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Hello, I have been trying to gather information to do with any PPI claims on re-financed loans. I've Downloaded Bill-K's spready and tried to input the figures (still working on that:tinysmile_hmm_t2:...I'm not the sharpest pencil in the case!). I just wanted to document the situation here for clarity really, any help or advice you can give would be very much appreciated.
I received the SAR info in April this year for my husband's old loan. Though minus any info on the original loan taken out in April 1999 (though in their recent offer, they referred to the date the loan was taken out, which is how I know it! so they must have the info for it). This is how the loan history goes:
Loan 1
Date: April 1999
Amount: unknown
PPI amount: I think it was £716.02 (as this is what they have offered us plus 8%)
Date settled: 16/03/00
Loan 2 *refinance loan 1 (£4,285.01)
Date: 16/03/00
Loan amount: £7000
Interest on loan amount: £1,263.80
PPI amount: 737.12
Interest on PPI: £133.36
monthly loan payment: £229.55
Monthly PPI pyment: £24.18
36 months
Loan 3 *refinance loan 2 (£5,525.36)
Date: 15/02/01
Loan amount: £9,100.00
Interest on loan amount: £1,849.76
PPI amount: £1,372.25
Interest on PPI: £278.95
Monthly loan payment: £228.12
Monthly PPI payment: £34.40
48 months
Loan 4 * refinance loan 3 (£8,538.35)
Date: 27/06/01
Loan amount: £9,500.00
Interest on loan amount: £3495.64
PPI: £2577.32
Interest on PPI: £948.16
Monthly loan payment: £154.71
Monthly PPI payment: £41.97
84 months
Not entirely sure when this wa settled, but it wasn't long after. Re-financed with an Abbey loan in 2001/2002. We were in a bit of a pickle
So, I get an offer on friday of £716.02 (PPI refund) plus £898.75 (8% interest) minus tax. I would accept this as redress for the original loan taken out in 1999, although I have no information on this account. But they have totally ignored the subsequent re-financed loans. The original loan has a different a/c number to the rest of them.
I don't know how to work out how much of the amount paid off each time was for the previous PPI amount, if any. Or has it just been rolled over?
They haven't explained their calculations, only saying this "when we work out redress we have to take into account the affect any PPI policy has had on any subsequent borrowing with the society. If you refinanced your loan you may have borrowed more than you would have borrowed had the previous loan not included PPI".
I feel like they are trying to get away with compensating us for just the original loan PPI amount and hoping we'd ignore the rest.
But, having said that, I would like some advice about how to work out what I can claim for. I have written a letter as follows (not posted yet)...
What do you think? I've left it open to their calculations, as I'm unsure how to work it out myself.
Any help, much appreciated.
TC
I received the SAR info in April this year for my husband's old loan. Though minus any info on the original loan taken out in April 1999 (though in their recent offer, they referred to the date the loan was taken out, which is how I know it! so they must have the info for it). This is how the loan history goes:
Loan 1
Date: April 1999
Amount: unknown
PPI amount: I think it was £716.02 (as this is what they have offered us plus 8%)
Date settled: 16/03/00
Loan 2 *refinance loan 1 (£4,285.01)
Date: 16/03/00
Loan amount: £7000
Interest on loan amount: £1,263.80
PPI amount: 737.12
Interest on PPI: £133.36
monthly loan payment: £229.55
Monthly PPI pyment: £24.18
36 months
Loan 3 *refinance loan 2 (£5,525.36)
Date: 15/02/01
Loan amount: £9,100.00
Interest on loan amount: £1,849.76
PPI amount: £1,372.25
Interest on PPI: £278.95
Monthly loan payment: £228.12
Monthly PPI payment: £34.40
48 months
Loan 4 * refinance loan 3 (£8,538.35)
Date: 27/06/01
Loan amount: £9,500.00
Interest on loan amount: £3495.64
PPI: £2577.32
Interest on PPI: £948.16
Monthly loan payment: £154.71
Monthly PPI payment: £41.97
84 months
Not entirely sure when this wa settled, but it wasn't long after. Re-financed with an Abbey loan in 2001/2002. We were in a bit of a pickle
So, I get an offer on friday of £716.02 (PPI refund) plus £898.75 (8% interest) minus tax. I would accept this as redress for the original loan taken out in 1999, although I have no information on this account. But they have totally ignored the subsequent re-financed loans. The original loan has a different a/c number to the rest of them.
I don't know how to work out how much of the amount paid off each time was for the previous PPI amount, if any. Or has it just been rolled over?
They haven't explained their calculations, only saying this "when we work out redress we have to take into account the affect any PPI policy has had on any subsequent borrowing with the society. If you refinanced your loan you may have borrowed more than you would have borrowed had the previous loan not included PPI".
I feel like they are trying to get away with compensating us for just the original loan PPI amount and hoping we'd ignore the rest.
But, having said that, I would like some advice about how to work out what I can claim for. I have written a letter as follows (not posted yet)...
Thank you for your letter dated 11th May 2016.
After some consideration, I would like to raise the following points:
Firstly, Am I right in assuming that the figure £716.02 is for the PPI charged on the Nationwide loan from April 1999? Which was referred to in your letter. If so, then the details of this loan were not supplied to me within the SAR information I received from Nationwide in April. If this is the case then I would accept the offer of £1,435.02 as compensation for the account ********. But I do not accept that this offer includes redress for the subsequent refinanced loans contained within the account *********.
Secondly, bearing in mind my first point; Can you explain to me why I am not being offered redress for the amounts charged for PPI on the 3 loans taken out during 2000 and 2001? Account number *************. The PPI charges for the 3 loans totalled £4686.79 (not including the interest charged):
Loan agreement 17/03/00 £737.12
Loan agreement 15/02/01 £1372.35
Loan agreement 27/6/01 £2577.32
As stated previously, I would accept Nationwide's offer of £1,435.02 for redress for mis-sold PPI for the loan *******. But, I do not accept that Nationwide have offered any redress for the mis-sold PPI charged for the 3 loans contained within the account ************.
I would therefore request that Nationwide reviews the amount offered to me.
If I do not receive a satisfactory response or justification as why I have not been offered reasonable compensation within 4 weeks from the date of this letter, then I shall have no alternative but to refer this claim to the FOS.
Yours sincerely,
After some consideration, I would like to raise the following points:
Firstly, Am I right in assuming that the figure £716.02 is for the PPI charged on the Nationwide loan from April 1999? Which was referred to in your letter. If so, then the details of this loan were not supplied to me within the SAR information I received from Nationwide in April. If this is the case then I would accept the offer of £1,435.02 as compensation for the account ********. But I do not accept that this offer includes redress for the subsequent refinanced loans contained within the account *********.
Secondly, bearing in mind my first point; Can you explain to me why I am not being offered redress for the amounts charged for PPI on the 3 loans taken out during 2000 and 2001? Account number *************. The PPI charges for the 3 loans totalled £4686.79 (not including the interest charged):
Loan agreement 17/03/00 £737.12
Loan agreement 15/02/01 £1372.35
Loan agreement 27/6/01 £2577.32
As stated previously, I would accept Nationwide's offer of £1,435.02 for redress for mis-sold PPI for the loan *******. But, I do not accept that Nationwide have offered any redress for the mis-sold PPI charged for the 3 loans contained within the account ************.
I would therefore request that Nationwide reviews the amount offered to me.
If I do not receive a satisfactory response or justification as why I have not been offered reasonable compensation within 4 weeks from the date of this letter, then I shall have no alternative but to refer this claim to the FOS.
Yours sincerely,
Any help, much appreciated.
TC
