StressHead's Reclaiming PPI from EGG Loan Thread

[Never-In-Doubt]

Re: StressHead's Reclaiming PPI from EGG Loan Thread

Di

will you ask Turbo to pop in and help out please....?

[di30]

Re: StressHead's Reclaiming PPI from EGG Loan Thread

What I was to mention is, if you have any problems downloading the questionnaire, or you do not have the facilities for this, you can contact the FOS who will send one in the post, but keep copies of everything - in case you need to refer back to your case again at some point.
http://www.financial-ombudsman.org.u...act/index.html

And I also suggest to post all letters by signed for recorded delivery, if you can manage that, and check the status of delivery online via Royal Mail Website.
Track & Trace.
http://www.royalmail.com/portal/rm/p...1&catId=500185

[di30]

Re: StressHead's Reclaiming PPI from EGG Loan Thread

Di

will you ask Turbo to pop in and help out please....?

I have left him a pm Niddy with this link.

[di30]

Re: StressHead's Reclaiming PPI from EGG Loan Thread

Can you still reclaim residual interest on a set amount, ie the agreement showed £25k loan, then a set amount of PPI of £6k plus interest on the interest (of the loan and the PPI) which added another £2k on top - so for this £25k loan the total repayable as per the agreement showed £33k or thereabouts...

I just presumed that she would reclaim the same amounts as shown on the agreement or can she also charge 8% since loan inception?

* Stessed, don't worry too much about what i'm asking here - it may confuse you lol. May be best not to do anything just yet and post the actual amounts as shown on the agreement so we can check things.....

Yes the interest can be reclaimed Niddy, all mine included interest, so basically StressHead should receive all the amounts she have paid into the account of PPI, this is not including the interest.

However, I would not accept an offer, they may try that one where interest may not be included, unlike if they upheld the reclaim.

I will post up some details on how the FOS refunds PPI on both loan and credit cards and banks/loan businesses should comply exactly the same, but this will explain more, give me a few mins and I will post up now with more detail.

[di30]

Re: StressHead's Reclaiming PPI from EGG Loan Thread

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).

default charges

Mrs Q had got a little behind with her loan repayments. The lender had added default charges, and subsequently interest on those charges. We required the financial business to arrange for the restructuring of the loan – and to write off any charges (and any interest on them) which would not have arisen, if the monthly payment had been the lower amount that would have applied if there had been no PPI policy.



These are examples full publication can be found on this link
www.financial-ombudsman.org.uk/publications/technical_notes/ppi/redress.html

[StressHead]

Re: StressHead's Reclaiming PPI from EGG Loan Thread

On the iPHONE now as off to bed shortly. Got an early morning PPi was £6086.75 and the total amount payable for PPi was £8121.12. Let me know if you need any other info. I've downloaded the questionnaire and have started to fill it in. Thanks both.

[di30]

Re: StressHead's Reclaiming PPI from EGG Loan Thread

On the iPHONE now as off to bed shortly. Got an early morning PPi was £6086.75 and the total amount payable for PPi was £8121.12. Let me know if you need any other info. I've downloaded the questionnaire and have started to fill it in. Thanks both.

Your very welcome.

Ask for further help if required and good luck.

Turbo will ask for more details if required, possibly such as dates of the loan etc.
Not a problem.

[Turboman]

Re: StressHead's Reclaiming PPI from EGG Loan Thread

I'll read up on this this morning---have you got the agreement I can look at and also the loan statements to date from when account opened showing payments/arrears/missed payments/refunds/rebates /present outstanding balance

Also PRESENT payments assuming interest %'ge has increased?

Bear with me if its in another thread--just finding my way round--Di will redirect me if so

Turbs

[StressHead]

Re: StressHead's Reclaiming PPI from EGG Loan Thread

I'll read up on this this morning---have you got the agreement I can look at and also the loan statements to date from when account opened showing payments/arrears/missed payments/refunds/rebates /present outstanding balance

Also PRESENT payments assuming interest %'ge has increased?

Bear with me if its in another thread--just finding my way round--Di will redirect me if so

Turbs

WOW! Most of what you've said is like a foreign language to me. I sent a copy of the agreement to the agreement e-mail address. As for the other info, I'm guessing that maybe I will need to request a SAR if it contains the info you require? Pls advise. Thank you.

[Turboman]

Re: StressHead's Reclaiming PPI from EGG Loan Thread

WOW! Most of what you've said is like a foreign language to me. I sent a copy of the agreement to the agreement e-mail address. As for the other info, I'm guessing that maybe I will need to request a SAR if it contains the info you require? Pls advise. Thank you.

Right---Di what the f... is (where) is the agreement?

[Never-In-Doubt]

Re: StressHead's Reclaiming PPI from EGG Loan Thread

Only I see agreements lol. It's a unique email address.

Basically you need to blank your personal details and post a copy of the de-personalised agreement on here. Also, if you don't have statements then you will need to SAR.

[StressHead]

Re: StressHead's Reclaiming PPI from EGG Loan Thread

Ok. Will send off for SAR today. I presume that there's a template letter? SAR request is the one I need to pay £10 for isn't it? Do I send request direct to EGG or to DCA? As for a copy of the agreement, I'll see what I can do as I'm not sure how to upload it without showing my details. I'm sure I'll work it out Thanks all.

[Never-In-Doubt]

Re: StressHead's Reclaiming PPI from EGG Loan Thread

SAR template is here (send to original creditor): ---> http://forums.all-about-debt.co.uk/s...3&postcount=17

If you send me the agreement again I'll sort the deletion of personal details. Usually just use Photoshop or similar and edit the image then cut the personal details out, then re-save as a safe version (ie safe to post here as it's not personalised)...

Make sense?

[di30]

Re: StressHead's Reclaiming PPI from EGG Loan Thread

Turbo, yes this is the correct place here, I take it the link I pm'd you brought you straight here didn't it? lol.

Stresshead will be posting up in due course with any paperwork she has, and is currently dealing with requesting for her data.
Cheers for being here Turbo.

[Turboman]

Re: StressHead's Reclaiming PPI from EGG Loan Thread

SAR template is here (send to original creditor): ---> http://forums.all-about-debt.co.uk/s...3&postcount=17

If you send me the agreement again I'll sort the deletion of personal details. Usually just use Photoshop or similar and edit the image then cut the personal details out, then re-save as a safe version (ie safe to post here as it's not personalised)...

Make sense?

Niddy

Your IT section is a bit light-(unless there is more than one)-if you log on to either PAG or Penaltycharges you will see my "How to do...sections"---one of which I show Joe Public how to get rid of personal stuff using the ubiquitous PAINT frre program before posting up as attachments or Photobucket

Also Optical Character Reading Scanning & Pasting etc etc etc

If you like--I'll bring a bit of the stuff over?----but don't want to tread on anybody's toes