SPML Mortgage PPI Interest-Unsure what to claim because of the misselling

[kopchoir]

Hi i reallly need some help.

I took out a secured loan many years ago 2003 i ahve been mis sold PPI was £2460 which was added to the loan.

Only problem is the PPI i was missold i was told that it ran for the duration of the loan,when in fact i found out that it only lasted 18 months.

 

How do i work out the interst owed to me.

The loan £14,760

Cash advance of £12,000

PPI £2460

Intro fee £300

APR of 14.3% over 180 months at £186.75

 

I am still paying the loan,my problem is where do i start to claim the PPI interest do i do it for 18 months or the duration of the loan or what.

I will be using the claim money i get back to take SPML to court

And help would be great cheers

[dx100uk]

total cash price of PPI / total cash price of loan X 100 = xx%

 

then workout what xx% of your PCM was - that will be the PCM PPI element.

 

then fill out the FOS CQ

http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi.html

 

an SOC:

This first spreadsheet is the latest version of the statutory interest calculator and is used for Single Premium PPI cases. It can also be used where rollover PPI is involved, i.e. a new loan re-financing a previous one and where PPI is included in one or more loans.

 

StatIntSheet v101.xls

 

and a coverign letter

 

fire the lot off to SPML

 

if you type in SPML in our search top right

there are many threads to follow.

 

 

pull our string if you need help

 

there is also a red tab on the SOC, read there too.

 

dx

[ims21]

All the information needed is on CAG

[kopchoir]

The Evil at SPML forwarded me on to a broker after my first letter of complaint so im going direct to the broker.

As i say its all going on taking the Evil to court.

 

DX i have that excel sheet and i cant for the life of me work out where i am going wrong, with regards to other things i know where i am going i know what im saying i kinow what i need to fill in everything is ready i just need to know how much interest to add on to my claim.

I cant for the life of me work it out

[ims21]

2460 / 14760 x 100 = 16.67%.

 

16.67% of each repayment you made was for PPI.

 

£186.75 x 16.67% = £31.13.

 

In the spreadsheet list the payments of £31.13 giving the date, the description (i.e. "PPI Payment") and the amount £31.13.

 

The spreadsheet will do the rest for you.

[kopchoir]

So i am to list every month i have paid the £33.13 ,will the spread sheet do the rest??

 

Also even though the PPI only lasted 18 months do i still use the amount of time of the loan??

Im still confused

[ims21]

You list £33.13 for every payment of the mortgage you have actually made.

 

They loaned you the money over the entire period of the loan.

 

The spreadsheet will work out the 8% for you

[kopchoir]

Many thanks so once all done thats the grand total i can claim or is that just the interest??? and i add the £2.460 on?? (please tell me thats true LOL)

[ims21]

You enter the payments you have actually paid to date...nothing more.

 

The "claim to" date should set to today's date.

 

The spreadsheet tells you in the green box what you have paid and the 8% on top. That is what you will get refunded to you.

 

The remainder of the loan should be restructured to remove the remaining PPI which as yet has not been paid.

[kopchoir]

Excellent thanks ill send that off to the Broker then.

[pocketstapler]

Broker??? Sent it to the lender!

[dx100uk]

Yep spml!!

 

go read the other threads

 

DON'T jump in blind....

 

type spml into our search top right

 

dx

 

 

dx

[kopchoir]

I have already complained to Asccenden and they said i must speak to Broker who brokered the loan,i never got any insurance documents through or anything.

 

Havent even started on them jokers they are just a debt collection company.

 

So back to these jokers then or the Broker ???

[dx100uk]

who are a dca?

 

dx

[kopchoir]

who are a dca?

 

dx

Sorry just my term for stating that LMC/SPML/Capstone/Ascenden are not exactly lending nor exactly conform to lending principles,IMO they are just a debt colelction comapny making sure there loan book is kept up to date.

Im reading the threads and there are a lot of them, im going to write a letter stating the Ombudsman says it is you i chase for PPI etc etc and ill just take you to court.

Can i bypass the ombudsman and just take them to court???

[kopchoir]

Right quick question now that i have everythign ready to go.

The FOS i have no faith in, i have tried to get them to look at these sharks and my account for years.

I wrote a letter of complaint a year ago asking for PPI back and was told to see the broker,now i know that they have lied to me with saying see the broker, can i just send them a letter saying 14 days or taking you to court or do i have to go to the FOS,who in turn will just tell me they changed comapnies and not liable.

 

Cheers

 

 

Also does someone have the the correct link saying from the FOS saying Broker is not liable but the mortagge company is???

[dx100uk]

if you've only ever just sent a letter.

 

IMHO i would start again

 

 

send them the FOS CQ

your SOC

and

a covering letter.

 

dx

[battyman]

A similar thing with SPML happened to me. I took them court in 2008 and they put a barrister on it. The judge said they had changed companies and therefore I had made the claim to the wrong company. It was originally London Mortgage Company in conjuction with Matlock bath the broker Ocean Finance. It was then bought out by SPML who said they were not repsonible for the ppi so would not pay it. The judge said I could go back and reclaim but it could cost me a lot of money if I lost, basically he was trying to put me off.

 

I am hoping to reopen the case through the FOS but think I may well get the same answer as you that because it was sold on to SPML they are not responsible! I havent got a clue if its LMC or SPML to get the money back from.

[kopchoir]

A similar thing with SPML happened to me. I took them court in 2008 and they put a barrister on it. The judge said they had changed companies and therefore I had made the claim to the wrong company. It was originally London Mortgage Company in conjuction with Matlock bath the broker Ocean Finance. It was then bought out by SPML who said they were not repsonible for the ppi so would not pay it. The judge said I could go back and reclaim but it could cost me a lot of money if I lost, basically he was trying to put me off.

 

I am hoping to reopen the case through the FOS but think I may well get the same answer as you that because it was sold on to SPML they are not responsible! I havent got a clue if its LMC or SPML to get the money back from.

 

Yeah i read your thread,thats why i mentioned it in my post. Maybe we shoudl sell our loans for a £1 and then say sorry we sold the loan on we are not liable.

Is there any cases that a main company has been found guilty over its subsiduary company,everyone knows how these people operate.

But its getting to a point now where a collective force needs to bring these jokers to account.

 

Has anybody here actually succefully claimed thousands back in charges or got their PPI back??

[battyman]

I got my money back from a main stream credit card lender but I think these monkeys, all linked to Lehmans, you dont stand a chance. Ive read the FOS is linked to the banks anyway. When you look at what Barclays are getting away with you realise its people like us who take the loans and mortgages with these type of companies who end up paying every time.