PPI and Court

[Bill-K]

Re: PPI and Court

lets remember the offer is as per fos guidelines for calculating redress whether that is right or not i am not sure but if it is wrong the only way i can enforce is via civil court which does not bother me because they have already made two offers and at least at court i would get a fair outcome if they do not hold there hands up before then

Just because the Co-Op or the FOS say it is within the guidelines does not mean it definitely is, PF. As I said, if the calculation cannot be reasonably understood, then this is NOT within the guidelines. The calculation CANNOT be understood - because they haven't even provided one.
The FOS have simply accepted the figures the Co-Op gave them, and assumed that these were correct. Sure, the application of 8% is good - but the figures on which this is based are wrong. WE know this - but the FOS does not. As soon as we can show both the Co-Op AND the FOS this, then we should get a new ruling from the FOS, if the Co-Op dispute the claim.

Sure, eventually, we might be able to point out to the Co-Op that the record shows how inept or dishonest they have been, and that this would not give them much chance in court. But not yet....

[pompeyfaith]

Re: PPI and Court

must say and im sure my friend nellie will agree fantastic advice far far better than i was getting otr im well impressed
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and there is a differance between a fair offer and the right and just offer ;-)

[nelliewops]

Re: PPI and Court

must say and im sure my friend nellie will agree fantastic advice far far better than i was getting otr im well impressed

Sure do PF - I was only saying to OH this morning that I can't believe those spreadsheets are still in use when it must be apparent they are incorrect...............I feel sorry for the folk who are still being encouraged to use them

Thank God for Bill and Turbo, that's all I can say :billk:

Nellie x

[pompeyfaith]

Re: PPI and Court

nellie when i we do eventually get to the bottom of this rocky path and i get the redress im owed i wish that you TB and bill will join me for a celebration on me as these past 2 yrs you have been a tower of strength and keeped me going

[Turboman]

Re: PPI and Court

Hi

Just signing in to give support to my mate Bill


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

Well--I've never dealt with a Co-Op claim before--lol

[pompeyfaith]

Re: PPI and Court

indeed and that is why they are getting away with it at the fos if this was say lloyds it would be a differant ball game

[Bill-K]

Re: PPI and Court

Thank you PF & Nellie - you are very kind !!!

Turbo - I agree that we don't seem to get too many bad offers, but I guess the Co-Op has proved that we still have to keep our eyes peeled, eh ? !!!

[Turboman]

Re: PPI and Court

Right Bill--I've studied the Co-Op letter in depth now & it seems they are saying they have taken account of the lack of rebate in the last 7 consolidation loans--preumably PF settled the first 2 by cash.

I enclose the summary so far (see post 130 for latest) & as you can see-they certainly have far higher figures than expected for "total paid to xxxx" --I smell a rebate after all-perhaps

Hold fire till Friday morning PF before you commit yourself to a statement to FOS or Co-op to give us chance to analyse the data more closely

Turbo

[pompeyfaith]

Re: PPI and Court

will do and ill confirm which I settled in cash and which I refinanced.

PF

[Turboman]

Re: PPI and Court

PF

Got your letter detailing that on 5 loans-you did have a PPI rebate off the settlement figure

Re Loan 9 statements--there seems a lot of payments--well over the 12 on your originalSS---which is where we took the "no of payments made"

Any news on which loans you just paid off in cash-rather than carrying forward ??

Turbo

Latest summary of all available info below

[pompeyfaith]

Re: PPI and Court

Re Loan 9 statements--there seems a lot of payments--well over the 12 on your originalSS---which is where we took the "no of payments made"

Yes indeed TM that is because I stopped paying the loan as it was disputed and with the FOS you will see on those that they where taking payment to the loan but then returning the payment.

That was all on paper so to say no money actually left and returned to my current account.

I guess it was just there way of keeping the loan account active.

PF
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Am still looking TM ill get back to you in the morning ok.

PF
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i think the proof eather way will be in the settlements as they have been very cagey about releasing them and i agree we defo need them

[Turboman]

Re: PPI and Court

Right PF

I have trawled through both the LB & the CAG thread & have all figures from agreements/docs you sent me/ss in a summary which Bill & I are endeavoring to make sense of

However

For Loan 1 Paid off in cash)-you are being offered ££806
we calculate that you would have had to pay around £4,396 to clear the loan on 9/10/2000(say) and of that £819`is to clear the outstanding PPI Loan--attracting a whopping £654 in 8% interest---Total £2,303

For Loan 2 Paid off in cash)-you are being offered £799
we calculate that you would have had to pay around £2,991 to clear the loan on 23/2/02(say) and of that £385`is to clear the outstanding PPI Loan--attracting a whopping £385 in 8% interest---Total £1,362

However---we cannot revrse engineer the remaining loan figures without THE STATEMENTS, a full detailed explanation of the figures--their figures of "paid to date"for each loan seem to have been plucked out of thin air and bear no relation to actual paid.

We must have

1-Statements and explanation and especially the dates (& loan) to which the partial PPI refunds apply

2-Which loans were carried forward or paid off (incl amount from your bank statements)

Re your present loan--just an explanation as I saw in your posts that you expected the full PPI premium to be returned as a cheque offer

Most people make the mistake of thinking that you get all the PPI back on an active loan, but you can only get back what you have actually paid ie--12 payments +8%. This is because you never actually paid the PPI single premium--it was merely an extra loan-which you are paying off in conjunction with the Cash Loan.
What then happens is that the loan is restructured with the overall loan reduced by whatever that proportion of the outstanding balance is relative to the PPI loan.

Turbo

Sorry PF-this is as far as we can go---if you like-we can get Bill to write one of his famous letters to Co-Op for you--"I have taken specialised financial advice and I am not happy for the following reasons......)

[pompeyfaith]

Re: PPI and Court

Re your present loan--just an explanation as I saw in your posts that you expected the full PPI premium to be returned as a cheque offer

Most people make the mistake of thinking that you get all the PPI back on an active loan, but you can only get back what you have actually paid ie--12 payments +8%. This is because you never actually paid the PPI single premium--it was merely an extra loan-which you are paying off in conjunction with the Cash Loan.
What then happens is that the loan is restructured with the overall loan reduced by whatever that proportion of the outstanding balance is relative to the PPI loan.

Turbo

TM thak you that point I now understand, unfortunately having search high and low I have no statements that would be of any use maybe we can force the banks into giving this info with the info we have gleaned from loans one and two.

What you think?

A letter would be useful if that is ok I don't want to push it too far with you guys as you have both been a great help thus far.

PF

[Turboman]

Re: PPI and Court

Ok PF--but you said to me the ones with no rebate were financed by cash (2) and one by remortgage--can you rember which ones--was it the ones not mentioned in the rebate letter---1,2 & 4

When we compose a letter for you, it would be useful if you clarify where those 3 SS in CAG were sent--FOS or Co-Op?

Also, could you post up in this forum the original letter (somewhere in CAG (lost it)) where the FOS say it is not their responsibility to either check or understand the calculations.

Also, could you summarise the dealings you had with ICO - was it re the lack of info on the SAR?

Turbo

[Turboman]

Re: PPI and Court

Bill

I'm going to ask my friend Marshallka to calculate the projected settlement figure using Rule of 78, and then I suggest (for the time being) we treat the loans as separate entities (worst case anyway) then we have a quick overview of the minimum amounts PF should have

Turbo