And so it begins - LTSB PPI claim

[ims21]

Hi Ims - re loan 1 - yes the loan was sold on to another company in Sept 2010 so the PPI ended at that date and the account closed so they told me.

 

The thought strikes me that if they didn't rebate the PPI when it was "closed" then you were paying PPI after the sale within the balance that was sold on. Consequently they are probably now giving you back the ppi that was still on that account plus interest. This goes back to what I was saying in an earlier post where it was the bank who are responsible for refunding the full amount, not the DCA who bought it. This would be in accordance with fos rules in that you must be put back in the position you would have been in had the ppi not been applied to the account in the first place. I suspect this is where the "extra" amount is.

 

re loan 2 - I have no idea what these payments were so im going to have another look at my statements again tonight for that one. Good idea

 

ims

[WFLOSS]

Hi Madge

I love reading about the successes on here.

 

Congratulations , what a nice Xmas present

 

Regards

W

[Madge67]

Awwwwww thanks Floss that was really nice of you. Its a good feeling I can tell you - even though OI havent even got the dosh yet - euk!!

 

Ims - ive had another look at loan 2 statements and there was a payment made to the loan of 5000 on 28/01/03. I think I paid a lump sum off it somehow. I have assumed that I could take part of this payment as being for PPI. Maybe I was wrong. The payment on 29/07/03 was an early settlement of the loan, by way of anither loan I think (4465.72) so i again assumed that part of this was PPI and I was right to include this plus the interest. Id be interested to hear what you think mate.

 

You comments re the first loan make absolute sense - wow I would never have sussed that - thank you!!

 

regards madge

[ims21]

Hi

 

And I think I may have the answer for loan 2.

 

If you think about it, a single premium ppi added at to a loan at the start and the interest total quoted assumes it will run its normal course and is split into equal instalments. If you make a lump sum payment in the middle of the loan, you have not borrowed the money for as long as was originally anticipated. As a result the interest charge in total is less.

 

a £5k reduction is substantial and will impact on the total interest payable on the loan...i.e. making to the total interest less. So where you put in the spreadsheet a straight percentage of the repayment, no account is taken of the potential reduction in interest for the remainder of the ppi loan. This is why I think their figure for the second loan is less than the spreadsheet figure...all to do with the overall interest reduction.

 

ims

[ims21]

And just to let you know...you are not at fault. To get that calculation correct is not a simple task and \i think anyone would have done it the way you did.

 

I would reckon that their offer in total is not far off the real thing myself.

 

ims

[Madge67]

Thanks Ims.

[Madge67]

Well I succeeded in my own claim - thought we may as well do the same for hubby.

 

Have some statements here for a few of the old mans loans with LTSB and there are 2 with PPI - hurraaaah!!. Will be putting in a claim obviously (be rude not to really).

 

On one statement the loan was taken out in Sept 05 and then balance tf to new loan Apr 08. Straight forward enough with no rebate of PPI.

 

The second loan was opened Aug 03 with PPI. Then it was settled early in Jan 05 by another loan. On the day it was settled there is an amount of 1500 for rebate of PPI . Does this complicate my spreadsheet? and if so can you tell me how I go about claiming on this loan if I can

 

Thanks everyone

 

Madge

[Madge67]

bumperty bump

[dx100uk]

pm ims21

dx

[ims21]

Hi

 

Have a read of No.1 in my or dx's signatures.....there is information in there about rollovers and rebates

 

Shout here when you've read it if you need more help

 

ims

Edited February 26, 2012 by ims21

[Madge67]

Perfect Ims - thank you so much mate. Got a nice little claim going in - will def be making a donation this time assuming its successfu. Had to pay all my last dosh out last time.