PPI Reclaiming Discussion part 4

di3004

g3az66 wrote: »

Morning all,

Its looking like I have been paid my interest plus compo as a cash sum into my bank account and the PPI premiums owed have been used to clear off some of the existing loan. Do we not get a choice as to how we are paid or is it at the discretion of the bank?

Morning hun.;)

As long as there were no arrears - missed payments I assumed you would have the choice of having this paid directly to you, although if it cleared the whole loan I know that would be good, but I know you said "some" of the existing loan.

I'm sure someone will post up on this hun, but that is my opinion of this anyway. Good luck.;)

g3az66

Morning Di,

It looks like its left a small balance that will be cleared with 4 repayments. When you ring for an explanation 'no one knows!' Just checking all this thru tinterweb banking

Pixie983

Turboman wrote: »

Will do--give me:

1)-Date of agreement and Number of Months of Loan - August 2006 - 14 years (168 months)
2)-Date of first payment - September 25th 2006
3)-Amount of Cash Advance Loan / Monthly Pymt at outset / % at outset £17000 - around 11% I think
4)-Amount of PPI Loan / Monthly Payment at outset/ % if different to above - ?? PPI premium was £4,163.30 for 5 years (it was on the basis of refund after 5 years if no claims)
5)-Total Loan Amount (not incl interest)/ Total Mthly Pymnt (as a crosscheck of above 2 to be sure) at outset £21,163. / £237.70 was original monthly payment (which included PPI payment)
6)-Number of payments made so far - 30
7)-Present Monthly Total Payment + % - £255.64 - 11.4% (this has just come down from 12.4% 2 months ago)
8)-Exact figures & wording from your received refund letter (or telephone conversations) and dates thereof with refund amounts,8% amounts, & new arrangements for revised mthly pymnt etc - I typed out the exact wording on my previous posts however I have not had confirmation from FP on revised monthly payments yet. The adjudicator at the FOS though did tell me that my payments on PPI equated to around £40 a month (not sure if this helps)
9)-any history you have of Interest Rate Changes in form of a list--- - there have been a few rate changes over the last couple of years - probably 4 in total and I think it was 12.6% at the highest and 11.4% (current) is the lowest. My monthly payments have never gone above £265

---

Date of Change/new amount/new %

Thanks Turboman - I would have to try & find (eek) the original documentation to get it all exactly but I can give you most of it that I know anyway - if you can't do anything with it then it doesn't matter but I'll give you what I know from the list above anyway. Sorry if it's a bit rubbish. Thank you.

stringman35

Well folks, here goes 1 year on still no joy with Paragon PPi reclaim, they actually have refused to comment anymore, and basicly told me to get lost. I have now issued court proceeding against them, i will post to you what my progress is as it happens

Turboman

Pixie983 wrote: »

Thanks Turboman - I would have to try & find (eek) the original documentation to get it all exactly but I can give you most of it that I know anyway - if you can't do anything with it then it doesn't matter but I'll give you what I know from the list above anyway. Sorry if it's a bit rubbish. Thank you.

Right Pixe--got to go out for a while--will work on balances this afternoon

Have checked amnt/premium--Edit your answer 5) to 21,163

I confirm payments & 8% interest are right-ish (as I don't have exact % changes but near enough)--will look at balances later -- ask them what the Revised Balance & Revised Premium will be this aft. if poss--I think revised premium is 80.33% (17000/21463) of £255 = £204.85 - but I don't think the balance reduces by 5310 (I think more like 3850-ish ?? at a quick look)--These letters (as in a)) are often worded obtusely, ignore the payments made (& refunded) as in b)

EDIT--I think new balance around 15,584

Turbo

di3004

stringman35 wrote: »

Well folks, here goes 1 year on still no joy with Paragon PPi reclaim, they actually have refused to comment anymore, and basicly told me to get lost. I have now issued court proceeding against them, i will post to you what my progress is as it happens

Hi hun

I take it they have closed the case then ?

Did you tell them your going to take this case to court? Just wondering if this may help your case.

Good luck with this and I assume then your unable to use the FOS, saying that it should be a lot quicker going the court route, we look forward to hearing the outcome of this.;)

Di
X

Pixie983

Turboman wrote: »

Right Pixe--got to go out for a while--will work on balances this afternoon

Have checked amnt/premium--Edit your answer 5) to 21,163

I confirm payments & 8% interest are right-ish (as I don't have exact % changes but near enough)--will look at balances later -- ask them what the Revised Balance & Revised Premium will be this aft. if poss--I think revised premium is 80.33% (17000/21463) of £255 = £204.85 - but I don't think the balance reduces by 5310 (I think more like 3850-ish ?? at a quick look)--These letters (as in a)) are often worded obtusely, ignore the payments made (& refunded) as in b)

Turbo

Thanks Turbo - I have just edited previous post. I have called First Plus this morning to get revised monthly payment but they said that the changes have not gone through yet. My next payments is due tomorrow but they said I will be refunded for the PPI on this. They said it should be done shortly as the cheques had been issued (I paid them into the bank yesterday! no messing about!). I am desperate for a settlement figure from them as what I am looking to do really is to transfer the loan to a personal one (there was no need for me to take a secured loan in the first place I was just ill-advised) however they can't give me a settlement figure until the changes have gone through. In the summer of 2007 I asked for a settlement figure and it was around £18,000 so I was guessing/hoping that it would have come down to around £16,000 now however I'm thrown with this new info (the refund to reduce my loan account balance) and am thinking it might be less now but don't want to get my hopes up too much!

Also a quick note I forgot to say that at the bottom of the first plus letter where it says about the enclosed cheques it also says:

'This amount is being refunded to you in order to put your account in the position it would be if the insurance had not been taken'

This is also what the adjudicator at the FOS told me that they had to do.

Turboman

Pixie983 wrote: »

Thanks Turbo - I have just edited previous post. I have called First Plus this morning to get revised monthly payment but they said that the changes have not gone through yet. My next payments is due tomorrow but they said I will be refunded for the PPI on this. They said it should be done shortly as the cheques had been issued (I paid them into the bank yesterday! no messing about!). I am desperate for a settlement figure from them as what I am looking to do really is to transfer the loan to a personal one (there was no need for me to take a secured loan in the first place I was just ill-advised) however they can't give me a settlement figure until the changes have gone through. In the summer of 2007 I asked for a settlement figure and it was around £18,000 so I was guessing/hoping that it would have come down to around £16,000 now however I'm thrown with this new info (the refund to reduce my loan account balance) and am thinking it might be less now but don't want to get my hopes up too much!

Also a quick note I forgot to say that at the bottom of the first plus letter where it says about the enclosed cheques it also says:

'This amount is being refunded to you in order to put your account in the position it would be if the insurance had not been taken'

This is also what the adjudicator at the FOS told me that they had to do.

I think I now understand the way FP have illustrated this (although could be wrong)

a)-describes that you must be be returned the PPI Premium + Interest so far paid (5310 in total)on it (by 2 methods)

b)-returns Pymnts of 1,480

SO-Balance will reduce by 5310-1480 = 3830

New overall remaining balance 15,600-ish

Settlement figures will be more than this though!

amersall

stringman35 wrote: »

Well folks, here goes 1 year on still no joy with Paragon PPi reclaim, they actually have refused to comment anymore, and basicly told me to get lost. I have now issued court proceeding against them, i will post to you what my progress is as it happens

hi there sorry to hear that, you keep at em good luck and fingers crossed xx

amersall

Pixie983 wrote: »

Thanks Turbo - I have just edited previous post. I have called First Plus this morning to get revised monthly payment but they said that the changes have not gone through yet. My next payments is due tomorrow but they said I will be refunded for the PPI on this. They said it should be done shortly as the cheques had been issued (I paid them into the bank yesterday! no messing about!). I am desperate for a settlement figure from them as what I am looking to do really is to transfer the loan to a personal one (there was no need for me to take a secured loan in the first place I was just ill-advised) however they can't give me a settlement figure until the changes have gone through. In the summer of 2007 I asked for a settlement figure and it was around £18,000 so I was guessing/hoping that it would have come down to around £16,000 now however I'm thrown with this new info (the refund to reduce my loan account balance) and am thinking it might be less now but don't want to get my hopes up too much!

Also a quick note I forgot to say that at the bottom of the first plus letter where it says about the enclosed cheques it also says:

'This amount is being refunded to you in order to put your account in the position it would be if the insurance had not been taken'

This is also what the adjudicator at the FOS told me that they had to do.

your loan will reduce by the ppi they have put back on your account as it stated in your letter from first plus ( total applied to reduce loan balance 5310.45 ), so you may get a pleasant suprise with the settlement figure. hope i am right with this. i am sure turbo will put me right,but that is what i would take your letter to mean