PPI Reclaiming Discussion part 4

the_poker_player

Thanks for last reply it has cleared things slighty. I can see that option 2 may be the best option but what would the 8% be based on, the £450 or the total £14950 over the six years? or am i getting myself in another Knot????????? (I seem to be doing that a lot lately!!!)

the_poker_player

amersall wrote: »

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.

I rang Fp myself this morning and they are going to e-mail me the figures on Monday, the chap i spoke to was very helpful and quite pleasant, I was shocked, they are usually quite grumpy little beggars!:rotfl:

amersall

the_poker_player wrote: »

Thanks for last reply it has cleared things slighty. I can see that option 2 may be the best option but what would the 8% be based on, the £450 or the total £14950 over the six years? or am i getting myself in another Knot????????? (I seem to be doing that a lot lately!!!)

Not too sure, but you need full clarification on those figures. Usually it is 8% on all ppi monthly payments made to date! as you have had cash back and continued paying loan that is some years! you are only getting £450 because of the cash back.If you tell me the start date of the loan and what the ppi monthly payment was, then i will gladly use the bank charge calculator and let you know what the 8% is x

amersall

the_poker_player wrote: »

I rang Fp myself this morning and they are going to e-mail me the figures on Monday, the chap i spoke to was very helpful and quite pleasant, I was shocked, they are usually quite grumpy little beggars!:rotfl:

I have always found them to be ok, and it is 8% on ppi monthly payments to date, i paid over 4 years of ppi at a cost of £6490 the 8% i received was £1319.

the_poker_player

amersall wrote: »

Not too sure, but you need full clarification on those figures. Usually it is 8% on all ppi monthly payments made to date! as you have had cash back and continued paying loan that is some years! you are only getting £450 because of the cash back.If you tell me the start date of the loan and what the ppi monthly payment was, then i will gladly use the bank charge calculator and let you know what the 8% is x

Hi Amersall, this is where it gets even more confusing, on my agreement it doesnt state what amount the monthly ppi amount is.
Loan taken out Feb 2004
Loan amount 75,000
ppi amount 14,950
Cashback 14,500 last march after paying for 5 years.
I do not know the monthly figures, because it doesnt tell me anywhere!!!!!!!!! Do you see the problem that I have?

amersall

the_poker_player wrote: »

Hi Amersall, this is where it gets even more confusing, on my agreement it doesnt state what amount the monthly ppi amount is.
Loan taken out Feb 2004
Loan amount 75,000
ppi amount 14,950
Cashback 14,500 last march after paying for 5 years.
I do not know the monthly figures, because it doesnt tell me anywhere!!!!!!!!! Do you see the problem that I have?

Thats not a problem , your ppi monthly payment is 20% of what your monthly payment on total loan is,so if you take 20% of fp loan payment that is the ppi you pay monthly,was your first payment in march 04?

the_poker_player

Yes, First payment was in march 2004, cashback received March 2009. x

amersall

the_poker_player wrote: »

Yes, First payment was in march 2004, cashback received March 2009. x

Thanks, have you worked out the ppi monthly payment yet? i will gladly work out the 8% for you, you never know it may be worth taking the second offer after all!

the_poker_player

amersall wrote: »

Thanks, have you worked out the ppi monthly payment yet? i will gladly work out the 8% for you, you never know it may be worth taking the second offer after all!

Monthly payment is approx £800 at the moment, so I think the ppi is £160, if I times that by 72 payments thats £11,520. xx
Is that correct, do you think???

marshallka

the_poker_player wrote: »

Hi Amersall, this is where it gets even more confusing, on my agreement it doesnt state what amount the monthly ppi amount is.
Loan taken out Feb 2004
Loan amount 75,000
ppi amount 14,950
Cashback 14,500 last march after paying for 5 years.
I do not know the monthly figures, because it doesnt tell me anywhere!!!!!!!!! Do you see the problem that I have?

PPI works out at 16.62% of your monthly payment if that is what you mean here.

14950 divided by 89950 (which is total loan and PPI added together) and its 16.62.

You now take your monthly payment and times it by 16.62% and that is what your element of payment went towards PPI.