PPI Egg Loan/Credit Card

[LordSuggs]

I have PPI from both a credit card and loans from Egg that I'm looking to address.

 

I've been dealing with a legal issue on Egg since 2011 thanks to the help of this forum.

 

I sent an SAR request back in 2012.

I've been sorting through the paperwork from that SAR and while I have every CC statement, I can't locate anything around the loan payments.

 

I may have mis filed it, or it's gone astray in another way.

 

There aren't any restrictions to sending another SAR is there?

[dx100uk]

nope 

[LordSuggs]

Cool thanks. Will get that off first thing Monday. 

[LordSuggs]

Hi,

have received my details from Canada Square.

I'm currently organising it all and highlighting the important parts.

 

Can I just check if I understand which goes where so I can start my calculations:

 

Credit Card PPI from 2000 - 2006: Use CISheet and input each PPI charge

 

Egg Loan 2001 - 2002 paid off early: Use StatIntSheet and input 8 payments 

 

Here's where I need a little guidance 

 

Egg Loan 2005 - 2006. 19 payments made before refinancing into larger loan

 

Egg Loan 2007 - 2008. 20 payments made before ceased payments.

 

Do I put this as one claim due to the refinancing and claim on each payment made,

or due to them selling the loan on,

can I claim for the entire PPI originally sold? 

 

Thanks

[dx100uk]

6 hours ago, LordSuggs said:

Hi,

have received my details from Canada Square.

I'm currently organising it all and highlighting the important parts.

 

Can I just check if I understand which goes where so I can start my calculations:

 

Credit Card PPI from 2000 - 2006: Use CISheet and input each PPI charge - set claim to date to when they stopped their int - then put that whole sum in statint sheet the day after

 

Egg Loan 2001 - 2002 paid off early: Use StatIntSheet and input 8 payments - yes and PPIPCM% of payoff too.

 

Here's where I need a little guidance 

 

Egg Loan 2005 - 2006. 19 payments made before refinancing into larger loan

 

Egg Loan 2007 - 2008. 20 payments made before ceased payments.

 

Do I put this as one claim due to the refinancing and claim on each payment made,

or due to them selling the loan on,

can I claim for the entire PPI originally sold? 

 

Thanks

 

[LordSuggs]

Appreciated - working through the card first. On the Card Agreement form there is zero mention of PPI, so unsure of what interest rate to add. I have the following figures for APR : 

 

Transferred balance 2.54% APR fixed for six months

Monthly rate of 10.9% APR

Cash advances 13.2%

 

Assuming I put in 10.9%?

[dx100uk]

http://www.stoozing.com/calculator/apr-rate-converter.php

[LordSuggs]

Brill thanks - the statements they sent were *really* bad copies, so it's taken me ages to see and translate the interest payments. Done now - the average came out at 1.101 which on your link gave me an APR of 14.04 compounded and 13.22 non-compounded. Assume it's the second, so I've added those into the CIsheet and statint sheet. Ok to have a glance when you have a free mo? Thanks

 

Working on the loans now

StatIntSheet v101 2001 Card.xls CISheet v101.xls

[dx100uk]

urm not sure what you've done on the statint sheet..

 

Credit Card PPI from 2000 - 2006: .......Use CISheet and input each PPI charge - set claim to date to when they stopped their int - then put that whole sum in statint sheet the day after

 

which should be the total from the CISHEET on the day after the CISHEETS claim to date?

 

rest looks ok

 

 

 

[LordSuggs]

Ah! Thanks, fixed it now 

StatIntSheet v101 2001 Card.xls

[LordSuggs]

Loan 1 complete:

Principal Loan 3500, Loan PPI 473.55, Total Amount 3973.55

PPI Percentage: 473.55 / 3973.55 x 100 = 11.92%

StatIntSheet v101 2001 Loan.xls

[dx100uk]

hey good work.

 

now comes the difficult one

 

the refinanced loan..

[LordSuggs]

Thanks DX  Yep, trying to get my head around this one. Will post up when drafted. 

[LordSuggs]

Ok, I've read through the guides and followed the process. The refinanced loan breakdown is as follows:

 

Loan 1 September 2005

 

Cash amount 8500. PPI 3454.15. Total 11,954.15

PPIPCM: 3454.15/11954.15x100=28.89% on each payment

 

Balance before refinancing = 12541.49

 

Loan 2: December 2006

Cash amount 14,934.02. PPI 6,372.18. Total 21,306.20

PPIPCM = 29.9

 

PPI from loan 1:  12541.49/21306.20x100=17% carried over into Loan 2 payments

 

As loan was sold, also including entire PPI premium from Loan 2.

 

Appreciate your thoughts when you've had the chance to glance through. Thanks.

 

StatIntSheet v101.xls

[dx100uk]

upto line 35 is ok on statint.

 

your calc for loan 1ppi is wrong

 

and you don't put in the lump sum again either.

 

[LordSuggs]

Thanks - I see where I mistyped the calc - redoing it this afternoon. 

 

Re not putting in the lump sum, can I double check on this post. 

 

 

Loan 2 was defaulted and sold to a DCA. What I took from that post is that I put the total amount of the PPI premium from Loan 2 into the spreadsheet. Have I misunderstood here?  

[dx100uk]

you need to bear-in-mind that article is coming upon 10yrs old.

since then many OC's actually buyback the debt, sort the ppi out and resell.

the bottom line is you cant be refunded for something you didn't physically payback.

 

 

 

 

 

 

[LordSuggs]

Gotcha - I did think it was a bit of a longshot, but no harm in checking and really appreciate the clarification. Amending the spreadsheets this afternoon. Thanks 

[LordSuggs]

Thanks for linking to Dunnie's thread. I've copied his formatting to build my calculations out:

 

Loan 1 – September 2005

Borrowed                                        £8,500

PPI premium for loan 2                  £ 3454.15

---------------------------------------------------------

Total Loan 2 Amount                      £11,954.15

 

PPI proportion of loan 2 = £3454.15 / £11954.15 * 100 = 28.89%

 

Monthly repayment = £184.33

 

Therefore, PPI element of repayment = £184.33 * 28.89% = £53.25

 

14 payments of £53.25 Sep 2005 - Nov 2006 = £745.5

Payment in Oct 2006 is £204.33 with no explanation, so PPI is £59.03

 

Total PPI paid on Loan 1 = £804.53

 

PPI carried over to Loan 2: £3454.15 - £804.53 = £2649.62

 

 

Loan 2 – Feb 2007

Borrowed                                     £18,137.00

PPI carried over from loan 1      £2,649.62

PPI Premium £7,738.88

 

---------------------------------------------------------

Total Loan 2 Amount                 £25,875.88

 

PPI proportion of loan 2 = (£2,649.62 + £7,738.88) / £25,875.88 * 100 = 40.15%

 

Monthly repayment = £459.98

 

Therefore, PPI element of repayment = £459.98 * 40.15% = £184.68

 

Total PPI on Loan 2: 11 payments of £184.68 Feb 2007 - Dec 2007 = £2,031.48

StatIntSheet v101.xls

[dx100uk]

30% PPI is really high

are you sure that's the PPI 3454.15 charged from the 1st statement or if from elsewhere without interest added?

[LordSuggs]

Double checked - Scan attached from the September 2005 loan 

[dx100uk]

wow 30% that extortionate

certainly the biggest ive ever seen.

[LordSuggs]

Blimey, really? Makes me feel even more justified in claiming this all back! 

 

Did the recalculations look better on that last one? 

 

Just pulling together letters for the first loan and CC. They all go out with separate letters yes?

[dx100uk]

you've set a claim to date you don't do that on the statint sheets. never touch that.

put the formula back in =TODAY() [under the formulas tab.]

 

you cant lump together rollover of PPI1 and sep ppi loan2

 

show each as sep PPI payment every month 

label PPI Rollover from loan 1

then PPI Loan 2

 

pers I wouldn't put all that detail in the description

 

as for the done claims

sep for each in one env.

 

Covering letter

spreadsheets

FOS CQ

 

[LordSuggs]

Thanks DX - amended as per your guidance. 

 

Loan 2 – Feb 2007

Borrowed                                      £18,137.00

PPI carried over from loan 1      £2,649.62

PPI Premium                                £7,738.88

 

---------------------------------------------------------

Total Loan 2 Amount                 £25,875.88

 

PPI Rollover from Loan 1 = £2649.62 / 25875.88 * 100 = 10.24%

PPI  of loan 2 = £7,738.88 / £25,875.88 * 100 = 29.91%

 

Monthly repayment = £459.98

 

Therefore, PPI Rollover from Loan 1 = £459.98 * 10.24% = £47.10

PPI of Loan 2 = £459.98 * 29.91% = £137.58

 

------------------------------------------------------------

 

Just to confirm, I don't complain to Canada Square first, I go directly to FOS? 

 

The reasons I was going to put in the letter:

Egg card - never knew I had PPI, nobody told me (not on the agreement form)

Egg Loan 2001 - never knew it was in there, not told by salesperson (PPI is on agreement form though)

Egg Loan 2005/6 - was self employed at time, implied to me PPI part of loan

Sound right? 

 

Thanks

 

 

 

StatIntSheet v101.xls