PPI Claim

[pepper1986]

Hi

 

I made a claim against Ocean Finance on my PPI through the FOS 2 years ago.

 

Ive just had the letter from the FOS saying we have won and Ocean will be in contact in the new year with the offer.

 

My ppi was £6675 Plus interest of £5699 giving a total of £12374

 

The ppi was front ended and we only finished paying it last year.

 

The letter states they have to me back to a position if id not taken out ppi.

 

Any help would be great

[ims21]

What would you like help with please?

 

If it is the calculations to see what you should be getting back, please have a read of No.1 in my signature and use the spreadsheets at the end to help you.

 

If you get stuck, shout here.

[pepper1986]

Thanks for the reply.

 

Great info I think ive got it

 

PPI Inc Interest is £12374

divide by 5 years is £2474 a per year

plus 8% (£197) as per FOS £2671 x 5 years

 

comes to £13355

 

Does that look right or is 8% a month not a year

[ims21]

Not quite...you will need to use the spreadsheet in the link I have you because you are entitled to 8% interest on each payment actually made towards the PPI part of the loan. This 8% runs from the date of payment right up to the date of offer.

[pepper1986]

I am confused now

 

it now gives me a figure of £206.16 plus 8% gives a monthly figure of £322.68 x 60 = 19320?

[ims21]

No...you need to read the article I linked you to.

 

You need to establish what the monthly repayment to wards the PPI part of the loan was.

 

You then list each and every one of one of those repayments into the spreadsheet, one under the other.

 

How long was the loan for?

 

Was it fixed rate or variable?

 

Did you make all payments on time and did the loan run its full term?

[pepper1986]

That's the nightmare

 

My credit agreement only shows the following -

 

Cash Loan amount - £37500 over 180 months

PPI - £6675.90 over 60 months with interest of £5699.10 giving a total of £12375

Monthly interest rate 0.716%

 

Total - 44175.90

 

Monthly repayment = £454.93

 

When challenged on this the loan company couldn't work out how much of the monthly repayment was PPI but did agree it was front ended starting in March 2008

 

But pay back that £12375 divided by 60 months comes out at £206.23 per month

 

now my brain hurts

[ims21]

Ok so you need to list 60 payments of £206.23 in the spreadsheet giving the date of the payments. Set the "Claim to" date on the spreadsheet to today's date if it isn't already set.

 

When you have listed the 60 repayments of £206.23 the sheet will then give you the figures of what you could expect back.

[pepper1986]

Ok entered 60 payments from March 2008 to March 2013 @ 206.23

 

Comes to £15,984.91

 

that's assuming the £206.23 is correct of course

[ims21]

And assuming that all 60 payments were made at the correct time .

[pepper1986]

We have had a successful complaint upheld by the FOS on a loan with Ocean Finance.

 

The PPI was front ended and is live with the loan.

 

A offer of redress was received yesterday and it seems 4.5k of the redress is needed to restructure the loan. With £5600 being paid back to us.

 

Ocean assured me that this is good practice in line with FOS guildlines.

 

I called the FOS yesterday and they said that only applies if we were in arrears with the loan which we are not.

 

Does seem correct