Caro v Yorkshire Bank for PPI

[caro]

I remember them cancelling one policy when I took out a new loan and they applied the rule of 78 as a cancellation fee as they were apparently losing interest on it due to the cancellation. I now know it could have been used instead of starting a new one.

 

Don't know if they rolled one over or not. Hope so!!

[dx100uk]

what the hell is the rule of 78?

 

 

have you got all the statements?

 

 

dx

[caro]

I have got current account statements from a sar but no loan statements.

 

Rule of 78.

 

http://moneyfacts.co.uk/guides/loans/rule-78-guides/#

[dx100uk]

well how the heck can you check they are correct without them.

 

 

I've done 7 people on yb loans and they all got statements

one lot went back to 1982! 7 loan chain.

his first offer they made was £3k

 

 

ended up at over £19k .

 

 

do not trust them an inch

[caro]

Don't worry. I have experience of them and don't trust them an inch.

 

Did they get statements of the loans? I'll def be pushing for full info.

[dx100uk]

yes they all did.

[caro]

That's what I need next then.

[Ford]

...

 

Don't know if they rolled one over or not. Hope so!!

 

thats one of the q's on one of those bank ppi forms. ie where a loan, with ppi, is consolidated and the ppi has just been rolled onto the new loan ie missell.

[caro]

I don't think it was as I remember it being cancelled and the rule of 78 cancellation being explained. But if there were more loans than I remember .....

[Ford]

ok. was thinking, that if they consolidated and just rolled over the ppi to the new loan, then maybe more to claim?

[caro]

You never know. Needs more investigating methinks.

[shamus59]

They have included 8% simple interest but I think I paid 10 or 11% and will question it and ask for more detail. I was also OD a lot at the time and the interest rate on that was high I think. The acceptance letter makes it clear if I accept it's F&F.

 

I'll have a think over the next few days a about whether to accept it or push for more detail and hold out for more. Who knows how long that would take.

 

 

The simple interest is what your money might have earned you, if you hadn't used it to pay PPI (this is totally different to the interest that you paid), they should give you a full breakdown of how their calculation was worked out and they should also refund the interest that you paid on the PPI at the prevailing rate at the time of the loan.

 

The calculation should be something like this:

 

Premiums Paid:

+ Compound interest: (that you paid on the premium)

+ Simple Interest:

+ Late Fees (that you may have been charged):

- Less Tax on the Simple Interest (currently 20%): (if you are a non taxpayer you can look to claim this back from HMRC)

= Total due to you:

 

James

[caro]

What they are offering is premiums paid and 8% simple interest less 20% tax on the interest. They are saying I agreed to charges under t&c's. No mention of compound interest.

 

I am now thinking that the early redemption may have gone into a consolidated loan but need the paperwork to be sure. I'll certainly say I believe that happened.

 

The more I think about it the more I'm determined to fight for every penny.

[cleo4patra]

Pleased to see some movement on this for you : don't give up . Not tryig to change the subject but FOS just ruled in my favour for EGG PPI and I almost didn't send it to FOS!!! kind regards

What they are offering is premiums paid and 8% simple interest less 20% tax on the interest. They are saying I agreed to charges under t&c's. No mention of compound interest.

 

I am now thinking that the early redemption may have gone into a consolidated loan but need the paperwork to be sure. I'll certainly say I believe that happened.

 

The more I think about it the more I'm determined to fight for every penny.

[citizenB]

Pleased to see some movement on this for you : don't give up . Not tryig to change the subject but FOS just ruled in my favour for EGG PPI and I almost didn't send it to FOS!!! kind regards

 

Cleo, well done... have you your own thread and updated with this information ?

[cleo4patra]

yep I have : just shows what can be done and I thin "Never say Never.." is so right. kind regards

[caro]

Pleased to see some movement on this for you : don't give up . Not tryig to change the subject but FOS just ruled in my favour for EGG PPI and I almost didn't send it to FOS!!! kind regards

 

Thanks cleo. I didn't expect anything for a while.

 

Pleased for you about egg. Tbh I will prob take the court route but how long did fos take?

[cleo4patra]

only a few weeks : I was really surprised how quick!!

Thanks cleo. I didn't expect anything for a while.

 

Pleased for you about egg. Tbh I will prob take the court route but how long did fos take?

[caro]

only a few weeks : I was really surprised how quick!!

 

Ooh thanks.

 

Just double checking before I respond. My letter says:-

 

I note that there is a record of the accounts being in arrears. I can confirm that all charges and interest applied to your account were done so under the t&c's that govern the account as agreed with you on completion of the application. I therefore regret that I am unable to uphold your complaint.

 

It goes on later to say:-

 

The compensation is intended to put you in the position that you would have been in had ppi not been applied to your loan accounts.

 

I would say that had I not been paying ppi I wouldn't have had the charges so to put me back in that position they should be refunded with interest.

 

Also the bank charges Supreme Court judgment only applied to current accounts so loan charges should still be claimable.

 

That's right isn't it?

[shamus59]

If you can prove that the additional PPI charges were the cause of the fees, then you should be able to get them refunded and your credit file amended

 

James

[caro]

If you can prove that the additional PPI charges were the cause of the fees, then you should be able to get them refunded and your credit file amended

 

James

 

This was all years ago so well off my credit file but being forced to pay for this would clearly have been a contributory factor. Hopefully the additional info I intend to ask for will help prove it.

[caro]

It seems that the department dealing with ppi don't have the information to show how they made their calculations. How bizarre!!

 

SAR sent, although had they sent everything in 2006 when I sent a sar before I wouldn't need to do it now!!

[cleo4patra]

how convenient!! keep chipping away at them

It seems that the department dealing with ppi don't have the information to show how they made their calculations. How bizarre!!

 

SAR sent, although had they sent everything in 2006 when I sent a sar before I wouldn't need to do it now!!

[caro]

how convenient!! keep chipping away at them

 

Oh I will!!

[caro]

Oh for goodness sake!! They want me to go into a branch with ID because the info on my sar isn't sufficient for them to send me anything!!

 

Strange that the ppi team were able to denal (after a fashion) with my refund!! I haven't moved since my account was closed and my name's the same so I really don't get their problem.

 

I'll do as asked but only because it's not worth the hassle and delay, so no big deal going into the branch. Just ludicrous!!