GARY68 V HALIFAX PPI-advice please **WON**

[alanalana]

Stroll on! I should have been asking you to go over my figures before I settled I could have been rich:D

[GARY68]

Dear Sir/Madam,

Re: Personal Loan reference xxxxxxxxxxPayment Protection Policy No: xxxxxxxxx

We purchased the above policy from you on 16/09/2005 in connection with the/loan agreement referenced above.

I believe that we were mis-sold this policy for the reasons given below, and wish you to investigate our complaint according to your normal complaint procedures.

We were not told that the insurance was optional and not as a package

We were led to believe that my application for credit would be rejected if we did not take out the insurance.

We now believe the insurance was unsuitable for me as I was already covered with income protection, and life cover and my employment offered a suitable package of sickness for me as it was in my name only.

It was not explained to me that the policy premium would be paid upfront as a single premium and would be added to my debt and attract interest from the outset.

The insurance would have expired before 0ur loan agreement ended which means we would have been paying interest on a policy which is no longer in force. This was not made clear to us at the time the policy was sold to us.

If our complaint is upheld we require a refund of all premiums paid to the policy, plus any additional interest charged to the account because of the PPI. We would also like to claim statutory compensation in view of the fact that I have been deprived of the cash over that period.

The original premium was £2128.01 debited to my account on 19th September 2005. You refunded £514.00 on 23rd March 2008 following my early settlement of the loan, reflecting an actual premium charge of £1614.01

 

I require the £1614.01 premium charge refunded with interest from 23rd March to date

of £683.24, totaling £2306.25

I require interest on £2128.01 from 19th September 2005 to 23rd March 2008 which is £1007.83

 

The total claim is therefore £3313.26.

 

 

I have calculated interest at 7. 9% APR., which I estimate was your APR at the time, reflecting the principal of mutuality and reciprocity. I am sure you will advise me if the APR at the time was different. Alternatively I will ask the Court to allow me statutory interest at 8% under S69 of the Count Court Act.

prived of the use of this money.

 

Please now investigate my complaint within the eight weeks allowed to you.

Yours faithfully

[sIGN YOUR NAME]

[TYPE YOUR NAME]

 

This is my letter draft so far, not sure weather to include the red paragraph or need to as ive seen at least one thread where they have asked for proof of this any advice?

 

also my calculations regarding the rebate have been amended to include the 7.9% they originaly put on the loan, should i do it like this or just give them a ball park figure and let the work it out?

 

sorry again for sounding a thicky but I would like to get this right at this stage to save any delay in proccessing.

[pompeyfaith]

IMO the policy gives plenty of reasons for being mis-sold so u can leave the red paragraph out dont give them ammo i would be claiming the whole amount them u can negociate if u wish remember u have to dictate and be in control of this claim NOT THEM PF

[pompeyfaith]

because of bank holiday this will not be collected until tuesday so i will draft a letter 4 u this evening then u can choose yours or mine PF

[GARY68]

thanks

pf

I will leave the paragraph out then, I agree with you it could give them reason to slow things down

[GARY68]

many thanks

pf

im still confused with this spread sheet as to include the figures in the top statuary interest box,does this include the figure that i have had rebated?

 

just a point when I said rebated I have never actualy had the cash it came off the settlement figure.

 

I think i should include the figures you have done for me £2536.61+£692.24=£3228.85

instead of messing about with your hard work...I can work off these:)

 

again many thanks pf for your help on this

Gary

[pompeyfaith]

the fact this policy did not cover the full term is good grounds in the FOS eyes i will beef your letter up this evening now enjoy the good weather PF

[pompeyfaith]

right ill double check this 4 u this evening as a relative is on there way to me to collect my caravan tc pf

[pompeyfaith]

Ok Gary sorry for the delay had a busy day.

 

Right firstly I will attempt to explain this spreadsheet for you so you know exactly how it works.

 

Now the £514 you were rebated is only the interest you would of paid over the full term so you have still paid the full policy price of £2,128.01 yes?

 

So you want back the full policy price of £2,563.85 being the policy cost + the monthly interest payments made + £722.01 being the 8% interest simple.

 

So £2,563.85 + 722.01 = £3285.86

 

So yes the amount you should be claiming is £3,285.86 unless of course you want to go for the contractual rate of 7.95% compounded

 

If so that would be £3,395.38.

 

Remember compounded interest is worked out differantly hence why it works out more and hence why banks use compounded rates.

 

I hope the above has gone some way of explaining this to you.

 

If you need more help give me a shout.

 

Regards

 

PF

[pompeyfaith]

Gary,

 

I have noticed the correct date you took this policy out so i have changed the dates accordingly.

 

Check you inbox as i will email the changed one to you.

 

Regards

 

PF

[pompeyfaith]

this is where folk get a bit confused which i can understand as i did at first folk assume any rebate is a refund of part of the policy.

 

It is not it is mearly a rebate of interest that would of been paid over the full term.

 

This is where we all get stung.

 

You have paid the whole policy

 

Regards

 

PF

[GARY68]

Now the £514 you were rebated is only the interest you would of paid over the full term so you have still paid the full policy price of £2,128.01 yes?

ok ive got this now

So you want back the full policy price of £2,563.85 being the policy cost + the monthly interest payments made + £722.01 being the 8% interest simple.

how does it start at £2,563.85 is that the interest upfront to start with,

So £2,563.85 + 722.01 = £3285.86

I will be very happy with this

[pompeyfaith]

Rest assured those figures i have given you are correct to within -0.1% to +0.1% and as close as the banks could get it.

 

I will now proceed and take a look at your letter.

 

Regards

 

PF

[pompeyfaith]

The £2563.85 is the policy cost plus the interest you have paid to date the £722.01 is the interest you are claiming to date at 8% simple because they have denyed you that money it is also what a judge would award if you took the claim to court as 8% simple is the judical rate also.

 

Regards

 

PF

[pompeyfaith]

Remember though that the amount has slightly changed because i updated it with the right dates

 

You have the new spready in your inbox.

 

PF

[pompeyfaith]

The correct amount is £3278.55 simple OR £3.385.78 contractual

 

PF

[GARY68]

PF

AGAIN MANY THANKS

Im just looking at the spreadsheet and its looking more clear, my maths were and still are a bad ,I was up late last night and I kept going over and over just couldnt get how i could stick it in a letter.

I had read another thread similar to the one above,I will take your advice and leave it simple.

thanks for the help with the letter.

Hope your day wasnt to busy and you can chill out with a bear at some point

[pompeyfaith]

No problem Gary that's what we are here for to help and be helped ill finish your letter first then ill have a beer

 

PF

[pompeyfaith]

My claim is still ongoing with the Co-op I passed the complaint to the FOS november last yr as i reached deadlock with the bank i guess because of the size of my claim.

 

you holding on to your seat lol

 

£31,874

[pompeyfaith]

that is for 9 mis-sold ppi policies since 1999 on medical grounds i.e had a stroke which excluded me from claiming.

[GARY68]

My claim is still ongoing with the Co-op I passed the complaint to the FOS november last yr as i reached deadlock with the bank i guess because of the size of my claim.

 

you holding on to your seat lol

 

£31,874

 

:D:D:D:D:D:D:D:D:D:D

 

 

Have you heard anything back from fos or coop regards to settlement or is it sit tight stuff.

have the fos give you any confidence in getting it back .

[pompeyfaith]

Yup it has been passed to an adjudicator now so i should be hearing soon

[pompeyfaith]

Dear Sir/Madam,

Re: Personal Loan reference xxxxxxxxxxPayment Protection Policy No: xxxxxxxxx

 

We purchased the above PPI policy from you on 16/09/2005 in connection with the Loan agreement referenced above.

I believe that we were mis-sold this policy for the reasons given below, and wish you to investigate our complaint according to your normal complaint procedures.

 

We were not told that the insurance was optional and that we could purchase this else where we were led to believe that my application for credit would be rejected if we did not take out the insurance.

 

It was not explained to me that the policy premium would be paid upfront as a single premium and would be added to my debt and attract interest from the outset.

 

The insurance would have expired before our loan agreement ended which means we would have been paying interest on a policy which is no longer in force. This was not made clear to us at the time the policy was sold to us.

Furthermore there would have been a period of 14 months in which we would not have been covered at all.

 

We expect our complaint to be upheld and require a refund of all premiums paid to the policy, plus any additional interest charged to the account because of the PPI. We would also like to claim statutory interest compensation in view of the fact that I have been deprived of the cash over that period.

 

The original premium was £2128.01 debited to my Loan account on 16th September 2005. You refunded £514.00 on 23rd March 2008 this being interest as the Loan was settled 14months early.

I require the £2128.01policy premium charge refunded plus the interest paid to you over the term of £435.84.

 

As I have been denied this money over a considerable period of time I also require interest on this amount at 8% simple this being the statutory judicial rate.

Therefore I also require £783.73 being 8% simple

The total claim is therefore £3347.58.

 

 

I have calculated the above at 7.95% APR.save where as I’ve added statutory interest which was your APR at the time of us taking out the Loan and reflecting the principal of mutuality and reciprocity. I am sure you will advise me if the APR at the time was different. Alternatively I will ask the Court to allow me statutory interest at 8% under S69 of the Count Court Act as I have been deprived of this money.

.

I trust you can resolve this complaint in the 8 weeks you are obliged to allow as I’m sure you do not want me to escalate this complaint further to the FOS and/or the Civil Courts.

 

Yours faithfully

[sIGN YOUR NAME]

[TYPE YOUR NAME]

 

Here you go have a look at this

[pompeyfaith]

check the first payment date on the spready i think i put the 15th and it should be the 16th.

 

If so just change it to the 16th/09/2005 and the rest will auto update

 

PF

[pompeyfaith]

Ill be back in a while i must collect my missis from bingo