Ltsb loan ppi - claim being made - help please

[un1boy]

Thanks Ims x

[ims21]

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

 

Hi

 

Assume the first repayment went out one month after the start date. so first repayment is on or about 25/7/06. The amount of the payment is £45.20. So use the spreadsheet and do exactly the same as you did with the first loan and list the payments, each of whch will be £45.20 at monthly intervals.

 

We haven't asked yet but were any of these loans used refinance a previous loan? If they were there is an added twist because some of the pi loan from the previous loan would have rolled over into the new loan. Therefore in the new loan, each payment is going to be paying the ppi on the new loan and a residual amount of ppi on the previous loan.

 

Regards

 

ims

[un1boy]

Hi

 

Assume the first repayment went out one month after the start date. so first repayment is on or about 25/7/06. The amount of the payment is £45.20. So use the spreadsheet and do exactly the same as you did with the first loan and list the payments, each of whch will be £45.20 at monthly intervals.

 

We haven't asked yet but were any of these loans used refinance a previous loan? If they were there is an added twist because some of the pi loan from the previous loan would have rolled over into the new loan. Therefore in the new loan, each payment is going to be paying the ppi on the new loan and a residual amount of ppi on the previous loan.

 

Regards

 

ims

 

Great, thanks. I only do it to the end date on this one, don't I? And is there anything else I have to do seeing as this one has ended?

 

Yep, at least one was for consolidation - I'll check which one.

[un1boy]

Should i put the last payment as 25.10.2007 or 31.10.2007?

[ims21]

Great, thanks. I only do it to the end date on this one, don't I? And is there anything else I have to do seeing as this one has ended?

 

Yep, at least one was for consolidation - I'll check which one.

 

End date of claim stays as it is i.e today. You'll find that the spreadsheet automatically updates itself each day you open it. The 8% interest is calculated right up to now...after all they have had your money right up till now haven't they.

 

ims

[ims21]

Should i put the last payment as 25.10.2007 or 31.10.2007?

 

 

I'd use 25th...gives you a few more days interest. They will soon let you know if it is different because they should provide their own calculations when they make you an offer.

 

Regards

 

ims

[un1boy]

Fab, thanks.

 

so, last one -

loan amount 5,000 month 114.10

ppi amount 1,451.72 month 33.13

 

start date 01.10.2008

 

i assume firs tapyment is 01.11.2008 and go from there? monthly payment 33.13

[un1boy]

Am I also right in thinking that the reason why the amopunt of charges islower tha on the agreement is because the loan isn't finished?

[ims21]

Fab, thanks.

 

so, last one -

loan amount 5,000 month 114.10

ppi amount 1,451.72 month 33.13

 

start date 01.10.2008

 

i assume firs tapyment is 01.11.2008 and go from there? monthly payment 33.13

 

Yep...sounds good to me

 

ims

[ims21]

Am I also right in thinking that the reason why the amopunt of charges islower tha on the agreement is because the loan isn't finished?

 

Yes, that would be the reason

 

ims

[un1boy]

Fabulous, thank you.

 

I'm all ready to go with these 3 now. Just the questionnaire to fill in. I can't find the letter asking for the PPi to end...shall I just write on myself?

[ims21]

Yes...I don't think there's a template. Just do a letter instructing them to cancel the ppi forthwith ad to confirm to you in writing that this instruction has been carried out.

 

Bear in mind that the sheets you are putting in are technically the best estimate given the information you have to hand but the bank will carry out their own calculations as regards account closures and settlements etc so don't worry about it for the time being.

 

Regards

 

ims

[un1boy]

Yes...I don't think there's a template. Just do a letter instructing them to cancel the ppi forthwith ad to confirm to you in writing that this instruction has been carried out.

 

Bear in mind that the sheets you are putting in are technically the best estimate given the information you have to hand but the bank will carry out their own calculations as regards account closures and settlements etc so don't worry about it for the time being.

 

Regards

 

ims

 

Perfect, thanks Ims....I'll get all the paperwork sorted and let you know when it's done.

 

What will happen now - I send this off, they get back to me telling what they'll pay me and if I'mnot happy I go to FOS or court?

[ims21]

Perfect, thanks Ims....I'll get all the paperwork sorted and let you know when it's done.

 

What will happen now - I send this off, they get back to me telling what they'll pay me and if I'mnot happy I go to FOS or court?

 

Yes, you submit your claim and they will have 16 weeks to investigate it. They decide whether to pay or deny. If they pay, great....you check the figs and of happy accept.

 

If the offer is incorrect you can go to fos or court. As a side note, if you got fos and they find in favour of the bank you can still go to court. If you go to court first and lose, fos won't take the case.

 

Regards

 

ims

[un1boy]

Great, well you've been an immense help Ims, thank you.

 

I will of course keep you updated all the way. Give me a couple of dsays (work is manic) and I will have all the paperwork sorted. I'll let you know when it's ready to be sent.

[un1boy]

Great, well you've been an immense help Ims, thank you.

 

I will of course keep you updated all the way. Give me a couple of dsays (work is manic) and I will have all the paperwork sorted. I'll let you know when it's ready to be sent.

 

 

Hiya

 

Will the same thing happen with loans as it doesn with Credit Cards? A reduced payout and then court for interest in restitution?

[ims21]

With loans the 8% is generally regarded as the restitution part of it I believe.

 

Regards

 

ims

[un1boy]

With loans the 8% is generally regarded as the restitution part of it I believe.

 

Regards

 

ims

 

 

Thanks again Ims....does that mean that I am likely to get a lowerp payout, like with CC's, or do loans generally get the claimed payout if 8% is used?

[ims21]

Hi

 

From the offers I've seen around the forums lateley, the banks pay out the 8% interest as standard so any offer you get should be the monthly ppi payment (which includes the loan interest rate) plus the 8% extra. This is in line with fos/FSA guidelines.

 

Regards

 

ims

[un1boy]

Perfect, thank Ims.

 

Ok...I am ready with my questionnaire now.

 

I have put the following points in Section E (they are all true):

-The insurance was sold to me in branch, via a face to facemeeting, where it was advised I should take the insurance.

-I was only given the relevant paperwork during the sale andmeeting process, I can't remember specifics but I know I have a copy of theoriginal agreement.

-I felt like taking the insurancewas part of the application process and if I didn't take it I wouldn't getaccepted. It was presented as a singlepremium so I assumed it was a feature of the loan.

-Implied or insisted you takeout their policy to qualify for the product or help with your application

-As Iwas in a face to face meeting, I felt like I had to take the insurance, that itwas part of the loan. I wasn't aware itwas optional and was not told about cooling off periods. I was not asked about any company benefits,for example, sick pay or redundancy payment struture.

Are these the right things to put and should I put anything else?

[un1boy]

And this for why I am now unhappy with it:

 

I have never really been happy with it, but didn't realiseit was separate to the loan. I didn'trealise I could cancel it and keep the loan. I thought it was a feature of the loan and therefore it needed to stay onwhile the loan was active

[ims21]

Perfect, thank Ims.

 

Ok...I am ready with my questionnaire now.

 

I have put the following points in Section E (they are all true):

 

-The insurance was sold to me in branch, via a face to facemeeting, where it was advised I should take the insurance.OK

-I was only given the relevant paperwork during the sale andmeeting process, I can't remember specifics but I know I have a copy of theoriginal agreement.OK

-I felt like taking the insurancewas part of the application process and if I didn't take it I wouldn't getaccepted. It was presented as a singlepremium so I assumed it was a feature of the loan. Sounds to me like taking the ppi was a condition of getting the loan

-Implied or insisted you takeout their policy to qualify for the product or help with your application - Sounds to me that they didn't imply...they insisted

-As Iwas in a face to face meeting, I felt like I had to take the insurance, that itwas part of the loan. I wasn't aware itwas optional and was not told about cooling off periods. I was not asked about any company benefits,for example, sick pay or redundancy payment struture.OK

 

Are these the right things to put and should I put anything else?

 

And did they carry out a needs analysis and suitability test to establish whether you were self employed/student etc?

 

Were you asked about pre existing medical conditions?

 

Make sure your reasons are definite rather than "woolly"

 

Regards

 

ims

[un1boy]

And did they carry out a needs analysis and suitability test to establish whether you were self employed/student etc?

 

Were you asked about pre existing medical conditions?

 

Make sure your reasons are definite rather than "woolly"

 

Regards

 

ims

 

I can't remember, they knew what I did as job becasue of the loan application. They didn't ask me about any emplloyer benfits though. I am not sure about pre-existing conditions either,

[ims21]

And this for why I am now unhappy with it:

 

I have never really been happy with it, but didn't realiseit was separate to the loan. I didn'trealise I could cancel it and keep the loan. I thought it was a feature of the loan and therefore it needed to stay onwhile the loan was active

 

And of course you have only just found out that the ppi was optional and you didn't have to have it and yet you were told it would improve your chances of acceptance if you had it and you're unhappy that the facts were not fully disclosed to you at the time.

 

I infer from your posts that there ws also no discussion about other products being available from other sources at possible better rates?

 

You need to really go to town with this with as many forceful arguments as apply to you.

 

Its your claim....no one can tell you exactly what to put but we can point you in the right direction.

 

ims

[un1boy]

Thanks Ims.

 

What if they've got some paperwork signed by me, saying that I wanted it and understood the terms and conditions?