Confused where to start with PPI refund....**** SUCCESS ****

[ims21]

 

When I took out the loan for £15,000.00 a total of £19830.00 was paid in to my account, of which £4836.40 went straight back out for "Loan Protection". the monthly repayments that I make were £285.97 which was £216.32 for the loan and £69.65 for the PPI.

 

.....seems to me like I've paid out a sum at the start 'and' I was making monthly repayments, is this right??

 

Sorry, this is why I am confused and don't know where to start

 

If anybody can help me I would be very grateful

 

Thanks very much

 

Sporty

 

Hi Sporty

 

You haven't been charged twice.

 

Think about it, you took a loan for £15,000. That was the amount you wanted to borrow. Another £4,830 was added to that for the ppi and the total was therefore £19,830. You were never going to have the £19k, you were only ever going to have the £15k. All they have done is shown a complete transaction where £19k went in and £4k comes out leaving you with your £15k.

 

The £4k went to pay the single premium ppi and you are paying that lump sum off over the period of the loan.

 

ims

[ims21]

Hi Sporty

 

My previous post left out how to calculate your claim, sorry

 

I've attached a spreadsheet below which you can ue to calculate your claim. You only need to enter list information in columns A (Date of Payment), B (Nature of Payment, i.e. "PPI Payment") and C (Amount of payment). All other calculations are done for you. You just then need to amend the personal details in the blue section at the top.

 

The amount you will enter for Amount of Payment is £69.65 and the date wil be the date on which each of these payments was made.

 

ims

 

StatutoryInt.xls

[ims21]

Hi Ims

 

That's great, thanks for clearing that up

 

How do I actually start the process of getting this back though? What's my first step? Who do I contact and with what information? Is there a standard template letter? I'm not sure, sorry about all the questions

 

Sporty

 

Hi Sporty

 

Download the questionaire from the fos website and complete it. Send a copy of that questionaire and your spreadsheet to the lender with a covering letter demading repayment of teh mis-sold ppi.

 

That will set the wheels in motion and wait to hear back from the lender wth their decision.

 

Personally, I like the templates here

 

http://www.thisismoney.co.uk/insurance/tips-and-guides/article.html?in_article_id=416957&in_page_id=53944&in_advicepage_id=175

 

ims

[ims21]

Hi Imy

 

Just started filing out my FOS questionnaire but I can't find an insurance policy number on my paperwork. Is this vital or could I just put down 'not known' and put down the account details of the loan account which it was attached to?

 

Thanks

 

Sporty

 

Hi Sporty

 

Yep...that's fine....you can't put down what you aint got !

 

ims

[ims21]

Hi Sporty

 

You are very nearly there in post #20.

 

The loan progression sheet shows that at the point of paying off the loan, the amount required to clear the PPI loan was £3,835. The rebate should have been that figure but of course the bank's never rebated the ppi in full at the time of repayment. They gave you back £2,366 so you overpaid on that final payment of £1,469.

 

So in your spreadsheet you have already listed the 26 monthly payments which is fine. The 27th payment is the payment to pay off the loan. So your payment at the point should show in the spreadsheet with the date the loan was repaid, the description ("PPI overpaid on settlement") and the amount of £1,469. The sheet will calculate the 8% interest on that payment as well.

 

ims

[ims21]

Thanks for looking in ims

 

No worries

 

[ims21]

Hi

 

No you don't. What you are doing is just showing them that you know what you're on about and that you're not going to be fobbed off easily.

 

ims

[ims21]

[ims21]

Hi

 

Yep, put that in.

 

Being forced to take their PPI to get their loan is in itself enough of a reason for the mis-selling.

 

ims

[ims21]

Hi

 

If it helps, when I completed my one for HFC, I considered some of the questions irrelevant for the purpose of a PPI reclaim and to those I just put "irrelevant". Didn't stop them coughing up.

 

As dx says, the conduct of an account doesn't affect the mis-selling of insurance.

 

ims

Edited November 3, 2011 by ims21

[ims21]

Good luck

 

[ims21]

Me again! lol

 

Just a couple of quick things on the covering letter before I send it all off:

 

Took the covering letter from the ones you suggested on the 'this is money' weblink and one line says 'The total amount of my premiums plus interest is £......." Does this mean the total amount of the PPI plus interest or the total amount of the whole loan (PPi included) plus interest?

 

Just put the total amount of PPI plus interest that you have worked out per your spreadsheet. You don't actually have to put anything in the letter apart from something to the effect that you enclose a spreadsheet of your calculations.

 

Also, as my loan was taken out in 2004 (and hence is 7 years old) do you think i ought to put something in the covering letter about the fact that a claim can be more than 6 years old? Just don't want them wasting time coming back to me saying "this is more than 6 years old, sorry mate".

 

Don't put anything in about this...there is no time limit for PPI. If they bring it up we cross the bridge when we come to it....but it is a very small bridge

 

Was thinking along the lines of this paragraph below (from the FSA PPi policy) unless you know of something that better fits the bill?

 

Decisions concerning the time barring of individual complaints are ultimately for the fos to make, but in general terms, our view (as set out in CP10/6 para 3.14), is that general media coverage of the PPI issue, including comments or publications by us, would not be enough to have given a consumer the kind of specific ‘constructive knowledge’ required by DISP’s time limits."

 

 

Thanks Ims, promise this will be the last question before I get things underway, lol

 

Sporty

 

 

See my replies in red

 

Regards

 

ims

[ims21]

Hi

 

Recorded

 

ims

[ims21]

Hi

 

Send a reminder letter telling them that they received your claim on 7th and their 12 weeks start form that date.

 

ims

[ims21]

Hi Sporty

 

This is really great news....a big well done

 

 

You can make your donation here...

 

https://www.paypal.com/uk/cgi-bin/webscr?cmd=_flow&SESSION=waLQGFol7NgaYu039YSu5FPFuj5VEMa19q5HFuOF9R9d5QI6ZN8yo1vswta&dispatch=5885d80a13c0db1f8e263663d3faee8db2b24f7b84f1819343fd6c338b1d9d60

 

 

Let us know when you get your money and we can change the title of your thread

 

 

Have a Fantastic Christmas

 

ims

[ims21]

Hi Sporty

 

Well done....all done and dusted.

 

I've changed the title of the thread to reflect your success.

 

Thank you for your donation...this will help us to keep on helping others.

 

As a final thing, can you put a link to your thread in the PPI success sticky.

 

Also feel free to stay with CAG and join in helping others following your experience.

 

Best regards

 

ims

[ims21]

No worries

 

I've done it for you

 

Regards

 

ims