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ghettopimp

Bradford+Bingley RBS Lomard Tricity Loan PPI reclaim +20yrs old **WON**

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Can anyone provide a copy of the software or is someone willing to perform the calculation and provide the output ?

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No dont use that use our spreadsheet

What the type of credit and with who?

Have you all the statements or the org agreement?


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Hi dx100uk,

 

I looked at the spreadsheets but the output didn't look appropriate.

I have a SAR response for a 20 year old loan with PPI, the agreement form appears to be a blank copy or such a poor scan that it looks like it hasn't been filled in.

 

The loan was arranged/sold by a building society but was from Lombard, now part of RBS.

 

What I have is:

 

 

Amount of loan

Total interest

Total insurance

Total repayable amount

Term of loan

Monthly installment amount - fixed amount, same amount each month

Due date

 

 

And a payment history

 

 

I'm trying to work out the total amount I should be claiming from the building society in a direct PPI claim, ie not small claims (as yet)

Edited by ghettopimp

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no that's perfect

 

follow this

https://www.consumeractiongroup.co.uk/forum/showthread.php?318646-PPI-Single-Premium-Your-questions-answered(1-Viewing)-nbsp

 

then use statint spready

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

 

it does everything foryou

the only thing you need to workout is the PPI%

 

PPI/loan+PPI*100=PPI%

then anything you paid that % is for PPI

don't forget you must enter the monthly sum individually for each month you paid the PCM loan payment.


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copy of pm uploaded here:

 

Default Calculation verification

 

I don't want to add the numbers to the visible thread, hence PM - just a check of my working:

 

So if I have the following over a 48 month loan:

Total interest £2120.40

Total PPI insurance £1126.00

Loan £4700

 

Using PPI/loan + PPI*100 = %

 

I am assuming this is (PPI / (Loan+PPI)) * 100

 

=19.327%

 

then calculate 19.327% of total interest and divide by 48

 

=8.537 PPI interest PCM

 

Then add that to 1/48 total PPI

=31.996 monthly PPI + PPI interest PCM

 

Which for my loan gives a claim to date of £3741.09

 

Does this seem correct or have I messed up - not too sure about the PPI % order of operations.

 

With thanks,


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nope read my advise properly..

scan up your agreement to PDF ONLY

read upload


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From what I can find, s77 CCA doesn't apply for a copy of the agreement once the loan is paid off, and the agreement sent with the SAR response looks to be a blank copy - I imagine you won't want that.

Other than that what have I not read properly ?

Edited by ghettopimp
correction of CCA comment

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Using PPI/loan + PPI*100 = %

 

I am assuming this is (PPI / (Loan+PPI)) * 100

 

=19.327% correct

 

then calculate 19.327% of total interest and divide by 48 nope

 

=8.537 PPI interest PCM nope

 

Then add that to 1/48 total PPI

=31.996 monthly PPI + PPI interest PCM nope

 

Which for my loan gives a claim to date of £3741.09 nope

 

Does this seem correct or have I messed up - not too sure about the PPI % order of operations.

 

With thanks,

 

Anything You paid 19% was toward ppi

So for each of your 48 monthly payments you enter what figure that 19% was for EACH date you paid it and enter it individually in the stat int sheet

The sheet does the rest


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Current agreement and policy added

 

So with monthly repayments of 165.55, entering £32 in the sheet for each month gives me £3,741

Just to recap, this was a loan of £4700, over 48 months with total PPI (not interest) of £1126 with a total repayable amount of £7946.40 over the full term

agreement_policy_1998.pdf

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Finally had a response back from the building society which arranged the loan

- they state the provider, Lombard (RBS) confirmed to them have no data regarding the selling agent and will investigate no further until I can provide the building society with proof they were the selling agent of the Lombard loan.

 

I do have loan documents from Lombard on the back of a SAR but the agreement is a blank photocopy with a hand written month / year reference circa the time of the loan.

 

Any suggestions on what I can do to move this forward ?

Just to be clear, originally all I had was a confirmation from Lombard regarding the final payment being received, the only hard proof I have is the SAR documentation from Lombard which specifies the loan account, amounts, payments but no seller data.

 

At the moment I'm thinking of SARing the building society since all I've sent to them so far is a PPI claim

Edited by dx100uk
Spacing

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You dont need to pm everytime you post an update to your thread..

We get an email alert as you have to this new post

 

Yes [who are they?]

 

Why dont you go after lombards underwriters too?


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'They' are Bradford & Bingley Building Society

 

 

 

Going after Lombard / RBS - yes I was thinking that's my next step since I have clear proof they provided the loan and the insurance was under their name with the insurance provider, Pinnacle.

Is there any pitfall with this and should I be going after Pinnacle rather than Lombard / RBS ?

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Id hit the underwriters

R

 

RBS BB etc would not have been regulated 20yrs ago

 

But the underwriters would have under GISC


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Did the General Insurance Standards Council codes apply in 1998 ? From what i can find it appears to be around 2001 though the Association of British Insurers code seems relevant and predated this at 1989.

I see the FOS has some useful guidance under financial-ombudsman.org.uk/publications/technical_notes/ppi/rules-codes.html particularly the section at the bottom under the headings application and other litigation

 

Thanks for the guidance dx100uk

Edited by ghettopimp

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yes ABI that was the other one

 

there have been many good wins with underwriters in the late 1990's using ABI.

 

see the FOS examples


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Update on success -

Sent SAR to the underwriters Pinnacle - their response must have been sent back the day they received it given the turnaround - the response was along the lines of 'we have no record of you'

 

I sent the claim to Lombard /RBS just as the FOS wrote to me suggesting as much as they had spoken with RBS who told FOS they would look at the claim if sent in by me.

 

Seven weeks later - RBS have settled with a letter beginning "Thank-you for accepting our offer via the Financial Ombudsman Service"

 

Nice, but I don't recall accepting - must have been FOS on my behalf.

 

The sum is as we calculated above, adjusted for the payment date, thanks dx100uk ! The only shock is the removal of £453 for income tax on the statutory interest with an explanation of HMRC ruling of Oct 2013.

Leeches.

£3,348 - not bad for a 20 year old loan with no paperwork save a 'thanks for your final payment' letter :-)

 

The only advice I can give to anyone else with little in the way of proof of the loan, is per the thread and advice on the PPI pages here,

 

SAR every organisation involved before claiming

- the seller,

the loan provider,

the PPI underwriters and

any other company you can if they have been sold on or taken over and

 

once you have usable documentation, claim against the company providing the documentation.

Good luck!

Edited by dx100uk
Spacing

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good on ya

nice xmas present too.

 

glad to help..

 

don't forget without CAG we'd never have helped

so think of a donation to keep us here

 

regards

 

dx


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