Am i thick

[coolmiller]

geeze im even more confused now

how i see it thier isnt no unpaid part of the ppi the loan is settled in full by means of a mortgage the mortgage i took out repaid the loan in full

[coolmiller]

and besides i think the offer is fair just not how tey are paying it

but if i go fos will take ages so probably best just appcepting as need the dosh and could do without another 6 month wait

[ims21]

Yes but that settlement of the loan included the settlement of the ppi part of the loan. If that PPI hadn't been there in the first place your settlement figure would have been less and so would your mortgage.

 

Your mortgage loan is higher as a result of having to pay off a ppi that shouldn't have been there.

 

Consequently your mortgage repayments are higher than they would have been. As a result you have been paying too much on your mortgage up to now as a result of that PPI. If no adjustment is made to the future of the mortgage then you will still be paying too much so your future mortgage payments have to be reduced to avoid you continuing to pay that higher amount

[ims21]

and besides i think the offer is fair just not how tey are paying it

but if i go fos will take ages so probably best just appcepting as need the dosh and could do without another 6 month wait

 

At the end of the day its your call but of you can get that agreement back we should be able to work out what should be happening and the amounts involved.

[coolmiller]

i understand that .. so basically if they knock off the 1.8k and alter the payments etcetc all is fine

if i fight for the monies paid direct to me then they will remain the same .. as in reality the mortgage(loan) will remain the same

[coolmiller]

i have asked claims to send me back docs i sent them ..he told me that he would but they havnt come back yet

[ims21]

Broadly speaking yes but the method of redress in these types of cases is set out by the FSA/fos and the bank should adhere to those principles.

 

I have to say, if it were me, I'd want to check the figures properly before accepting.

 

We never trust a bank !

[coolmiller]

so if i want to fight for my money in full ///could i ring the fos and ask them what they think ??

[ims21]

No need....when that agreement comes back we can work out what you should physically receive and what the adjustment to the mortgage should be.

 

Tectonic plates move faster than fos so I wouldn't bother with them if I could avoid them

[coolmiller]

Tectonic plates move faster than fos so I wouldn't bother with them if I could avoid them

 

and they are ?

[ims21]

Sorry..they are the plates that form the earth's crust. They move slowly, grind against each other, build up pressure and when they release we get an earthquake.

[coolmiller]

its not so much the amount ..but the money being paid into mortgage account that bothers me..id rather have the lot obs

[coolmiller]

basically just need to get the bank to pay all direct instead of into my mortgage account ... if fos will deffo award the lot to me then so should the bank

[ims21]

If the offer letter doesn't give the full picture as to how they propose to deal with it then you need to ask the questions of them so that you are completely clear on how they are dealing with this refund.

 

If they are proposing to pay some of your refund to the mortgage then that is wrong unless you have arrears.

[coolmiller]

well its certainly wrong then as i dont have any arrears . and i will ring them tommorrow

just needed it clarifying that there not within thier rights to take it off my mortgage .. just because a mortgage funded the repayment of the loan

[ims21]

And get it all in writing too

[coolmiller]

Hi ins... Just to let you know I have spoken today at length with fos ... He pretty much told me he hasn't come across the payment into my mortgage account before but also said that the bank is way out of order and that I have a very strong case to have it all refunded to me inc any relevant interest the bank seems to have forgotten ... Am now waiting on having a chat with the banks Ppi bloke who I called but was unavailable,? But I was assured he would call me back today at some stage.. I won't hold my breath. ... Sorry for the long post without paragraphs as on my phone ....think I'm going to get the loan agreement back work out the exact figures then go fos the bank screwed me once not again

[ims21]

Good on you.

 

In a situation like this it is always good to have your own workings to hand because it can strengthen any argument you have

[coolmiller]

was at 9.30 this morning promised a phone back call by ppi claims manager ...heard nothing all day so i just rang them back

answer ..call back service can take upto 72 buisness working hours ..so thur fri weds (as double bank holiday) no mention of the 72 hours this morning ..ombudsman recomended that i claim for the lot thru them (they would woulndt they) as they then get the 850 quid fee ..also told me they have just set on 700 new staff due to amount of claims being recieved..

i know i should go thru them and claim what i reckon should be nearer 6k . but on the other hand 3.5k and 1.8k off me mrtgage would be very welcome now not next year .. really want what they owe me in full but at the same time very skint at moment just dont know which way to turn

[coolmiller]

ims .. just ti update recieved loan paperwork back today ..so i will give you all you need to work out what you think it should be ( for some reason the sreadsheet wont open for me)

 

loan date 07/10/2005

1st repayment date 07/11/2005

amount of loan £23560.88

amount of ppi £6015.99

total amount of loan £29576.87

84 repaytments for loan £373.79

84 payments for ppi £95.44

apr 8.9 %

 

now to banks offer

 

refund of cost of ppi upto loan settled £2386.06 (98.44 x 25 payments )

plus 8 % satandard interest £1067.80

total refund £3453.86

 

under that off it carries on to say

 

please be aware that these loans were repaid using a mortgage . i propos to reduce your mortgage balance by £1776.36 .. this figure is the difference beteween the amount you actually paid towards these loans and what the settlement amount would have been had ppi not been included with your loans .. on acceptance we will recalulate any interest adjustment on the mortgage

 

as you can see the ppi refund is fair untill settlement date 25 months from 1st payment but the offer to to take monies of my joint account mortgage is bang out f order ( the fos confirms this in my phone call with them)

i think the only thing missing for you to help me in the is matter is the actuall settlement figure which im sorry but i dont have that with doing a sar ..and at this stage i dont really want to be holding things up any thurther...please help in resepct of doing me a spreadsheet and emailing it to my registered email addy ... i promise a donation is forth coming even though im in claims management i feel this site is a great help to me any many many orthers

 

lastly im going to put together a letter to send of to the bank (including your spreadsheet) giving them 14 days to change thier mind or its off to the fos .. with them already admitting mis selling and the fos telling me they bang out of order and is confident they will uphelp my application 100 %...just need that spredsheet so i know and they know exactly what i want

its in the banks interest to change thier plan as an extra years 8% plus the fos fee will end up costing them a lot more i suspect

 

many thanks kev

[ims21]

Ok will look this evening

[coolmiller]

regards the letter..i was thinking along the lines of ...

dear sir / guys name at bank who uphelp my complaint

i am writing in response to ppi claim number ******** which you upheld on **th may 2012

After a lenghty discussion with fos i have decided that your offer of redress is unacceptable the figures upto loan settlement dates are fine and put me back in the position i would have been had you not mis sold me ppi .

I am advised that a redress into a joint mortgage account is totally unacceptable and that all ppi should be paid direct to me as set out by fos

i therefore enclose a spread sheet as what i expect my full refund to be

I am giving you 14 days from date of this letter to re-think your decision after which i will be putting this complaint in the hand of the fos

your kev ********S

 

my writing skills are not the best .. please feel free to reword

any further advice from all is welcome

thanks your the best

[ims21]

Ok now we know what the PPI premium was to start with, the figures we have at the moment do not stack up.

 

Did you get any rebate of PPI when the loan was paid off by the mortgage. If so, how much was it?

 

If you haven't got that information or figure then you need to ask them the question.

 

ims

[coolmiller]

not sure what doesnt add up ... i dont know the settlement figure when settled after 25 months of payments

im not sure if any rebate was given either .. if its front loaded then surely they wouldnt give rebate woudl they ???

assuming they did give rebate its unlikely i will be able to find this info without sending a sar off .. at this stage of proceedings i dont really need to be waiting a further 40 days for that

if and when the guys from ppi gives me my call back i will ask him the question

assuming they did give me a reabte wouldnt the figure of 1776 be the remaining settlement figure of ppi dated when loan was paid off dec2007/jan2008 even interest added to the 1776 settlement figure would add up to more than they are offering at moment

[ims21]

What doesn't add up is the fact that your premium alone was just over 6k.

 

In total they are offering you 3.4k ish plus 1.7k ish which is 5.1k and that includes interest.

 

When a loan is settled early then yes rebates on PPI are generally calculated although not all lenders played fair with the rebates. If they gave you a rebate then their offer figure would be closer to what it should be but without that rebate figure we can't check.

 

Might be worth a phone call to the lender to ask the question.