consolidation loans ppi

[ralphspaniel]

Hi everyone,

 

I would appreciate any knowledge/help,

 

to cut a long story short in 2004 i applied for a £1000 but then over 2 years i consolidated them into what i now know was 5 loans. i was stupid young naive!

 

I recently received a letter from RBS offering me the chance to try and claim back any missold ppi in this letter were the dates and account numbers of the loans, along with the claim form/questionnaire. i filled in the form and has now been sent back.

 

Today i phoned RBS to see if it had been received, which it hadn't and also to find out what amounts these loans added up to, as i have no paperwork, the helpful adviser gave me the figures, and also said that ppi was on all of them.

 

if anyone knows if there is a way of finding out if i would entitled to any refund?

a calculator of some sort? the accounts on these loans are closed now as i forgot all about them.

 

thanks to everyone in advance

[ims21]

Hi

 

I would send a Subject Access Request (SAR) to the lender. There is a template for a full SAR in the CAG library, the link to which is at the top of every CAG page in green.

 

There is a fee of £10 payable and they will have 40 days to comply.

 

Also have a read of No.1 in my signature below and it will tell you how to work out how to calculate the refund due. There are spreadsheets at the end to help with the calculations.

 

As you your question as to whether you are due a refund, the answer is yes if you were mis-sold the policies.

[ralphspaniel]

thanks very much for the quick reply!

 

if i remember rightly i think i defaulted on the last loan a very long time ago,the loans just rolled into each other, i was paying the monthly amount but i dont think they were paid off, just rolled into each other.

will this affect the outcome? also as i have sent the claim off before the SAR will any outcome also be affected? as i wont have any concrete figures to compare possible refund to?

All loan accounts are now closed btw.

 

many thanks again for any help/knowledge!

[ims21]

thanks very much for the quick reply!

 

if i remember rightly i think i defaulted on the last loan a very long time ago,the loans just rolled into each other, i was paying the monthly amount but i dont think they were paid off, just rolled into each other.

will this affect the outcome? also as i have sent the claim off before the SAR will any outcome also be affected? as i wont have any concrete figures to compare possible refund to?

All loan accounts are now closed btw.

 

many thanks again for any help/knowledge!

 

You can still reclaim the PPI plus interest. If the last loan was not repaid then they may use their right of set off to put the refund towards the account. If there is any left over then that will come to you. If they don't notice then the full refund will come to you.

 

Sending a SAR will not have any effect on the outcome of the matter.

 

If you do the SAR then you may get some more solid figures so you can compare your calculations against those of the lender and see if they agree.

 

If upheld, the lender is likely to send out a fairly brief letter of offer. You would be entitled to see a full and detailed breakdown of how they arrived at any offer they may make.

 

What were the reasons you gave for the mis-sale?

[ralphspaniel]

hi there,

 

The reasons i gave for mis selling were i felt pressured and rushed in to signing. and that the adviser insinuated that if i did not sign then i wouldn't get the loan. Also that the ppi was infact a loan on top of a loan...?

there were a couple of questions that i left blank and didn't answer, will that be a problem?

 

thanks again ims21

[ims21]

You can only answer the questions that you can answer. If they want more information then they will ask but ensure that this is all done in writing. Don't get involved in a question and answer session on the phone.

 

Sounds like you have some reasonable grounds for a mis-sale here.

[ralphspaniel]

thanks

Am i right in thinking that if its a consolidation chain each loan is paid off with the following loan? so i defaulted just on last loan?

also when is the interest paid? from the day loan is taken out up to when it was consolitated or up until the actual ppi claim was put in?

 

Many thanks guys for your knowledge:-)

[ims21]

thanks

Am i right in thinking that if its a consolidation chain each loan is paid off with the following loan? Yes so i defaulted just on last loan? Maybe

also when is the interest paid? from the day loan is taken out up to when it was consolitated or up until the actual ppi claim was put in?

The 8% interest runs from the date of the payment of PPI up to the date of settlement of the claim. When you get your data we can help you with the calculations

 

Many thanks guys for your knowledge:-)

 

See above in blue.

[ralphspaniel]

Hi

Please can anyone tell me what the difference is between compound interest and the 8% interest is please:-)

thanks

[ims21]

Compound interest compounds.

 

For example, you have a savings account with £100 in it. You get £10 interest (assuming 10% interest). Savings account now shows £110. In the next interest period you would get 10% interest on £110 i.e £11. That is then added to the account and so on.

 

8% simple interest is just a straight 8% on an amount for however many years you are looking at. So 8% simple interest on £100 for 3 years is 100 x 8% x 3 = £24.

[ralphspaniel]

Thanks Ims

 

How would i go about finding the addresses to send an SAR for Virgin/MBNA credit card and Halifax?

and is there a template to start the process off onve i receive the SAR?

THANK YOU:-)

[ims21]

Google will find you the registered office addresses.

 

Once you get the SAR you can work on a spreadsheet to see how much you would be due.

 

The process to lodge a claim would be to send the lender a completed fos consumer questionnaire together with a brief covering letter.

 

The questionnaire is available here...

 

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

 

Once they receive your complaint form they will have 8 weeks to investigate and give you a decision.

[ralphspaniel]

Hi all,

 

I called RBS/Natwest customer complaints ppi concerns team this afternoon,

to see if they had received my complaint questionnaire, which they had on Friday,

 

the gentleman on the phone, said i would receive an acknowledgement letter in the next 10 days, second class post.

 

He also said that they were 5 loans and 5 cases of ppi on each loan,

they were in the system ready to be looked at, and the 8 week deadline is 22 August.

 

I did try to pull a fast one, and ask what the ppi payments were on each loan,

he said that i would have to apply for an SAR, which i already knew.... never mind.

 

Btw - does anyone know if there would be interest on top of the ppi payment and 8% interest on top of that?

 

Scared now- fingers crosssed!

one more question as these were consolidation loans if each loan paid the previous one off would you get ppi if they were paid early, or for the life of the loan?

 

thanks for all your help

[ims21]

You get the contractual interest that you paid on the premiums.

 

You also get 8% interest on all of the payments actually made running from the date of payment up to the date of settlement.

 

Have you read No.1 in my signature? All the information you want is in there.

[ralphspaniel]

Hi Ims

thanks for your advice! yes i am reading through your signiture.

 

Ims if i put some figures on here from one of my loan agreements would you be able to go through figures please, and just explain some bits to me?

 

many thanks

[ims21]

Yes OK

[ralphspaniel]

Amount of loan 5319.00

 

a. up to 3394.63 for refinancing acc no.....

b. cash loan of 605.37 for refinannce this bank

insurance loan c. 1319.00

 

term 60 months

 

total amount payable 8151.00 (includes 2021.40 for insurance loan)

 

60 payments of 135.85 main loan repayments 102.16, insurance loan repayments 33.69

apr 19.9

 

other financial information.

total charge 2832.00 (interest-includes 702.40 for insurance loan

fixed annual rate of interest of 18.27% over the term.

 

thanks for any knowledge of:???: ppi interest

[ims21]

The repayment of £33.69 includes the contractual interest element.

 

You will get 8% simple interest on each repayment actually made running from the date of payment to the date of settlement.

 

Further adjustments need to be made to establish what the overpayment (if any) was when the loan was settled early and for any rebate that may have been received when the loan was settled.

[ralphspaniel]

Thanks very much ims:-)

[ralphspaniel]

Hi All,

Today i receivedmy acknowledgement letter from RBS/Natwest, they say they will now undertake a fullinvestigation of the way the insurance was sold to me. (their words)

They also say to help our investigation please complete and return the enclosed FOS questionnaire to the address at the top of the this letter,

 

in the questionnaire they want to know everything !

things that i am not comfortable in answering like

: how was the insurance sold

:how did you pay for this insurance

:what did you buy for the ppi to cover

:what was the reason for the loan

: whats your current situation

: if you borrowed the money to pay off other debts what are they

: have you missed payments etc etc

 

Is this questionnaire just a stalling process or do i need to send it back? i had already sent a questionnaire back to begin with, one where they had offered me the chance reclaim.

 

Also in the letter they say if they haven't received the questionnaire within 2 weeks of the date of the letter which is the 30/6/14 they will investigate on the information they already hold.

 

thanks for any help.

[mightymouse_69]

Hi All,

Today i receivedmy acknowledgement letter from RBS/Natwest, they say they will now undertake a fullinvestigation of the way the insurance was sold to me. (their words)

They also say to help our investigation please complete and return the enclosed FOS questionnaire to the address at the top of the this letter,

 

in the questionnaire they want to know everything !

things that i am not comfortable in answering like

: how was the insurance sold

:how did you pay for this insurance

:what did you buy for the ppi to cover

:what was the reason for the loan

: whats your current situation

: if you borrowed the money to pay off other debts what are they

: have you missed payments etc etc

 

Is this questionnaire just a stalling process or do i need to send it back? i had already sent a questionnaire back to begin with, one where they had offered me the chance reclaim.

 

Also in the letter they say if they haven't received the questionnaire within 2 weeks of the date of the letter which is the 30/6/14 they will investigate on the information they already hold.

 

thanks for any help.

 

There is nothing wrong with those questions - they appear on the FOS form (in fact, the one you have been sent is probably a copy of the FOS form).

 

Because you are claiming that the business did something wrong during the sale of PPI, the business will want to know what the circumstances of the sale were.

[ralphspaniel]

thanks!

some of the stuff i dont remember as it was over 10 years ago. do i just put that i dont remember?

will that go against me?

[ralphspaniel]

Hi All,

 

I'm hoping some one can help me with the spreadsheet that is one of the helpful peoples signitures! sorry I have for gotten who.

 

I'm claiming back ppi with Natwest on 5 consolidation loans though i only have a few scattered bites of paperwork/agreements, and a few statements.

 

I am about to do the spreadsheet tonight, but obviously need the correct figures.

please could some help with how to work out what to put in the spreadsheet from the figures below:-)

 

total amount payable £8,151,00

60 repayments of £135.85

APR 19.9

payable over 60 months

 

total amount payable £5,727.84

48 repayments of £119.33

APR 14.7

payable over 48 months

 

 

Thanks for your assistance

[ims21]

Two threads merged...please keep to this one thread for this issue.

 

In order to fill in the spreadsheets you need to know the PPI premiums and the dates of each repayment made.

 

Have you read the item at No.1 in my signature? All the information you need is in there to enable you to complete the sheet.

[ralphspaniel]

Hi Ims.

 

How can i work out the ppi premium on the figures shown? thanks