Black Horse PPI reclaim

[Bill-K]

Re: Black Horse PPI reclaim

I think we're OK with that now, Di - but we just needed to pick up on that point, and get it sorted.

[d1anne]

Re: Black Horse PPI reclaim

I think we're OK with that now, Di - but we just needed to pick up on that point, and get it sorted.

Blimey, Turbo - I didn't think they had used the 'Alternative Redress' get-out. We need to get that clarified first of all, methinks..... what does this mean in laymans terms ???? ( sorry )
Does it make any difference to the figures ?? ( I hope not now that iv replied to them ) don't get me wrong tho, if they come back and there is a small difference in what iv sent them and what they offer, if they offer an increase, I probably wont question it, and will accept ) but obviously what they have already offered and what the new figures how they SHOULD offer is massive so needs to be challenged, hence the reason for this post and all the hassle and calculations etc............lol

[Bill-K]

Re: Black Horse PPI reclaim

So - Di - did you at any point say that you could have got cheaper PPI elsewhere ?

Important...

We need a yes or no, Di...

[d1anne]

Re: Black Horse PPI reclaim

We need a yes or no, Di...

NO............................

[Bill-K]

Re: Black Horse PPI reclaim

Excellent. We can proceed without that poltergeist, then !!! It needed bringing up, though.

[d1anne]

Re: Black Horse PPI reclaim

Excellent. We can proceed without that poltergeist, then !!! It needed bringing up, though.

...refer to post 120

[Bill-K]

Re: Black Horse PPI reclaim

Indeed. Post #120 confirms. I beg your pardon, Di.

[d1anne]

Re: Black Horse PPI reclaim

Indeed. Post #120 confirms. I beg your pardon, Di.

no probs bill, thought I was loosing it there and hadn't replied.........

[Bill-K]

Re: Black Horse PPI reclaim

No, matey - it's me and Turbo that are losing it, I reckon. It's a good job you're compos mentis !!!

[Bill-K]

Re: Black Horse PPI reclaim

Further to above, the 'Alternative Redress' might be used where the claimant has said that they could have bought the PPI elsewhere more cheaply. The lenders may then use this in order to make a reduced payout, based on the difference between what the claimant COULD have paid for the PPI and what the claimant WAS actually charged.

Unfortunately, this is quoted in Appendix 2, Example 8 in the FSA rules, and it effectively clouds the issue where consolidation loans are concerned. IMO, it should have been kept as an entirely separate example.

[Turboman]

Re: Black Horse PPI reclaim

Agree with Bill---Examples 3,5 & 7 specifically are examples where the Alternative Redress is mentioned in the title and covered in the sums----Example 8 should not have overcompicated the example showing "re-financed loans"

See here for examples in FSA 10/2012 from page 104 onwards

For information--the agreed FSA guideline is to use the price of Alternative PPI as £9 per £100 of the non-ppi monthly payment---which as Bill says--is then used to reduce the payout in those cases

Further to above, the 'Alternative Redress' might be used where the claimant has said that they could have bought the PPI elsewhere more cheaply. The lenders may then use this in order to make a reduced payout, based on the difference between what the claimant COULD have paid for the PPI and what the claimant WAS actually charged.

Unfortunately, this is quoted in Appendix 2, Example 8 in the FSA rules, and it effectively clouds the issue where consolidation loans are concerned. IMO, it should have been kept as an entirely separate example.

[d1anne]

Re: Black Horse PPI reclaim

Agree with Bill---Examples 3,5 & 7 specifically are examples where the Alternative Redress is mentioned in the title and covered in the sums----Example 8 should not have overcompicated the example showing "re-financed loans"

See here for examples in FSA 10/2012 from page 104 onwards

For information--the agreed FSA guideline is to use the price of Alternative PPI as £9 per £100 of the non-ppi monthly payment---which as Bill says--is then used to reduce the payout in those cases

Thanks Turbo, I did open the link you put on the post yesterday and had a scroll through it trying to make sense of it....... not that it did, but regarding redress and a reduced rate being offered this isn't the case for me as I was never asked the question, so still wait to see what response I get from BH regarding the reply iv sent them. I only now hope that there reply is favourable and they realise that they have made an error in their calculations. will keep you posted.

[Turboman]

Re: Black Horse PPI reclaim

Well---I know I'm getting on a bit--but didn't think my memory had gone so quick--pmsl

Going through the archives---I designed spreadsheets (like below) for Maxie Girl's court case (in another site--PAG) using the "carry-over theory" in late 2008 !!!!!----so now on message with Bill--lol

I have designed a single spreadsheet to show the interaction between the 3 loans and also showing how the effective statement is split between the Cash Advances Account and the PPI Account

see here for theory:

http://www.legalbeagles.info/forums/...c-Spreadsheets

So--its a different way than Bill's but --lol

I get that Blackhorse's shortfall redress offer is £3,215.68 and Bill gets £3,214.25 --£1.43 different-lol

Heres the spreadsheet (which has been also checked behind the scenes with Bill--and modified when I go awry)

D1Anne-v7-using carryover theory .xls

and also a PDF which is easy to read (I hope)--(see the + sign in Acrobat to zoom btw)

D1Anne-v7-using carryover theory .pdf

So----I commend these to the house---:lol::lol:

Turbs

[Bill-K]

Re: Black Horse PPI reclaim

Well done with that, Turbo. I have altered my spreadies to show the refunded payments, and to show the amended claim date, and they agree 100% with yours !!!

[Turboman]

Re: Black Horse PPI reclaim

Excellent Bill---but what you think of this theory???

Been looking again at example 8 here

Example 8 FSA PS10/12 page 119

Black Horse are saying all the right things in their letter here in post 99

Main attachments for this thread

BUT....I think....they have attempted to interpret Example 8 (albeit an odd way of +'s & -'s)..but have failed to spot that this example is "an active loan" where the residual PPI balance is written off and the loan reverts back to the balance that would have been without PPI

Hence the enormous shortfall in their offer of redress