PPI SIngle Premium on Loan - Advice needed on Loan Interest reclaim

[cwab_sticks]

Hi,

I am a little brain dead today, having read through reams of LTSB loans documents (and other documents) provided under a DSAR.

 

I have my Loan statements, of loans which were consolidated into other loans (twice), and have read the excellent threads and guidance on spreadsheets on single PPI reclaims.

 

I thought I had it all sussed - until I was entering some figures into the spreadsheet, by reading the figures from my Loan Statement.

 

I thought I was quite savvy with figures,

having calculated the settlement figures from loan 1 which are rolled into Loan 2,

and the relevant % of each payment relevant to PPI#1 and PPI#2 etc.

 

However I was only looking at monthly payments and totals - not lines of added interest.

 

The loan I have doesn't add the interest upfront (like NRAM loans)

this is the more regular type of loan which decrease each month with interest calculated and added each month.

 

The problem I have is the interest charges on the loan, for example (not my real figures)

 

Loan repayments :

2/1/04 £150 Monthly repayment (PPI element = 20% of total so therefore PPI value for spreadsheet = £30)

2/2/04 £150 Monthly Repayment (PPI element = 20% of total so therefore PPI value for spreadsheet = £30)

 

but what about these entries

1/1/04 £60 interest charges

1/2/04 £60 interest charges

 

I have read through the guides on PPI and it says that interest is handled separately on the forum - but I have been unable to find it.

 

I have all of the interest charges on each month of every loan, so do I take the 20% of the interest charge as the 'actual interest' element charges on top of the PPI.

 

I'm sure the answer is simple, but my day is fogged up with LTSB and I can't see or think clearly!

 

And then do I just add a line entry into the spread sheet for interest element also?

eg lines would be

PPI £30

interest £6

PPI £30

interest £6 etc

 

Any help will be greatly appreciated.

I think I need a little break.

Back Soon & Thanks

CS

[dx100uk]

interest doesn't come into it. that is covered already by the PPI payment.....

 

on your loan agreements it will give a figure per month that PPI costs you.

 

you use that figure in the spreadsheet wherever you made the FULL PAYMENT [the figure to the right on the agreement]

 

if you paid more or less in one month, or settled

you need to use the PPI PCM% calculation [PPI element/full PCM * 100 = PPI PCM%]

 

 

if you want i'll post one up

as i've done lots of lloyds loans.

 

dx

[cwab_sticks]

Hi Dx,

 

Thanks for your response. I don't know where my need to charge them extra for additional interest came from! I think maybe I was just trying to overcharge them like they have me over the years

 

I've been in a LTSB haze over the past week or so.

 

thanks for your help, still many lines to go on the excel sheets. I've been on a DMP for over 6 years (PPI wasn't stopped!), with several different payments so lots of pro-rata calculations happening at the moment, on top of 3 roll over PPI's.

 

thanks

CS

[dx100uk]

hope its a free dmp?

 

dx

[cwab_sticks]

Hi,

 

Yes the DMP is PP.

 

At first I was happy, and they have been good throughout the years. But they didn't get interest stopped on LTSB or BC - which has been as major problem for me, as over six and a half years later I have AP's on BC with no sight of the end yet due to their interest charges.

 

However more recently, PP have delayed a few payments from them to creditors, which have caused issues with a default being registered with LTSB 6 years after the DMP started! I hadn't missed any payments to trigger it!

 

Which is what prompted the LTSB SAR request etc. I got SAR from PP too, and was quite surprised when the records didn't match - it goes towards an explanation as to why I've received 6 years of 'arrears' letters from LTSB.

 

As I am now more financially aware, and should have most of the debts cleared by the end of this year, over £60k paid up. I am going to start to self manage for this final year, to ensure payments get there on time and I am in control of payments.

 

Thanks to this site for the help, it has given me the confidence to take them on, pay them under my terms and fight back with COBS/BCOBS - only one sent off so far but more on the way. I am preparing about 10k in PPI claims too, just collating many SAR statements and documents for each creditor.

I was young an naive and I was taken advantage of (I have extensive cover at work) and not once did I select PPI. I'm older and wiser having been through the mill a bit over the past 7 years!

 

Thanks again for your help

 

CS

[dx100uk]

aha the old AP marker

 

you do know that a brig letter will prob get that debt removed?

 

the AP markers over such a long period is deemed as unfair

 

and ever more now they isued a default.

give brig a shout to pop in.

 

dx