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Hi What is the correct way to calculate a MPPI claim where a secured loan was taken out ,the initial whole premium was added at the start of the loan (front loaded ) so became part of the amount borrowed and at the same interest rate as the loan.

 

The loan is still ongoing ,the ppi policy only lasted for the first 3 years of a 15 year loan.

This will go to the FOS after the initial complaint to the insurance company.

 

I know the amount we pay monthly for the PPI part of the loan but how can you work out for the claim as we will still be paying for this for the next almost 5 years, even though the policy expired 7 years ago.

 

In similar cases at the FOS ive read that they are told to put the claimant back into the position they were in if they hadnt have taken out the ppi , how does this effect the loan currently in progress. (i mean we still are paying for the ppi as part of our monthly CMP )

The 8% spreadsheet calculator doesnt seem right for this as you would only be calculating 8% when the ppi interest is 11%, so how could that be putting you back into a position as if you had never taken out the front loaded ppi and hence your loan amount would have been lower at the start.

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

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Hi Dx, ive read the link several times but dont fully understand how it is sorted out.

For instance we have two companies involved the loan company and insurance company who i assume were paid the premium up front by the loan company and who then added this to our total loan amount.

 

The spreadsheets only work out to the present date and at 8% (the ppi interest was 11%), what about the further payments we will have to make for the next almost 5 years. You cant cancel a policy with the loan company as it expired 7 years ago and they will still want their money (ie the extra loan part for the insurance premium).

 

I hope im explaining this right?

 

Example loan with ppi (11%) ,total amount to pay over 15 years = total payable £23028, if ppi wasnt taken out total repayable would have been £20560.

Are we not entitled to 23028 - 20560= £2468 + some interest ?? If so how to use spreadsheet if you can only claim to present date?

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you use the sheet to the present day [ or more imp to the day they actually settle

 

 

and then the additional PPI+its int should be removed from the premiums you have to pay going forward

the loan total also gets reduced by the same process

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

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

looks ok

how have you calc'd that £13?

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

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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ah but the £13.71 does not include their int!!

 

 

do that calc I the link to get the REAL PPIPCM %

 

 

PPI/TOTAL LOAN*100=PPI%

 

 

them anything you paid PPI% of it was PPI ...you use that figure!!

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

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

its 10.76% of what you actually paid every month for your mortgage [or any other payments made like bulk sums]

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

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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