Please Help Not Sure If My refund Is Correct.

[KnightRider]

Hello,
I am new to this and so confused, I have received a refund from Barclay's this week with regards to a PPI claim I had put in.

The breakdown as follows. Original PPI Policy Premium -£1428.73, Interest incurred due to PPI £306.81, Less refunds (I paid the loan off early) £808.01,
Overpayments made due to residual PPI £42.97 Total £970.50, 8% per annum simple interest on PPI overpayments £578.00, Additional 8% per annum simple interest payable to residual PPI £187.33 finally Total Refund due on this loan Including interest £1735.83

To cut a long story short (if possible) I have the original loan agreement stating that the cash loan for £6000 and the Premium loan (PPI) for £1428.73
Total Charge for credit APR 17.9 on the cash loan is £2890.20 and for PPI is £688.07 payments £148.17 + £35.28 total £183.45 paying back a Total of£11,007 over 60 months.
Here is were my confusion has started:tinysmile_cry_t: I had paid the loan back only early after 16 months ( took loan 22/01/04 - 05/05/05) In total I have paid them back £10,425.4 (this included the PPI refunded £808.01 as mentioned in their letter). Does the PPI refund I have received seem correct??? as it seem I only save £518.00 odd quid for paying my loan back a few years early.

Thankyou for taking ur time out to read this.


KnightRider

[di30]

Re: Please Help Not Sure If My refund Is Correct.

Hi and welcome

First of all, well done on your success.

Right, I am not the one for working out calculations, but will post up the link on how ppi refunds work and maybe the guys will post more later if required.

But what I do know is, that you should receive all premiums of PPI you actually paid each month to the loan account, plus the relevant interest and the usual 8% int of what a court would award, minus any rebate that may have been given to bring down the loan balance on early settlement.
So if there was a rebate on early settlement, you don't actually see it, but the balance owing was reduced on settling earlier.

http://www.legalbeagles.info/forums/...I-Calculations

Hope this helps.

[KnightRider]

Re: Please Help Not Sure If My refund Is Correct.

Thanks dizzy

[Bill-K]

Re: Please Help Not Sure If My refund Is Correct.

Hi KnightRider, and welcome to you.

As I understand it, you made 16 repayments of £183.45, which totals £2,935.20.

You calculate that the total amount you have paid toward the loan is £10,425.40.

This means that the amount you paid in settlement of the loan was £7,490.20 (ie., 10425.40 - 2935.20).

The original Total Amount Payable was £11,007.00, of which £2,935.20 had been repaid after 16 months, leaving £8,071.80 balance owing.

The settlement amount was £7,490.20, so the total settlement rebate was £581.60, concurring with your calculation.

Now, if that settlement amount was arrived at AFTER deducting the £808.01 PPI rebate from the balance owing, then it appears to me that there was NO reduction of the remaining balance owing at all - in fact, it appears to have been increased by £226.41 !!!

So - I agree with you - the settlement amount seems wrong to me, too.

Turboman is good at settlement calcs., so I'll ask him to look into this.

Additionally, putting your figures into the attached spreadsheet, it looks as though your total PPI claim quantum could be as much as £3,225.00. But this might (arguably) need to be reduced due to the (alleged) PPI settlement rebate of £808.01. It would be interesting to see how they can calculate a PPI rebate, but give you a NEGATIVE settlement rebate on the remaining balance owing !!! So, unless you have accepted the refund in full & final settlement, it may be worth querying their offer.

I would like to hear Turbo's opinion on this first, though.

[Turboman]

Re: Please Help Not Sure If My refund Is Correct.

Will study this afternoon folks

[KnightRider]

Re: Please Help Not Sure If My refund Is Correct.

Thanku for your reply, Will it be possible for me to send you the statements of what I actually paid because I think I might be reading it wrong, it will then give you a clear picture.
I do not understand the terms BGC, DDC, STO, TFR that are next to the figures I paid.

I was stupid enough to use a CMC who actually did nothing, (well they did ....send me a invoice).
Because the loan was settled the bank just put the money in my account, when I rang them they said if I was not happy I could write to them and if I still was not happy take it to Fos.

Thanku u once again and if you will be happy to look at these statements I will b able to post them (when I figure out how)

Regards

KnightRider

[Turboman]

Re: Please Help Not Sure If My refund Is Correct.

Hi

send em to our joint address where me and bill can see em

Simiantics@gmail.com

[KnightRider]

Re: Please Help Not Sure If My refund Is Correct.

Hi

send em to our joint address where me and bill can see em

Simiantics@gmail.com

Thanks .....just done that.

[Turboman]

Re: Please Help Not Sure If My refund Is Correct.

Yep--we got em--looking at em--different figures though cf with what you posted we see

Thanks .....just done that.

[KnightRider]

Re: Please Help Not Sure If My refund Is Correct.

Yep--we got em--looking at em--different figures though cf with what you posted we see

Thanks for looking into them.... dats why i wanted to post em to u guys ..... I thought i might have been reading them wrong.
shuld have made more attention in maths lesson

[KnightRider]

Re: Please Help Not Sure If My refund Is Correct.

Hello,

Just wanted to share another success story, I received £1049.00 from a claim I had put in myself thanks to browsing through this forum.
All it cost me was a stamp...... so nice not to have to share any of it! (mine, mine, mine)

Once again not sure if the figures r correct but ur off the hook this time because I do not have any paperwork on this one!!!

But while I'm here I would like to share some knowledge I have gained through a conversation with the bank.
I originally was stupid enough to use a CMC as I have mentioned previously so while I was talking to the bank they told me the this company has authority to get hold of any of my financial details whenever they want even though that claim I used them for has settled. So I wrote to the bank telling the that I would not like them to disclose any further information to them regarding me. When I rang the bank to see if the got my letter a few days later they than told me that they could not do that until they receive a letter from THEM (CMC) to say they are not representing me anymore.
I was shocked knowing that they can at free will get information of my other credit agreements.....
Can my Bank actually refuse a request from me???? (No they have not put that in writing ...I am still waiting......)