PPI Reclaiming Discussion part 4

Niggly_2

Red_peppers wrote: »

It is First Plus

What is the monthly payment you make to the loan.

What is the monthly PPI.

What is the term of the loan

When did it start.

I am going for a quick fix here. If I can prove the PPI plus interest over the term of the policy is greater than the benefits provided the FOS will uphold on this.

My policy would have cost me £45000 over the term yet the maximum it can payout is £44940. If you answer the above I will see if we can get them on this one point alone. If not then we dig deeper.

N:beer:

Niggly_2

cclissold wrote: »

Hi Niggly

Many thanks for all your help/advice last week. As you appear to be the King of Calculations I wondered if you could check the details on mine so that when I finally get my calculation letter I will know whether they are trying to pull a fast one:

Amount of Credit (cash loan) - £12,000
Add: total charge for credit for cash loan - £3539.04
Total amount you pay for cash loan £15539.04
Insurance Loan (cash price of insurance) - £2,914.99
Add: total charge for credit for insurance loan - £859.97
Total amount you pay for insurance loan - £3774.96

You have to pay the loan and arrangement fees on the loan by 72 monthly payments - £268.25

Annual Percentage Rate - 8.7%
Loan - £14914.99
Total charge for credit for the loan - £4399.01
Total amount you pay - £19314.00
Monthly interest rate - 0.679%
We will charge you arrangement fees totalling £149.15

Cheers me dear.

C.x

Need more info

Start date
are you still paying? if no
When did you pay off the loan
Was a rebate (refund given for the ppi)

If you can see if the PPI payment per month is £52.43 per month

Cheers
n

Red_peppers

Thanks for your help

Monthly premium £361.59

Monthly PPI £71.13

Term of loan 240 months

Start date 20/04/2007

It also says 7.9% variable

Let's get em! :beer:

Niggly_2

anaylorefc wrote: »

Right my PPI on a barclays loan in 2002 comes to a total of £604.80. (£12.60 per month) Now with 8% interested on that I make 8% of that to be £48.38. So I make that to be a total interest of £435.08. Added to the PPI thats £1039.86.

Have I worked that out correctly?

If you paid 4 year loan off in full in 2006 then you would only have 5 x £48.38 in interest. £241.9.

The 8 % on the regular premiums over 4 years is £345.74 from date of first payment to today. That assumes start date sept 02 to august 06 and settlement date of September 11. They should go with this figure.

I presume that they did not add a cash payment for the premium upfront. If they did you would be entitled to that as well plus interest from 2002

XXSCOTSLASSXX

17 days after 1st phone call to Santander re PPI on cahoot flexible loan, I have received offer of £1754.95 I was doubting whether even had PPI on account lol

figures are ....

PPI monthly Premiums £524.09 ( they say this is from Jan 2003-Feb 2004...I had initially thought was cancelled 2005 after going through bank statements, although not at all sure will query this when i call Monday as they not open)
Interest on premiums to date £1230.86
total refund £1754.95

wonder if someone could check the figures when they get a min many thanks in advance xx

they have also stated on the letter which has kinda confused me " I have requested immediate cancellation of the PPI policy on your behalf(I thought by their refund was cancelled feb 2004???) and your future payments will not include any PPI" does this mean there will also be a restructuring of the loan which is still currently active??

cappo

PurityExiled wrote: »

Hello


I hope that this is the correct section to ask for advice.


We took out a secured loan with Firstplus in Jan 2008. Whilst arranging the loan (which we wanted over a five year term) the Firstplus agent recommended PPI, which she said we would get back at the end of the loan term if we didn't make a claim. When she told me what the repayments would be including the PPI, I said no thanks we couldn't afford that amount, she then said that they could extend the loan term to 6 years and thereby make the PPI affordable. However, I was not told that the PPI would only cover the first 60 months of the loan and not the additional 12 months that had been added to get us to take the PPI. Looking at our policy it looks like the PPI was front loaded too.


We now have a 6 year rather than 5 year loan, and PPI that doesn't cover the full term, but which we will be paying interest until the end.


Do we have a case to reclaim the PPI?

Yes you do

cappo

trish22 wrote: »

I have had exactly the same,they sent mt £10 back and said cos its past the six years they no longer hold any records,i was with them for thirty plus years and know i paid ppi untill 2002 on my midland bank access and mastercard.
I think this is why they are not sending me any info,and yet on "mylostaccount"via the internet,people are recovering there accounts from twenty and thirty years ago when it was the midland bank,so how can they say,they have no details,its beyond me it really is.

Trish:mad:

Hi trish they do this to try to throw you off the trail because they don't want to payout basically

Niggly_2

Red_peppers wrote: »

Thanks for your help

Monthly premium £361.59

Monthly PPI £71.13

Term of loan 240 months

Start date 20/04/2007

It also says 7.9% variable

Let's get em! :beer:

Total cost of PPI is £71.13 x 240 £17071.2

Maximum benefit payable under the disability is £21695.4

Doesnt work in your case yet.

Do you know who the fully insured person is under the policy.
Have they got benefits that would cover them under either a work scheme or privately.

i.e. if you were sick how long would the employer pay full pay for and then half pay.

Obvious question is the insured self employed

If employed how long had they been working with the company

What I am trying to ascertain is when would/could you start claiming. I get full 6 months pay on illness/disability(temporary) and then 6 months half pay. So on the disability insurance if you are paid for the first 6 months that brings the term of benefit from 5 years to 4.5 years maximum.

Also if I was to become long term disabled or sick, the company I work would consider ill health early retirement under the pension scheme or redeploy me if I physically could do another job. The nurses can be paid Temporay injury allowance. Also is there an accident or sickness scheme avaliable under the employee benefit scheme. The insured may have a policy arranged privately through the bank/advisor or sometimes through a sports club. Have you got critical illness cover seperate from the mortgage or any other income replacement policy.

Although this doesnt bring the benefits below the payment we are getting closer.

I assume that FP said that they completed a full statement of needs and demands over the phone and this was sent to you. Did they speak to the insured person under the policy and take detailed questions about their Health, benefits/insurance elsewhere and occupation.

I am just trying to build a picture up so we can go back to FP and say hey you didnt do this, this and this.

They have a duty to consider all the evidence under a claim both verbally and in writing and have to consider other root causes to why so many people have complained and why you might have a similiar cause to complain even if you did not mention it.

Also did the salesman over emphasise the benefits of the cashback scheme and say it could be considered as a savings plan.

Did he read specifically to you the cost of the ppi over the full term of the loan and the associated interest on it. Did he rattle a load of I have to read the terms and conditions to you now spiel at the end of the phone call.

I will be honest I cant remember the detail. All I remeber fully is taht I would get a massive lump sum at the end of the 5 years if I didnt claim and that the ppi would stop after 5 years and I would see my payments decrease.

The recordings are probably needed on this one to see if the statements they make about perorming the sale adequetley are in fact true.

Answer the questions above if you can and we can begin to build up a case against them.

Also read these single premium case studies from the FOS they are long but you will see that the ombudsmen have upheld cases like ours after FP have said NO.


http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi.html

I will leave you with one last thought. According to Which who have reported on the cases going through the FOS UP until June. Fp are the 3rd worst offender for PPI complaints and 86% of the cases gone to them have been upheld.

N:beer:

Red_peppers

Thanks Niggly,

This has been going around in my head all night so got up earlier and looked through the questionnaire i sent to them to complain. I have been very stupid.

When I first looked into this as a possible miss sell I looked at the original paperwork and because we pay £71 per month I presumed this was the PPI premium and not the interest element. So where I was asked on the questionnaire 'did you pay an upfront premium' or ' do you pay a monthly premium' I ticked the monthly option.

So when reading my replys I havent complained about it being a single premium, this I only learned about way after sending off the initial complaint. God I am stupid.

My reasons for mis sell were how we are both self employed - we own our business. So if we were ever off sick we would continue to be paid as we are not going to stop our own wages.
Also, we thought it was a condition of the loan.
We have life insurance and various work related insurance policy's to cover death in service etc.

It's a few years ago but did you have one call from FP or more?, the reason I ask is because I think we had more. The first where they said we wouldn't get the loan without PPI and another which I'm presuming is the recorded one where they quickly ran through the figures and kept asking us 'do you understand' or word to that effect. Anyway I may be wrong in this.

With our rejection we received a demands and need statement which only has my husbands name on it
It states he is self employed, it confirms his current employment provides sufficient income to repay if he was injured or Ill, that he would be paid for 12 months, and that he has death in service benefit.

Do you think it would be worthwhile to write back to FP with the info amersall gave me - about 4 key points I've got saved somewhere?

It's no wonder they refused my reclaim and gave final decision I bet they were laughing there heads off at me for not using the single PPI reason.

Thanks for trying to help me though :T

scottyedin

cappo wrote: »

Hi scotty fast tracking is where you can have your dispute heard quicker and the fos will do this normally, though you have to be either suffering financial hardship and be able to prove it, namely being in receipt of certain benefits or having medical issues i.e stroke etc and of course being able to prove that as well. all the best with this.

Thanks Cappo.

I don't fall into any special category so I will be joining the back of the FOS queue. I am quite relaxed about it though, I just want my money back from those HFC cowboys.

I have had a complaint with Bank of Scotland upheld on two loans and a credit card so just waiting to find out how much. The HFC one can wait a wee bit longer.:)