We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
PPI Reclaiming discussion Part II
Options
Comments
-
how much did you pay for the PPI on each loan, any current loan (s) should be recalculated to take account of reduced premiums - ask for a full breakdown of the calcuation and did you ask for 8% statutory interest to be added on ???marshallka wrote: »I would say they have to recalculate the loan now. Also what about the interest etc. Maybe mcolak or homer j or tiggrae could answer better.
Good news for you getting what you did back though. Nice one0 -
I can normally run the sums if you let me know the following information:
first payment date
settlement date
number of payments made
loan amount (and interest if know otherwise interest rate is just as good)
PPi added (and interest if know)
final settlement figure
number of payments original loan taken over0 -
Marshalla, just to clarify are you claiming for mis selling or for an unfair rebate? Basically I think you would be out of time for the mis selling angle, however if you're going for an unfair rebate that is sooooooooo much easier to reclaim against - FP were regulated (make your complaint against Barclays t/a FP) - the fsa have stated the following in respect to early settlement of PPI - your complaint to the FOS should be on this basis and give the date of 2003 as to when it took place - NOT 2000 when it was sold.marshallka wrote: »m colak, i know i keep waffling on but i really want this money back. What i need to know is if Firstplus were unregulated when i settled with them in 2003 then they used the rule of 78 (which apparently they could use) they said they capped it (as the oft advised unregulated lenders to do) but i have found lots of rule 78 calculators and each one pulls a figure out about the same as my settlement so i can't see how they have used a cap.
My loan was
17,000
4163 ppi
repayments over 160 months
repaid after payment of £281 per month for 38 months and then settled with
£21400. Can anyone who knows this cap method see if there was one applied. I apparently had £90 refund for the insurance.
What is a cap method. They said they cap at 120 months.
Also what would a court deem extortinate credit.
I class mine as extortinate but how is this looked at by the oft and fos and any legal bods.
If you repay your loan early, the PPI is of no further value to you because the PPI benefits are linked to it. So a firm should not prevent you from receiving a partial refund from the PPI policy if you cancel the policy or repay the loan early. However, you may not be entitled to a refund if you cancel very close to the end of the period covered or if you have already made a successful claim under the policy.
See this document single premium PPI
As for what you paid - as a rough guide your PPI looks like it was about 20% of the
£286 a month you were paying - so 20 of £21400 you paid on early redemption is £4280 - that's just a rough guide though - on the FOS claim form you need to put down you want the full amount you had to pay for the PPI on early redemption, plus any interest + 8% statutory interest0 -
FIrst payment date 14/02/00I can normally run the sums if you let me know the following information:
first payment date
settlement date
number of payments made
loan amount (and interest if know otherwise interest rate is just as good)
PPi added (and interest if know)
final settlement figure
number of payments original loan taken over
number of payments made 38
loan amount 17,000
ppi 4163
apr 13.9
monthly int 1.097
final settlement 20410
number of payments original loan taken over 160
Thanks for this m colak0 -
I was sold PPP 3 years back feel a bit daft asking this but is it the same as PPI? I was told at the time 'Payment Protection Plan' was different to 'Payment Protection Insurance' but fail to recall if there was! Please share some wisdom! Many Thanks0
-
marshallka wrote: »FIrst payment date 14/02/00
number of payments made 38
loan amount 17,000
ppi 4163
apr 13.9
monthly int 1.097
final settlement 20410
number of payments original loan taken over 160
Thanks for this m colak
sorry what was the date you settled??0 -
was it against a loan or a credit card?I was sold PPP 3 years back feel a bit daft asking this but is it the same as PPI? I was told at the time 'Payment Protection Plan' was different to 'Payment Protection Insurance' but fail to recall if there was! Please share some wisdom! Many Thanks0 -
My complaint with the FOS is the settlement and rule of 78 as they said i had no claim with the ppi if Freedom Finance sold it. I then called them about the rule of 78 and unfair terms and extortinate credit etc and they sent out a claim. I have sent it in for the settlement but also asked it they can look at the ppi thing as well. I have asked for a fair rebate at settlement and have not stated any figures to them. I have quoted that the rule of 78 was never explained at the beginning of the loan. It was rule of 78 that it said on my claim form from them that they started to write down. Do you think its a claim.Marshalla, just to clarify are you claiming for mis selling or for an unfair rebate? Basically I think you would be out of time for the mis selling angle, however if you're going for an unfair rebate that is sooooooooo much easier to reclaim against - FP were regulated (make your complaint against Barclays t/a FP) - the fsa have stated the following in respect to early settlement of PPI - your complaint to the FOS should be on this basis and give the date of 2003 as to when it took place - NOT 2000 when it was sold.
If you repay your loan early, the PPI is of no further value to you because the PPI benefits are linked to it. So a firm should not prevent you from receiving a partial refund from the PPI policy if you cancel the policy or repay the loan early. However, you may not be entitled to a refund if you cancel very close to the end of the period covered or if you have already made a successful claim under the policy.
See this document single premium PPI
As for what you paid - as a rough guide your PPI looks like it was about 20% of the
£286 a month you were paying - so 20 of £21400 you paid on early redemption is £4280 - that's just a rough guide though - on the FOS claim form you need to put down you want the full amount you had to pay for the PPI on early redemption, plus any interest + 8% statutory interest0 -
-
Finance Calculator V1.1
Loan Amount £17000.00 Loan Interest £19363.00
PPI Amount £4163.00 PPI Interest £4741.66
Interest Rate 113.90%
Number of Payments 160
First Payment Date 14-Feb-00
Loan Settled 15-Apr-03
Total Paid To Date £10750.96 Settled Figure £20410.00
Amount Remaining £14106.70
PPI Rebate £3174.29 Loan Interest Rebate £14764.29
PPI Interest Rebate £3615.52
Amount Overpaid -£7447.40 Banks Taken From You
PPI Reclaim Report
Number of Payments Made 38
Amount of PPI Paid £988.71
Amount of PPI Interest Paid £1126.14
8% Interest On PPI £1120.87
Total PPI Reclaim £3235.72
Ok looking at that you have had a disproportional rebate of approx £7447 and you should be looking at a PPI rebate (if mis sold) of £3235.720
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.1K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599K Mortgages, Homes & Bills
- 177K Life & Family
- 257.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards