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Hi Everyone,
Following the templates from the forum I am helping my friend persue PPI claims with Barclays Bank.The current Loan taken with PPI was for £20000 over 7 years, ending in Feb 2013,she would be aged 67 when the loan is complete. See attachments for agreement details.
They sent the following letter via Financial Ombudsmen Service on 20.01.2010.
(Quote)
In line with the Financial Ombudsman Service 's recommendations,we will arrange to place you in a positionwhich is broadly the same or better than you would have been in had you taken your loan without PPI.
I should explain that the latter does mean that we will need to draw up a new loan agreement for the revised loan amount. I will now detail how we intend to meet the recommendation:
Refund of Your Payments
Your Original loan was for £25814.03 which includes the PPI £5814.03 and your total monthly loan payment was £435.58.Had you not taken the PPI with your loan,monthly payments would have been £337.48,this means you will have overpaid £98.10 in PPI payments per month,for a period of 47 months.We will refund to you have over paid,amounting to £4610.70 ,plus 8% interest on this overpayment of £737.71.
I believe this figure to be in correct the first payment was in Feb 2006 it is now nearly Feb 2010.Any help on the maths are the calculations by Barclays correct ?
Restructuring of Your Loan
Your current balance is £13764.09,wth 47 payments remaining,but if you had not taken PPI,your current loan balance would be £10671.87.
My calcaulation is 12months x7years = 84 months less 41 months paid = 43.
From Jan 2006 to Jan 2010= 48 months ?
Unfortunately ,we are unable to follow precise direction of the recommended settlement due to current restraints preventing us from matching the exact remaining amount of term of yoour existing loan.
I believe they are now aware of the mis-selling of the original loan when the customer would be 67 when the loan is re paid.I have sent a SAR to Barclays and all agreements they sent as true copies were un signed by 1. Customer 2. Bank. My friend has the copy given to her the day she signed only has banks signature ....her signature is not on the document.
So I truly need advice on how to proceed to ensure that this is not a repeat of mis selling a loan.
To achieve this, we will cancel the PPI and provide a replacement loan for £10600 at the same interest rate as your existing loan of 10.9%APR, but over a remaining period of 30 months instead of 37 months. While the new monthly payment of approximately £403.00 is slightly higher compared to the monthly payment you would be paying had you not taken PPI with your original loan,the overall cost of your loan will be lower than would have been the case if you had taken it without PPI originally. This is because of the shorter term at the same interest rate.
I trust his information is to your satisfaction and I lookforward to receiving your signed loan agreement.
Sorry I do go on in this post though the devil is in the detail. My friend is 64 next month and I really believed that I could clear this cloud to help her to get back to living.
Many thanks for listening.
Geo
:car:Barclays
Following the templates from the forum I am helping my friend persue PPI claims with Barclays Bank.The current Loan taken with PPI was for £20000 over 7 years, ending in Feb 2013,she would be aged 67 when the loan is complete. See attachments for agreement details.
They sent the following letter via Financial Ombudsmen Service on 20.01.2010.
(Quote)
In line with the Financial Ombudsman Service 's recommendations,we will arrange to place you in a positionwhich is broadly the same or better than you would have been in had you taken your loan without PPI.
I should explain that the latter does mean that we will need to draw up a new loan agreement for the revised loan amount. I will now detail how we intend to meet the recommendation:
Refund of Your Payments
Your Original loan was for £25814.03 which includes the PPI £5814.03 and your total monthly loan payment was £435.58.Had you not taken the PPI with your loan,monthly payments would have been £337.48,this means you will have overpaid £98.10 in PPI payments per month,for a period of 47 months.We will refund to you have over paid,amounting to £4610.70 ,plus 8% interest on this overpayment of £737.71.
I believe this figure to be in correct the first payment was in Feb 2006 it is now nearly Feb 2010.Any help on the maths are the calculations by Barclays correct ?
Restructuring of Your Loan
Your current balance is £13764.09,wth 47 payments remaining,but if you had not taken PPI,your current loan balance would be £10671.87.
My calcaulation is 12months x7years = 84 months less 41 months paid = 43.
From Jan 2006 to Jan 2010= 48 months ?
Unfortunately ,we are unable to follow precise direction of the recommended settlement due to current restraints preventing us from matching the exact remaining amount of term of yoour existing loan.
I believe they are now aware of the mis-selling of the original loan when the customer would be 67 when the loan is re paid.I have sent a SAR to Barclays and all agreements they sent as true copies were un signed by 1. Customer 2. Bank. My friend has the copy given to her the day she signed only has banks signature ....her signature is not on the document.
So I truly need advice on how to proceed to ensure that this is not a repeat of mis selling a loan.
To achieve this, we will cancel the PPI and provide a replacement loan for £10600 at the same interest rate as your existing loan of 10.9%APR, but over a remaining period of 30 months instead of 37 months. While the new monthly payment of approximately £403.00 is slightly higher compared to the monthly payment you would be paying had you not taken PPI with your original loan,the overall cost of your loan will be lower than would have been the case if you had taken it without PPI originally. This is because of the shorter term at the same interest rate.
I trust his information is to your satisfaction and I lookforward to receiving your signed loan agreement.
Sorry I do go on in this post though the devil is in the detail. My friend is 64 next month and I really believed that I could clear this cloud to help her to get back to living.
Many thanks for listening.
Geo
:car:Barclays
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