PPI and Court

[Turboman]

Re: PPI and Court

To be honest I thought amoritising would have been simpler, and easier, the bit I didn't get was where the loan was refinanced, yet the new payment was lower than the original? Or was the new payment in addition to the original? This was where I started to ask PF but then the next day the offer appeared, and now my boss has come back from his hols so couldn't carry on anyway

Hi Wendy

I'm a bit late on the scene--but Amortization usually is no good on a Variable Rate (ever increasing rate like FirstPlusand the poster forgets to file the % increase letters)--on PAG a couple of years ago -me & Bill used all sorts of programs on this--see Understanding Loan Amortization on either PAG or PCF

Where we are going at the moment--(in order to catch up -then move forward)-is to create a composite spreadsheet with the 9 loans as separate w/s (in 2003 format) (Bill has the main bits in our enclave)--and then I will create a summary w/s of these 9 w/s & also include the Co-op calcs as posted + our expectations based on our knowledge of the Rebates/ PPI refunds (none )

We will then coerce PF for extra info as and when required

We expect to be ready EDIT--WEDS/Thurs--

Rest encorouged that we will be back

PS--PF--have you heard "The ballad of Lucy ******" by Marianne Faithful ?

PS--If Turbo is invited to join a thread---WYSIWYG!!! + Queen !!

[Bill-K]

Re: PPI and Court

Blimey, Wendy. You deserve one shed-load of Brownie points for that, IMO !!! Amortisation can be a nightmare. MS Excel has a function for it, and there are numerous spreadies and progs for it, but in the end it is a projection of how the value of an item diminishes to zero, during its' life-span.

There are many ways that this is done, but where a loan has been consolidated into another, then we have no need of 'projection' as such. We already have a 'fait accomplis.' What's done is done....what's paid is paid.

The problem we have is to determine EXACTLY how much of the previous loan has been carried forward to the next, and that needs clear 'settlement figures.' It's not so much a case of amortisation, as a need for extrapolation.

It's a bit like kinky sex - but for geeks !!!!

[WendyB]

Re: PPI and Court

To be honest I thought amoritising would have been simpler, and easier, the bit I didn't get was where the loan was refinanced, yet the new payment was lower than the original? Or was the new payment in addition to the original? This was where I started to ask PF but then the next day the offer appeared, and now my boss has come back from his hols so couldn't carry on anyway

[pompeyfaith]

Re: PPI and Court

I have a complete set of statements for the current loan.

PF

[Turboman]

Re: PPI and Court

What am I saying here?

bill & I can check these by Amortizing the Loan


This was the long route where we calculated the projected balance when people didn'nt have statements---the law has now been changed so you must get a Loan Statement annually---but in practice you can now easily get one by ringing up.

There are 2 important areas

A----The opening part where you might expect

Credit-10,000
Debit--950 (pay off a debt)
Debit--2,500 ( (PPI Premium)
Debit--3,000 (settle previous loan)

SO--that means you got a Cash Advance of £3,550 and the Settlement Figure was £3,000 on the old loan

B----The last bit of the statement

This will detail how the settlement figure is calculated

see below from Nellie LTSB

ALSO--if you don't have the loan statements--the actual Bank Statement would have the credit of £3,550 which means that at least you know that

Look out for the words below in alll corres which Bill & I are especially interested in for our sums

1---Loan Rebate
2---PPI refund

Turbo

[WendyB]

Re: PPI and Court

I started amoritizing for PF the other day....and came to a full stop when moving on from first loan to second cos I couldn't make sense of the refinance figures.......and then he got his offer so I gave up.....

[Turboman]

Re: PPI and Court

We are at simiantics@gmail.com in our enclave that we both use by the way--for personal stuff

See here also--

http://www.legalbeagles.info/forums/...ead.php?t=6695

[pompeyfaith]

Re: PPI and Court

Cheers ill get my son to play it too with one of his guitars he loves Queen.

PF

[Turboman]

Re: PPI and Court

Yes Yes--send us the settlement figures--and any figures you have (lol)--as if they look dodgy--bill & I can check these by Amortizing the Loan

Turbo

Its getting to the sharp end now--Bill is in his Simiantics EnclaveI will be in there soon--but in the meantime -I leave you this enchanting melody to calm your nerves

[pompeyfaith]

Re: PPI and Court

Greetings Both,

yes they were mostly refinanced bar a couple which I settled via a remortgage, I have no settlement letters as they did not ever send me any and to be quiet honest that did not cross my mind at the time.

I did get a set of settlement figures though via a S.A.R I can send you those if you wish.

This settlement figure though is a total figure and there is no breakdown of what is PPI and Loan.

Regards

PF
------------------------------- merged -------------------------------
On the current loan they credited £914.20 into my loan account as settlement of my current PPI before they unlawfully closed the account.

[Turboman]

Re: PPI and Court

Thanks PF

All info will be worked on in conjunction with Bill in our "enclave"

So--do I understand that each Loan was effectively settled before a new loan taken out--ie--the new Cash Advance was in 2 parts

1-settlement figure
2-new advance

Therefore-have you got the 8 Settlement Letters which detail

1-Balance o/s
2-Rebate on loan
3-PPI refund if applcable
4-Admin fee/extra interest charged for settling early

Turbo

[pompeyfaith]

Re: PPI and Court

Greetings Bill,

Have sent turboman the info he requested if you need them too just shout or you can get turboman to copy them to you.

Regards

PF

[pompeyfaith]

Re: PPI and Court

Greetings Turboman,

Firstly Thank You for your help really is much appreciated.

Now the account numbers are not in order from the bank ether they are the payments made no payments were ever missed because it was a condition of the loan that I had a co-op current account with a DD in place and thus the payments were taken whether the funds had cleared or not.

Now this account numbers all started with the current account sort code and account number.

I will send you a PM with the info requested in time order.

Regards

PF

[Turboman]

Re: PPI and Court

Hi Pompeyfaith

I'm collating and summarising the info so can see the wood from the trees

Re post 40--having trouble tying up the agreements with the account number-- you have marked 83 twice for instance and some have no acct number.

Can you post just summarise with a line for each loan as below:

ACCOUNT NUMBER/CASH LOAN AMOUNT/DATE OF AGREEMENT

Also--those spreadsheets you posted up--are they the actual payments made-including missed payments & different amounts (if applicable) or the theorectical payments due?

Thanks

Turbo

[Turboman]

Re: PPI and Court

Hi

Just signing in to give support to my mate Bill

I agree with Bill that the early spreadsheets posted up with a template (CAG I believe--saw that one years ago & knew it was wrong then)) are incorrect-in the theory adopted.

I will also have a look at all your posts today (could take a couple of days though as there's a lot of loans) and concur with Bill in our "enclave" at Simiantics

However, my recent experiences are that the Lenders usually get their figures right and do not "try it on" now. Indeed, Welcome's method pays out more than expected.

Turbo