PPI Reclaiming Discussion part 4

bagster_2

Well the good news is I've won my claim against Firstplus so many thanks to all in here for furnishing the information required and providing a lurker with a tremendous amount of support to go up against the big guns.

I'm a little confused as to what precisely they are offering me tho' and before I sign the acceptance form I'd like to pick your collective brains.

Here's the wording on the acceptance form:

'We would like to confirm our acceptance of your offer to cancel our payment protection insurance policy and for a full refund of the insurance premium plus any interest paid on it to be applied to our loan account in full and final settlement of our complaint. We understand that we will also receive a refund of the part of our monthly payments paid towards the insurance policy and our loan account will be rescheduled to take these amendments into account.'

I've bolded the bit that confuses me. Does this mean they will refund the cash (what I want) or does it infer they'll make an adjustment to the loan without providing me with a cheque?

I'm probably having a senior moment but advice as to what exactly this means would be appreciated.

di3004

Hello and welcome Bagster.;)

Well done and Congratulations.:beer::T:beer:

So looking at this, they are refunding the amount after applying to the loan, the remainder gets refunded to you, and your repayments should be then reduced a month.

I'm sure others will also post of how they can see this, for how the FOS works out calculations there is a link here below, which you may find useful as well:
http://forums.moneysavingexpert.com/showthread.html?t=1596473

If you ring the business they will confirm this with you over the phone as well, I would do this to make sure.;)

bagster_2

Thanks for the kind words.

So I will get a cheque back for the original single premium PPI amount plus interest?

amersall

bagster wrote: »

Well the good news is I've won my claim against Firstplus so many thanks to all in here for furnishing the information required and providing a lurker with a tremendous amount of support to go up against the big guns.

I'm a little confused as to what precisely they are offering me tho' and before I sign the acceptance form I'd like to pick your collective brains.

Here's the wording on the acceptance form:

'We would like to confirm our acceptance of your offer to cancel our payment protection insurance policy and for a full refund of the insurance premium plus any interest paid on it to be applied to our loan account in full and final settlement of our complaint. We understand that we will also receive a refund of the part of our monthly payments paid towards the insurance policy and our loan account will be rescheduled to take these amendments into account.'

I've bolded the bit that confuses me. Does this mean they will refund the cash (what I want) or does it infer they'll make an adjustment to the loan without providing me with a cheque?

I'm probably having a senior moment but advice as to what exactly this means would be appreciated.

[/QUOTE]:j:j:jwell done, another fp win good for you:j:j:j:j:j:j:j:j did you win this through fos? the amount to come off your loan is the ppi total amount the policy is then cancelled. you get back all the ppi payments you have made each month direct to you, if you have any arrears they will come off and you will get the rest,, the normal fos redress says you should have 8% interest so query this, , the loan will go back to what it was when you took it out but without the ppi and that means your monthly payment will go down!!, please check this loan is the same term and interest rate, as they cannot do it any different ask them what your new loan will be before you sign and if you have the original terms go ahead (once you have seen about the 8%),hope i havent confused you and once again WELL DONE:beer: i am waiting for my offer with fp and sorry to be nosy but how long did it take you to get your offer?

janey17

Well done :beer: Bagster!! I'm nearly there myself!!

bagster_2

:j:j:jwell done, another fp win good for you:j:j:j:j:j:j:j:j did you win this through fos? the amount to come off your loan is the ppi total amount the policy is then cancelled. you get back all the ppi payments you have made each month direct to you, if you have any arrears they will come off and you will get the rest,, the normal fos redress says you should have 8% interest so query this, , the loan will go back to what it was when you took it out but without the ppi and that means your monthly payment will go down!!, please check this loan is the same term and interest rate, as they cannot do it any different ask them what your new loan will be before you sign and if you have the original terms go ahead (once you have seen about the 8%),hope i havent confused you and once again WELL DONE:beer: i am waiting for my offer with fp and sorry to be nosy but how long did it take you to get your offer?[/QUOTE]

Thanks. The whole process too 7 months:

-first letter
-usual delay whilst FP milked their own service standards for all they were worth
-sent their 'findings' report to me which, surprisingly, stated they had done no wrong
-lost my second letter
-sent my second letter again after ringing them
-got my FOS pack and ref number just in case and quoted the reference number to FP
-got letter from FP saying they would like to sort this out without FOS and would respond by 3 November
-got offer today

Sorry to be thick but to summarise:

-the original PPI amount plus interest taken of the loan
-the monthly PPI amount plus interest refunded to me
-the loan rescheduled to take into account both of above

In my case the PPI element at inception was £160 and I've been paying it for 4 years so I should get £7680 plus £614 interest at 8% simple?

Cheers for all the help:T

bagster_2

janey17 wrote: »

Well done :beer: Bagster!! I'm nearly there myself!!

Good luck:j

di3004

That sounds about right with what you said bagster......:T:T.

And with what Amersall have explained to you as well.

Again well done, so happy for you.:beer::beer:

amersall

bagster wrote: »

:j:j:jwell done, another fp win good for you:j:j:j:j:j:j:j:j did you win this through fos? the amount to come off your loan is the ppi total amount the policy is then cancelled. you get back all the ppi payments you have made each month direct to you, if you have any arrears they will come off and you will get the rest,, the normal fos redress says you should have 8% interest so query this, , the loan will go back to what it was when you took it out but without the ppi and that means your monthly payment will go down!!, please check this loan is the same term and interest rate, as they cannot do it any different ask them what your new loan will be before you sign and if you have the original terms go ahead (once you have seen about the 8%),hope i havent confused you and once again WELL DONE:beer: i am waiting for my offer with fp and sorry to be nosy but how long did it take you to get your offer?

Thanks. The whole process too 7 months:

-first letter
-usual delay whilst FP milked their own service standards for all they were worth
-sent their 'findings' report to me which, surprisingly, stated they had done no wrong
-lost my second letter
-sent my second letter again after ringing them
-got my FOS pack and ref number just in case and quoted the reference number to FP
-got letter from FP saying they would like to sort this out without FOS and would respond by 3 November
-got offer today

Sorry to be thick but to summarise:

-the original PPI amount plus interest taken of the loan
-the monthly PPI amount plus interest refunded to me
-the loan rescheduled to take into account both of above

In my case the PPI element at inception was £160 and I've been paying it for 4 years so I should get £7680 plus £614 interest at 8% simple?

Cheers for all the help:T[/QUOTE]
yes thats right, not bad is it? mine took about the same time but am still waiting for the letter you have recieved to come, so hoping it should not be too long now, relieved that monthly payment is going down as well, glad we got one over fp. have you looked at the firstpluscomplaints website, that will show you what kind of company they are, will you post your win up there please, they are keeping a tally of how much fp are losing and they have a petition going about interest rates on the government website, as fp are devious in the way they increase interest when interest rates are at there lowest level for a long time.

richalan

Hi all, here's a tricky one for you

Recently successfully reclaimed ppi from halifax, although not the full amount. The loan which I had with ppi was repaid in full, however a second loan I got after this was placed into my iva. Halifax picked up on this and have told me they will be sending my cheque directly to the iva company as it is classed as a windfall. Can they do this? I am currently self employed and in arrears with the inland revenue and I'd like to use the money to pay my tax arrears. Any ideas???/