PPI Reclaiming discussion Part III

di3004

dreamer33 wrote: »

I'm not sure how it was calculated? Got the loan in jan 04 settled in Nov 05

I see.
A bit like mine in a way then - well on dates anyway apart mine was originally for 300mths, taken out in July 2004 and settled in Nov 2005, they used the whole figure and according to the underwriters work they used the rules of 1983 regs.
Marshallka worked mine out for me.

Mine though even through secured, it was a loan of £21K and just under £3K for the ppi so it worked out just under £24K as an whole loan but they used the bigger amount can't exactly remember offhand but a figure from £60K and taken it from there, they part rebated on mine during settlement by using the whole loan figure.
We paid almost £24K to clear it.

I am not good at calculations, I can only sort of work them out by seeing what others have done.:rolleyes:

marshallka

dreamer33 wrote: »

Marshallka the only figures I can give are below:

Amount of loan £40k
optional (ha ha) ppp £9796
Total loan £49766
mthly % rate 0.869
APR 10.9
estimated num of mthly payments 240
Monthly payment £494.75


Figures received from FP nov 05:

The total amount required to repay your exist loan:

Total amount payable under the agreement £90183.46
Less our rebate on early settlement £39488.51
Plus admin charge £150
total amoun payable £50844.95


Loan taken out Jan 04 settled Nov 05 the interest rate went up every single month aswell so payments got higher and higher

How many repayments did you make Dreamer?? Was it 22??

Also Dreamer, what was the insurance rebate received?? Cannot do it without that one. You need the breakdown of the settlement or it will be in your sar from Firstplus.

Your PPI element was 19.67% same as mine

If you add the total loan then its 118740 (Why have they got 90183 as 240 x 494.75 = £118740.00 and you made repayments of 22 x 494.75 being 10884.50 so take that off the original 118740 = £107855.50 still left owing under the agreement. They have £90183 so there is a difference there of £17672.50?????



If you take 19.67% of that being PPI plus interest then that comes to 23356

You then divide that by 240 and its 97.31
So your total PPI was 23356 and you made 22 repayments of 97.31 being 2140.96 so you had owing 21215 of the PPI. You did not pay this amount owing on the PPI at the settlement though so they rebated some of it and I need to know the figure.They also rebated the interest of your PPI included in the rebate on early settlement figure... In that is an element of PPI interest that was due....

marshallka

di3004 wrote: »

I see.
A bit like mine in a way then - well on dates anyway apart mine was originally for 300mths, taken out in July 2004 and settled in Nov 2005, they used the whole figure and according to the underwriters work they used the rules of 1983 regs.
Marshallka worked mine out for me.

Mine though even through secured, it was a loan of £21K and just under £3K for the ppi so it worked out just under £24K as an whole loan but they used the bigger amount can't exactly remember offhand but a figure from £60K and taken it from there, they part rebated on mine during settlement by using the whole loan figure.
We paid almost £24K to clear it.

I am not good at calculations, I can only sort of work them out by seeing what others have done.:rolleyes:

Yeah but they did not front load it Di. I know you are still not convinced on this one... I worked it all back and although they used the whole figure of the loan they rebated the interest from the PPI in that figure. Also looks like rule 78 was not used on Dreamers also - it was on mine though and I CAN prove it and it was not rebated among the settlement rebate.

di3004

marshallka wrote: »

Yeah but they did not front load it Di. I know you are still not convinced on this one... I worked it all back and although they used the whole figure of the loan they rebated the interest from the PPI in that figure. Also looks like rule 78 was not used on Dreamers also - it was on mine though and I CAN prove it and it was not rebated among the settlement rebate.

I do know that now;) but not before, I was looking at Dreamers and the order they added her calculations were the way they put this down and like you said the rule of 78 was probably not used on Dreamers either.
It caught my eye on the similar dates, not sure if that would be to do with anything though.;)

dreamer33

marshallka wrote: »

How many repayments did you make Dreamer?? Was it 22??

Also Dreamer, what was the insurance rebate received?? Cannot do it without that one. You need the breakdown of the settlement or it will be in your sar from Firstplus.

Your PPI element was 19.67% same as mine

If you add the total loan then its 118740 (Why have they got 90183 as 240 x 494.75 = £118740.00 and you made repayments of 22 x 494.75 being 10884.50 so take that off the original 118740 = £107855.50 still left owing under the agreement. They have £90183 so there is a difference there of £17672.50?????



If you take 19.67% of that being PPI plus interest then that comes to 23356

You then divide that by 240 and its 97.31
So your total PPI was 23356 and you made 22 repayments of 97.31 being 2140.96 so you had owing 21215 of the PPI. You did not pay this amount owing on the PPI at the settlement though so they rebated some of it and I need to know the figure.They also rebated the interest of your PPI included in the rebate on early settlement figure... In that is an element of PPI interest that was due....

Yes 22 payments.

The below info is what they said in sept 04 cant find anything else from them

What they say is total amount payable under the agreement (£90,042.51) is made up of the balance at settle date £49,377.56 plus £49,664.95 remaining interest charge, which would be charge if loan went to full term.

Less rebate on early settle fig (£48,548.75 includes £1145.17 insurance policy rebate and £47,403.58 rebate of remaining interest charge which calc using rule of 78 formula.

Total amount payable less less the rebate on early settle plus admin fee £150 of £50,643.76.

dreamer33

2 mins marshallka just received post :eek:

marshallka

dreamer33 wrote: »

Yes 22 payments.

The below info is what they said in sept 04 cant find anything else from them

What they say is total amount payable under the agreement (£90,042.51) is made up of the balance at settle date £49,377.56 plus £49,664.95 remaining interest charge, which would be charge if loan went to full term.

Less rebate on early settle fig (£48,548.75 includes £1145.17 insurance policy rebate and £47,403.58 rebate of remaining interest charge which calc using rule of 78 formula.

Total amount payable less less the rebate on early settle plus admin fee £150 of £50,643.76.

If they say that then the whole loan would have been £118740.

You made 22 repayments of 494.75 totalling £10884.50.

The total owing under the agreement is then left as £107855.50 and they have this amount of £90042.51???

Difference being £17812.99??? ( and this is something to do with the PPI interest i think!!!)

Total PPI was 23356 and you repaid 22 x 97.31 being 2140.82 so left was 21215.18 of which they rebated 622.60 so then owing was 20592.58. You cannot have paid this amount in total though so what happened to this...did you get a rebate of the interest being the £17812.99 above???

I will suss out these PPI's if its the last thing I do....

dreamer33

:mad: it was from fp this is what I asked in the letter:

With regards to the settlement figure given in 2006, (I made mistake lol it was 05) I write to ask how Firstplus came to their calculation and where the information for the calculation was taken.
Was the calculation carried out according to Firstplus rules or rules of someone else. (eg another company). Please send details.

This is what I got basically a letter breaking down the settlement figure and they also stated that the formula was devised by OFT so how can you then take the comlaint up with the insurer? Information about the consumer credit (rebate on early settlement reg 1983, and rule of 78.

Will post the settlement figure amounts the PPI rebate is disgusting nothing like I said before:mad:

merc200k

I seem to recall an article on the site, saying that when buying a car with a personal motor loan, the compan doing the loaning were responsible for paying any repairs that were NOT as a result of wear and tear. Could anyone shed light on this. Thanks to all who can.;)

dreamer33

Its not even on headed paper.

Actually, ignore me before the figures are correct the only thing different is the PPI rebate it was £622.60 :mad: :eek: :mad:

Total amount £90183.46 made up of £48475.15 plus 41708.31 remain %.
less rebate early settlement (39488.51 includes £622.60 insurance policy rebate and £38865.91 rebate of the remaining % charge which is calc using rule of 78 formula.

Then £150 admin charge settlement figure as at 30/11/05 £50844.95:mad:

No FF letter:mad:

The 22 payments went from £494.75 to above £500 looking for details. Just thought we signed an agreement that was for £494.75 and the agreement was for £449.??