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PPI Reclaiming discussion Part II
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Is that how the FOS may look at it and if i win this with them am i looking at £7447 back.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 -
If you didn't receive a fair (or any) rebate then check out the document link as to what the FSA have to say then I definately think you have a claim,especially as the FSA have clearly stated they believe any contract term which doesn't allow you a refund is Unfair - look at your agreement with FP - Section 3 General Terms & Conditions - Termination of Cover & Benefit) that is clearly an unfair contract term under the Section 5.1 Unfair Consumer Contract Terms Regulations 1999marshallka wrote: »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.
- forget the mis selling it's too long ago and complicated by the Freedom issue0 -
marshallka wrote: »Is that how the FOS may look at it and if i win this with them am i looking at £7447 back.
It depends theoretically you should only in reality get £5808.98 as that allows for the 22% commision that the company could possible claim at its maximum. Either way you have been disproportionally rebated.0 -
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I thought as much Thank you, will be diggin up papers now and writing that template! Kindest Regards
Ps I think I have butted in on somenes conversation, sorry, its my first day on here0 -
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I have got my actual transaction enquiry here. I have written to Firstplus as each transaction is written and then a balance left likeIf you didn't receive a rebate then check out the document link as to what the FSA have to say then I definately think you have a claim,especially as the FSA have clearly stated they believe any contract term which doesn't allow you a refund is Unfair - look at your agreement with FP - Section 3 General Terms & Conditions - Termination of Cover & Benefit) that is clearly an unfair contract term under the Section 5.1 Unfair Consumer Contract Terms Act 1999
- forget the mis selling it's too long ago and complicated by the Freedom issue
DATE VALUE DATE TYPE NUMBER AMOUNT BALANCE
14/03/03 14/03/03 DDR 281.47 18726.72
14/03/03 14/03/03 INT 191.15 18917.87
7/04/03 7/04/03 INT 156.35 19074.22
7/04/03 7/04/03 SIN 1388.13 20462.35
7/04/03 7/04/03 RIP 101.64- 20360.71
7/04/03 7/04/03 SAF 50.00 20410.71
7/04/03 7/04/03 SET 20410.71-
I wrote to firstplus and queried the sin payment above of 1388.13 ADDED as you can see and this is the reply i got from them today
"you mentioned a payment on 7th april, 2003 for £1388.13 referred as SIN. I have enclosed an expanded print sheet of this date showing SIN is a settlement interest amount deducted at the point of settlement.
The figure reflects the difference between the interest remaining on the account to term (or tenth anniversary if greater than 120 month term) and the interest rebate calculated using the rule of 78 formula. This may differ slightly to that provided in your settlement quotation but this will be due to the interest on your loan account being charged daily.
Are Firstplus trying to say here that this amount was taken off the loan because in my eyes it was added to the loan as you can see.
Any help here much appreciated as this is doing my head in.0 -
I think you've just solved the whole problem of what's wrong with FP they can't tell the difference between a plus and a minus !!!!marshallka wrote: »I have got my actual transaction enquiry here. I have written to Firstplus as each transaction is written and then a balance left like
DATE VALUE DATE TYPE NUMBER AMOUNT BALANCE
14/03/03 14/03/03 DDR 281.47 18726.72
14/03/03 14/03/03 INT 191.15 18917.87
7/04/03 7/04/03 INT 156.35 19074.22
7/04/03 7/04/03 SIN 1388.13 20462.35
7/04/03 7/04/03 RIP 101.64- 20360.71
7/04/03 7/04/03 SAF 50.00 20410.71
7/04/03 7/04/03 SET 20410.71-
I wrote to firstplus and queried the sin payment above of 1388.13 ADDED as you can see and this is the reply i got from them today
"you mentioned a payment on 7th april, 2003 for £1388.13 referred as SIN. I have enclosed an expanded print sheet of this date showing SIN is a settlement interest amount deducted at the point of settlement.
The figure reflects the difference between the interest remaining on the account to term (or tenth anniversary if greater than 120 month term) and the interest rebate calculated using the rule of 78 formula. This may differ slightly to that provided in your settlement quotation but this will be due to the interest on your loan account being charged daily.
Are Firstplus trying to say here that this amount was taken off the loan because in my eyes it was added to the loan as you can see.
Any help here much appreciated as this is doing my head in.0
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