PPI so much information on how to reclaim- actual interest- compound? payments etc Its soooo Confusing!

[pac man]

Hello Everyone!

 

I have decided to try and Reclaim my PPI on various Loans , In fact I decided this some time ago.

I sent my bank a the 10.00 Fee and SAR

I have Received a mountain of Paperwork back , which I do keep looking at, Getting a headache, and then Just putting it back in the Draws to look at another day!

 

Now today is that other day, I keep scrolling and reading posts and threads and confusing myself even more:confused:

 

So I am asking for a bit of help if possible, Here goes;

 

Lloyds tsb Loan - Fill in the Questionaire - I can do that.

Calculate your claim - Not a chance , and there are so many different Calculators, I'm Lost!

 

Lloyds Tsb sent me a Copy of my agreement of a personal loan.

 

Amount Of Credit £8900.00

Monthly Repayment £206.72

 

Loan Protection Insurance Loan £2086.99

Monthly Repayment £48.47

 

Total loan £10986.99

Monthly Repayment £255.19

 

It then Says :- you will be charged a fixed rate of interest on the total loan of 1.16% per Month ANNUAL PERCENTAGE RATE 14.8%.

 

So I think this is a single Premium PPI ?

I have the agreement so do i just ask for £2086.99 for the PPI + 8% ?

 

Ill be the first to agree I have no Idea when it comes to maths , interest rates and really did not understand The loan details - just the amount they were giving! please help.

 

Thanks in advance.

[ims21]

Hi

 

This is the spreadsheet to use

 

StatIntSheet v101.xls

 

Enter, as a list, each payment of £48.47 you made giving the date, description and the amount. The sheet will do the rest for you.

 

Did the loan run its full distance or was it paid off early?

[pac man]

Thanks for you Quick Reply!

 

I meant to put the original loan was for 60 months taken out on the 22/09/2001 and paid off early 13 jan 2004 - but there's a few things that dont make sense on this printout!

if I can use my friends scanner Can I send it you?

 

Thanks

[ims21]

Yes you can post it up on the forum minus any personal identifiers.

 

You could also have a read of No.1 in my signature as there is a section in there on how to deal with residual PPI when a loan is paid off early.

 

Shout here if you need help.

[intend]

pac man - whilst you may feel overwhelmed by all the info, you just need to take a small step at a time and with the advice of all on here I am am sure you will get there.

 

First step, which to be fair I have not done yet, is fill out the questionnaire to make sure claim for mis-selling will be accepted - not much point spending hours working out value of claim, if reasons for claim not water-tight.

 

Good luck - ims21 is very knowledgeable and extremely helpful.

[pac man]

First Bit: took me all afternoon this !

Edited November 25, 2012 by pac man
error

[pac man]

First Bit: took me all afternoon this !

 

Im puzzled by the bit on the 24th of july 2003 when 7266.07 is paid to the loan - it then takes till Jan 04 for the loan to be closed ? does that make any sense?

[ims21]

What information have you got about the settlement of the loan other than the statement you have posted, i.e. letters etc with the settlement figures set out?

[pac man]

What information have you got about the settlement of the loan other than the statement you have posted, i.e. letters etc with the settlement figures set out?

 

Nothing - I seem to remember that me and my Ex both had loans going on , mine 255 and i think his was £141 a month - which left us with hardly anything by the time we paid all the other Bills, When I went to the bank, to ask for help, they added £15000 to my mortgage balance to pay back along with my remaining term - currently 12 yrs left , and for the 15k , I pay £101 on top of my mortgage payment( I have the agreement for that), but nothing with settlement figures , as the bank manager just sorted it all - and I just signed ( stupid i know- I was 24 and where money was concerned I thought the bank was there to help me not make money out of me .and in regards to the selling of PPI I was under the impression that without it your loan would not be approved.

[ims21]

Ok so in the spreadsheet I linked you to, list the payments of £48.47 as mentioned before up to and including the payment on 28 July 2003.

 

Your PPI loan is 19% of the total loan.

 

For the repayment made on 24 July 2003 of £7,266.07, make an entry in the spreadsheet for an amount of £1,380.55 (which is 19% of £7,266.07).

 

For the final payment of £801.72, make an entry of £152.33 (which is 19% of £801.72).

 

You will end up with a list of the PPI payments you have made and the spreadsheet will have calculated the 8% interest for you as well..

 

Print a copy of the spreadsheet and send it to the lender with the completed consumer questionniare

[pac man]

Thank you so Much Ims21 your help is very much appreciated

 

Right I've filled the spread sheet in

 

Just checking - Claim from, would be my first payment 22/10/2001

Claim to would be the 13/01/2003 (payment of 801.72)?

 

sorry to be a Pain , Just want to get it right.

 

and if the claim from - claim to is right The figure Im getting is £2,820.54:?:

 

again Thank you for your time and help.

 

Pac man.

Edited November 25, 2012 by pac man
Spelling error!

[ims21]

"claim to" date should be today.

[pac man]

"claim to" date should be today.

 

OH My Goodness, that makes a difference

[pac man]

Hi Just an Update to let you now what is happenning with my PPI Claim,

 

28/11/12 sent off fos form together with letter of complaint and Spreadsheet With PPI owed.

30/11/12 Received Standard Reply from Lloyds TSB informing me that they will reply to my complaint within 8 Weeks

21/2/13 Received Decision letter from Lloyds, Complaint Upheld

 

[ATTACH=CONFIG]41684[/ATTACH][ATTACH=CONFIG]41685[/ATTACH][ATTACH=CONFIG]41686[/ATTACH]

 

And would like to thank ims21 for helping me.

 

would like to ask also another question , but will have to nip back on later as im already running late for work.

 

Many Thanks!!!

Edited February 17, 2013 by pac man

[intend]

Congrats

[pac man]

Thanks intend .

 

I really never thought I would of had my complaint upheld, and so quickly !