GE Money/Cardiff Pinnacle PPI **WON £6,067.31 **

[Iyad3]

I've been offered a compensation f £6,067.31

(made up of £3,684.92 being PPI refund including interest paid on premium and £2,382.39 being 8% interest on the premium)

from Cardif Pinnacle (underwriters for Flexi Loan & Mortgages)

 

for a £3,000 PPI front loaded to a £20,000 loan I took from First National (GE Money) in Jan 2004.

 

I'm glad about this but want to be certain that I haven't been shortchanged by Cardif Pinnacle.

 

How can I calculate what I'm due before I accept their offer please?

[ims21]

Hi

 

I've moved your post to a thread of your own.

 

Have you got the agreement and a record of the repayments you have made?

[Iyad3]

Hello,

 

I have a confirmation letter about the loan stating the advance and PPI amounts; also indicating monthly repayment sum and interest rate at the time. I also have only one statmeent from Jan 2004 (which details the advance and insurance premium) to March 2005.

 

Thanks for your help.

[ims21]

Excellent.

 

Is this loan still running or has it been paid off? If the latter, when was it paid off?

[Iyad3]

It was paid off in June 2005.

[ims21]

Ok...I'll do some maths on this tomorrow for you and see if they are about right.

[ims21]

Oh by the way...what was the monthly repayment amount?

[Iyad3]

Hello, the loan was paid off in 2005 but the insurance policy ran its course and expired on 13th January 2009. The monthly repayment figure started at £194.72, which I paid in Feb & March 2004. The figure then increased to £201.21 from April to July, then £209.39 in August and September. It then increased to £213.54 from October 2004 to March 2005. This is what I've pulled from the statementn I have. Thanks so much for your help; much appreciated.

[ims21]

When you say the insurance policy ran its course, was this a single premium policy added to the loan at the start or was it paid separately to the loan repayment?

[Iyad3]

It was a single amount of £3000 added to the loan from the start.

[ims21]

Ok

 

Loan of £20,000 plus PPI of £3,000 gives a total loan of £23,000 making the PPI 13.04% of the total loan.

 

Work out what 13.04% is of each monthly repayment you actually made and list them in the spreadsheet I have attached at the end of this post. You will need to enter a date of each payment too (or as near as you can get to it).

 

Did you get any rebate of PPI when you settled the loan? If so, how much was the rebate?

 

StatIntSheet v101.xls

[Iyad3]

Hello, thank you for the spreadsheet above which I will start work on now. The settlement statement I have doesn't show any PPI rebate.

[Iyad3]

Hello ims21, I have completed the spreadsheet with the statement I have (Jan 04 to Mar 05) and the total is £643.41.

[ims21]

Ok thanks.

 

Carry the entries on from March to June '05 when the loan was paid off using the last known monthly repayment amount.

 

Do you know what the loan settlement figure was?

[Iyad3]

Ok. Total becomes £781.16 whenI calculated to end June 2005. The settlement figure was £24,993.60. Thank you.

[ims21]

Ok so 13.04% of the settlement figure equals £3259.16.

 

Pop that figure into your spreadsheet, the date fo rthis entry should be the date you paid off the account (or as close as you can get to it).

 

When you have done that, what is the total figure that the spreadsheet gives you?

[Iyad3]

Hi, its £6085.42.

[ims21]

Well, to me it appears pretty close to the offer you have had so I would say you are good to go.

 

It is always good to check against an offer.

[Iyad3]

Thanks for all your help, ims21.

[jessie15]

Hi, Have you received your money yet? How long did it take?

[Iyad3]

Hello, the process took under 8 weeks and £6,067.31 was paid. I sent off the initial letter to Cardif Pinnacle as they are the underwriters for Flexi Loan who were brokers for the loan I took from First National (GE Money). I received an acknowledgement letter that my complaint would be investigated. A few weeks later, I received offer.