MattyA's Masterplan....

[MattyA]

Re: MattyA's Masterplan....

It seems I might have been 'done'

My calculations show that they owe me a further £50+k.......(can this be right?)wish I knew if I was doing this properly...lol

Matty

[Never-In-Doubt]

Re: MattyA's Masterplan....

It seems I might have been 'done'

My calculations show that they owe me a further £50+k.......(can this be right?)wish I knew if I was doing this properly...lol

Matty

Hi, I'm Niddy your new best mate -

[Never-In-Doubt]

Re: MattyA's Masterplan....

My calculations show that they owe me a further £50+k.......(can this be right?)wish I knew if I was doing this properly...lol

Hmmmm seems a lot mate, use the calculators or ask Pompey to have a look for you - he (and Di) are good at this sort of thing.....

PM pompey - may be easiest.

[SXGuy]

Re: MattyA's Masterplan....

As far as i am aware, from my mothers PPI reclaim 8% is what they add on to what you are due, as interest. between the date you first paid PPI to the date of the claim being accepted.

I dont recall anyone mentioning whether it mattered or not, if the balance became a positive one should PPI never been paid.

I could have got my facts wrong, but im sure it was simply that.

[di30]

Re: MattyA's Masterplan....

It seems I might have been 'done'

My calculations show that they owe me a further £50+k.......(can this be right?)wish I knew if I was doing this properly...lol

Matty

Hi Matty

That is a lot of money there Matt and an amount you do not want to lose out on.

When it comes to the calculation side of things, that I am not great on, so as Niddy suggests Pompey may have a better idea on that there, but what I do know is that Credit Card PPI can work differently to that of Loan PPI.
This I understand is the interest side of it, it works out differently from what I can remember.

If confirm they have calculated inline with the FOS, then they must follow those calculation guidelines.
Let Pompey be the judge of this though, and he should be here soon.

Below there is some info on how the FOS would calculate Credit Card and loan ppi. Hope this helps for the time being until this is clarified.


How FOS Calculate Refunds
The ways in which the FOS approach redress in different situations are set out below.

CREDIT CARDS

1. Where card account and the PPI are still in force.

If the consumer agrees to cancellation of the PPI the financial business should:

a) reconstruct the account by removing any premiums in respect of the PPI and any interest or charges in respect of those premiums;
b) if that produces a credit balance for any period, credit interest on that balance for that period at 8% simple per year; and
c) send the customer a statement showing the resulting balance on the account (with details of how it was calculated).

2. Where the card account is still open but the PPI has been cancelled.

The financial business should:

a) reconstruct the account by removing any premiums in respect of the PPI and any interest or charges in respect of those premiums;
b) if that produces a credit balance for any period, credit interest on that balance for that period at 8% simple per year; and
c) send the customer a statement showing the resulting balance on the account (with details of how it was calculated.)

3. Where the card account has been cleared and closed and the PPI has been cancelled:

The financial business should:

a) reconstruct the account by removing any premiums in respect of the PPI and any interest or charges in respect of those premiums;
b) if that produces a credit balance for any period, credit interest on that balance for that period at 8% simple per year;
c) pay the customer the difference between the revised closing balance and the original closing balance;
d) pay the customer interest on that difference at 8% simple per year from the date of closure to the date of payment; and
e) send the customer details of how the revised balance, the difference and the interest were calculated.

FOS may also consider it appropriate for the financial business to pay the consumer additional compensation for any distress and inconvenience he or she has been caused, including where the financial business rejected a complaint which it knew (or should have known) would be upheld, If they consider such an award is appropriate this will be specified by the adjudicator.

LOANS

These are examples full publication can be found on Link following them


Loan and PPI policy still in place at time of FOS decision.
Lender agreed for the cancellation of the PPI policy and restructuring of loan. E.g.
Overall loan repayments £250 per month but would have been £200 without PPI, term of policy was 60 months and complaint settled after 20 monthly payments.
· Return excess monthly payments of £50 x 20 payments up to date of settlement (£1000)
· Add interest to each payment of £50 at 8%simple, from date of each payment until lender repaid.
· Arrange loan to be restructured, so remaining 40 monthly payments reduced to £200
· Pay borrower £300 for extra inconvenience caused.

Loan and PPI policy terminated early before FOS decision.
Overall loan was for £23,000 (monthly payments £430) – but it would have been £18,000 with monthly payments of £340 without PPI. Policy term was 60 months; loan and policy cancelled are 23 monthly payments.
Borrower was required to pay £15,500 to settle the loan (after the business had taken account of the rebate of premium he was due of £1,200; but if he had not had PPI added to loan, the smaller loan of £18,000 would have cost £13,000 to settle at the same point.
So borrower had paid lender £90 a month more than he would have done, had the financial business not mis-sold the PPI policy; and £2,500 more to settle the loan after 24 months.
· Return 24 monthly payments of £90 to date of settlement (£2,160)
· Calculate difference between settlement costs incurred when borrower ended loan early and those he would have incurred had he settled the loan without the additional PPI element. (£15,500 - £13,000 = £2,500) pay difference to borrower.
· Add interest to each payment of £90 at 8% simple, from date that excess was incurred.
· Pay borrower £400 for extra inconvenience.

Loan and PPI policy ran to term before FOS decision
Overall loan was £7,500 (monthly repayments of £250) – but it would have been £6,000 with monthly repayments of £200 without PPI. Term of Loan and policy 36 months. So borrower had paid £50 more per month than if PPI not been mis-sold.
· Return £50 x 36 months of the loan (£1,800)
· Add interest to each excess payment of £50 at 8% simple, from date that excess was incurred.
· Pay £200 for extra inconvenience.


SUCCESSIVE SINGLE-PREMIUM PAYMENT PROTECTION INSURANCE

The exact approach to calculating compensation will depend on the overall circumstances of the individual complaint. In particular the calculations of compensation will vary according to the present status of the most recent loan and PPI policy. The financial business will be expected to consider the four scenarios set out below to ensure that the calculations are appropriate.

1. the most recent loan and the most recent PPI policy are still in force;
2. the most recent loan is still in force but the most recent PPI has been cancelled or has expired;
3. all the loans have been settled early and all the PPI has been cancelled;
4. the most recent loan and the most recent PPI policy have run the full term.

plus also additional compensation for any distress/inconvenience including where the financial business reflected a complaint which if knew (or should have known) FOS would uphold.

Subject to the consumer agreeing to cancel any PPI policy that was mis-sold and is stillin force the financial business should:

(A). In respect of each loan:
- recalculate the loan and the payments to what they would have been if the consumer had taken the loan without PPI
- repay to the consumer the amounts by which the payments actually made exceeded the recalculated payments;
- pay the consumer interest on each of these amounts at 8% per year simple from the date each payment was made to the date the compensation is paid;
- recalculate the balance that would have been outstanding at the end of each loan had the recalculated loan not included PPI.

(B) Calculate how much of the balance that was carried forward to the subsequent loan related to the cost of the PPI policy taken out for the previous loan: and
- repay to the consumer all amounts paid under each subsequent loan in respect of the carried forward balance, including interest and charges;
- pay the consumer interest on each of these amounts at 8% per year simple from the date each payment was made to the date the compensation is paid.

(C) Where the most recent loan is still in force and it includes the cost of the most recent PPI policy and/or any balance carried forward from the cost of previous
PPI Policies, the financial business should restructure the loan or arrange for the loan to be restructured so that the balance is reduced to the level that it would
have been if it had not included any of the costs of the mis-sold PPI policies.

(D) Set out in writing for the consumer details of the calculations under (A) (B) and (C).

[MattyA]

Re: MattyA's Masterplan....

Thanks Niddy,SX & Di.

Di is correct that credit cards are treated differently and I believe that senario 2 above relates best to my accounts.

I have reconstructed the accounts as per this and the balance becomes positive in August 2003 and stays that way (positive balance just gets bigger and bigger).

HSBC have given back SI on the resultant positive balance (along with PPI premiums and associated interest - which I agree with) but this figure is much less than the payments made by me from August 2003 and the interest applied to the balance of my account (excluding PPI and associated premiums) - therefore my account has not been reconstructed to put it in a position it would have been in if PPI had not been applied.

Total SI @ 8% offered by HSBC £2600 - I work this out to be over £7K

Payments made to the account by me since August 2003 (when the reconstructed balance becomes positive) = £23K

Interest applied to the account by them since August 2003 = £10K

Then SI on the above in compensation for being deprived of that money brings it to up circa £50K.

I am at the stage now where I need to know if I am right or wrong in my assumptions cos I will need to act swiftly and it will probably mean the legal route.

Thanks for your help everyone

Matty

[MattyA]

Re: MattyA's Masterplan....

Quick update

L&G - Long standing complaint for mi-sold mortgage endowment - Received notice today from FOS that an Ombudsman has upheld our complaint and they must pay us back in accordance with FSA guidelines - no figures mentioned , so will have to wait and see what they come up with.....but the decision is binding.

HSBC - Have written to Cheif Exec today hurring up my claim for complete redress as per FOS guidelines.


Matty.

[di30]

Re: MattyA's Masterplan....

Quick update

L&G - Long standing complaint for mi-sold mortgage endowment - Received notice today from FOS that an Ombudsman has upheld our complaint and they must pay us back in accordance with FSA guidelines - no figures mentioned , so will have to wait and see what they come up with.....but the decision is binding.

HSBC - Have written to Cheif Exec today hurring up my claim for complete redress as per FOS guidelines.


Matty.

This is fantastic news Matty!

Well done and Congratulations!

[MattyA]

Re: MattyA's Masterplan....

Cheers Di - this one goes back to the 90's also.....I was told on 'another site' that this would be time barred and I had no chance.

So it just goes to show that it is always worth a go!

Keep fighting everyone.

Matty

[di30]

Re: MattyA's Masterplan....

Cheers Di - this one goes back to the 90's also.....I was told on 'another site' that this would be time barred and I had no chance.

So it just goes to show that it is always worth a go!

Keep fighting everyone.

Matty

Exactly Matty, and I find over at MSE - some try putting peeps off from making a reclaim, especially on older cases, but it just goes to prove how wrong they are.

Well done again anyway!

[SXGuy]

Re: MattyA's Masterplan....

before i found this place, the other sites i found used to be very rude when asking a question about debt.

9 times out of 10 you would get a reply like "well you used it, you repay it" with no thought to whether they should have allowed you to use it in the first place.

Really used to wind me up.

[di30]

Re: MattyA's Masterplan....

before i found this place, the other sites i found used to be very rude when asking a question about debt.

9 times out of 10 you would get a reply like "well you used it, you repay it" with no thought to whether they should have allowed you to use it in the first place.

Really used to wind me up.

Yes I know, and they should be there to help, not to knock you back, trying to put customers off from reclaiming/complaining.
However, some or even most will be banking workers as such, so no surprises there. (no offence to anyone on this site working for banks etc) lol.

I do post on MSE/section now and again but not as often like I use to, but will step in when I can if I see they are being put off.

But Yes, I must agree with you.

[MattyA]

Re: MattyA's Masterplan....

Spot on all of you.

People end up on here for all kinds of reasons - It is too easy for others to judge.
Their mightier than thou attitude might just come back to bite them one day as you never know what is awaiting you you the next corner.

Matty

[MattyA]

Re: MattyA's Masterplan....

Thanks Niddy,SX & Di.

Di is correct that credit cards are treated differently and I believe that senario 2 above relates best to my accounts.

I have reconstructed the accounts as per this and the balance becomes positive in August 2003 and stays that way (positive balance just gets bigger and bigger).

HSBC have given back SI on the resultant positive balance (along with PPI premiums and associated interest - which I agree with) but this figure is much less than the payments made by me from August 2003 and the interest applied to the balance of my account (excluding PPI and associated premiums) - therefore my account has not been reconstructed to put it in a position it would have been in if PPI had not been applied.

Total SI @ 8% offered by HSBC £2600 - I work this out to be over £7K

Payments made to the account by me since August 2003 (when the reconstructed balance becomes positive) = £23K

Interest applied to the account by them since August 2003 = £10K

Then SI on the above in compensation for being deprived of that money brings it to up circa £50K.

I am at the stage now where I need to know if I am right or wrong in my assumptions cos I will need to act swiftly and it will probably mean the legal route.

Thanks for your help everyone

Matty

Bit of movement on this.
Further to my complaint to their CEO last week....
HSBC have contacted me at work , to confirm that they are recalculating my PPI redress as per the 'new' guidelines from the FSA and will be sending me a revised offer in the next few days.



Matty

[di30]

Re: MattyA's Masterplan....

Bit of movement on this.
Further to my complaint to their CEO last week....
HSBC have contacted me at work , to confirm that they are recalculating my PPI redress as per the 'new' guidelines from the FSA and will be sending me a revised offer in the next few days.



Matty

Excellent news Matty, well done and good for you!