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Is the PPI refund offered by Funding Corp Correct?

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Hi Many thanks in advance for any help!

 

 

I am helping my husband reclaim PPI on a loan with Funding Corp (long since paid off).

 

The original loan was for 3000+1324.8 interest.

There is then PPI charge of 900 + 414.72 interest.

 

 

The loan was 19.9% APR over 50 months starting 1.2.05.

 

It was defaulted on 13.10.08 when the outstanding balance was 3911.08.

 

 

Funding Corp have offered

(by way of an incomprehensible breakdown but including 8% compensatory interest and £100 or so deducted for tax) £1887.50

 

 

I have tried downloading the spreaddie for the single premium reclaim but it just seems to download as an attachment .php file and wnt open in Excel...

 

I've no idea if the calc is right andI don't trust them to be accurate. I have a number of questions.

 

1. Is this calc right?!

 

2. There are a number of 'unfair' charges on this loan leading up to the default

- talking £40 a go for unpaid DD and £60 for sending a letter.

 

All after 2006.

Can we reject the claim on the basis that the charges were a direct result of the PPI

and therefore should be included for repayment + interest?

If so do you deduct the 'fair' portion of £12 per charge?

 

3. The payments were unsustainable and led to a default;

as a result he had to move out of his flat and move in with a friend for free,

it's had a long term impact on us as a couple and ability to apply for mortgages, other debt etc, long after the original loan.

 

Therefore is there an avenue to pursue for 'injury / damage' and compensation for the long term damage?

Edited by citizenB
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http://www.consumeractiongroup.co.uk/forum/showthread.php?330996-Latest-Spreadsheets-PPI-Claims-and-Charges-Claims-Dec-2011

 

Is it the spready from the link above you are trying to download ? It should open ok. I will ask someone to check for you.

 

I will also ask if they can help you sort out whether you are getting the right refund.


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Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

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It is yes - can see the title of it is an xls file but doesn't appear that way when downloaded? Weird. Anyway - thank you!

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probably downloading as a .php file?

 

 

if so

simply do

file save as

 

 

.xls

 

 

its a common fault with internet explorer

 

 

not your doing but Microsoft.

 

 

dx


please don't hit Quote...just type we know what we said earlier..

 

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if their are any 'penalty' charges as a result of the PPI

then yes they should be including those too.

 

 

its a wee bit diff to accurately gauge the redress in this situation ...but..

 

 

I would NOT ever be trusting FC!!!


please don't hit Quote...just type we know what we said earlier..

 

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Hi - I've downloaded the spreaddies now thank you, and drafted a letter to include the charges + interest and the redress - thanks so much!

 

 

My question now, is about the amount of PPI itself.

 

 

It is structured on the credit agreement as: Loan amount: £3K

Loan interest: £1324.8

PPI: £900 Interest on PPI: £414.72

 

 

This is reflected on the statement which doesn't have any additional monthly interest being added

 

 

So should FC just be refunding the £900+£414 + 8% interest? (Plus charges etc). Or some other calculation?

 

 

I tried looking at the single premium spreaddie for this but because there were several months where he didn't make a payment etc

I'm not sure it's an accurate reflection of his situation.

 

 

Sorry for allthe qs but so grateful for your help

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link 1 below explains all


please don't hit Quote...just type we know what we said earlier..

 

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