Nationwide PPI

[tosh1]

OK Thanks

 

Not sure if I have given the figures correctly.

 

I took out a loan of £5000.00 in September 2001, The insurance was £740.39. On top of all this £1058.33 interest was added. I paid £141.64 starting from the 01/10/01

[ims21]

OK Thanks

 

Not sure if I have given the figures correctly.

 

I took out a loan of £5000.00 in September 2001, The insurance was £740.39. On top of all this £1058.33 interest was added. I paid £141.64 starting from the 01/10/01

 

Yes, please follow the instructions in post #25.

[tosh1]

Ok

 

I have completed that and have 13 payments of 18.27

[ims21]

Excellent.

 

Download the LoanAnalysis spreadsheet from the last post here

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?318646-PPI-Single-Premium-Your-questions-answered&p=3543602#post3543602

 

In the three boxes at the top enter the amount of loan as 5740.39, the term as 48 and the monthly repayment as 141.64. Then look down the left hand column for payment number 13 and you will see that the balance on the loan at that time was £4373.59. Now, 12.9% of that was for the PPI which is £564.19. That is the amount of the PPI loan outstanding at that time.

 

When you settled the loan you got a rebate of £539.86. Take one from the other and you end up with a difference of £24.33. This is the amount of PPI from loan 1 which was rolled into loan 2.

 

In order to work out the next bit we need to know the amount of the loan for loan 2 and the PPI premium for loan 2 please.

 

Then tomorrow we can carry on with the workings.

[tosh1]

Thanks for your reply ims21.

 

I am following your instructions but don't have a clue what I am doing.

 

My second loan was £7000.00 and the monthly amount was for £161.49 which was for 60 months

[ims21]

Have you got a note of the PPI premium added to loan 2 please?

 

In order to understand what we are doing, you need to be aware that your reclaim will be for the amount you actually paid towards the PPI. The way we find that out is to look at the date and amount of each payment towards the PPI. This is why we need to break it all down into monthly payments and account for any rebates you got when the loans were settled early.

 

It is usually the case that where one loan is paid off by taking out a consolidation loan there is an overpayment of PPI. We have shown this to be the case with the £24 carried forward to loan 2.

 

Did you ever read the item at No.1 in my signature?

[tosh1]

The credit insurance was for £1034.80 and the interest charged on this was £213.20.

I have read you post it and I think it is starting to sink in but my understanding is still skectchy.

[ims21]

I have read you post it and I think it is starting to sink in but my understanding is still skectchy.

 

No problem....we will get there.

 

So in loan 2 you had a PPI premium slapped on it of £1,034.80 giving a total loan amount of £8,034.80. You also have £24.33 PPI being paid through loan 2 which actually relates to an residual amount of PPI on loan 1. So the total PPI in loan 2 is £1034.80 + £24.33 = £1059.13.

 

As a percentage of the total of loan 2, this is 13.18%. This is calculated as 1059.13/8034.80 x 100.

 

That means that 13.18% of each repayment you made on loan 2 was for PPI.

 

13.18% of £161.49 is £21.28 and this is the amount you were paying each month towards PPI.

 

Continue with your spreadsheet and underneath the existing 13 entries, list the amounts of £21.28 that you actually paid.

 

When you have done that, shout here and we can move on to the next bit.

[tosh1]

ok I have added £21.28 till Jan 2004. My third and final loan was for £20000.00. This was for 84 months and total monthly amount was for £352.51

[ims21]

Ok excellent....give me a short while and I'll be back.

[ims21]

How many payments of £21.28 were there please?

[tosh1]

16 payments of 21.38

[ims21]

Ok thanks.

 

We now need to work out what the rolled over PPI was from loan 2 into loan 3.

 

Using the LoanAnalysis spreadsheet I mentioned earlier, punch in the loan details at the top....£8034.80 for the amount of loan, 60 as the term and £161.49 for the monthly repayment. You will see that after the 16th payment the balance on the loan would have been £6181.37. We know that 13.18% of that is for the PPI which is £814.70. That is the amount of PPI that was effectively still to pay at that point.

 

When the loan was paid off, the rebate is meant to give you back the unpaid part and they gave you an amount of £758.85 which is £55.85 less than you should have got. This is the amount rolled into loan 3.

 

So loan 3 was for £20,000 with a PPI premium on it of £3,736.89 making a total loan of £23,736.89. The total PPI in that loan was £3,736.89 + the amount from loan 2 of £55.85 = £3,792.74. That in turn is 15.98% of the total loan.

 

So 15.98% of each repayment you made against loan 3 was for PPI. 15.98% of £352.51 is £56.33.

 

Continue your spreadsheet and list the amounts of £56.33 that you actually paid.

 

When done, come back here and we will continue.

[tosh1]

I have finished as I then re-mortgaged my house to pay the reminder off.

[ims21]

When you paid off loan 3, was there any rebate given for the PPI on loan 3? If so, how much?

 

How many monthly payments did you make on loan 3?

[tosh1]

I made 39 payments of £352.51. I then settled early and paid off £13095.45 and the insurance rebate was £2046.39

[ims21]

Ok so we can now work out the final entry.

 

If you use that loan analysis spreadsheet again you will see that after 39 repayments the balance on the loan is £14,043.37. 15.98% is PPI which is £2,244.13. Your rebate was £2,046.39 so take one from the other and the difference is the amount you overpaid when the loan was settled.

 

That figure is £197.74 and this will be the last entry in your spreadsheet list. The date of the entry will be the date on which you settled the loan.

 

The spreadsheet will then give you a figure for the PPI and the 8% interest which you should expect back.

 

You now fill in the fos questionnaire and send it to the lender together with a print of your spreadsheet. They will have 8 weeks to investigate and give you a decision.

 

I would send the documents by some trackable method so that you know when they receive them and you can start the 8 week countdown.

[ims21]

Got your PM tosh

 

Please post up your spreadsheet on the thread and we can have a look at it for you.

 

Ta

[tosh1]

ok

 

I have added the pages

 

Hopefully you should now see these

[ims21]

Too small tosh. Please PDF them.

 

Follow these instructions by dx100uk

 

set your default scan page size to A4 less than 300DPI [150 will do]

scan the required letters/agreements/sheets - as a picture[jpg] file

don't forget you can use a mobile phone or a digital camera too!!

'

BUT......

ENSURE: remove all pers info inc. barcodes etc

but leave all monetary figures and dates.

.

************************* ************************* *******

{DO NOT USE A BIRO OR PEN OR USE SEE THRU TAPE OR LABELS]

************************* ************************* ***********

.

DO IT IN MSPAINT.EXE or any photo editing program

goto one of the many free online pdf converter websites ...

http://freejpgtopdf.com/

..

if you have multiple scans/pics

put them in a word doc FIRST and convert that to PDF

or http://www.freepdfconvert.com/

or

use http://www.pdfmerge.com

 

convert existing PC files to PDF [office has an installable print to PDF option]

..

it would be better to upload a multipage pdf if

you have many images too rather than many single pdfs

.

or if you have PDF as an installed printer drive use that

or use word and save as pdf

try and logically name your file so people know what it is.

though dont use full bank names or CAGicon in the title

i'e Default notice DDicon-mm-yyyy TSB

.

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

hit the add files button on the top right

hit select files, navigate to your file on your pc

hit upload files

...

YOU DONT have to put a link to the attachment in the msg box..just upload it ..job done

[tosh1]

OK these are in pdf format

[tosh1]

Also the spreadsheet

[ims21]

Spreadsheet looks fine tosh.

[tosh1]

ok

 

so do i put in a claim for £5101.12

[ims21]

Not as such.

 

You just complete the fos questionnaire and attach a print of the spreadsheet to it.

 

They will do their own calculations. The submission of a spreadsheet just helps them to know that you won't be any pushover with a "fob off" offer and that you now what is what.

 

If and when they make an offer you can compare it to your workings to see where any differences lay.

 

The £5,100 is what you should be expecting to see come back if all of the information you have given in this thread is correct.