PPI Reclaiming Discussion part 4

amersall

the_poker_player wrote: »

Hi yes i requested the ppi payment back myself last year because we had had it for 5 years and you could claim it back if you had not used it. They are charging me 25% + vat to get the interest back and hopefully get the loan restructured to back to as if we had never had the ppi in the first place.
The original loan was for 75000, the ppi was 14950, front loaded. This is where i am getting confused, we have made payments of around £800 per month for the past 6 years (£57,000) but settlement figure is £86,000 and we still have another 19 years to pay........... I can't believe we were so stupid in the first place.

Right i see, if this company told you they want over £1000 ,yet they say you will only get £400 back? the fp loans are rip off, out of your monthly payment there is only a FEW pounds actually coming off the balance!! i think by the time you have paid this off you will have paid back over 150,000 if not more.Mine is 5 years old i have paid 4 years at 987 a month and because i won mis sell of ppi last year my payment went down to 823, so i have paid off 57,252 in 5 years!!! my settlement figure in dec 09 was.... wait for it... 91,250 (original loan 93,000!!!!!have another 16 years to go, so you work it out :eek:
so i have paid fp 55,002 to date:eek:

amersall

the_poker_player wrote: »

The ppi was front loaded so I am unsure of the monthly ppi payments, AM I JUST BEING THICK???

On your agreement it says what the ppi monthly payment is, or it should

amersall

di3004 wrote: »

Tee hee hee, sorry amersall, I cannot help but laugh :rotfl::rotfl::rotfl::rotfl: how are you Mr Amersall? :rotfl::rotfl::rotfl:, don't worry the poker player our lovely Mrs amersall doesn't really mind , I have been called but and Mr myself in so many words :eek::o:rotfl::rotfl:.

Good luck with your case anyway.;)

:rotfl::rotfl:eee di, i have been called a lot worse:eek::eek:

di3004

amersall wrote: »

:rotfl::rotfl:eee di, i have been called a lot worse:eek::eek:

:eek::eek::rotfl::rotfl::rotfl: me too :rotfl::rotfl::D

the_poker_player

No it doesnt say, just the £14950.

amersall

di3004 wrote: »

:eek::eek::rotfl::rotfl::rotfl: me too :rotfl::rotfl::D

:rotfl::rotfl: a friends son once called me a fat b*****d :D he just heard someone say this b word at school:D:D i said "less of the fat":rotfl::rotfl::rotfl:

amersall

the_poker_player wrote: »

No it doesnt say, just the £14950.

On mine it says ppi amount,loan amount, the monthly payment for loan and monthly payment for ppi amounts. Put this question on firstpluscomplaints website, as i am sure you should have the ppi monthly amount on your agreement,If it doesnt then i dont know how they will try to work this out, they could say any amount and you would have to believe them!!!! does it say loan payment amount, if it does iwhat is the difference between the loan amount and what you pay each month? could work it out from that.Also when you win mis sell your loan will reduce by this ppi monthly amount.

the_poker_player

Hi Amersall, It says on the agreement:-
Amount of Advance-£75,000
Optional Payment Protection Policy-£14,947.50
Total Loan-£89947.50
Monthly Interest Rate-0.639%
APR-7.9% First Payment £674.56, although we didnt pay this amount because the interest rate went up before the first payment was ment to be made!!!

amersall

the_poker_player wrote: »

Hi Amersall, It says on the agreement:-
Amount of Advance-£75,000
Optional Payment Protection Policy-£14,947.50
Total Loan-£89947.50
Monthly Interest Rate-0.639%
APR-7.9% First Payment £674.56, although we didnt pay this amount because the interest rate went up before the first payment was ment to be made!!!

That is strange, dont know why there are no payment amounts!!
please go on fpcomplaints website, they are very learned on there and i am sure you will get a positive reply, fp can tell you you have only paid x amount on ppi and you wouldnt know if this was right.sorry i couldnt help you anymore than i have.

the_poker_player

No problem. You have been a great help. Thank You. I registered with fp complaints last friday, just waiting for my authorization e-mail to come through.