PPI Reclaiming Discussion part 4

robbedofmymoney

nickybutch wrote: »

Robbedofmymoney,
I will answer your questions. Sorry to not answer earlier, but I was busy today as well.
The REFUND I got (the £2020.01 IS for the PPI miss sale). But if you look closely, the PPI refund taken off loan is £2281.97 which I did NOT get.
The interest rate is at that figure of 11.9% or 11.33%, I do not know what it is at present because it is in an IVA and has been since March 2007.
The amount which they are claiming in the IVA is £12,517.29 with £2281.97 refund which I did NOT get, but got £2020.01 the NEW total is £10,235.32
If you took off the £2020.01 (the amount I got as a (PPI REFUND in October 2009) from the £12,517.29 the ACUTAL figure of this loan is NOW £10,497.28.

So NOW I 3 COMPLETELY different amounts to this LOAN and Still I do NOT know which is CORRECT. I have £10,620.03 From April 2010, £10,235.32 from 5 August 2010 & NOW £10,497.28.
Egg has CHEATED me BIG TIME. I NEED some help
Anyone PLEASE.
Nickybutch

this is my second attempt at writing this, the first one crashed, so bear with me as this is a shortened version.

you are correct, they have got their sums wrong, and have not done what they said they would.

you need to forget about the original 5k loan as this has nothing to do witht he loan that had the ppi. you also need to focus on what the numbers should be and not what the interim statements say they were.

what you are interested in is the loan for 8901 with ppi of 3797.97, totalling 12,698.97

you won a claim for a ppi miss-sale and as a result they carried out a number of transactions to your loan account to put the account back into a position it would have been had the ppi not been there.

they wrote to you confirming that they had already removed your outstanding ppi of £2,281.97 and that they would also take a further £2,020.01 from the account. these 2 amounts total the total refund which is the original premium of £3797.97 and the associated interest of £504.01 (4,301.98)

the nett result of these transactions should leave a loan balance of £8,215.31.

all egg have achieved with their attempts to correct the account is to remove £2,281.97, they have still not removed the £2,020.01 which they said they would do.

you need them to take a look at all of the calculations combined to see the error,

if they just look at the final claculations carried out in nov, it appears they have taken £2020.01 off, (which is what they are probably looking at, the nett result of this calculation is correct) however if they then take into account all the previous ppi transactions its clear the overall nett result is wrong.

i am not sure what stage you are at with egg, or wether you have gone to the fos.

either way the nett result is that egg have not fully refunded the whole of the ppi and associated interest.

to correct this on your account they need to take off £2,020.01, the reason is that the current nett result of all their calcs is that they have only removed the outstanding premium of £2,281.97.

it may be a genuine mistake or it may be something more sinister to make it look like they have done it correctly but if egg are not helping the fos will see it as it is and you should get this rectified.

let us know how you get on.

the_poker_player

Hi Everyone, Can anyone help me please??????????? I have received three offers from First Plus..........
1st.........Loan payments increase, Payment to client of overpayments( paid off loan ?)
2nd........After cashback payment last feb, difference paid back to me is £450 + 8% interest ( of what i don't know)
3rd........No payment back, loan payments will be reduced, to what i dont know.
How in hells name am i suppose to understand which is the best option to take when i don't know any figures... Claims company are telling me to take option 2.........
God I am so confused. Has anyone else had these options from First Plus.........If so what did they do and what do they all mean.......Please help

the_poker_player

amersall wrote: »

Hi hows it going, are you still with the claim company or did you get out of that?.

Hi There, No still in a battle,:mad: I have spoken to First Plus myself and they are talking overpayments of over £10,000 and are confusing me so.

amersall

the_poker_player wrote: »

Hi There, No still in a battle,:mad: I have spoken to First Plus myself and they are talking overpayments of over £10,000 and are confusing me so.

:mad: Sorry to hear you are still on with this. In my opinion option 2 does sound good, but are they reducing your monthly payments? You should post on the fpc website, there are people on there who have claimed cash back and then won mis sell, and there are "boffins" on there who know how to work fp figures out to the letter.This will help you to make the right decision.Sorry i could not be more help, but if you post the offers you have been made on fpc then i am sure this will solve your dilemma for you.

amersall

Poker player, i have posted quote from fpc, from someone who has had ppi cash back and won mis sell. I know these arent your figures but just to give you an idea of what this poster was offered. can you post the full figures on here that you have been offered from fp?

"i received the cashback 3 years ago,i am remortgaging next year and will wecome the £4500 now,i could have taken £5700 withloan re done but balace went up £1400 and payments up £33/month,the other option was £5700 off balance and monthly payments dropping by £60/month,i will use the cash for paying off some debt and save more than £60/month.i had to phone to get the full figures as they did not have full facts on the letters/offers "

Anna*_2-2

Hi - Looking for some more advice. I sent a SAR off to Egg remembering to enclose £10 (2 settled loans, 1 ongoing and 1 settled and closed Credit Card). Egg have written to me today essentially to let me know that they will not be providing me with copies of any of my agreements stating "the right to be provided with this information from Egg Banking plc ended with the closure of this account". They have sent 4 separate letters in the same envelope with regard to the accounts that I listed on the SAR. I'm not sure how I pursue this now, or whether it is worth pursuing. Any advice would be gratefully received.

the_poker_player

amersall wrote: »

:mad: Sorry to hear you are still on with this. In my opinion option 2 does sound good, but are they reducing your monthly payments? You should post on the fpc website, there are people on there who have claimed cash back and then won mis sell, and there are "boffins" on there who know how to work fp figures out to the letter.This will help you to make the right decision.Sorry i could not be more help, but if you post the offers you have been made on fpc then i am sure this will solve your dilemma for you.

Hi Amersall, I have tried to get on to fpc but am struggling to join, everytime i try to log on it says access denied, have to have received confirmation e-mail, but no e-mail has come through.:( I will try and join again but don't think it will let me because my e-mail address has already been used. Thanks so much for the advise though. Ps option two doesnt reduce payments, I don't think anyway.

amersall

the_poker_player wrote: »

Hi Amersall, I have tried to get on to fpc but am struggling to join, everytime i try to log on it says access denied, have to have received confirmation e-mail, but no e-mail has come through.:( I will try and join again but don't think it will let me because my e-mail address has already been used. Thanks so much for the advise though. Ps option two doesnt reduce payments, I don't think anyway.

This is what the overpayments are (again, pinched from fpc )

money has already been deducted from the capital balance, so if you want it back, then it has to go back on to the balance, otherwise FP would be giving you double what you have overpaid. Adding it back to the loan would bring your balance back it in line with what the balance should have been if PPI didn't exist (e.g. just like an overdraft on a bank account - u put money in and the balance reduces, but if you take it back, your overdraft balance would increase).



Hope this makes some sense x

the_poker_player

I can't quote figures, thats the frustrating part because i do not have any figures, its like trying to give an answer to a question that you have not been asked yet!!!!!!!!!!!!!

amersall

the_poker_player wrote: »

I can't quote figures, thats the frustrating part because i do not have any figures, its like trying to give an answer to a question that you have not been asked yet!!!!!!!!!!!!!

If i were you i would get the firm who are working for you to write to fp and ask for a full breakdown of figures for these offers, as you cannot make an informed choice on the offers they have given.