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HBOS PPI reclaim


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Right so I just put into the date of charge....the date that money was debited from his aCCOUNT.....IN THE AMOUNT OF CHARGE THE ACTUAL FIGURE AND DO THIS FOR LOAN 1 until REPAID...THEN IN THE SAME SPREAD SHHET FOR LOAN 2 AND 3 AND JUST ADD THE TOTALS IS THAT CORRECT

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a..ok....so for

loan 1-£5000,... there are

12 re-payments of £200.32

1 re-payment of £3,844.15

1re-payment of £343.59

 

Loan2..£10,000...there are

23 re-payments of £244.21

1 re-payment of £7,362.26

1 re-payment of £721.12

 

Loan3.£15,000...there are

9 re-payments of £366.34

1 re-payment of £14,110.04

1 re-payment of £2,107.47

 

The above figures are input in order across the row and separately down each column...but where do the APR's figure especially when loan 1 is at 15.9%...loan 2 at 8.9% and loan 3 at 7.5%....and how do you do the 'rollover'

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No

 

You are only interested in the PPI element

 

For example, loan one the ppi is 13.62% of the total loan (£788.62 / £5,788.62 x 100) so 13.62% of each repayment made is for PPI. So for loan 1 you only enter 13.62% of each payment made.

 

You din't enter anything for the final settlement figure for loan 1, you work out what 13.62% of the settlement figure is. This is the amount that is rolled into loan 2 so then you have to work out what percentage that rollover figure is to the loan 2 total figure and apply that to the loan 2 monthly payments. You also work out what percentage the loan 2 PPI is to the total of loan 2 and enter those percentages of repayments as well.

 

Work through it stage by stage using Amanda's thread as a guide.

 

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Got it...I take the proportion of PPI as a fraction/percentage of THAT loan and just work it downwards alongside it's respective debit dates.....the ONLY thing that changes is the percentage of THAT loan and then collect as a running total....is that correct?

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thanks ims for all your help...I now have an understanding in my mind of THAT proportion of ppi to be calculated and 'distilled'' from loans 2 and 3 and the 'rolled' over...i.e that percentage of the total loan expressed as a figure...NOT the repayment figures as they are...

 

This can ALL be done on the same spreadsheet....indeed it SHOULD be..the only thing to watch out for is the proportion of PPI in that settlement figure to 'rollover'(ADD to) the proportion 'distllled' from Loan 2...and so on...GOT IT!!!

 

I shall now read Amanda's thread again because I will now understand the principle and actually see it in motion..

 

The penny appears to have dropped...

 

Many thanks for your patience..:behindsofa:

 

:-)

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Thanks you and dx100 have been brill!!!.

 

 

 

just a point of clarification before I start...in the figures below...to take an example...

 

 

Original Loan 1

Date Funds Issued -14.02.01

No signature in PPI box

Amount of Loan -£5000

Repayment Period -36 months/3yrs

Total Charge for Credit for cash loan-£1,229.08

Total amount you pay for cash loan-£6,229.08

INSURANCE LOAN(cash price of insurance)-£788.62

Total charge for credit for insurance loan-£193.82

Total Amount you pay for Insurance Loan-£982.44

Repayments at 36 monthly intervals of total loan and interest of-£202.32

APR-15.9% FIXED

Insurance Premium Tax-£33.67

Monthly Interest Rate-1.240%

TOTAL LOAN-£5,788.62

Total Charge for credit for TOTAL LOAN(total charge for credit)-£1,422.90

TOTAL AMOUNT YOU PAY-£7,211.52

STATE OF ACCOUNT-REPAID EARLY

BALANCE-NIL at-05.03.02

SETTLEMENT DATE-14.03.02

Question-is ppi still running because loan was paid off early...also is there any rebate for this loan.

 

 

Why is figure divided into NOT the sum of..

 

INSURANCE LOAN(cash price of insurance)-£788.62

Total charge for credit for insurance loan-£193.82..BUT only...£788.62(cash price)...

 

£982.44/£5982.44x100

 

i,e instead of 788.62/5788.62x100 ......788.62+193.82/5788.62+193.82 and then multiplied by 100

 

thank you

Edited by means2anend
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The total loan including interest

 

Original Loan 1

Date Funds Issued -14.02.01

No signature in PPI box

Amount of Loan -£5000

Repayment Period -36 months/3yrs

Total Charge for Credit for cash loan-£1,229.08

Total amount you pay for cash loan-£6,229.08

INSURANCE LOAN(cash price of insurance)-£788.62

Total charge for credit for insurance loan-£193.82

Total Amount you pay for Insurance Loan-£982.44

Repayments at 36 monthly intervals of total loan and interest of-£202.32

APR-15.9% FIXED

Insurance Premium Tax-£33.67

Monthly Interest Rate-1.240%

TOTAL LOAN-£5,788.62

Total Charge for credit for TOTAL LOAN(total charge for credit)-£1,422.90

TOTAL AMOUNT YOU PAY-£7,211.52

STATE OF ACCOUNT-REPAID EARLY

BALANCE-NIL at-05.03.02

SETTLEMENT DATE-14.03.02

 

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THIS IS THE WRAP UP!!!

by Courtesy of ims21

 

 

My loan did have a Single Premium PPI included so what do I claim?

 

Basically you claim back what you have actually paid out for the PPI, including the interest the bank charged on the PPI part of the loan plus further interest as compensation.

In respect of your interest claim, what interest level you claim will depend on which route you intend to follow to get your money back.

 

The initial approach is always to the lender but if they fail to uphold your claim there are two routes open to you.

 

You can pass the case over to fos or you can sue in court.

 

Fos would award a refund of all PPI payments paid, the interest charged on those payments by the bank plus 8% statutory interest on each of the payments.

 

With the court route you open the door to being able to claim higher rates of interest in restitution which again is beyond the scope of this article.

 

Claimants would do well to read the CAG Interest Tutorial for more detailed information on interest.

 

 

My loan was for £8,000 and the bank added PPI of £626 so my total loan was £8,626. My repayments were £363 per month. How do I know what the payment relating to PPI was?

 

You simply use percentages to work out what the amount of PPI repayment was. In this case the formula is £626 divided by £8,626 and the result multiplied by 100. (626/8,626 x 100) = 7.26%.

 

So we now know that your PPI was 7.26% of the total loan. Accordingly 7.26% of each of the monthly repayments was for the PPI part of the loan and 7.26% of £363 is £26.35. So each month you were paying £26.35 towards the PPI loan.

 

You then use the spreadsheet to calculate your claim. See later for details on the spreadsheet

 

 

My loan included Single Premium PPI and I paid the loan off early with a lump sum payment. I didn’t get any rebate on the PPI.

 

In this case you would still have paid the total PPI premium which was put on your loan to start with. For the monthly payment up to the date of settlement you work out the percentage of PPI on a monthly basis as described above. When you settled the loan with a lump sum, the same percentage is used to find out how much of that settlement figure was for the PPI part of the loan. You enter this final amount of PPI payment as the final item in your spreadsheet list.

 

See later for details on the spreadsheet.

 

Hi ims...in relation to the highlighted words ONLY...

 

for example in the above illustration in post 122 the ACTUAL settlement figure was £3,844.15 and £343.59 BOTH on 05.03.02...

 

so would I need to total those 2 figures and treat as one settlement figure...then multiply by 13.62% and ADD that figure to the next Loan2 on the SAME spreadsheet and the same PROCESS for Loan3...

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