Ltsb loan ppi - claim being made - help please

[un1boy]

Afternoon Caggers,

 

Ok, so I am readdy to submit a claim for 3 loans that had PPI on them.

 

I just wanted to confirm that I am doing it all correct.

 

I have put the amount of the PPI in the Schedule of Claim spreadsheet (using the same one for Credit Cards) and changed the interest rate to match that of the loan.

 

I have filled in the FOS questionnaire.

 

Is this correct, or should I be using a different spreadsheet?

 

And is there anything else I should know/do?

[dx100uk]

what ppi are you reclaiming?

 

you should reclaim the ppi portion of EACH of your monthly repaymens FRON THE DATE YOU MADE THAT PAYMENT . it will already include the interest they charged you, so you set the rateon the spreadsheet to the stat 8%

 

explain what you have done.

 

dx

[un1boy]

Hi Dx,

 

thanks for your reply.

 

I've got the original agreements and they state the total Loan for PPI amount. SHoudl i get the statements and use those instead?

 

Now I'm confused.

[un1boy]

Or...should I do a DPA requst on each one and ask for breakdown of charges so that I get given an itemised list of payments made? Saves going for year's worth of bank statements.

[dj1971]

Un1boy,

 

Certainly is one option to proceed with your claim but it will cost you £10 and may take up to 40 working days.

 

If you already have your statements is quite easy though time consuming to put the claim together.

 

1) Enter the date and amount of each charge going back to when the loan/card was taken out.

2) For each monthly repayment, calculate the compound interest from date of charge to current date/date of settlement of loan has been repaid.

3) Calculate 8% simple interest on each monthly charge from date of charge to current date.

4) Total these up and that is the amount of your claim.

 

Good luck

 

DJ

[un1boy]

Un1boy,

 

Certainly is one option to proceed with your claim but it will cost you £10 and may take up to 40 working days.

 

If you already have your statements is quite easy though time consuming to put the claim together.

 

1) Enter the date and amount of each charge going back to when the loan/card was taken out.

2) For each monthly repayment, calculate the compound interest from date of charge to current date/date of settlement of loan has been repaid.

3) Calculate 8% simple interest on each monthly charge from date of charge to current date.

4) Total these up and that is the amount of your claim.

 

Good luck

 

DJ

 

Thing is, I dont' have all the bank statements anyway.

 

I think I'll ask for a list of all charges applied as I don't have the bank statements, so either way I've got to senda DPA request.

 

So, how do I know what portion of the payment was for the PPI?

[dx100uk]

if you hgave the agreements then its easy

 

just work out wwhat the total cpst of the ppi was [cash price]

then workout what % that was of the total loan

 

when you know that, then that how much of the pcm was ppi

 

simples

 

dx

 

btw you keep talking about charges - did they levy that as well

 

dx

[un1boy]

if you hgave the agreements then its easy

 

just work out wwhat the total cpst of the ppi was [cash price]

then workout what % that was of the total loan

 

when you know that, then that how much of the pcm was ppi

 

simples

 

dx

 

btw you keep talking about charges - did they levy that as well

 

dx

 

Thanks, so I still need to know the monthly payments made, or can I just go off the figure on the agreements?

 

Lol, saying charges is habit I guess!!

[ims21]

Hi

To get an exact figure of your claim you'd need the dates each payment was made. Howevr, you could arrive at a very close approximation. Usually the first repayment goes ut one month after the loan was agreed. So woth that you can get a good estimate of the date of the first payment and the others will be monthly thereafter. some will be a couple of days out due to weekends and bank hols but you should be close.

 

As dx says, work out the percentage of ppi to the total loan. This percentage can then be applied to each of the monthly repayments and will give you the amount of ppi in that payment.

 

I've attached a spreadsheet that will do the calulations for you. Please note that you only need to enter list data in columns A, B and C. The rest is done for you. Then just change your personal details in the blue section at the top and this is then your schedule of claim (SOC).

 

Regards

 

ims

 

StatutoryInt.xls

[un1boy]

Hi

To get an exact figure of your claim you'd need the dates each payment was made. Howevr, you could arrive at a very close approximation. Usually the first repayment goes ut one month after the loan was agreed. So woth that you can get a good estimate of the date of the first payment and the others will be monthly thereafter. some will be a couple of days out due to weekends and bank hols but you should be close.

 

As dx says, work out the percentage of ppi to the total loan. This percentage can then be applied to each of the monthly repayments and will give you the amount of ppi in that payment.

 

I've attached a spreadsheet that will do the calulations for you. Please note that you only need to enter list data in columns A, B and C. The rest is done for you. Then just change your personal details in the blue section at the top and this is then your schedule of claim (SOC).

 

Regards

 

ims

 

[ATTACH]28926[/ATTACH]

 

Thanks Ims.

 

Rahter than get years worth of statements, I think I'll write and ask for a list of transations on the loan accounts.

 

Do you think I should do this a DPA request, or write a polite letter first, asking for this information?

[ims21]

Well you could try a polite letter and see what happens....if nothing then you'll have to SAR them.

 

Do you not have the agreements? It would be ideal if you had those or at least all of the figures that are on them.

 

Regards

 

ims

[un1boy]

Hi Ims,

 

Yep, I've got all of the agreements - is it just better to use those? I am more than happy to.

 

Are you asking me to post the figures from them?

[ims21]

Aha

 

Great....we can a very close approximation. Can you post 'em up MINUS PERSONAL INFO?

 

Did they all run their full term?

 

Regards

 

ims

[un1boy]

Perfect, thanks Ims.

 

Ok - there are 4 in total. I don't have the info for one of them (need to doDPA request I think!) so I will label them A, C and D.

 

A:

 

Loan amount: £14171.48 monthly: £225.15 total amount payable: £18912.60

Loan for PPI: £3970.78 monthly: £63.08 total amount payable: £5298.72

Total Loan: £18142.26 monthly: £288.23 total amount payable: £24211.32

APR: 8.90%

 

Total charge for credit:

Cash loan: £4741.12

LPI Loan (cash price £3970.78): £1327.94

Total loan: £6069.05

Annual interest rate 8.60%

 

This one is still active.

 

 

If we can work on this one first, that would be great.

Edited July 17, 2011 by un1boy
Typos

[ims21]

Great

 

so we will work on Loan A first....what was the date of the agreement?

 

ims

[un1boy]

17.09.2007 is the start date

[ims21]

Ok, so first payment would be one month after that date....give me a few mins and I'll be back

 

ims

[un1boy]

Ok, so first payment would be one month after that date....give me a few mins and I'll be back

 

ims

 

Thanks Ims

[ims21]

Hi

 

You need to use the spreadsheet I linked to in Post #9.

 

Amend the personal details in the blue section but leave interest rates unchanged at 8%.

 

Go to the list section. Remember, you only need to enter list data in columns A, B and C.

 

Your first entry will be for the date of 17/10/07. Column B you just enter ppi payment and the amount is £63.08.

 

Next line will be 17/11/07, same narrative and same amount of £63.08.

 

Carry on for each month right up to date.

 

You will see that the interest calcs are done for you.

 

We don't the figures for the remaining ppi as at todays date because you haven't cancelled the policy yet but the spreadsheet will give you a figure for what you have paid so far.

 

Write to the bank to cancel the ppi. Also enclose a copy of the spreadsheet and a completed consumer questionnaire from the fos website and the letter claiming back the ppi and your reasons why you think it was mis-sold. Await their reply.

 

Regards

 

ims

[un1boy]

Hi

 

You need to use the spreadsheet I linked to in Post #9.

 

Amend the personal details in the blue section but leave interest rates unchanged at 8%.

 

Go to the list section. Remember, you only need to enter list data in columns A, B and C.

 

Your first entry will be for the date of 17/10/07. Column B you just enter ppi payment and the amount is £63.08.

 

Next line will be 17/11/07, same narrative and same amount of £63.08.

 

Carry on for each month right up to date.

 

You will see that the interest calcs are done for you.

 

We don't the figures for the remaining ppi as at todays date because you haven't cancelled the policy yet but the spreadsheet will give you a figure for what you have paid so far.

 

Write to the bank to cancel the ppi. Also enclose a copy of the spreadsheet and a completed consumer questionnaire from the fos website and the letter claiming back the ppi and your reasons why you think it was mis-sold. Await their reply.

 

Regards

 

ims

 

Ims thank you so much for this!

 

When ypou say questionniare and letter claiming it back, which letter?

[un1boy]

Ok, spreadsheet done.

 

Total of charges: £2,901.68

Total stat int: £434.88

Total claim: £3,336.56

[un1boy]

Ims, should I send each claim seperately, along with different questionnaires, or can I use 1 for all - I have 4 in total.

[un1boy]

Loan B:

 

Loan amount 11,000 monthly 250.53 total 12,526.50 total 12,526.50

PPI amouint: 1,984.46 monthly 45.20 toal 2,260.00 total 2,260.00

combined total: 14,786.50

 

APR 6.4%

 

Total charge for credit:

loan 1,256.50

ppi 275.54

total 1,802.04

APR 6.26%

 

Ok, so now can you help me the calculations you used so I can do the next one afterwards and then post what I think I should be using?

 

start date: 25/09/06

End date 31/10/07

[ims21]

Ims thank you so much for this!

 

When ypou say questionniare and letter claiming it back, which letter?

 

Personally I like the letter templates here

 

http://www.thisismoney.co.uk/money/bills/article-1606652/LETTER-TEMPLATE-Mis-sold-PPI.html

 

ims

[ims21]

Ims, should I send each claim seperately, along with different questionnaires, or can I use 1 for all - I have 4 in total.

 

I'd do different packs for each claim

 

ims