PPI Claim Settlement Calculation - Help Needed With Checking Calculation

[MGBV8Fan]

I am new to this Forum and have decided to join in the hope that someone could assist me with checking a PPI settlement offer.

I have been battling with a high street bank to claim back mis sold PPI premiums on a credit card and with assistance from the Financial Ombudsman and have finally had my claim reconsidered and accepted.

My offer letter arrived two days ago though is dated 1 December 2014 and today a cheque for the settlement offer arrived.

I have tried to make sense of the letter and its explanation as to how the sum was calculated but this seems to be based on an assumed period that I have held the account which seems odd as I would have thought they would have exact records relating to this.

Having received the settlement cheque I now feel pressured into responding even though their offer letter said the settlement cheque would take 28 days to arrive, hence my post for help.

I have attached the Appendices to the letter which detail the calculation but can't really follow the logic of the calculation.

I have some records that I will look out which I believe will prove that I have had the account for more than 6 years.

In the meantime any feedback on the calculation would be most appreciated.

[robin-hood]

Re: PPI Claim Settlement Calculation - Help Needed With Checking Calculation

If you are still a member, please acknowledge this and I will help with your calculation.
Even though it is over 2 years since your offer, if it was wrong - you can still re-open this matter and claim any shortfall.

[Turboman]

Re: PPI Claim Settlement Calculation - Help Needed With Checking Calculation

If you are still a member, please acknowledge this and I will help with your calculation.
Even though it is over 2 years since your offer, if it was wrong - you can still re-open this matter and claim any shortfall.

RH

Afraid he hasn't visited the forum since 14th December 2014

Turbs

[robin-hood]

Re: PPI Claim Settlement Calculation - Help Needed With Checking Calculation

Hello Turboman.
You are the first user to acknowledge me without any hint of animosity or scepticism so thank you for that. I have followed your posts on many threads and have big respect for what you have done in raising the awareness of calcs. I am all for DIY claimants but there are some issues which need more knowledge than the average consumer has - calcs are one of them.
It is quite remarkable to me that after being mis-sold, consumers believe that the banks will play with a straight bat when refunding- maybe most just think that getting something back is better than nothing so never query.
Anyway, nice to trade messages with a kindred spirit. Keep up the good fight!
RH

[Turboman]

Re: PPI Claim Settlement Calculation - Help Needed With Checking Calculation

Thankyou for your kind words RH.

It is good that you are now active on the PPI Forums as I have been relatively inactive for a couple of months owing to ill-health .


Turbs

[Lizzie47]

Re: PPI Claim Settlement Calculation - Help Needed With Checking Calculation

Hello turbo and robin hood :-)
I am claiming ppi for my Son, had an offer off Yorkshire of £6.222. But its over 10 loans since 2002 till 2014 ranging from a few hundred pounds to £11.000 :-/
It has been mashing my head trying to figure out what should be due back, no ppi was ever refunded as the loans rolled over.
I rang the fianacial ombusman who said the offer seems to be within their guidelines but to ring the bank to check if the intetest levied on the ppi was used to refund and had they rolled it over
The bank assured me it had, so my Son decided to accept the offer, the letter will be signed and posted today. I deeply mistrust the banks and have huge niggles that he should have more as i did rough calculations and got £12.000 due. Having said that im very rusty since the supreme court put a stop to bank charges and it could be wildly wrong but 50% wrong? ??

I Just cannot rest hence its 4.40am and i have been googling since thursday to try find a thread on all the forums i used to help on with similar loans. So boggled with it all the rollover stuff is just mind blowing
I dont want my Son to burn his bridges and accepted if they havent been fair in the refund. I feel like i want to stop him posting the acceptance letter today till my mind is at rest..
Any input or help is greatly appreciated
Help !!! :-/

- - - Updated - - -

Ps....
Son swore he had no ppi, i sent a sar to claim package fees back, so hes thrilled with what i found...but its no windfall its what the flipping bank have had off him...grrrr

[EXC]

Re: PPI Claim Settlement Calculation - Help Needed With Checking Calculation

I'll give [MENTION=189]Turboman[/MENTION] and [MENTION=83773]robin-hood[/MENTION] a shout.

[Lizzie47]

Re: PPI Claim Settlement Calculation - Help Needed With Checking Calculation

Thank you EXC , i just couldnt sleep thinking about it after reading more on here about rolled over interest, texted Son very young kids so hes up lol. Not posted letter...phew..im dropping now, be back after some sleep. Thanks again x

[Amethyst]

Re: PPI Claim Settlement Calculation - Help Needed With Checking Calculation

Have you managed to work out how much PPI he actually paid over the 10 loans?

[robin-hood]

Re: PPI Claim Settlement Calculation - Help Needed With Checking Calculation

The only way that calcs can be properly checked is to ask for the following information for each loan.
1. PPI Amount.
2. Interest Rate.
3. Loan term.
4. Start date.
5. End date.
6. PPI rebate provided on early closure (if any).

With 10 loans, this information would be onerous to obtain and impossible for a consumer to use without specialist checking software. You could have 60 individual pieces of data to use.

This is why the banks have been able to "make it up as they go" knowing that it is highly unlikely anybody will ever check. If they float a few grand at most people then most people would say thank you very much in blissful ignorance that they were owed much more.

So you have 2 options if you want reassurance and not have to just accept in good faith.

A. Ask the bank for the info I have detailed above (for each loan remember) and send me the info. It will take me 15 minutes to enter your data into some software to check.
OR
B. Send the offer to FOS as a redress query for them to check. Redress queries are much quicker at FOS than full case assessments.

What a shame that we still cannot trust the banks to play fair.

[Lizzie47]

Re: PPI Claim Settlement Calculation - Help Needed With Checking Calculation

Thank you Amethyst and Robin hood :-)
Good faith is not something i associate with any bank ! I know Robin hood the interest has floored me i tried a rough calculation but got bogged down in the roll over percentages ..wow !
I have most the loan agreements and will go through them and put here the info you asked for, thank you
What i have so far is.
all shown taken out on his statements as loan insurance
05.06.2001 £53.19
07.06.2002 £40.69
05.09.2003 £707.41
19.12.2003 £86.77
11.07.2004 £725.25
11.10.2005 £263.33
03.03.2006 £615.01
24.09.2007 £1,777.65
With various interest from 4.0 % 14.00%

£4,628.97 ouch !!
I put just the 8% stat interest on the ones with figuers and got over £10,000 so their offer looks somewhat short, unless iv gone seriously wrong somewhere..i may have :-/

Plus 2 others the bank unearthed
No ppi refunds were given whan loans were consolidated
So on first look is he being short changed ? I think so :-(

[Lizzie47]

Re: PPI Claim Settlement Calculation - Help Needed With Checking Calculation

some loan details

05/06/2001
total loan £808.19
-£53.19 taken for loan insurance shown on statements as a debit
closed 05/06/2002

07/06/2002
total loan £614.19
-£40.69 taken for ppi no paperwork plus shows -£73.50 taken to repay previous loan
closed 19/12/2002

05/09/2003
total loan £6,243.97
-£707.41 taken for ppi plus -£536.56 to repay previous loan
closed

19/12/2003
loan £911.69
-£86.77 in ppi plus -£324.93 to repay previous loan
closed

11/08/2004
loan £5796.80
-£725.25 ppi -£3671.55 to repay old loan
closed

11/10/2005
loan taken £1763.33
-£263.33 ppi
closed
No paperwork for above just statements bank said they have had to make assumptions ? on the above loans



03/03/2006 ref 80424601
loan over 60 months
repay loan ref 82176048 £1453.30
ppi £615.01 (inclusive of tax at 5% where applicable ?)
total requested £3068.61
total amount payable £4301.99

cash loan repayment details
number of payments 60 @ £23.37 amount of final payment £23.24
loan for old debt
number of payments 60 @ £33.96 amount of final payment £33.99
loan for ppi number of payments 60 @ £14.37 final payment £14.46
APR 14.9%

other info
cash loan total charge for credit £402.07
loan to repay debts total charge for credit £584.33
loan for ppi total charge for credit £247.28
rate of interest 8.00% per annum fixed
have loan agreement if any more info is needed
closed on 24/09/2006

24/09/2007 ref 80898398
loan over 48 months
purpose 1 black horse (yes I'm going to sar them) home impr £7600.00
purpose 2 repayment of loan 80424601 £2,139.34
purpose 3 repay ppi £1777.65 (inclusive of tax at 5% where applicable ?)
total requested £11,516.99
total amount payable £13,460.93

cash loan repayment details
number of payments 48 @ £185.06 amount of final payment £184.97
loan for old debt
number of payments 48 @ £52.10 amount of final payment £51.74
loan for ppi number of payments 48 @ £43.28 final payment £43.54
APR 7.9%

other info
cash loan total charge for credit £1,282.79
loan to repay debts total charge for credit £361.10
loan for ppi total charge for credit £300.05
rate of interest 4.22% per annum fixed
have loan agreement if any more info is needed
closed on 16/09/2010
16/09/2010 insurance rebate £132.05
interest rebate £116.12


bank offer
REF 81707051 total comp due £103.58
" 81411194 " £47.28
" 82124955 " £97.57
" 81519619 " £610.69
" 83837279 " £1,476.67
" 82176048 " £60.63
" 80424601 " £450.32
" 80898398 " £2,444.28
" 80878092 " £523.46
" 80429974 " £408.38
they state ppi percent charges have been added in plus 8% simple interest and ppi has been accounted for that has been carried over.
hummmmm don't believe them..
if they can quote loan refs how come I don't have the agreements quoted apart from two....I asked for all documents including loan agreements on the SAR

well that's taken me hours to input so I don't envy any one that's going to try make head or tail of it all, I'm tired, very, so ill edit any mistakes I'm bound to have made
thanks in advance its very very much appreciated xx
I have guessed at some closed dates but I should be able to work it out with read out I have off bank, ill have a go and edit once my head has stopped fizzing x

[Lizzie47]

Re: PPI Claim Settlement Calculation - Help Needed With Checking Calculation

Hello
could anyone help with the above I information please, or point me to a software download to have a go my self
thank you

[Turboman]

Re: PPI Claim Settlement Calculation - Help Needed With Checking Calculation

JUST back from Barcelona. ..on your case later tonight

Got pn Exc..thnx

[Lizzie47]

Re: PPI Claim Settlement Calculation - Help Needed With Checking Calculation

Ohhhhhh Barcelona very jealous, been twice I love it there I went to find the park Freddie and Monserat sang Barcelona in, it was shut !! :tinysmile_cry_t:
Thank you so much Turbo :stars:
I need to put one adjustment in ill quote and add in in red
thank you again x