Upfront Single Premium

[Millie]

Hi

Could anybody help with this please?

I applied for my ppi refund from Abbey for a loan I had 6 years ago, they made me an offer of £466, which I declined as it did not represent a fair amount.

They have just written back to say, the ppi I had was not an upfront single premium and therefore won't be refunding anything.

I had no rebate for early settlement, and the ppi was still attached without my knowledge (whatever ppi it was).

Could someone explain this to me please, and can I still claim early settlement rebate and ppi?

Thanks.

[di30]

Re: Upfront Single Premium

Hiya

If you were mis sold the ppi, single premium of not then your entitled to make a reclaim.

So are you saying they made you an offer and now they have changed their decision?

[di30]

Re: Upfront Single Premium

You could post up the calculations of your loan, and I'm sure Turbo, Marshallka and Bill will take a look at them for you, and of course you have stated you received no rebate either, so its worth checking this out.

They will require further details in order to come down what is rightfully owed to you.

[Turboman]

Re: Upfront Single Premium

Beat me to it Di--lol

Millie

Can you post up what info you have

Amounts of the loans from your agreements (cash loan & PPI Loan)
and Monthly amounts- Total paid monthly
fixed or variable
-number of payments actually made etc
date of first payment
and the wording in the letter(s) you received

Turbo

[The Debt Star]

Re: Upfront Single Premium

Hi. On my Egg PPI claim I have claimed for compensation for both single premium and monthly instlament PPI http://www.legalbeagles.info/forums/...ad.php?t=24152

You should claim on monthly instalment PPI.

What the Abbey are implying is that they will cough up on single premium PPi without a fight becauise it was the biggest rip-off of all time and they won't bother to defend against claims , whereas monthly PPI was also a big rip off but its easier for them to argue it wasn't mis-sold (even though it was)

[marshallka]

Re: Upfront Single Premium

Hi

Could anybody help with this please?

I applied for my ppi refund from Abbey for a loan I had 6 years ago, they made me an offer of £466, which I declined as it did not represent a fair amount.

They have just written back to say, the ppi I had was not an upfront single premium and therefore won't be refunding anything.

I had no rebate for early settlement, and the ppi was still attached without my knowledge (whatever ppi it was).

Could someone explain this to me please, and can I still claim early settlement rebate and ppi?

Thanks.

How did you pay for your PPI? Was it within your loan repayments or completely seperate and what did it cover you for?

[The Debt Star]

Re: Upfront Single Premium

I bet she can't answer the last part of your question because it was mis-sold and if like the rest of us she will have no idea what the terms of the PPI were

[Millie]

Re: Upfront Single Premium

Thanks guys.

This is the information from my original credit agreement
Loan - £10,000.00
Interest - £4,072.64
96 Monthly instalments of - £146.59
APR – 9.4%
PPI - £31.05
Total Monthly Payment - £177.64

Paid one combined payment of £177.64 each month, loan and ppi together, not seperate.
Loan was taken out on 4th Jan 2003, made 10 payments of £177.64, then paid in full £9,698.39 on 4th Oct 2004. I had no rebate.
When I first asked for refund, they denied PPI attached until I produced my credit agreement, then offered me £466.00.
In their letter today they say, "please find enclosed a copy of your loan agreement which illustrates that the PPI insurance charged was a monthly premium. I hope this clarifies for you that the PPI was not an upfront single premium and therefore no further rebate is due".

Sorry, I have no idea what it covered us for.

[di30]

Re: Upfront Single Premium

Hi

Thanks for posting this up, they shall be here shortly or maybe tomorrow now to check this out for you, and let you know if any further details are required.

Did they supply you with the policy booklet details on this?
If not they should on request supply this free of charge, this should explain what is/was covered or not etc.

[marshallka]

Re: Upfront Single Premium

Thanks guys.

This is the information from my original credit agreement
Loan - £10,000.00
Interest - £4,072.64
96 Monthly instalments of - £146.59
APR – 9.4%
PPI - £31.05
Total Monthly Payment - £177.64

Paid one combined payment of £177.64 each month, loan and ppi together, not seperate.
Loan was taken out on 4th Jan 2003, made 10 payments of £177.64, then paid in full £9,698.39 on 4th Oct 2004. I had no rebate.
When I first asked for refund, they denied PPI attached until I produced my credit agreement, then offered me £466.00.
In their letter today they say, "please find enclosed a copy of your loan agreement which illustrates that the PPI insurance charged was a monthly premium. I hope this clarifies for you that the PPI was not an upfront single premium and therefore no further rebate is due".

Sorry, I have no idea what it covered us for.

The above does not tally at all if you are saying this was a single premium cause it definately does not look to be one as they have said.

If you had a loan for £10000 at 9.4% APR over 8 years (this needs confirming - edited cause you have written 96 months so it is correct) then you would make repayments would be about £147.00 a month and you repaid £146.59??? This would mean that the whole loan would cost you
£14074.00 ....which is correct.

You DID actually pay a monthly premium of just £31.05 and this was not a single premium at all. If you made 10 payments of this they were offering you 10 x 31.05 = 310.50 and then the rest is statutory interest I am assuming. In all honesty I would have accepted the redress. It was fair. Can you ask that they offer it again perhaps and see what they say. I wish you had come onto here before cause it looks like you may have lost this now...... ???????

Just to add that your settlement figure looks high and it is not because of the PPI. It is because your settlement was worked using the rule of 78 which is now abolished thankfully as it produces a settlement that is only fair to the banks and not the consumer.

I make your settlement should have been £9409 and you paid £9698 so maybe you had charges included with it.... maybe you could ask that they check this and give you a breakdown.

[Turboman]

Re: Upfront Single Premium

Thanks guys.

This is the information from my original credit agreement
Loan - £10,000.00
Interest - £4,072.64
96 Monthly instalments of - £146.59
APR – 9.4%
PPI - £31.05
Total Monthly Payment - £177.64

Paid one combined payment of £177.64 each month, loan and ppi together, not seperate.
Loan was taken out on 4th Jan 2003, made 10 payments of £177.64, then paid in full £9,698.39 on 4th Oct 2004. I had no rebate.
When I first asked for refund, they denied PPI attached until I produced my credit agreement, then offered me £466.00.
In their letter today they say, "please find enclosed a copy of your loan agreement which illustrates that the PPI insurance charged was a monthly premium. I hope this clarifies for you that the PPI was not an upfront single premium and therefore no further rebate is due".

Sorry, I have no idea what it covered us for.

Hmmm as Marshy says--something odd here--if you can see on your agreement that there is separate monthly pymnt for Cash Advance of £146.59 and PPI of £31.05 THEN THERE MUST ALSO BE QUOTED ON THE AGREEMENT THE PPI AMOUNT ADDED TO (OR INCLUDED IN) THE £10,0000 AND IT'S INTEREST

Have another look

[marshallka]

Re: Upfront Single Premium

Hmmm as Marshy says--something odd here--if you can see on your agreement that there is separate monthly pymnt for Cash Advance of £146.59 and PPI of £31.05 THEN THERE MUST ALSO BE QUOTED ON THE AGREEMENT THE PPI AMOUNT ADDED TO (OR INCLUDED IN) THE £10,0000 AND IT'S INTEREST

Have another look

Turbo, it definately was not a single premium PPI. Its was as they quite rightly said, a monthly premium that no interest was charged on and also when the loan was settled nothing was charged then.

Work it out on the loan calculator.
http://www.moneymadeclear.org.uk/too...alculator.html

[marshallka]

Re: Upfront Single Premium

Done it here

Will do it again - sorry changed it to PDF and it was not the right document so will post up in a min the calculations

[Turboman]

Re: Upfront Single Premium

Aha Marshy--haven't come across these before---so they are a bit like credit card PPI except FIXED mthly payments

Agree--should have accepted it

[marshallka]

Re: Upfront Single Premium

Aha Marshy--haven't come across these before---so they are a bit like credit card PPI except FIXED mthly payments

Agree--should have accepted it

Just hope that the OP can go back and ask they review their first offer.... humbly of course...