PPI reclaim help please.

[dx100uk]

nope

you put in every monthly payment of ppi and its date. [ each one individually]

 

do you know from the agreement what you paid monthly in PPI.?

 

you will also need the same info for loan 2

 

and the refinance figure of loan 1 to loan 2

 

dx

[danielle86]

yes, the first loan monthly ppi repayment way £7.01. so should i be putting it into the statintsheet? as i was using the compound intrest calclator.

 

Thought to myself it seemed pretty easy, how wrong am i haha.

 

Danielle.x

[dx100uk]

use the statint sheet

 

you sure £7.01 is correct

 

scan up the agreements

 

dx

[danielle86]

i dont have a scanner sorry.

 

The loan agreement says the loan was £50.16 a month, which consisted of £43.15 for the main loan repayments, and £7.01 for insurance loan repayments. The ppi was for £203.00 but with intrest of an additional £49.36, which brought the ppi total to £252.36. It was refinanced exactly 1 year in though.

 

Danielle.x

[dx100uk]

ok so it was a small loan then.

 

explains it

 

yes then £7.01 is correct. so that is your PPI PCM

your PCM being £50.16

 

then you'll list that and the date of every time you paid it

 

then you need to work out what % was ppi was of your total monthly payment [[PPIPCM%]

PPIPCM / PCM * 100= PPIPCM%

[danielle86]

Right thanks,

 

Ive done that. i have it at 13.9%

 

What do i do in regards to listing it after the 12th payment, as he re financed it?

 

Thanks,

Danielle.x

[dx100uk]

here is an example of what to do [but use your own figures and dates:

 

I had a loan which included a Single Premium PPI. It was initially an 8 year loan. After 6 years I took out another loan which gave me some cash in my pocket and also paid off the balance on my previous loan. The second loan also had PPI included and the term of this new loan was 10 years. What do I claim?

 

This is another scenario where the banks can make more money from you, the unsuspecting “customer”. (Sometimes referred to as the victim).

 

We already know that if you had stuck with loan 1, your PPI part of the loan would have run for 8 years because it was included in the main loan. But you have effectively taken the balance on that loan after six years and transferred it into a new loan. Accordingly part of the balance transferred or “rolled over” into the second loan would have included the balance on the PPI part of loan 1. That balance would be paid off over the term of loan 2.

 

To see how the advantage is with the bank, consider this.

 

Your original loan was for 8 years so you would have originally have been paying the PPI part of the loan for that period. You refinance after 6 years and let us suppose that a sum of, say £400 being the PPI balance on the old loan, is rolled into loan 2.

 

Now the term of loan 2 is 10 years. So that balance of £400 is now being paid off over a period of ten years. And for those ten years you will be paying interest on that rolled over amount. Had you stuck with loan 1 only, then that £400 would have been paid off over only two years. You can see that this is a tidy profit for the bank.

 

And of course you have PPI on loan 2 as well and you’re paying that PPI off over a period of 10 years as well.

 

If we look a bit deeper, the PPI cover on loan 2 was actually covering you for some PPI on loan 1. So you have been sold PPI to cover PPI. What’s that all about then?

 

So who is the winner? It certainly isn’t you so I wonder who it could be?

 

So what about the calculation of the refund that is due?

 

First off you calculate the percentage of PPI which is included in the first loan as described above.

 

Second, we have to find out what the balance of the PPI part of loan 1 was when it was rolled into loan 2. That can be done using the loan progression spreadsheet.

 

Third, we have to express that balance as a percentage of the total of loan 2.

 

Fourth, we need establish the percentage of loan 2 that relates to the loan 2 PPI.

 

Then we need to enter the data into the spreadsheet.

 

This scenario is probably best explained using an example.

 

Let us suppose that we have established that loan 1 had a PPI percentage of 7.75% of the total of loan 1.

 

Let us say that we have worked out (or the bank have told us) that the balance on loan 1 at the time of refinancing is £1,500. We now know that 7.75% of that £1,500 is the PPI part of loan 1. 7.75% of £1,500 is £116.25 which is the amount of PPI rolled into loan 2.

 

Now let us suppose that loan 2 was for a total amount (including the PPI on loan 2) of £5,000 and that the loan 2 PPI premium included in that was £600.

 

The percentage of loan 1 PPI included in loan 2 is given by £116.25/£5,000 x 100 = 2.33%. So for every repayment you make on loan 2, a sum equivalent to 2.33% of it relates to PPI on loan 1.

 

Now we also now that of the £5,000 for loan 2, that included a PPI premium of £600, so loan 2 PPI percentage is £600/£5,000 x 100 = 12%. That means that for every repayment we make on loan 2, an amount of 2.33% of it is going to loan 1 PPI rolled over and an amount of 12% of it is paying the PPI on loan 2.

 

So to enter this in the spreadsheet you list the actual payments made for PPI on loan 1 prior to refinancing. From then on you list the 2.33% of each payment and annotate it as Loan 1 PPI and then you list the 12% of each payment which relates to the PPI on loan 2.

[danielle86]

"So to enter this in the spreadsheet you list the actual payments made for PPI on loan 1 prior to refinancing. From then on you list the 2.33% of each payment and annotate it as Loan 1 PPI and then you list the 12% of each payment which relates to the PPI on loan 2."

This is the bit im stuck with. I've worked out all the other figures, my percentages are 2.99% on loan 1, and 25.2% on loan 2. But im not sure how to enter it into the spreadsheet as its working at 8% intrest, and i can't change it.

Thanks,

Danielle.x

[dx100uk]

you work it out before you put it in the spreadsheet.

 

all the spread is intended or needs to do is add the stat int at 8%

 

so 2.99% of any payment made under loan 2 was for the ppi of loan 1 [ppi rollover]

 

and 25.2% of that same payment was for its own loan 2 ppi]

[danielle86]

Right, think im with you. So from when loan 1 was refinanced into loan 2, i need to work out 2.99% of the £75.00 monthly repayment, then do the same again with 25.2% of £75.00?

 

Thanks,

 

Danielle.x

[dx100uk]

as long as 2.99% is the coreect figure of the refinance

 

how much was the refinance

and

how much was loan 2 for [total everything]

 

dx

[danielle86]

The refinance was £970.93 and the total repayable with intrest and ppi etc on loan 2 was £4,506.00.

 

so i worked it out as £970.93 - 13.9% = £134.95. (which rolled into loan 2)

then

£134.95 / £4,506.00 x 100 = 2.99%.

 

then for second loan i worked it out as -

 

£1152.60 / 4506.00 x 100 = 25.2%

 

Danielle. x

[dx100uk]

cant be right. - 13.9%? where that come from.??

 

can you tell me the PPI total of loan 2 please

[danielle86]

hmm, not sure cant remember how i worked that out to be honest. The ppi total on loan 2 was £1,152.60 with the intrest.

 

Danielle.x

[dx100uk]

can you scan up the two agreements please

 

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 using paint program

but leave all monetary figures and dates.

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

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

try www.pdfescape.com TO BLANK STUFF,

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

or

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 use 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 CAG in the title

i'e Default notice dd-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

.

dx

[danielle86]

can you scan up the two agreements please

 

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 using paint program

but leave all monetary figures and dates.

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

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

try www.pdfescape.com TO BLANK STUFF,

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

or

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 use 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 CAG in the title

i'e Default notice dd-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

.

dx

 

 

Will try to do it using my phone later on.

 

Many thanks,

Danielle.x

[danielle86]

Here we go, laon one is the one with the yellow blocking out the name etc. loan 2 is the one with my fingers in the picture.

 

Many thanks,

 

Danielle.x

[dx100uk]

pdf them please

 

cant read postage stamps

[danielle86]

apologies. think i've managed to pdf them, on my computer i just scroll across and it flicks between the 2 agreements.

 

Many thanks,

 

Danielle.x

[dx100uk]

yep that's ok

 

loan 2?

 

dx

[danielle86]

its uploaded with loan 1, when i click on the link it brings up the first loan, then when i click across to the right it flicks to the second loan

 

Danielle.x

[dx100uk]

not on my version of adobe pro it don't sri

 

dx

[danielle86]

okay, i'll try uploading loan 2 on its own.

 

Many thanks,

 

Danielle.x

[danielle86]

here we go,

 

thanks,

 

Danielle.x

[danielle86]

have I worked the figures out correctly?

 

 

Many thanks,

 

Danielle.x