PPI and Court

[marshallka]

Re: PPI and Court

PF, I bet that I have seemed the "negative" person in this case all along but believe me I always thought I was right (and the case was proved eventually) and although you have probably not gained much in the way of monetary value I think you can say, you have gained a whole new bunch of "friends" on here.

We know its not as much as you expected from Co-op and they were correct all along TBH (of which I argued on here, MSE, and also CAG) but without others agreeing the same I know you would not accept and put it to bed.

As regards loan number 1, this was offered as Goodwill anyway so FOS could not force anything from Co-op in regards to statements and they have told you this (like they did myself) and being goodwill, this can be withdrawn at any time so my advice (for what its worth) would be to actually accept the offer made. Its certainly better than nothing and I would say if the statement did turn up it would show a rebate. Only time will tell on the SAR.

Sorry (and truely am too!!) that this is not the amounts you first expected. I just wish it was us you had come to first instead of listening to people over at CAG (I did the same on MSE TBH) and having all this undue stress put upon you.

Co-op have always given insurance rebates which some firms do not and Firstplus is a good example of ripping people off. I also hope that you can sort out the defaults etc to your advantage and not theirs.

Has it cost you much in this way PF cause if it has then perhaps we can all help to put things right there. I know this would probably mean crawling and begging (YUK) at Co-op but I have actually NEVER had a bank charge there in all the time I have been with them that they have not refunded (at the time that is by just asking nicely LOL). Just hope you can get it sorted out.

[WendyB]

Re: PPI and Court

Hiya PF. I've followed this thread and tried to get my head round it, and put in my two pennorth where i thought it would help (or not, as the case may be!). Anyway, here's my latest two pence worth.

I didn't know you on CAG, have only got to know you and the circumstances of this case from over here. It seems to me you've had a really rough ride with one thing and another, this claim, your health, and life in general. You've fought long and hard and won a lot of battles to get to the situation you're in now. I can see Bill's point of view, and agree with the principle, but I personally think that I'm with TM and Marshy on it, this offer is as good as it gets, without a long and protracted fight which could ultimately end up with them withdrawing the offer. And at the end of the day, principles don't pay the bills do they??

The figures pretty much agree, with the exception of Loan 1, so at what cost would it be to you to carry on? Not just financially, but all round, stresswise, healthwise etc.

and 100% of something is better than 100% of nowt.

[pompeyfaith]

Re: PPI and Court

Thank you Wendy and your input on this thread has been greatly received and my ultimate goal was to ensure that this refund does cover the outstanding loan with it does now with the goodwill offer of loan 1 with a bit over to come to me and above all i am now debt free and that is nothing to be snift at once again THANKS TO ALL WHO HAS BEEN INVOLVED and yes i have found friends too xx

[nelliewops]

Re: PPI and Court

Hi PF,

I'm so very grateful to Turbo, Marshy, Bill and Wendy for helping you with this and whilst I agree that it isn't what you were originally hoping for (thanks to those bloomin' spreadies OTR), the end is now finally in sight. To be able to clear the outstanding balance on the current loan and come away with your health having suffered no further damage is the most important thing - that and all the extra friends you've gained!

Having had my own result today I just can't wait for your own celebrations to begin

My thanks to all who have been there for you!

Much love,

Nellie x

[pompeyfaith]

Re: PPI and Court

Thanks Nellie you have followed my battle offering advice along the way right from the begining otr and here it really does warm my heart that closure is near for me and that your are at the end with your Norton battle i take heart that i was totally right in turning down the banks first offer which did not include the first loan at least i now have a goodwill on that one PF

[nelliewops]

Re: PPI and Court

Thanks Nellie you have followed my battle offering advice along the way right from the begining otr and here it really does warm my heart that closure is near for me and that your are at the end with your Norton battle i take heart that i was totally right in turning down the banks first offer which did not include the first loan at least i now have a goodwill on that one PF

Exactly PF - you will come out of this stronger, no longer in debt to the Co-op and with a whole new bunch of (very knowledgable) friends, as well as having a better outcome than they had initially offered

I do think OTR needs to get rid of that mis-leading spready, if they haven't already done so though - otherwise think how many other poor souls will be mis-guided into believing they are owed more than they really are..............

[pompeyfaith]

Re: PPI and Court

I do think OTR needs to get rid of that mis-leading spready, if they haven't already done so though - otherwise think how many other poor souls will be mis-guided into believing they are owed more than they really are..............

Totally agree.

PF XX

[Bill-K]

Re: PPI and Court

You got respect, mate.

From those of us here. Yeah.....well....

From those of them there. Yeah.....well....

From yourself.

Yeah - that's what matters. They couldn't take it from you.

Result.

Win.

[Amethyst]

Re: PPI and Court

How does the OTR speady differ so much ? does it add compound/contractual interest on ?

[marshallka]

Re: PPI and Court

How does the OTR speady differ so much ? does it add compound/contractual interest on ?

I think its totally useless TBH AMethyst. I have no idea of spreadies really but I do know that if its the one on CAG (as was) its completely out and should be banned from being used. Just my opinion here as it can cause a lot of unnecessary suffering to claimants in that they think they are due much more back than they really are. I work mostly by hand to check any calculator and going by that one OTR it actually paid the consumer for having the loan.

[The Debt Star]

Re: PPI and Court

and going by that one OTR it actually paid the consumer for having the loan.

lol. good one.

[pompeyfaith]

Re: PPI and Court

Ame yes it adds compound and stat but the problem with it is its useless for situations like mine i,e refinancing where the loan does not go the full term

[marshallka]

Re: PPI and Court

Ame yes it adds compound and stat but the problem with it is its useless for situations like mine i,e refinancing where the loan does not go the full term

If all it works out is the PPI if your loan went to full term (which it does not even do that correctly I don't think) then that is very simple. You just find the PPPI element of the repayment and then times it by how ever many months your loan was over. Most of the time its written on the agreement anyway.

[pompeyfaith]

Re: PPI and Court

yes on the later agreements the loan and ppi is listed seperately but that was only the case on my last two as you know any agreements pre 2007 folk will struggle as both elements will be lumped together
------------------------------- merged -------------------------------
so most consumers who are not savvy with figures will rely on the spreadsheet to work it out and this is where it all starts to go wrong

[marshallka]

Re: PPI and Court

yes on the later agreements the loan and ppi is listed seperately but that was only the case on my last two as you know any agreements pre 2007 folk will struggle as both elements will be lumped together
------------------------------- merged -------------------------------
so most consumers who are not savvy with figures will rely on the spreadsheet to work it out and this is where it all starts to go wrong

Easy method
Take the PPI (without interest) and divide it by the loan and PPI (without interest). This gives you a figure. Take that figure as a percentage. (you will have a figure 0.**** in your calculator... forget the 0. and use the last four figures BUT put a "point in between them (after the first two).

This would be the "element" of your repayment that went towards paying the PPI. (put into your calculator the repayment amount using a "point" and then "times" that by the percentage amount (using a point again) and then press the % button. You should have now the amount of the repayment that went towards you PPI.

You then "times" that by how ever many months your loan was over and this is the actual amount of your PPI including interest that you "would" be charged IF the loan goes to full term that is.