Northern Rock Single Premium PPI?

[MarkyT]

Hi all,

 

Have decided to take this up now and I'm confusing myself trying to work out what and how much claim.

 

I have a loan with Northern Rock which was taken out in March 2004 for £8000 @ 9.9%apr over 120 monthly payments. PPI was applied at a cost of £3696. The total loan amount on my statement shows £18,174. If I've worked this out correctly this is 8000+3696=11696. £11,696 @9.9% apr over 120months comes to 18,144 - I think I may have had one late payment charge of £30.

 

Am I right in saying this would be a single premium ppi?

 

the loan will complete in March/April 2014 so is still ongoing and as of now I still owe 5327.85. I'm at a total loss as to what I need to ask them for. Do I ask for a refund of the amount paid plus the interest I have accrued on the ppi part or do I ask for a cancelation of the PPI? I'm more than happy for them to wipe any refunded amount off the balance to reduce the loan.

 

I told the lady on the phone that I didn't want PPI and was bullied into taking it with tactics such as "you cant have the loan without the PPI as its over a long term" and the best one of all "dont worry, its a great product and covers any and all other future credit agreements you take out with any other lenders for the life of the loan". I was desperate and gullible and signed up. I now want my money back.

 

 

Thanks in advance.

[dx100uk]

to be honest

your best bet is to go to the FOS website

fill out the PPI complaint form and also look at the 'example' case history PDF's

 

what you have PAID to date on PPI should comeback to your pocket [minus any notified arrears]

 

the PPI you have yet to pay will be taken from the outstanding balance.

 

dx

[ims21]

to be honest

your best bet is to go to the FOS website

fill out the PPI complaint form and also look at the 'example' case history PDF's

 

what you have PAID to date on PPI should comeback to your pocket [minus any notified arrears]

 

the PPI you have yet to pay will be taken from the outstanding balance.

 

dx

 

Yep.....and also prepare a schedule of claim to send in with the completed questionnaire.

 

Do a lot of reading around the ppi forum so you become familiar with the process and figures. If you need help after reading up, just shout and I'm happy to help you with your figure work.

 

Also, for a bit of light reading, have a look at the examples in the FSA handbook (Appendix 2). Here's the link

 

ps10_12 - FSA - PPI - 888.pdf

 

ims

[MarkyT]

Thanks guys, much appreciated.

[MarkyT]

Just a quick update.

 

Success. NR responded eventually and just outside of the 8 weeks. They have agreed to refund £4316.90 in PPI payments made and also £1370.21 in respect of 8% simple interest.

 

Total refund of £5687.11.

 

I returned the response 3 weeks ago today and am still waiting for the cash to arrive. The letter states normally within 28 days so hopefully will have it by next week. As soon as it does arrive I will be straight on the phone to clear the outstanding balance and be rid of it.

[dx100uk]

i would not settle without all the statements to ENSURE there are no unlawful fees & charges to reclaim FIRST.

 

dx

[MarkyT]

i would not settle without all the statements to ENSURE there are no unlawful fees & charges to reclaim FIRST.

 

dx

 

Thanks dx but I dont understand what you mean. Can you explain further? You have me a little confused.

[dx100uk]

most loan companies charge unlawful fees

for late/letter/etc if they have to contact you.

 

what i am saying

is i'd get all the statements and go thru them with

a find toothcomb BEFORE you settle the debt.

 

dx

[MarkyT]

Gotcha, Thanks again. There was 1 late fee added for 30 quid in 2008. They changed the monthly payment to add the 30 quid on so I was effectively paying it back over the remainder of the loan period.

 

Will check with them again though before I pay up.

[dx100uk]

well that one alone will now be worth almost £50 more off the bill

 

dx