PAYMENT £103.12 1419 £31.27

25/08/2007 PAYMENT £103.12 1388 £30.59

25/09/2007 PAYMENT £103.12 1357 £29.90

30/10/2007 PAYMENT £103.12 1322 £29.13

07/01/2008 PAYMENT £103.12 1253 £27.61

04/02/2008 PAYMENT £103.12 1225 £26.99

01/03/2008 PAYMENT £103.12 1199 £26.42

04/04/2008 PAYMENT £103.12 1165 £25.67

07/05/2008 PAYMENT £103.12 1132 £24.95

10/06/2008 PAYMENT £103.12 1098 £24.20

08/07/2008 PAYMENT £103.12 1070 £23.58

06/08/2008 PAYMENT £103.12 1041 £22.94

12/09/2008 PAYMENT £103.12 1004 £22.12

31/10/2008 PAYMENT £103.12 955 £21.04

28/11/2008 PAYMENT £103.12 927 £20.43

24/12/2008 PAYMENT £103.12 901 £19.85

30/01/2009 PAYMENT £103.12 864 £19.04

 

 

 

Heres what i got so far, as you can see i changed the interest rate to 7.8%, is this right?

 

Rob

[ims21]

Hi rob

 

Ok, I've had a look.

 

First there are a couple of things on your spreadsheet.

 

1 - Change the interest back to 8% as this is the statutory interest you will be claiming

 

2 - you need to look again at the payments you have put in....you are diddling yourself.

 

Your ppi loan is 19.83967% of the total loan (given by 12375/62375 x 100). Accordingly, 19.83967% of each payment you made is PPI. If you made a normal payment of £742.75 then the amount attributable to ppi is £147.36 and that figure goes in the spreadsheet. If you made a lesser payment then it 19.83967% of that lesser payment.

 

When the loan was restructured, the equation stays the same....of each payment you actually made, 19.83967% of it is the ppi figure. The proportions of the loan to ppi stays the same...it is just the term that has been extended.

 

ims

[rob5]

many thanks, going to go over it all again.

 

Rob

[rob5]

Ok got a headache but think its all done.

 

Whats the next step? Is there a template for the next letter that has to be sent?

 

Thanks for help so far.

 

Rob

 

ps is it going to matter that the total claim is above £5000 ?

[dx100uk]

fill out the FOS PPI complaint form.

send that off with your SOC

dx

[ims21]

Hi rob

 

Right, you now have the basis for your claim.

 

I would recommend that you go bck and review BankFodder's posts ealier in the thread to make sure you understad what is being said. You need to decide which ultimate route you are going to take.

 

Your claim including stat interest is over £5,000 but if you take the interest out it will be under £5,000 I think. This would be OK to go through small claims court the stat interest is not counted towards the value limits for small claims but you will still get it as part of the settlement.

 

Come back with questions after you have read and digested BankFodder's posts.

 

ims

[rob5]

Hi

 

Had a re-read of all the posts and think ill try the argument of the 1st agreement not having ppi. (Unless anyone thinks this is unwise ).

 

So, is there a standard letter to send with the complaint form and the spreadsheet?

if not I'll do a letter and post it up here for you to see what you think.

 

I take it the fos complaint form and spreadsheet should be sent to nemo?

 

Rob

[dx100uk]

pers i'd not fire all you guns yet

 

just fill out the FOS complaint form

pop in a copy of your SOC

and fire it off.

 

dx

[rob5]

Thanks dx. I

'd rather do that, thought i had to put some sort of letter with it.

 

Rob

[ims21]

Thanks dx. I

'd rather do that, thought i had to put some sort of letter with it.

 

Rob

 

Hi rob

 

If you have completed the questionaire fully, just do a brief covering letter and send the letter, a copy of the questionaire and a copy of your SOC to Nemo.

 

With regard to my previous post, I was more thinking about the route you want to take if no payout is made to you initially....court or fos.

 

ims

[rob5]

Ok, ill get it sent of tomorrow which will give us some time to think about the next step.

 

How long do i have to give them to reply to the questionaire?

[ims21]

Hi

 

Well the standard until today was 8 weeks but after the announcement by the FSA today, there are suggestions it could be double that

 

ims

[rob5]

ok, about to post. The total claim is for £5248 plus £974 int.

 

Rob

[ims21]

Hi rob

 

can you post your spreadsheet figs please....I think you may be out a bit

 

ims

[rob5]

PDF_Output.PD.PDF

 

 

 

hope that works ok.

 

let me know if not or if you need to see anything else.

[ims21]

[ATTACH=CONFIG]28367[/ATTACH]

 

 

 

hope that works ok.

 

let me know if not or if you need to see anything else.

 

Hi rob

 

looks good to me.....just me being over-cautious

 

ims

[rob5]

thanks, just one bit on the questionaire where it says ppi policy number (this is different to the account number).

 

I dont have a ppi number, shall i put loan account number in here?

 

Rob

[ims21]

Hi rob

 

Just put what you know......"I have no policy number but it was on account number xxxx"

 

ims

[rob5]

thanks

[mot22]

Hi Rob

 

Here's a calculator you can use

 

Your weekly payments are entered in the same way as monthly ones.

 

In the attached spreadsheet you only need to enter list data in columns A (Date), B (Nature of Payment) and C (Amount). The calcs are done for you. All you then need to do is change the personal data in the blue section of the sheet.

 

ims

 

[ATTACH]28328[/ATTACH]

 

Hello ims21.

thx for posting the calculator.

 

I have opened this using OpenOffice.

I've entered details in columns A, B and C,

however the following show in each of column D and E:

#NAME?

 

Appreciate any help.

thx

[ims21]

Hello ims21.

thx for posting the calculator.

 

I have opened this using OpenOffice.

I've entered details in columns A, B and C,

however the following show in each of column D and E:

#NAME?

 

Appreciate any help.

thx

 

Hi mot

 

Probably that OpenOffice doesn't recognise a function or a named range that I've used.

 

Do you not have excel?

 

ims

[mot22]

Hi mot

 

Probably that OpenOffice doesn't recognise a function or a named range that I've used.

 

Do you not have excel?

 

ims

 

ims

Thanks for the quick reply.

I don't have excel (MS excel that is).

 

thx