consolidated barclays debts from 1999, been paying £50PCM , missed 2, now CSL/P2P calling

[dx100uk]

plus you claim 8% to the TODAY!

 

not from closure or when they stopped.

 

dx

[sdizzy]

[ATTACH]38554[/ATTACH]

this is what I calculated using the spreadsheet.

[sdizzy]

enough 4 1 nite..will take this up again later..tx 4 all your input.

[dx100uk]

ah right thats not the way

 

you need to enter EVERY PPI PCM

enter every date [monthly] you paid PPI PCM and its amount

 

dx

[dx100uk]

he's one i made earlier........

[sdizzy]

so,

I take 17% of my monthly payment to loan 1, for every month, treat that as the ppi part of the payment, then put that into the spready ?

 

then I take 22% of the payment for consolidated loan two and do the same ?

 

don't really understand why i need to do that because both ppi charges were single lump sums.

Edited September 28, 2012 by sdizzy

[dx100uk]

try and refrain from thinking the ppi are lump sums.

 

you dont pay them back thats way

you pay it back drip by drip each month as part of your monthly payments.

 

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

..........................

I had a loan which included a Single Premium PPI. It was initially an 8 year loan. After 6 years I took out another loan which gave me some cash in my pocket and also paid off the balance on my previous loan. The second loan also had PPI included and the term of this new loan was 10 years. What do I claim?

 

This is another scenario where the banks can make more money from you, the unsuspecting “customer”. (Sometimes referred to as the victim).

 

We already know that if you had stuck with loan 1, your PPI part of the loan would have run for 8 years because it was included in the main loan. But you have effectively taken the balance on that loan after six years and transferred it into a new loan. Accordingly part of the balance transferred or “rolled over” into the second loan would have included the balance on the PPI part of loan 1. That balance would be paid off over the term of loan 2.

 

To see how the advantage is with the bank, consider this.

 

Your original loan was for 8 years so you would have originally have been paying the PPI part of the loan for that period. You refinance after 6 years and let us suppose that a sum of, say £400 being the PPI balance on the old loan, is rolled into loan 2.

 

Now the term of loan 2 is 10 years. So that balance of £400 is now being paid off over a period of ten years. And for those ten years you will be paying interest on that rolled over amount. Had you stuck with loan 1 only, then that £400 would have been paid off over only two years. You can see that this is a tidy profit for the bank.

 

And of course you have PPI on loan 2 as well and you’re paying that PPI off over a period of 10 years as well.

 

If we look a bit deeper, the PPI cover on loan 2 was actually covering you for some PPI on loan 1. So you have been sold PPI to cover PPI. What’s that all about then?

 

So who is the winner? It certainly isn’t you so I wonder who it could be?

 

So what about the calculation of the refund that is due?

 

First off you calculate the percentage of PPI which is included in the first loan as described above.

 

Second, we have to find out what the balance of the PPI part of loan 1 was when it was rolled into loan 2. That can be done using the loan progression spreadsheet.

 

Third, we have to express that balance as a percentage of the total of loan 2.

 

Fourth, we need establish the percentage of loan 2 that relates to the loan 2 PPI.

 

Then we need to enter the data into the spreadsheet.

 

This scenario is probably best explained using an example.

 

Let us suppose that we have established that loan 1 had a PPI percentage of 7.75% of the total of loan 1.

 

Let us say that we have worked out (or the bank have told us) that the balance on loan 1 at the time of refinancing is £1,500. We now know that 7.75% of that £1,500 is the PPI part of loan 1. 7.75% of £1,500 is £116.25 which is the amount of PPI rolled into loan 2.

 

Now let us suppose that loan 2 was for a total amount (including the PPI on loan 2) of £5,000 and that the loan 2 PPI premium included in that was £600.

 

The percentage of loan 1 PPI included in loan 2 is given by £116.25/£5,000 x 100 = 2.33%. So for every repayment you make on loan 2, a sum equivalent to 2.33% of it relates to PPI on loan 1.

 

Now we also now that of the £5,000 for loan 2, that included a PPI premium of £600, so loan 2 PPI percentage is £600/£5,000 x 100 = 12%. That means that for every repayment we make on loan 2, an amount of 2.33% of it is going to loan 1 PPI rolled over and an amount of 12% of it is paying the PPI on loan 2.

 

So to enter this in the spreadsheet you list the actual payments made for PPI on loan 1 prior to refinancing. From then on you list the 2.33% of each payment and annotate it as Loan 1 PPI and then you list the 12% of each payment which relates to the PPI on loan 2.

 

.....................

 

 

dx

[sdizzy]

Is 'amount of charge' in spready the interest being charged per month or the monthly payment made to the bank ?

[dx100uk]

no its your calculated PCM PPI or the xx% of any settlement from one loan of the other

 

you dont enter 'their' int anywhere, as your PPI PCM calc works that in.

 

dx

[sdizzy]

can you check if what i've done so far is correct, please ?

[dx100uk]

i dont think the part from row 38 is right.but i dont know the figures

 

did you use this to reconstruct the loan?

[sdizzy]

No, I took the figures directly from the sar data.as for part 38, 4253.94/19253.94 *100 = 22%

[dx100uk]

to workout the 'rollover' of PPI loan 1 into loan 2

you need to use the loananal.xls above as per the notes in the bottom half of

that post i sent to reconstruct the loan

 

dx

[sdizzy]

Ok

Am i doing this right so far ?

[dx100uk]

upto row 38

 

the rest i dont understand

is 38 onwards payment you made on loan 2?

 

dx

[sdizzy]

Yes, that part is the consolidation loan taken out 11/99, absorbing loan 1.

[dx100uk]

ok then that looks right

 

i take it the payments to loan 2 somewhat varied!

 

when you've done that then you need to reconstruct loan1 for the rollover

 

dx

[sdizzy]

Varied ? Not half ! lost job 2001, got payslip book, payments reviewed regularly, increased to 50 pounds, paid 'till april this year.

 

 

Totally clueless about the rollover part, but will have a go...

Tx 4 ur input

[slick132]

I think the date on line 30 needs changing to 1999.

 

[dx100uk]

rollover

 

Let us suppose that we have established that loan 1 had a PPI percentage of 17% of the total of loan 1.

 

Let us say that we have worked out (or the bank have told us) that the balance on loan 1 at the time of refinancing is £5705.74. [page 4 all.pdf]

We now know that 17% of that £5705.74 is the PPI part of loan 1.

17% of £5705.74 is £969.98 which is the amount of PPI rolled into loan 2.

Now loan 2 was for a total amount (including the PPI) of £19,253.94

and that the loan 2 PPI premium included in that was £4253.94.

 

The percentage of loan 1 PPI included in loan 2 is given by £969.98/£19,253.94 x 100 = 5%.

So for every repayment you make on loan 2, a sum equivalent to 5% of it relates to PPI on loan 1.

 

Now we also now that of the £19,253.94 for loan 2, that included a PPI premium of £4253.94.

so loan 2 PPI percentage is £4253.94./£19,253.94 x 100 = 22%.

That means that for every repayment we make on loan 2, an amount of 5% of it is going to loan 1 PPI rolled over and an amount of 22% of it is paying the PPI on loan 2.

 

So to enter this in the spreadsheet you list the actual payments made for PPI on loan 1 prior to refinancing.

From then on you list the 5% of each payment and annotate it as Loan 1 PPI

and then you list the 22% of each payment which relates to the PPI on loan 2.

 

slick on for you

 

am i being stupid or blind..

 

i cant see any payoff of loan 1 from loan 2?

in the sar stuff

dx

[sdizzy]

Well, happy new year to all you folks.

update :- successful ppi claim against Barclays, got a credit to the outstanding loan, now down to single figures.

However, they have kindly passed the account to Zinc group (dca), so, here we go again !

Expect to hear from them within a week and see what the score is regarding payment plan.

Many thanks for advice and help from all on this site. I will donate very soon.

[dx100uk]

ZINC very low life!!

 

was the PPI cough up anywhere near the figure you worked out?

 

did they cough on the rollover, give a breakdown?

 

dont just accept its true

 

and

 

who's name is against this debt on your CRA file if it shoes?

 

if they have sold the debt [which i thought they did years ago]

 

they CANNOT offset the reclaim against it.

 

dx

[sdizzy]

I received a breakdown letter, a check for 3k, credit on the loan for around 4.5k due to claiming on insurance when I was out of work, outstanding amount now 9k.

[dx100uk]

can you post up the breakdown letter

 

and see if this shows on your CRA file?

 

or

if you ever received a sold letter in all the years?

 

dx

[sdizzy]

I will dig it out and post tomorrow, dx

Where can I reliably I get my cra file from ?

Back in October I sent a cheque for £2 to Equifax in Bradford for paper copy and still have received nothing, they cashed the cheque though.