PPI claim secured loan/mortgage - confused how to

[bob 3456]

Hi,

Ive read the thread on claiming PPI single premium cover but im still confused on how i go about it.?

 

We are only two thirds of the way through a secured loan/mortgage and the premium was added to the amount we borrowed at the the start of the loan

,so that a certain part of the contractual monthly payment is for the PPI during the whole term of the loan .

 

The term is 180 months and the cover was only for the first 3-5 years,

we didn`t ask for it and were told it was needed to get the loan and the boxes were pre-ticked, self employed etc....

 

Do we claim month by month for 180 months as its tied into our loan monthly payments .

Ive downloaded the 8% interest spreadsheet for PPI single premium and im confused????

 

I know the cost of the PPI loan added to the loan,

i know the amount of the PPI part of the monthly payment ,

but after that looking at the spreadsheet i`m lost !

 

Do i have to fill in 180 month rows in the spreadsheet even though i`m only 2/3 of the way through the loan.

 

Also another complication is the insurance company has just been incorporated into another company called `Co Vea Insurance`

which i havent heard of , from Sterling Insurance.

 

The only documents we have are a wallet welcome pack, no policy no. and none supplied by the loan company in the SAR.

 

Any help appreciated

 

Thankyou

[bob 3456]

Anyone please??

[dx100uk]

link 1 below

 

 

you write and cancel the PPI first

do that now

 

 

then you'll know the PPI has stopped

thus your payments should drop.

 

 

you then, using the statint sheet

enter ever date/amount in the statint sheet

each date on its own new row.

 

 

you only put in dates that you ACTUALLY paid the PPIPCM.

 

 

dx

[bob 3456]

So you write to the mortgage company ,even when it tied in as part of the loan?? Will they agree to that as they supposedly paid the insurance company a lump sum at the start of the loan?

[dx100uk]

you write to whom you pay your money too

 

 

dx

[bob 3456]

Are you only allowed 8% when we are paying the loan company so much for ppi as a fixed part of the contractual monthly payment and at their interest rate of 11 %???

[dx100uk]

read link 1 below...

 

 

the interest has already been calced

 

 

do you know PCM what you are paying for PPI?

 

 

dx

[bob 3456]

Ive read link and i`m confused by the following.

From post #4 in your link:

 

"You can pass the case over to fos or you can sue in court.

 

Fos would award a refund of all PPI payments paid, the interest charged on those payments by the bank plus 8% statutory interest on each of the payments."

 

 

Ive done statint 8% spreadsheet for up to the month where i am now in the loan. £13.71 is the amount we`ve been paying each month , says on agreement at 11.6% (though seems to have always been 11%)

Its the interest charged by the lender on each payment in the quote above that puzzles me , where does the 11% go into a spreadsheet on do i have to do two spreadsheets applying 11% interest to each individual payment and then applying 8% to each payment????

[dx100uk]

if you are paying that per month

the lenders int is already being included in that figure

 

 

so you use the statint sheet which is auto set to 8%

[bob 3456]

Hi Dx, Thanks,

I follow it now i think.

So according to the spreadsheet 8% at month 110 total is £ 2079 .Does that sound about right??

 

Will the mortgage / loan company be difficult as they will have paid the insurance company the full PPI premium amount upfront ?

 

 

We are also in dispute with them over lots of things at the moment.

[dx100uk]

8% at month 110 total is £ 2079

 

 

sorry??

[bob 3456]

I put each individual monthly payment into the spreadsheet from when i started the loan until present day with individual dates for each payment (total of 110 payments if i cancelled the PPI this month) it came out as £2079??

 

I meant to say in the last post usiing the Stat interest spreadsheet which is fixed at 8%.

[dx100uk]

then if thaats what you have done its correct

 

 

dx

[bob 3456]

sorry wrong thread