PPI on an old loan

[davidm53]

i had a loan from lloyds in 1998 and remember the person saying i would have to take out ppi or i may not get the loan ,is this to long ago to make a claim ????

i still have all the loan docs they called it a B.L.R.I and i paid £10.41pm for five years for this on top of my loan payment.

[rebel11]

Thread moved.

[ims21]

Hi david

 

You can still claim back the ppi on this.

 

Go to the fos website and download their consumer questionnaire and complete it.

 

Prepare a schedule of claim. I've attached a spreadsheet which will do the calculations for you. You only need to enter the list data in columns A, B and C. The rest of the calcs are done for you. You then complete your personal details in the blue section at the top of the sheet.

 

You are claiming each of the monthly ppi payments + 8% statutory interest on each of those charges.

 

Send your preliminary claim letter together with a copy of the spreadsheet and the completed questionnaire to the bank. They will have 16 weeks to give you a final response before you can take it fos.

 

If, however, you wish to go the court route, you can set your own timesacles which would be something like 14 day preliminary letter requesting refund, followed by 14 day letter before action and if they still don't pay, issue in court.

 

Regards

 

ims

 

StatutoryInt.xls

[davidm53]

Hi david

 

You can still claim back the ppi on this.

 

Go to the fos website and download their consumer questionnaire and complete it.

 

Prepare a schedule of claim. I've attached a spreadsheet which will do the calculations for you. You only need to enter the list data in columns A, B and C. The rest of the calcs are done for you. You then complete your personal details in the blue section at the top of the sheet.

 

You are claiming each of the monthly ppi payments + 8% statutory interest on each of those charges.

 

Send your preliminary claim letter together with a copy of the spreadsheet and the completed questionnaire to the bank. They will have 16 weeks to give you a final response before you can take it fos.

 

If, however, you wish to go the court route, you can set your own timesacles which would be something like 14 day preliminary letter requesting refund, followed by 14 day letter before action and if they still don't pay, issue in court.

 

Regards

 

ims

 

[ATTACH]28754[/ATTACH]

 

do you recommend the court route as a better option

[ims21]

do you recommend the court route as a better option

 

Hi david

 

Well the choice is yours of course.

 

Personally, for a claim of this size I would go the court route. It will be quicker and the bank may actually pay up before it gets in the courtroom. You must be prepared to go all the way though....don't threaten them with court if you don't think you can take it all the way.

 

Fos will be a very slow process

 

Regards

 

ims

[slgsue]

From my understanding after the high court ruling banks now realise that they have to pay back all PPI + 8% as ruled by FSA. I know that RBS for example failed to offer the correct level of interest incurred and have had to offer many of their customers additional refunds! I believe that with many of the lenders such as Barclays and HFC/Beneficial bank, that they are looking at completing all claims for compensation made (I think) before March 2011 by 31st August, there are standard messages stating this when you call their complaints departments. I know that you can all Lloyds customer relation department and make a complaint directly to them and they should investigated for you.

[ims21]

From my understanding after the high court ruling banks now realise that they have to pay back all PPI + 8% as ruled by FSA. I know that RBS for example failed to offer the correct level of interest incurred and have had to offer many of their customers additional refunds! I believe that with many of the lenders such as Barclays and HFC/Beneficial bank, that they are looking at completing all claims for compensation made (I think) before March 2011 by 31st August, there are standard messages stating this when you call their complaints departments. I know that you can all Lloyds customer relation department and make a complaint directly to them and they should investigated for you.

 

Hi

 

In principle I agree...the reality is somewhat different.

 

Lloyds group are one of the banks that have been granted an extension of time for dealing with ppi complaints to 16 weeks for a claim which is lodged now. So when you lodge a claim now, you are likely to receive a letter saying that they will respond within that timescale.

 

The banks seem to assume that claimants will be taking their cases to fos following their internal investigation and the above is the timescale that would need to be followed. (Or, of course, a fnal decision by the bank prior to the 16 week limit).

 

However, claimants are free, if they so wish, to avoid the delays of the banks and then fos by taking court action. In which case the claimant can set their own timescales.

 

In the ppi stickies there are success threads for wins in court which will put more meat on the bones for those wishing to go the court route and avoid waiting what might be years for fos to sort things out.

 

Regards

 

ims

[davidm53]

what about going through one of these companys that say they can help

[ims21]

Personally I'd steer well clear of a claims management company. They will take 25 - 30% or more if they win.

 

Why not do it yourself and keep all of the money?

 

You just need the help of CAG, a bit of determination amd some knowledge which you will gain by reading and reading on this site.

 

Regards

 

ims

[davidm53]

finally got my printer working can some one direct me to the right template letters .also i only have the loan proposal letter and my account number is not on there do i need this as i can go into the bank and get it .

[davidm53]

Personally I'd steer well clear of a claims management company. They will take 25 - 30% or more if they win.

 

Why not do it yourself and keep all of the money?

 

You just need the help of CAG, a bit of determination amd some knowledge which you will gain by reading and reading on this site.

 

Regards

 

ims

 

im going to take your advice ims and go the court route ,that template you put on here for working out your interest cant get it to work maybe im doing it wrong can you help --thanks dave

[ims21]

im going to take your advice ims and go the court route ,that template you put on here for working out your interest cant get it to work maybe im doing it wrong can you help --thanks dave

 

Can you give me a clue as to what doesn't work for you?

 

All you need to do is enter a date in the date column, a narrative in the description column (e.g. "ppi payment") and and amount in the third column.

 

Regards

 

ims

[davidm53]

Hi ims ive attached the form after filling it in this is how its looking

amount of loan £7500.00

ppi £562.00 [loan increased by same amount] its added the interest on the loan and the ppi to get total of £3251.04 is this correct ?

 

loan repayment 138.91 plus £10.41 = £149.32 for 60 months

total repayable £10751.04 a.p.r 10.4%

[ims21]

Hi

 

I can see where you've misunderstood how to work out your claim

 

Will post instructions shortly

 

Back in a mo

 

ims

[ims21]

Hi

 

What you appear to have done is entered your ppi total £562 and an interest amount directly into the blue section. Not the way to do it I'm afraid. In case you didn't keep a copy of the original spreadsheet, I've attached another one because by typing in the blue boxes the formulae will have been overwritten.

 

What you claim with a loan is the amount of each monthly payment of PPI. In your case you paid £10.41 per month. You must list these payments in the white bit under the relevant column heading i.e. the date of the payment in column A, a description in column B and an amount (£10.41) in column C. The £10.41 includes the interest charged by the bank.

 

The 8% interest that the sheet calculates is your compensation. So if you paid 60 payments then you will need to enter 60 lines in the white section. Remember, you only need to enter data in the first three columns A, B and C. The other calcs are done for you. You will see the PPI igure and the interest figure update itself after you have made each entry.

 

Then you just change your personal data in the blue section.

 

Regards

 

ims

 

StatutoryInt.xls

[havinastella]

Ims,

 

Shouldn't this be £10.41 at 10.4% Bank Apr and then 8% on that total charge?

 

Jogs

[ims21]

Hold on

 

Just looked at the figures in the OPs post...they don't reconcile

 

Total monthly payment of £149.32 x 60 = £8,959.20, not £10,751.04.

 

If the total repayable is £10,751.04 divided by 60 months = monthly payment of £179.18. If the cash loan is £7500 and PPI loan is £562, then PPI loan is 6.97% of the total monthly payment. 6.97% of £179.18 is £12.48 per month going on the ppi including the bank's interest on that part of the loan.

 

David....any chance you can give us ALL the figures on the agreement (or post it up minus personal info)...thanks

 

Jogs....thanks for spotting that the figs don't reconcile.

 

Regards

 

ims

[davidm53]

sorry about that i had two quotes and i put up the 72 month one this is the right one 60 months is the one i had

my PPI was called B.L.R.I shall i put this into the discription column ??or just ppi .as for the date can i just put the month /year or do i have to put the actual date

Edited July 25, 2011 by davidm53

[ims21]

Hi

 

Bit small but I think I've got it. Just to check the PPI monthly is £11.14?

 

If so, that is the amount you enter for each month. This gets you back the PPI premium and the interest the bank charged on that PPI. The spreadsheet will calculate your 8% additional interest.

 

Regards

 

ims

[davidm53]

sorry ims

i must be thick, but ive filled in the first page, the spreadsheet with all the info in the correct columns ,but when i open the page with the blue box in it ,it hasent done the calculations .or do i just fill in the info under the blue box ???

[ims21]

sorry ims

i must be thick, but ive filled in the first page, the spreadsheet with all the info in the correct columns ,but when i open the page with the blue box in it ,it hasent done the calculations .or do i just fill in the info under the blue box ???

 

Post up your spreadsheet as an excel file and I'll have a look at it. The spreadsheet works so I need to see what your one looks like so I can tell you where you've gone wrong

 

Leave your data in it but remove your name and account number if you have filled those in

 

Regards

 

ims

[ims21]

Hi

 

This may sound like a silly question but are you just opening the spreadsheet from the link I gave you and filling it in from that? If so it won't work as it will open in "Read Only" mode so any changes you make won't be saved.

 

You need to open it from the link then save it to your PC and work on that copy that you will then have on your PC

 

ims

[davidm53]

ok i have sussed it i was filling in the wrong page told you i was thick lol

[ims21]

We all have our moments... don't worry

 

ims

[davidm53]

think ive done it right where it says enter bank name D5 its actually in line D4 so do i enter it above the text ??

 

StatutoryInt ONE.xls