PPI reclaim help please.

[dx100uk]

loan 1 PPI% = 252.36/1805.76*100= 13.95% of the total of loan 1.

 

balance on loan 1 at the time of refinancing into loan 2 = £970.93.

 

13.95% of £970.93= £135.54 this is the PPI part of loan 1 rollover.

 

loan 2 PPI% = 1152.60/4506*100= 25.58% of the total of loan 2

 

percentage of loan 1 PPI included in loan 2 is given by

£135.54/4506*100=3.0%

 

So for every repayment you make on loan 2, a sum equivalent to 3% of it relates to PPI on loan 1.

 

so everytime you paid £75.10 , £19.21 was PPI loan 2, & £2.52 was for loan 1 PPI rollover

 

So enter these details into ONE statint spreadsheet

 

you list EVERY actual payment made for PPI on loan 1 prior to refinancing [£7.01]. PPI on Loan 1 [label]

 

then on you list £2.52 everytime you paid £75.10 and annotate it as Loan 1 PPI and

 

then you list £19.21 everytime you paid £75.10. labelled PPI on loan 2.

[danielle86]

ahh thank you very much dx, glad to see I wasn't completely off the mark.

 

Will do the statint sheet now.

 

Thanks again, it is really, really appreciated.

 

Danielle.x

[danielle86]

Right, so I need to send a letter stating why he believes he was mis-sold it, the statint sheet, and a fos questionnaire. Do I send it to RBS head office or the branch where he took the loan out?

 

Thanks,

Danielle.x

[dx100uk]

a simple covering letter:

 

adapt to suit.

 

 

Dear Sir or Madam,

Re:

 

I am writing in relation to the above payment protection (PPI) policy which i believe was mis-sold to me in relation to my

I believe you have not treated me fairly for the following reasons;

· The PPI was added without my knowledge..

· You have been punished by the Financial Services Authority for failing to treat customers fairly and I do not believe that the PPI I bought was sold in my best interest.

Unless you can prove that the policy was fair and reasonable and that I was treated fairly when I was sold the insurance, I demand a full refund of all premiums, and subsequent interest on these payments, that I have paid in relation to this policy. I also expect 8% interest to be added to each payment I have made as this is the statutory amount a court would pay.

I look forward to your full and prompt response to this letter. If this matter is not settled within eight weeks of this letter I shall be contacting the Financial Ombudsman to investigate my complaint.

This letter is in respect of the above account that was issued by

Yours faithfully

or

The Complaints Department

[Lender’s address]

[Date]

Dear Sir/Madam,

Ref – policy number

I believe I have been mis-sold a payment protection insurance policy and would like to request a full refund of my premiums, plus interest paid.

I took out a £xxx loan/credit card at your [branch name] branch on [date] and also bought a payment protection policy which would cost me an extra £xxx over the life of the loan. [The name of the salesperson who sold me the policy is …] The total amount of my premiums plus interest is £ xxxx.

When I took out the loan, I was told that my application would be refused if I did not also buy a PPI policy. The Financial Services Authority’s advice to consumers is that, while it does not breach FSA guidelines, a borrower should not be refused a loan if they choose not to buy an insurance policy.

Possible additional paragraphs – include any which apply to you

[i also told your salesperson that I had adequate insurance cover through a separate income protection policy.]

 

[i said I did not need the PPI as my employer provides a generous illness and redundancy package.]

[You are not allowed to make PPI a condition of taking out the loan unless you include the costs of PPI in the quoted interest rate, which you did not do.]

[in forcing me to buy this policy, you have also breached paragraph 8.6 of the Banking Code, to which you are a signatory.]

I do not believe being forced to buy this policy as part of the loan was a fair and reasonable obligation as I did not need this insurance and said at the time of taking the loan that I did not want it.

I am requesting a full refund of all my insurance payments, plus interest, which total [£ xxx].

If I do not receive a favourable response from you I will pursue this claim through the Financial Ombudsman.

Yours faithfully,

 

all three bits sOC/covering letter/FOS CQ

 

goto RBS headoffice.

 

dx

[danielle86]

Hi there,

 

Right, I have today just had a letter from the RBS stating that they want to award just over £1,600 for my dads mis-sold PPI. Now, using the help of you lovely people, and the stat int sheet, I calculated it to be just over £1,700. Now I did read somewhere that the statint sheet can't be 100% accurate, so would you say that this was close enough, and should I tell him to accept it?

 

Many thanks,

Danielle.x

[dx100uk]

i'd except yes

 

well done

 

dx

[danielle86]

That's great stuff, i'll ring him and tell him now, he'll be chuffed to bits. Thank you for your help dx, im so lucky to have found this site.

 

Many thanks,

 

Danielle.x

[dx100uk]

let us know whn he gets the money

 

then i'll mark the thread

 

won

 

dx

[danielle86]

will do thank you xx