PPI and Court

[marshallka]

Re: PPI and Court

the letter bill posted is that an ok to email to the fos ?

It seems OK to me PF and as yet this is what we know to be the correct figures although as Co-op are saying they have not got records going back this far, and you do not have a settlement statement either they may come back and state that that is their final offer and FOS will agree like they did with mine. (although at least you have had then refund the payments made).

They may also come back with your statements whereby they can prove that a rebate was applied (and this is why they are offering such a low payment compared to the one where no rebate was applied)... who knows but you have definately given it your all and are continuing to do so.

If this loan was paid off with the second loan you had (like mine) then maybe they will find the cheque they actually sent to you (being the opening balance of the second loan less the closing balance of the first loan).

[marshallka]

Re: PPI and Court

how did you pay it via DD from a coop account ? If you did not pay it you would not have got a second loan as you would have defaulted on the first

If it was from a coop account you can bet that they would have taken payments from it regardless whether the funds where there or not marshy start a thread on this so the very good ppi team we have here can pull this appart

I have proof of the agreement sent to us and we have a "copy" of this signed. I do not have proof of paying it (not got statements going back to 1997) and as regards the loan after, it was taken out some two years later (the first loan was over 5 years) so I assumed we actually took out another loan then and paid off the first loan with the second loan... they have no proof and we don't either.

[pompeyfaith]

Re: PPI and Court

the letter bill posted is that an ok to email to the fos ?

[pompeyfaith]

Re: PPI and Court

how did you pay it via DD from a coop account ? If you did not pay it you would not have got a second loan as you would have defaulted on the first

If it was from a coop account you can bet that they would have taken payments from it regardless whether the funds where there or not marshy start a thread on this so the very good ppi team we have here can pull this appart

[marshallka]

Re: PPI and Court

yup they still maintained that they had no record of payments made or settlement given my point was that as they now do have the agreement its not hard for them to work it out after all, All you have made a fais assumption and i still do not believe them

This was their argument with one of mine being 1997. I had the agreement signed by us (as all the agreements were) but not signed by them (as all the agreements were NOT also)....

They then said that although I had the agreement they had no proof that we actually ever took the loan out as they had no records. I then took out a much larger loan 2 years later and "assumed" that we had colsolidated this loan into that one but had no proof whatsoever and they did not either. I told FOS that the proof was there in that I had an agreement signed and they got back to Co-op and co-op "agreed" to look into it IF we had the settlement statement. I did not and FOS agreed that they had done all they could and that maybe the loan never was taken out.

I will try and find the FOS letter stating this from the co-op as they had put they would certainly look into this matter and if necessary issue a refund IF we can find records. So annoying we could not as I have just worked it out and with statutory interest (and providing there was no rebate) it would be over £2K....

[pompeyfaith]

Re: PPI and Court

as for "goodwill" without checking my paperwork im not sure what does that have to do with it marshy?

[pompeyfaith]

Re: PPI and Court

yup they still maintained that they had no record of payments made or settlement given my point was that as they now do have the agreement its not hard for them to work it out after all, All you have made a fais assumption and i still do not believe them

[pompeyfaith]

Re: PPI and Court

yes that is what they said originally until i disagreed then another lot of agreements turned up and within that was the first agreement lol

[marshallka]

Re: PPI and Court

Right --drafting out the Fos letter-Marsh--stop worrying--it is vastly to our advantage if they pluck a rebate out of the air!!!)

Marshy---this is the main part of my letter for FOS to illustrate to them that Co-Op are not complying with the basic guideline that the loan must be adjusted as if PPI had not been applied---only going to use Loan 1---please check it for me

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

With reference to the first Loan--ref Account 80 in Co-op Offer Letter of 24th August 2010

Date of Agreement : 9/3/1999
Date of first payment: 9/4/1999

Total Monthly payment: £132.98
Monthly Pymnt Cach Loan: £108.21
Monthly Paymnt PPI Loan: £24.77

18 Total Payments made of £132.98= £2,393.64 (Co-op letter of 24/8/2010 £2,393.56)
18 PPI Payments made of £24.77= £445.86 (Co-op letter of 24/8/2010 £445.92)

So Co-op offer £445.92 + 8% interest on each payment = £360.84 (actually only calculated up to February 2010 ) = £806.76 (as in the letter of 24/8/2010)

However,we believe that the Co-Op have concealed the final payment to close the loan (calculated by the Stewart Rule of 78 Calculator-Equal instalments site & used by Co-Op ) of £4,486

of which that part attributable to the PPI part of the agreement = £835.75( 18.63%)---further attracting 8% interest from time of settlement of 9/10/2010. This 8% amounts to £626.83 (as at 24/8/2010)

Therefore the correct refund would be £806.76 (Co-op offer) + £835.75 + 626.83) = £2,269.34
　

Right Pf

Slow down--keep calm
Everyone else -- no more tunes/photos or simple messages of supporrt

We are at the sharp end now and need to focus on info in a few posts

The Fos have commented today that
1-they do not deal with DSAR
2-they think the offer was reasonable
3-they want PF to tell them the timeframe you want to extend their particular "deadline"

I presume that you have not contacted Co-Op successfully ??

Two issues then:

FOS

Reply to them with illustration on why they are wrong in saying that they believe that Co-Op have followed the guidelines (refer to the old letter which they say it is not up to them to understand the sums !!!

Then as an illustration-we'll concentrate on JUST LOAN 1 which is easy to explain the difficiency in their offer in simple English Prose without the aid of spreadsheets.!!

Then-we ask them to explain why they think its right
and tell them the timeframe required to accept/ the offer be extended to14 days after full compliance with the DSAR (which is only asking for simple statements)

Co-OP

Keep up a civil relationship & conversation with Co-Op via phone-frequent fax & reminders that the timeframe is effectively 40 days


Later tonight--I will draft your reply to FOS for tomorrow, hopefully Bill & Marshy will verify /edit if neccessary by 10:00am

Turbo

Was this loan FIRST refused due to them not having records?

The redress they have offered is actually JUST the PPI repayments made against the loan being 18 x 24.77? Did they say to PF that they did not have a record of the settlement of this loan being 1999?

Also was this offered by Goodwill?

[enaid]

Re: PPI and Court

Are we nearly there yet? lol

[pompeyfaith]

Re: PPI and Court

No appologies need bill we all understand that you have a life too thank you for your input bill PF

[Bill-K]

Re: PPI and Court

My apologies for absence. Is this any use ?

Dear Sir,

I write with reference to the PPI refund offer on loan account 80, made by the Co-Op in their letter of 24/08/10. If the FOS considers its' offer of £806.76 to be fair and reasonable, then the FOS must clearly have checked their calculations in order to arrive at this conclusion. That being the case, I cannot understand how it can be considered fair and reasonable to completely overlook the PPI paid as part of the final settlement of that loan, and I respectfully request that you look into this.

Assuming that you will be re-checking your calculations, I will try and assist you with the following details of the loan:

Date of Agreement : 9/3/1999
Date of first payment: 9/4/1999

Total Monthly payment: £132.98, which comprises
Monthly Payment Cash Loan: £108.21
Monthly Payment PPI Loan: £24.77 (18.63% of the total loan advance)

18 Total Payments made of £132.98= £2,393.64 (Co-op letter of 24/8/2010 states £2,393.56), and therefore
18 PPI Payments made of £24.77= £445.86 (Co-op letter of 24/8/2010 states £445.92)

The Co-op has offered £445.92 + 8% interest on each payment = £360.84 (calculated up to February 2010 ) = £806.76.

However, the Co-Op appears to have completely overlooked the final payment to close the loan, which would have been calculated by the Stewart Rule of 78 Calculator - as used by the Co-Op. This comes to £4,486, of which that part attributable to the PPI part of the agreement is £835.75(18.63%). This would further attract 8% interest from the date of settlement, amounting to £626.83 as at 24/8/2010.

Therefore, in my estimation, the correct refund should be £806.76 (as offered) + £835.75 + 626.83 = £2,269.34 PLUS a further £52.33 in compensatory interest to bring the claim up to date as of 06/10/10, amounting to £2321.67 and increasing by £0.28 per day thence from.

This seems to be a fair and reasonable calculation, and unless you can show otherwise, I formally request that you direct the Co-Op to make a revised offer along these lines. I also request that you consider directing a further compensatory payment, bearing in mind that the Co-Op's offer is either a deliberate and unforgiveable attempt to defraud me, or a genuine - but equally unforgiveable - error.

[pompeyfaith]

Re: PPI and Court

Turbo,

"that man will not lose" love it lol you instill me with confidance

[pompeyfaith]

Re: PPI and Court

Thank You Wendy and Di getting tired now so will read up on those in the morning once i have replied to the fos xx

[WendyB]

Re: PPI and Court

quick mooch reveals

online PPI resource, did the firm make a recommendation or give advice?
FOS policy and guidelines

and this, which may be quite useful but I don't have the time to trawl through it right now FSA Handbook - Full Handbook

another thought, can you not just write to the Co-Op and say something along the lines of

"I am sure you will appreciate thatbefore acepting your offer in full, I would like the opportunity to scrutinise your calculations and compare them to fgures reached in line, abd in the light of, current FOS guidliines. In order to do this correctly I need settlement figures applied for each loan, and would therefore be grateful if you could provide these asap."