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gemspan

Bank of Scotland PPI no paperwork but rebate figure

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hi

 

On 4 September 2001 I got a BOS Bank loan for £9000. That is the sum paid into my account. I made 4 monthly payments of £280.98 totalling £1123.56 and then applied for another loan. This was granted on 12 March 2002 for the total of £13,500. The repayment figure for the £9000 loan was £12,083.68 with a PPI rebate of £2800.43. This means that I paid a total of £10,406.81 for a £9000 loan for 4 months. I am wondering how I work out how much the premiums were for the PPI included in the monthly payment..and the total amount paid.....as the refund is almost certainly not a full refund and some of the premium would have been included in the next loan which did not have PPI.

 

Any loans I have had for years before that did not included PPI...and years after. This loan was the only loan to include it and there is no way I would have applied for it because I have health conditions that would stop me from claiming...and....I was self employed at the time.

 

Can anybody help me try to work out what figures I should be claiming for please? I contacted BOS today but they say they have no details of this loan..... Do I just make an educated guess as to how much they owe me?

 

Thanks for your help.

 

Gemspan


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Sadly you can't work it out from the figures provided.

 

You would need to know the APR and the term at the least and even then it may be tricky to work out.

 

You could just put in a mis-selling claim using a fos questionnaire but you would then rely on any offer they might make as being correct.

 

SAR might get you something but being so long ago and this being a closed and settled account they may well have no data.


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I did SAR them and got very little. I have worked out, using the loan analysis that the loan would have been for 12,700 over 60 months at a % rate to get approximately the settlement figure and then subtracted the PPI rebate....... PPI was £2700 and loan was £9000...total £12700...so PPI calculated to be around 20% of the monthly repayment. Does that sound about right? Looking at the way you calculate PPI premium on monthly payments...the percentage seems very high!


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Seems like a very expensive PPI premium! Shocking!


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Ah so your winging it a bit here.

 

If the total loan is £12,700 and the cash part of the loan is £9,000 then the PPI premium would be £3,700, not £2,700.

 

In turn that would mean that the PPI is 3700 / 12700 x 100 = 29.13% of the loan so 29.13% of your monthly repayment would be for the PPI = £81.85 per month.

 

If that is the case then the PPI balance after 4 payments would be £3,514.87 and you got a rebate of £2,800.43 which means you overpaid by £714.44 and this is the amount of PPI rolled into the next loan.

 

If the next loan was for £13,500 then £714.44 is 5.29% of it so each payment of the second loan contains 5.29% which relates to the PPI rolled from loan 1 to loan 2.

 

These are of course all "ifs" and I wouldn't like to put any money on it given that there are too many unknowns to be sure.


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1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

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I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

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my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

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You're right....lol £3700.....I am winging it a bit but if I go in with these figures they can only refuse and come back with something else....lol Thanks IMS


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I am winging it a bit but if I go in with these figures they can only refuse and come back with something else

 

Yep, true enough.

 

Good luck :thumb:


If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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Thank you...just calculated its just over £1900....so will be posting that off....will keep you updated....


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