PPI Reclaiming Discussion part 4

di3004

Meeely3 wrote: »

Hi all - long time no speak, but I have had my reply and they uphold my claim (to recap - first plus loan with PPI for 5 years, get all bck if you don't claim, but you borrow upfront and it added to loan and interest is charged on total for whole period of loan).

Can you help me with the jargon, before I accept?

" A full refund of the insurance premium of £9796.00 plus interest paid on the premium to date* will be applied to reduce the balance of your loan and the part of your monthly payments made towards the PPI Premium will be returned to you. The monthly payments due will then be rescheduled accordingly" * = Figures to be calculated on receipt of the signed acceptance form.

So, in laymans terms, my loan gets reset as though I never had PPI, and I get back each payment I have made over the last 4 years? The interest repayments will be applied to my loan - they don't however mention the 8% statutory interest? Should I accept?

Hi there
Hope your well.;)

If you want to, if they have actually accepted liability of mis selling, then you are in your rights to request the 8%, hopefully though someone can clarify on this.

Oh and Congratulations.:beer:

Meeely3

They are not admitting liability no, but they are upholding my complaint. I am worried if I push I will get nothing or wait months for the Ombudsman to take my claim on. As it stands, I get my loan reset and a fair wack as a lumpsum that I otherwise wouldn't have got - PLUS my monthly payments go down, which will REALLY help us at the mo....

di3004

Meeely3 wrote: »

They are not admitting liability no, but they are upholding my complaint. I am worried if I push I will get nothing or wait months for the Ombudsman to take my claim on. As it stands, I get my loan reset and a fair wack as a lumpsum that I otherwise wouldn't have got - PLUS my monthly payments go down, which will REALLY help us at the mo....

There is still a nice lump of money there.:T:T

And yes very good point that.;):beer:

Meeely3

I have just called FP to find out what "the part of your monthly payments" amounted to - about £80 I have just been told - now correct me if I'm wrong, but 60 (5 years of PPI) x £80 does not equal £9796.....I work out that my monthly portion of my payments that is PPI is £163.27 making what I am owed for 49 months - £8000, not £3920 i will get if they stick to £80 a month?! what should I do - call back?

di3004

Meeely3 wrote: »

I have just called FP to find out what "the part of your monthly payments" amounted to - about £80 I have just been told - now correct me if I'm wrong, but 60 (5 years of PPI) x £80 does not equal £9796.....I work out that my monthly portion of my payments that is PPI is £163.27 making what I am owed for 49 months - £8000, not £3920 i will get if they stick to £80 a month?! what should I do - call back?

I would call them back and ask them how they have worked this out, they should provide this in writing as well, request they send a detailed written breakdown in writing.
It should be whatever you have paid in PPI up to date, if the loan was settled then the whole lot of PPI minus any rebates if any were given on settlement.

Wait for other opinions on this if you want to, but its always best to check here, good luck.;)

amersall

Meeely3 wrote: »

Hi all - long time no speak, but I have had my reply and they uphold my claim (to recap - first plus loan with PPI for 5 years, get all bck if you don't claim, but you borrow upfront and it added to loan and interest is charged on total for whole period of loan).

Can you help me with the jargon, before I accept?

" A full refund of the insurance premium of £9796.00 plus interest paid on the premium to date* will be applied to reduce the balance of your loan and the part of your monthly payments made towards the PPI Premium will be returned to you. The monthly payments due will then be rescheduled accordingly" * = Figures to be calculated on receipt of the signed acceptance form.

So, in laymans terms, my loan gets reset as though I never had PPI, and I get back each payment I have made over the last 4 years? The interest repayments will be applied to my loan - they don't however mention the 8% statutory interest? Should I accept?

hi there, look at your agreement and see what the payment just for ppi was. you get that back for the months you have paid to date, you get all the ppi amount back to your loan with interest, then the payments as i said above are returned to you (if you have arrears, that will be less the arrears back to the loan) if you have no arrears then you get all that back. as regards the 8% i got it back without asking, some havent, it may be worth asking them about this.

amersall

Meeely3 wrote: »

I have just called FP to find out what "the part of your monthly payments" amounted to - about £80 I have just been told - now correct me if I'm wrong, but 60 (5 years of PPI) x £80 does not equal £9796.....I work out that my monthly portion of my payments that is PPI is £163.27 making what I am owed for 49 months - £8000, not £3920 i will get if they stick to £80 a month?! what should I do - call back?

hi again, you dont get all ppi amount back , just what you have paid, that seems to me to be a very big discrepency from £80 to over £160!!!! see what your ppi was on your agreement, if you have proof it is double what they have said get in touch with them and dispute this

Meeely3

I have just spoken to them again - said if you divide 9796 by 60 months you get £163, he said, "but the premium AND the interest is added to the full term of your loan (20 years)", but even then divide £9796 by 240 months you get £40 - so he talking out of his !!!!....

tiggrae

Meeely3 wrote: »

I have just spoken to them again - said if you divide 9796 by 60 months you get £163, he said, "but the premium AND the interest is added to the full term of your loan (20 years)", but even then divide £9796 by 240 months you get £40 - so he talking out of his !!!!....

how long has the loan been going, when did you first take it out and what were the monthly repayment figures ?

ps I've just emailed the entire Executive Board of Directors of Barclays plc on behalf of a client , with a stining email over a mistake made by First Plus in their calculation - really quite enjoyed it !!! ;-)

amersall

hi again, how long was the loan over? the ppi is over the whole term of the loan not just for 5 years, that is why it is being repaid, the 9796 is taken off your loan and you get back ppi paid to date. that is why its important to know what your ppi was each month,