PPI Reclaiming Discussion part 4

amersall

emmakirks wrote: »

Hello, I received on Friday an offer from FirstPlus after putting in claim about missold PPI. They have offered to put the loan back into state as if we never had the PPI (£8.5k full refund plus £2.5k interest back onto the account) and refund to us the part of our monthly payments that were connected to the loan of the ppi (£3.6k). Repayments will go down about £60 a month. I am going to accept their offer but ask for 8% on top of the amount to be paid back to us. Any advice on how to word this request and to anyone who is familiar or experienced with getting money back from PPI does the offer seem fair? It seems to be to me (the fact that the loan will go done by approx £10k and we will not be paying about a further £6-7k interest on the PPI bit may mean we can get this loan consolidated by a personla loan soon with fixed and lower interest rate.
Any help gratefully received. Emma

hi emma well done on your win with fp. the refund sounds about right, have a look at your agreement and see if the ppi is a seperate amount and if it is thats what they should be taking off plus ppi payments made to date, fp arent the best at giving you the 8% back , but you can but try , or just accept what they have offered you, turbo is the best one here with figures he will be able to help you better with calculations he is ace!! hope this helps, ( how long did this process take you? if you dont mind me asking) glad you got one up on fp i hope i get the same result as you good luck

emmakirks

Hi Amersall, the process was really quick actually. Wrote initial letter mid Jan and got acknowledgement then offer letter last Fri. I went direct with fp, no broker so no hassle there and didn't bother getting SAR either.

Turboman

emmakirks wrote: »

Hello, I received on Friday an offer from FirstPlus after putting in claim about missold PPI. They have offered to put the loan back into state as if we never had the PPI (£8.5k full refund plus £2.5k interest back onto the account) and refund to us the part of our monthly payments that were connected to the loan of the ppi (£3.6k). Repayments will go down about £60 a month. I am going to accept their offer but ask for 8% on top of the amount to be paid back to us. Any advice on how to word this request and to anyone who is familiar or experienced with getting money back from PPI does the offer seem fair? It seems to be to me (the fact that the loan will go done by approx £10k and we will not be paying about a further £6-7k interest on the PPI bit may mean we can get this loan consolidated by a personla loan soon with fixed and lower interest rate.
Any help gratefully received. Emma

Post up

1)-Cash Advance Amount/Original mthly pymt/original interest %/Date of agreement/No of months of loan (yrs)
2)-PPI Loan amount/Original monthly payment/original %
3)-No of payments made to date of offer letter
4)-Any "sums" details in your offer letter re new pymts & BALANCES
5)-Current monthly payment (& % if you have it)
6)-Any history of changes-Date/New %/New Total Pymt--if you have info

And I will have a crack at verifying the figures--
PS--the 2.5K MIGHT be the 8% interest

Turbo

amersall

emmakirks wrote: »

Hi Amersall, the process was really quick actually. Wrote initial letter mid Jan and got acknowledgement then offer letter last Fri. I went direct with fp, no broker so no hassle there and didn't bother getting SAR either.

thats very good, i just dealt with fp so no broker and no sar just like you , did you go to fos or just first plus? did you mean jan 08 ? mine is with fos now and has been passed to an adjudicator.( that only took two weeks). i hope i am as lucky as you. congrats again.!! will you post your success on the firstpluscomplaints website please there will be a few people who will be happy to hear this

emmakirks

Turbo, thanks for offer of help. I have put all info I have below, it is limited in terms of repayments as don't have full records.

1)-Cash Advance Amount (£35,000)/Original mthly pymt(£408.08)/original interest %(7.9%)/Date of agreement(July 05)/No of months of loan (15yrs)
2)-PPI Loan amount(£8571.50)/Original monthly payment(£80.28)/original(7.9%) %
3)-No of payments made to date of offer letter (43)
4)-Any "sums" details in your offer letter re new pymts & BALANCES (none given but see figures below, but over phone have said monthly payments will reduce by approx 60-65 per month)
5)-Current monthly payment (& % if you have it)(from this month £426.88 at 8.7%)
6)-Any history of changes-Date/New %/New Total Pymt--if you have info (rate has been as high as 9.5% - £440 a month and as low as the original, but don't have history)

Figures they have given me are £8851.50 full refund of premium plus interest paid to date £2441.49 and return of monthly payments to date £3599.20.

I am not sure if this is enough info to help completely but anything, however small, will help in my final decision.

Thank you very much

Emma

bernice_2

Hi Everyone.
I have just had a letter from the FOS Saying that they upheld my claime for missold ppi. so i am awaiting a calculation breakdown of payments due and the FOS said they need to pay me £200 compensation. MBNA who under write A&L CC originally disagreed about the misselling.
Has anyone else had dealings with MBNA or A&L CC.
Bernice.

maxdp

bernice wrote: »

Hi Everyone.
I have just had a letter from the FOS Saying that they upheld my claime for missold ppi. so i am awaiting a calculation breakdown of payments due and the FOS said they need to pay me £200 compensation. MBNA who under write A&L CC originally disagreed about the misselling.
Has anyone else had dealings with MBNA or A&L CC.
Bernice.

Hi there Bernice

First of all congratulations on having the above complaint upheld with the FOS and £200 compensation that is a result.:beer:

I have had dealings with MBNA/ A and L one they paid just as it went to FOS the other one it is now with an adjudicator and am awaiting a decision. I have found personally that they have been really fair and have paid the interest compounds and not simple. Am sure you will not have to wait long before you get a payout.

:T :T

Turboman

Just clarification on these monthly payments re Total or not

emmakirks wrote: »

Turbo, thanks for offer of help. I have put all info I have below, it is limited in terms of repayments as don't have full records.

1)-Cash Advance Amount (£35,000)/Original mthly pymt(£408.08)/original interest %(7.9%)/Date of agreement(July 05)/No of months of loan (15yrs)
2)-PPI Loan amount(£8571.50)/Original monthly payment(£80.28)/original(7.9%) % So total is £488.36 @ 7.9%???
3)-No of payments made to date of offer letter (43)
4)-Any "sums" details in your offer letter re new pymts & BALANCES (none given but see figures below, but over phone have said monthly payments will reduce by approx 60-65 per month)
5)-Current monthly payment (& % if you have it)(from this month £426.88 at 8.7%) Is this total @ 8.7%--I would have expected it to be more than £488.36 ??
6)-Any history of changes-Date/New %/New Total Pymt--if you have info (rate has been as high as 9.5% - £440 (as above comment) a month and as low as the original, but don't have history)

Figures they have given me are £8851.50 full refund of premium plus interest paid to date £2441.49 and return of monthly payments to date £3599.20.

I am not sure if this is enough info to help completely but anything, however small, will help in my final decision.

Thank you very much

Emma

dinerodinero

dinerodinero wrote: »

quote=dinerodinero;19488451]

Turboman wrote: »

Clarifying

Turboman wrote: »

Hi Turbo here is all the information

My first loan:
Cash loan: £12,310.00
Loan insurance: £3,137.83
Annual Interest Rate: 8.44%
Original amount of credit: £15,447.83
Agreement opening date: 14/11/2007 for 86 months
Total amount for the cash loan: £16,406.88
Total amount for the insurance loan: £4,182.36
Total amount for the total Loan: £20,589.24
Total charge for credit on Cash Loan: £4,096.88
Total charge for credit on Insurance loan: £1,044.53
Total charge for credit for the Total loan: £5,141.41 ( Interest on Total loan )


With the new agreement that HALIFAX want me to sign is as follows:
Amount of credit ( the loan ) £11,098
Duration of agreement: 74 months
Total amount: £14,254.56
APR: 8.4%
Total charge for credit on the loan ( interest on the loan ): £3,156.56

This is the information from the statements and the balance

13/12/07 – Debit - £104.74
13/01/08 – Debit - £105.45
13/02/08 – Debit - £106.16 / payment - £245.11
13/03/08 – Debit - £105.22 / payment - £245.11
13/04/08 – Debit - £104.27 / payment - £245.11
13/05/08 – Debit - £103.32 / payment - £245.11
13/06/08 – Debit - £102.35 / payment - £245.11
13/07/08 – Debit - £101.39 / payment - £245.11
13/08/08 – Debit - £100.41 / payment - £245.11
13/09/08 – Debit - £99.43 / payment - £245.11
13/10/08 – Debit - £98.44 / payment - £245.11
13/11/08 – Debit - £97.45 / payment - £245.11
13/12/08 – Debit - £96.45 / payment - £245.11
13/01/09 – Debit - £95.44 / payment - £245.11
13/02/09 – Debit - £94.43 / payment - £245.11

Balance: £13,776.35

Thank you

Emma

di3004

amersall wrote: »

hi emma well done on your win with fp. the refund sounds about right, have a look at your agreement and see if the ppi is a seperate amount and if it is thats what they should be taking off plus ppi payments made to date, fp arent the best at giving you the 8% back , but you can but try , or just accept what they have offered you, turbo is the best one here with figures he will be able to help you better with calculations he is ace!! hope this helps, ( how long did this process take you? if you dont mind me asking) glad you got one up on fp i hope i get the same result as you good luck

Hiya Emma

WOW this is great news, Well done hunni and Many Congratulations, Excellent work.:T :beer: :T :beer: :T :beer: :T :beer:

Di
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