Egg loan/card PPI claim - now Canada SQ Ops

[dx100uk]

nope you cant have both at the same time.

 

find out the date they stopped charging their int - that will be when you paid it off?

that's the claim to date for the CISHEET

enter 13.9% for APR box D15

you enter EACH PPI payment on its date into the CISHEET.

 

you then take the TOTAL from the CISHEET and enter that as a whole sum on the day after they stopped int [and set the claim from date..leave the claim TOO date ALONE  it auto increments till they actually settle]

 

into the statint sheet.

 

you are entitled to 8% statint on the whole sum from when they stopped their int till the day they settle

[dunnie1]

Ah - ok. I went into arrears after 10/03/2005, and I can't see any further interest charges - account was eventually sold onto DCA.

 

account closed 01/11/2006

sold to DCA 02/01/2007

 

Which date would you recommend? closure?

[dx100uk]

no as I said the date the OC stopped charging interest

[dunnie1]

credit cards done then thanks.

 

In terms of the PL's, I've put together this info to try and understand the sequence of events.

 

As you stated, this will be one PPI claim, but wondered what figures to use here on statint.

 

Is the first loan irrelevant as I had no ppi at this point?

Is interest paid relevant?

(egg have included the interest on a sheet called PPI hub report so it suggests it might be, along with original maturity date)

 

- I didn't know I had PPI, so never cancelled it,

and how do I factor in the rebate?

(again, I went into arrears and final loan was sold to DCA)

 

	acc no		loan payment protection	loan amount	total loan amt	APR	no of payments	installments	date opened	PPI on account	PPI cancelled	PPI cancelled date	interest paid	ppi REBATE
	10431708		0	3000	3000	14.5	24	143.55	08/08/2000	N	N	N/A	431.43	n/a
Topped up by:	12337314		440.5	2880	3320.5	14.5	42	99.89	13/11/2001	Y	Y	09/04/2002	178.42	97.56
Topped up by:	12957090		0	2760	2760	14.5	34	100	09/04/2002	N	N	N/A	60	n/a
Topped up by:	13829311		223.15	5000	5223.15	10.7	24	250	07/06/2002	Y	Y	03/01/2003	299.56	0

 

Thanks in advance, alot of questions at the minute I know

[dunnie1]

My loan did have a Single Premium PPI included so what do I claim?

 

Basically you claim back what you have actually paid out for the PPI, including the interest the bank charged on the PPI part of the loan plus further interest as compensation.

In respect of your interest claim, what interest level you claim will depend on which route you intend to follow to get your money back.

 

The initial approach is always to the lender but if they fail to uphold your claim there are two routes open to you.

 

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

 

 

So surely I would use the CISheet and then statint sheet for the loans as well?

[dx100uk]

so statint sheet will start at loan 2 takeout

their int is immaterial.

 

use the PPIPCM% calc in the loan guide.

ppi amount/total amount*100=PPIPCM%

 

then that means any time you paid anything PPIPCM% of that payment was for PPI.

enter these PPI payments in the statint sheet on the date of the payment.

 

upon refinance £XXX rolled over with PPI Included.of that PPIPCM% was PPI payment

its in the guide you have posted

[dunnie1]

There seems (to me) to be contradictary advice on CAG about compound interest and whether fos would award it for single premium PPI - I'm happy to proceed to the courts so I assume I should include it.

 

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.

 

is contradicted by

 

This second spreadsheet is a compound interest calculator and can be used both for PPI claims and Charges Reclaims on Revolving Credit Accounts such as credit cards. Compound interest is not an award that fos will give in respect of PPI claims but it can be used in PPI cases that are pursued through the courts. It is the standard sheet that is also used for charges reclaims both on credit cards and loan accounts where interest in restitution is claimed.

we had crossover posts there, ignore my last for now

 

Yes, was starting to think I needed to do that - thanks for confirmation

[dx100uk]

you cant have CI on a loan its not revolving credit.

the PPI was front loaded at the start, fixed rate loan.

and anyhow the PPIPCM% calc ALREADY calcs what int they charged you

as its a % of any payments and they inc you loan int.

 

don't get confused.

loans and cards/OD's are VERY diff from each other. 

[dunnie1]

loan 3 had no ppi (according to SAR) do I skip to loan 4? (assuming yes)

 

 

I see what you mean, the additional ppi amount rolls over into the next loan, regardless of whether it had ppi - ignore Q.

[dx100uk]

 

dont forget to do any PPIPCM% calcs with the right figures..

either both must have int inc or neither

typically I use the NO int figures...

 

like

loan was for £5000,

PPI was £1000

 

so

1000/6000*100=16.7%

[dunnie1]

loan 1 irrelevant

Loan 2 has ppipcm of 15.29% of each mthly payment, this carries over to

loan 3 (no ppi added)  so each ppi payment still 15.29% of mthly payment

loan 4 has ppi @ 4.46%, therefore newppipcm of the mthly payments are 15.29+4.46=19.75%

 

Date of Charge	Description						Amount of Charge	Number of Days Elapsed	Interest at 8% Simple
22/12/2001	PPI component of mthly loan payment (15.29% of £99.89)						£15.18	6367	£21.26
22/01/2002	PPI component of mthly loan payment (15.29% of £99.89)						£15.18	6336	£21.16
22/02/2002	PPI component of mthly loan payment (15.29% of £99.89)						£15.18	6305	£21.06
22/03/2002	PPI component of mthly loan payment (15.29% of £99.89)						£15.18	6277	£20.96
09/04/2002	Refinance (15.29% of outstanding balance of £3442 minus ppi rebate of £97.56 on 13/04/2002)						£511.36	6259	£704.13
22/05/2002	PPI component of (previous loan carried over) mthly loan payment (15.29% of £100)						£15.29	6216	£20.91
07/06/2002	Refinance (15.29% of outstanding balance of £2720.40)						£415.94	6200	£567.34
22/07/2002	PPI component of (previous loans carried over) mthly loan payment (15.29% + 4.46% (new ppi premium) of £250 mthly payments)						£49.37	6155	£66.85
22/08/2002	PPI component of (previous loans carried over) mthly loan payment (15.29% + 4.46% (new ppi premium) of £250 mthly payments)						£49.37	6124	£66.52
22/09/2002	PPI component of (previous loans carried over) mthly loan payment (15.29% + 4.46% (new ppi premium) of £250 mthly payments)						£49.37	6093	£66.18
22/10/2002	PPI component of (previous loans carried over) mthly loan payment (15.29% + 4.46% (new ppi premium) of £250 mthly payments)						£49.37	6063	£65.85
22/11/2002	PPI component of (previous loans carried over) mthly loan payment (15.29% + 4.46% (new ppi premium) of £250 mthly payments)						£49.37	6032	£65.52
22/12/2002	PPI component of (previous loans carried over) mthly loan payment (15.29% + 4.46% (new ppi premium) of £250 mthly payments)						£49.37	6002	£65.19
03/01/2003	Refinance (19.75% of outstanding balance of £4159.38 minus ppi rebate of 109.34 on 07/01/2003)						£799.88	5990	£1,054.08

Hopefully I'm on the right track here - thanks in advance!

 

 

thats not right - I need to calc the %age of ppi payments of previous loans as part of the next loan payment as per the sticky

 

Date of Charge	Description						Amount of Charge	Number of Days Elapsed	Interest at 8% Simple
22/12/2001	PPI component of mthly loan payment (15.29% of £99.89)						£15.18	6367	£21.26
22/01/2002	PPI component of mthly loan payment (15.29% of £99.89)						£15.18	6336	£21.16
22/02/2002	PPI component of mthly loan payment (15.29% of £99.89)						£15.18	6305	£21.06
22/03/2002	PPI component of mthly loan payment (15.29% of £99.89)						£15.18	6277	£20.96
09/04/2002	Refinance (15.29% of outstanding balance of £3442 minus ppi rebate of £97.56 on 13/04/2002)						£511.36	6259	£704.13
22/05/2002	PPI component of (previous loan carried over) mthly loan payment (12.41% of £100)						£12.41	6216	£16.97
07/06/2002	Refinance (12.41% of outstanding balance of £2720.40)						£337.60	6200	£460.49
22/07/2002	PPI component of (previous loans carried over) £2720 (£342 ppi minus rebate) as %age (12.57%) of mthly payment of £250						£31.42	6155	£42.55
22/07/2002	PPI component of current loan £2280 (£223.15 ppi) as %age (9.78%) of mthly payment of £250						£24.45	6155	£33.11
22/08/2002	PPI component of (previous loans carried over) £2720 (£342 ppi minus rebate) as %age (12.57%) of mthly payment of £250						£31.42	6124	£42.33
22/08/2002	PPI component of current loan £2280 (£223.15 ppi) as %age (9.78%) of mthly payment of £250						£24.45	6124	£32.94
22/09/2002	PPI component of (previous loans carried over) £2720 (£342 ppi minus rebate) as %age (12.57%) of mthly payment of £250						£31.42	6093	£42.12
22/09/2002	PPI component of current loan £2280 (£223.15 ppi) as %age (9.78%) of mthly payment of £250						£24.45	6093	£32.77
22/10/2002	PPI component of (previous loans carried over) £2720 (£342 ppi minus rebate) as %age (12.57%) of mthly payment of £250						£31.42	6063	£41.91
22/10/2002	PPI component of current loan £2280 (£223.15 ppi) as %age (9.78%) of mthly payment of £250						£24.45	6063	£32.61
22/11/2002	PPI component of (previous loans carried over) £2720 (£342 ppi minus rebate) as %age (12.57%) of mthly payment of £250						£31.42	6032	£41.70
22/11/2002	PPI component of current loan £2280 (£223.15 ppi) as %age (9.78%) of mthly payment of £250						£24.45	6032	£32.45
22/12/2002	PPI component of (previous loans carried over) £2720 (£342 ppi minus rebate) as %age (12.57%) of mthly payment of £250						£31.42	6002	£41.49
22/12/2002	PPI component of current loan £2280 (£223.15 ppi) as %age (9.78%) of mthly payment of £250						£24.45	6002	£32.28
03/01/2003	Refinance (12.57% of outstanding balance of £4159.38 minus ppi rebate of £109.34 on 07/01/2003) whihc pertains to ppi1 (55%)						£279.99	5990	£368.97
03/01/2003	Refinance (9.78% of outstanding balance of £4159.38 minus ppi rebate of £109.34 on 07/01/2003) whihc pertains to ppi2 (45%)						£178.24	5990	£234.88

[dx100uk]

Loan 2 has ppipcm of 15.29% of each mthly payment, this carries over to

loan 3 (no ppi added)  so each ppi payment still 15.29% of mthly payment

loan 4 has ppi @ 4.46%, therefore newppipcm of the mthly payments are 15.29+4.46=19.75%

 

doesn't work like that...think about it.

read the guide where is shows you how to calculate rolled over PPI

 

your monthly payment on loan 3/4 is not the same as it was on loan 2 so the loan 2 PPIPCM% does not take 15.29% does it.

[dunnie1]

Yes, hence the corrected post, 2nd part of previous post (annoyingly merged together for some reason)

[dx100uk]

yes working my way through it now

back later .

 

 

[dunnie1]

thanks - don't rush on my account, heading out for evening in a bit

 

(hope it is right, head hurt by the end of it!)

[dx100uk]

please drop n drag your xls sheet as an attachment

I think you are claiming the loan ppi lump sums carry over as well it as a part of monthly payment

 

dx

[dunnie1]

Yes I am.. was starting to think I was double counting them somehow.. will do.

StatIntSheet loan 12337314 v3 - Copy.xls

[dunnie1]

So should I remove all lump sum rows or leave in the last one? This debt was eventually written off and sold to a DCA, and I can't remember whether it was finally written off or partially settled.

[dx100uk]

that spreadsheet is not correct at all

 

[dunnie1]

ok..

 

I need to remove the lump sum carry overs, what about the last one? (don't know if I settled, partially settled or full amount sold to DCA and then I settled or whether it was written off, one of the lat two probably)

 

Loan 2 principal loan £2880.00

PP 440.50

as %age 15.29%

as %age of mthly payment of £99.89=15.18

 

loan 3 is rebated so I just need to carry over PPI payments from loan 2 as a %age of the payments I'm making on loan 4 (plus loand 4 %age ppi) by my reckoning.

 

I'll have another go tomorrow, too late this eve.

[dx100uk]

 

I had a loan which included a Single Premium PPI. It was initially an 8 year loan. After 6 years I took out another loan which gave me some cash in my pocket and also paid off the balance on my previous loan. The second loan also had PPI included and the term of this new loan was 10 years. What do I claim?

 

This is another scenario where the banks can make more money from you, the unsuspecting “customer”. (Sometimes referred to as the victim).

 

We already know that if you had stuck with loan 1, your PPI part of the loan would have run for 8 years because it was included in the main loan. But you have effectively taken the balance on that loan after six years and transferred it into a new loan. Accordingly part of the balance transferred or “rolled over” into the second loan would have included the balance on the PPI part of loan 1. That balance would be paid off over the term of loan 2.

 

To see how the advantage is with the bank, consider this.

 

Your original loan was for 8 years so you would have originally have been paying the PPI part of the loan for that period. You refinance after 6 years and let us suppose that a sum of, say £400 being the PPI balance on the old loan, is rolled into loan 2.

 

Now the term of loan 2 is 10 years. So that balance of £400 is now being paid off over a period of ten years. And for those ten years you will be paying interest on that rolled over amount. Had you stuck with loan 1 only, then that £400 would have been paid off over only two years. You can see that this is a tidy profit for the bank.

 

And of course you have PPI on loan 2 as well and you’re paying that PPI off over a period of 10 years as well.

 

If we look a bit deeper, the PPI cover on loan 2 was actually covering you for some PPI on loan 1. So you have been sold PPI to cover PPI. What’s that all about then?

 

So who is the winner? It certainly isn’t you so I wonder who it could be?

 

So what about the calculation of the refund that is due?

 

First off you calculate the percentage of PPI which is included in the first loan as described above.

 

Second, we have to find out what the balance of the PPI part of loan 1 was when it was rolled into loan 2. That can be done using the loan progression spreadsheet.

 

Third, we have to express that balance as a percentage of the total of loan 2.

 

Fourth, we need establish the percentage of loan 2 that relates to the loan 2 PPI.

 

Then we need to enter the data into the spreadsheet.

 

This scenario is probably best explained using an example.

 

Let us suppose that we have established that loan 1 had a PPI percentage of 7.75% of the total of loan 1.

 

Let us say that we have worked out (or the bank have told us) that the balance on loan 1 at the time of refinancing is £1,500. We now know that 7.75% of that £1,500 is the PPI part of loan 1. 7.75% of £1,500 is £116.25 which is the amount of PPI rolled into loan 2.

 

Now let us suppose that loan 2 was for a total amount (including the PPI on loan 2) of £5,000 and that the loan 2 PPI premium included in that was £600.

 

The percentage of loan 1 PPI included in loan 2 is given by £116.25/£5,000 x 100 = 2.33%. So for every repayment you make on loan 2, a sum equivalent to 2.33% of it relates to PPI on loan 1.

 

Now we also now that of the £5,000 for loan 2, that included a PPI premium of £600, so loan 2 PPI percentage is £600/£5,000 x 100 = 12%. That means that for every repayment we make on loan 2, an amount of 2.33% of it is going to loan 1 PPI rolled over and an amount of 12% of it is paying the PPI on loan 2.

 

So to enter this in the spreadsheet you list the actual payments made for PPI on loan 1 prior to refinancing. From then on you list the 2.33% of each payment and annotate it as Loan 1 PPI and then you list the 12% of each payment which relates to the PPI on loan 2

 

 

the same applies for further refinancing

[dunnie1]

Ok, I've got it now

 

Loan 1 – 08/08/2000

No PPI

 

Loan 2 – Refinance of Loan 1 – 13/11/2001

Borrowed                                            £2,880.00

PPI premium for loan 2                  £   440.50

---------------------------------------------------------

Total Loan 2 Amount                      £3,320.50

 

PPI proportion of loan 2 = £440.50 / £3,320.50 * 100 = 13.27%

 

Monthly repayment = £99.89

 

Therefore, PPI element of repayment = £99.89 * 13.27% = £13.26

 

4 monthly repayments made (on 22/12/2001, 22/01/2002, 22/02/2002, 22/03/2002) which equates to total PPI paid on this loan: 4 * £13.26 = £53.04

 

PPI carried over to loan 3 below = £440.50 (original PPI premium) - £53.04 (amount repaid) - £97.56 (PPI rebate) = £289.90

 

 

Loan 3 – Refinance of Loan 2 – 09/04/2002

Borrowed                                            £2,470.10

PPI premium from loan 2              £   289.90

---------------------------------------------------------

Total Loan 3 Amount                      £2,760.00

 

PPI proportion of loan 3 = £289.90 / £2,760.00 * 100 = 10.50%

 

Monthly repayment = £100.00

 

Therefore, PPI element of repayment = £100.00 * 10.50% = £10.50

 

1 monthly repayment made (on 22/05/2002) which equates to total PPI paid on this loan: £10.50

 

PPI carried over to loan 4 below = £289.90 (PPI premium carried over from loan 2) - £10.50 (amount repaid) = £279.40

 

 

Loan 4 – Refinance of Loan 3 – 07/06/2002

Borrowed                                            £4,720.60

PPI premium from loan 3              £   279.40

PPI premium for loan 4                  £   223.15

---------------------------------------------------------

Total Loan 4 Amount                      £5,223.15

 

PPI proportion of loan 4 = (279.40 + £223.15) / £5,223.15 * 100 = 9.62%

 

Monthly repayment = £250.00

 

Therefore, PPI element of repayment = £250.00 * 9.62% = £24.05

 

7 monthly repayments made (on 22/07/2002, 22/08/2002, 22/09/2002, 22/10/2002, 22/11/2002, 22/12/2002, 22/01/2003) which equates to total PPI paid on this loan: £168.35

 

 

Total PPI Paid

Loan 2                   £  53.04

Loan 3                   £  10.50

Loan 4                   £168.35

--------------------------------

Total PPI Paid   £231.89

Date of Charge	Description						Amount of Charge	Number of Days Elapsed	Interest at 8% Simple
22/12/2001	PPI payment of loan 2 (Payment 1 of 4)						£13.26	6415	£18.71
22/01/2002	PPI payment of loan 2 (Payment 2 of 4)						£13.26	6384	£18.62
22/02/2002	PPI payment of loan 2 (Payment 3 of 4)						£13.26	6353	£18.53
22/03/2002	PPI payment of loan 2 (Payment 4 of 4)						£13.26	6325	£18.45
22/05/2002	PPI payment of loan 3 (Payment 1 of 1)						£10.50	6264	£14.47
22/07/2002	PPI payment of loan 4 (Payment 1 of 7)						£24.05	6203	£32.82
22/08/2002	PPI payment of loan 4 (Payment 2 of 7)						£24.05	6172	£32.66
22/09/2002	PPI payment of loan 4 (Payment 3 of 7)						£24.05	6141	£32.49
22/10/2002	PPI payment of loan 4 (Payment 4 of 7)						£24.05	6111	£32.33
22/11/2002	PPI payment of loan 4 (Payment 5 of 7)						£24.05	6080	£32.17
22/12/2002	PPI payment of loan 4 (Payment 6 of 7)						£24.05	6050	£32.01
22/01/2003	PPI payment of loan 4 (Payment 7 of 7)						£24.05	6019	£31.85

AWARD CALCULATION
Monthly Payment of PPI		£231.89
8% Simple Interest		£315.12
Total		£547.01

[dx100uk]

10% seems low

don't forget both sides of / in ppipcm calc must either have or not have interest in them.

 

total amount loan 3 is that with or without int?

[dunnie1]

Its probably the PPI rebate of £97.56 making it seem lower than you'd expect maybe

 

 

loan 1 - no ppi

loan 2 - ppi 

loan 3  - no ppi, 

loan 4 - ppi

 

so I would expect %age PPI to drop, as I had PPI rebate and had already repaid some of the PPI which rolled into a loan with no PPI, as per below.

 

4 monthly repayments made (on 22/12/2001, 22/01/2002, 22/02/2002, 22/03/2002) which equates to total PPI paid on this loan: 4 * £13.26 = £53.04

 

PPI carried over to loan 3 below = £440.50 (original PPI premium) - £53.04 (amount repaid) - £97.56 (PPI rebate) = £289.90

PPI proportion of loan 3 = £289.90 / £2,760.00 * 100 = 10.50%

 

 

I've used mthly payment amounts (which includes APR) to derive the ppipcm, and opening balance of the loan the other side /. there is no information in my SAR to determine whether this includes front loaded interest (or any other type) or whether its all in the mthly payments. the subsequent opening balances upon re-finance would include it though I would have thought.

 

So in summary I'm not sure what other figures I could have used.

 

I'll post a screenshot of loan 3 shortly.

 

 

 

[dx100uk]

perfect thats what i use the monthly payment.

yes the rebate

shame you don't know if you settle loan 4

no details in the sar?