How FOS Calculate Refunds

amersall

Hi all...just a quicky...

Not tonight love :D:D
:rotfl:i have a headache :rotfl:

I answered your other post regarding this you have the letter from them saying this debt is clear,ring them and find out before you sign the acceptance,or... put a copy in of the letter and where it says in the acceptance that you owe them,write alongside that you have enclosed the letter to show account clear and you would like the full redress to be paid to you.

Peanut72

Hi, I have a thread dealing with a query on Firstplus elsewhere but been doing some searching and think you guys and girls here may have the answers I am looking for.

Having to settle Firstplus loan for reasons given in other thread but I am keen to know what figure I should be looking for with a ppi claim and don't know but solicitor will have a settlement figure soon and would like to make sure it's correct..

Cash loan £50000 monthly payment £766.32
PPP Loan £9965 monthly payment £152.73
Total £59965 monthly payment £919.05
Start date 02/03/07

Loan term 84 months at 7.7% APR and interest rate of 7.476% PA

Interest payable on the premium and the loan runs full term is £2864.32

Current monthly payment for some time now is £922.69

For reasons above loan having to be settled early during December after 58 months.

Any figures bashed out using above greatly appreciated. Rgds

amersall

you will get back the total ppi amount,less any rebate of ppi they give you at settlement.
You will get back all the ppi monthly payments you have made to date with interest plaus 8%.

Your settlement figure will make you weep !!! dont think you will have paid more than about £5000.if you are lucky!!off the original balance with ppi.Mine is just under £5000 after 5 years.

Please dont let your solicitor do the reclaim for you,this is a win and all it will cost you is a letter (the one i posted on your other thread) and you keep all the refund.

Peanut72

Oh definitely not, already had success earlier this year with Barclaycard so will tackle this myself just not good on the maths so glad of the feedback here.

I am guestimating 58x152.73 = 8858
8% interest = 708
Loan restructuring somewhere around £3500-4500

Does this look about right? Is there anything else I can claim, what about the £2864.32 premium interest.

Cheers

Peanut72

Have spent some time trawling through policy details and aside from the excellent points already given here for a mis sell claim letter I want to get some of my own points across. Despite holding a Demands and Needs form I cannot recall being asked about any pre existing medical condition, at the time my employer provided me with 8 months sickness policy and a 27 month redundancy package still in force today along with Death in Service package, yet this form still states ppi recommended. Would these be sufficient statements to include in my claim?
Cheers

woodybuzz

Hi i have been informed by santander that i will receive refund of PPi + interest on the loan below

amount of loan £4000
interest £1104.08 (17.9%!!)
roan repayment per month -£141.78
PPI £16.50 per month

loan duration: 36 monthly pyts from May 1994 to 1997.

Can someone please give me an idea of how much I should expect so I can challenge if necessary.

thanks in anticipation

Woody

dilus

woodybuzz wrote: »

Hi i have been informed by santander that i will receive refund of PPi + interest on the loan below

amount of loan £4000
interest £1104.08 (17.9%!!)
roan repayment per month -£141.78
PPI £16.50 per month

loan duration: 36 monthly pyts from May 1994 to 1997.

Can someone please give me an idea of how much I should expect so I can challenge if necessary.

thanks in anticipation

Woody

Hi Woody,
Done a calculation for you as follows

Redress
PPI £16.50 X 36 £594.00
8% standard interest £ 73.26
APR £318.96

TOTAL 1 excluding APR £667.26

TOTAL 2 including APR £986.22

Some banks repay APR lots don’t, I think Santander are a bank that doesn't but hope this gives you an idea

amersall

Peanut72 wrote: »

Oh definitely not, already had success earlier this year with Barclaycard so will tackle this myself just not good on the maths so glad of the feedback here.

I am guestimating 58x152.73 = 8858
8% interest = 708
Loan restructuring somewhere around £3500-4500

Does this look about right? Is there anything else I can claim, what about the £2864.32 premium interest.

Cheers

The ppi interest is in the monthly payment for the ppi,you get 8858 back.less the rebate when you settle the loan,the 8% looks right.
I would say good luck with the mis sell.but you wont need it ,this is a win:D:D.

amersall

Peanut72 wrote: »

Have spent some time trawling through policy details and aside from the excellent points already given here for a mis sell claim letter I want to get some of my own points across. Despite holding a Demands and Needs form I cannot recall being asked about any pre existing medical condition, at the time my employer provided me with 8 months sickness policy and a 27 month redundancy package still in force today along with Death in Service package, yet this form still states ppi recommended. Would these be sufficient statements to include in my claim?
Cheers

You can add these if you want,it wont do any harm,but the reasons for this mis sell are frontloaded ppi, ppi ending early but you still pay to term end, cashback after 5 years,but ppi still on loan with interest to term end.

Peanut72

Thank you Amersall, letter will be arriving on their desk Monday morning. Will keep you posted with progress.

Cheers