Black Horse refuse claim(say its not a matter for FOS)

[pompeyfaith]

you are both welcome and yes it does confuse a lot of ppl thats why im glad to be here to ensure u get it right

[shirei12]

Heres one for u PF

I am trying to work out PPI counter claim for a my dispute on the legal forum. The question:

The PPI is added each month depending on balance,now I have no idea how they come to their figures,I presume it is a % rate but I dont know what that rate is.Tried working it out but I am tearing my hair out here

[pompeyfaith]

Hiya Shirei,

 

Do you have any statements if this is a court claim they should of sent you them all.

 

PF

[shirei12]

Hi PF,

Yes I have all the statements.I was trying to work out from the figures what % of the balance they were using for the PPI payments but I am not having any luck.

Shirei

[pompeyfaith]

Ok this is a new one on me too, but one that I also want to know when do you need this info for ?

 

I will find the answer for you.

 

PF

[pompeyfaith]

Is the PPI not listed on the statements as a separate entry ?

 

Because it should be

[shirei12]

Yes PF it is listed as a seperate entry but it differs every month according to the balance,I need to work out how they produce the figure. I need it sooner than later as I intend to send them a total figure (before court hearing) including interest that I will be counter claiming.

If you could find the answer I would be grateful.

[pinny24x7]

subbing, great thread

[shirei12]

On doing some searching I think they charge you an X amount on every £100 balance owing. Now I have been trying some calculations and if I take the new balance owing and divide it by that months PPI payment I come up with 130 on all the statements ,give or take a few pennies.

Any thoughts PF :-|

[pompeyfaith]

Right just posting up what i have found on this:

 

The Formula

The insurance cost on loans is the simplest to calculate. First, take the length of your loan and multiply it by the amount of money you pay each month. Then subtract 15% from the total. This will give you a rough idea of how much insurance money you can reclaim.

Example: 36 months X £100 per month = £3,600.

15% of £3,600 = £540 total insurance cost.

Note that the 15% figure is merely an average; actual PPI policies can range from 10% to 30% of your total loan costs.

The total insurance cost for credit cards is more difficult to figure out. Loans have regular monthly payments, but your monthly credit card charges vary depending on what you purchase. Estimating the insurance cost on credit cards is more like a rough guess, but here is some advice to get you started.

On average, you will pay £10 in insurance costs for every £100 of credit card debt that you’ve carried for a year. A far easier way is to keep your credit card statements and add up the listed insurance charges from the beginning of your PPI policy to the present. If you don’t have your paperwork, though, you can use the average figure above to guess at the amount of money you can reclaim.

Example: £2,500 of average debt X 3 years = £750 in insurance costs.

[shirei12]

Thanks for that PF.I do have all the statements so I can work it out from them. Do I work out the compound at the % rate I was charged throughout the term and then 8% as before to termination.

I will need to put this on a spreadsheet is there anyway you could help with that,never ysed speadsheet in my life.

There is also the unlawful charges,how do I go about those?

Regards Shirei

Edited August 28, 2009 by shirei12
addition

[pompeyfaith]

yes sure but im off out shortly with wife so is this evening ok PF

[shirei12]

ok thats great

[shirei12]

Sorry PF got sidetracked,then went away for Bank Hols. Will you be around in the next few days to help me with spreadsheet

[pompeyfaith]

Yes ill be around.

 

PF

[alanalana]

black horse and LTSB.

 

Please see this link ....

 

Black horse bridled - Telegraph

 

I would suggest it is a case for the Financial Ombudsman Service and I would suggest you submit a claim to the FOS and follow it up vigorously to reclaim you money.

 

Most banks are refusing and trying to draw things out to delay them paying out. A complaint to the FOS will automatically cost them a £500 pound fee payable to the FOS plus the compensation if you complaint is upheld and 90% of complaints are being upheld by the Ombudsman.

 

So Go for it:D

 

aa

[shirei12]

Thanks AA its worth a try, I will put in a complaint. Let you know the result.

 

PF where do I start with spreadsheets?

[pompeyfaith]

Firstly have you managed to open the PPI Spreadsheet ok ? i ask because ppl have been having problems with it.

 

I have now posted instructions for this.

 

PF

[shirei12]

Yes I have got it:)

[pompeyfaith]

Ok brill

 

Right it is self explanatory really there are two pages the first is to enter the loan details the second page is to list all payments.

 

Have a go if you are struggling just post here and ill be along or if you would like me to do it for you post up a scan of the agreement and send me an email address via the PM.

 

Regards

 

 

PF

[shirei12]

Hi PF, Its not a loan agreement its a credit card,with monthly payments worked out by balance :-|

[shirei12]

bump

[shirei12]

bump

[middenmess]

Ok brill

 

Right it is self explanatory really there are two pages the first is to enter the loan details the second page is to list all payments.

 

Have a go if you are struggling just post here and ill be along or if you would like me to do it for you post up a scan of the agreement and send me an email address via the PM.

 

Regards

 

 

PF

 

Why not do as pompeyfaith suggests above?

[shirei12]

Hi middenmess,

I cant actually do that because its not a loan its a credit card.