Firstplus PPI Success - But need help with calculations

brand_no_7

Hi,

Following a complaint to the FOS I have been successful with my complaint about PPI. Firstplus must now come back to me and repay me PPI premiums, interest paid on the PPI plus Statutory Interest and restructure the remainder of the loan.

I am waiting for Firstplus to come back to me with their offer but need to have a figure in mind
Wondered if someone could give me some advice on possible figures (ballpark figures would suffice).

Original amount advanced - £55,000
PPI amount - £13,469.50
Term of loan - 300 months
first payment - September 2003

Original repayment - £642.96

Original APR - 12/2%
Original MIR - 0.967%

Monthly payments did increase to £665.33 (04/04), £677.55 (06/04), £702.27(07/04)

Things get a bit complicated because in December 2005 made partial payment of £40,140.44

Over same term monthly payments reduced to £320
rised to £351.52 (08/07)

In August 05 i had the refund of the PPI policy of £13,469.50

I know that the £13,469.50 will be taken into account but having difficulty working out interest payments and statutory interest because the £40K partial payments makes it a little more difficult.

any help gratefully appreciated.

good luck to others going through the FOS and go for it to anyone else contemplating it.

Kind Regards

di3004

Hello there

And great news on your success.:beer::T:beer: Well done.

I have not got a clue in regards of calculations, sorry......:o, but sure someone will post up to take look for you, but meanwhile have you also checked the thread out on this link here below, this show on how the FOS calculates refunds.;)
http://forums.moneysavingexpert.com/showthread.html?t=1596473

kks

it is great news - gives me some hope. FP told us they could not find our conversations with them so we said we believe mis-selling and could they investigate. Just got letter back saying they have looked at all facts and believe they were right...will now write back to find out why they did not send us those conversations when we send them £10 for our SOA!!

Sorry about rant but these people are driving me nuts:mad: . Glad someone is winning though

di3004

kks wrote: »

it is great news - gives me some hope. FP told us they could not find our conversations with them so we said we believe mis-selling and could they investigate. Just got letter back saying they have looked at all facts and believe they were right...will now write back to find out why they did not send us those conversations when we send them £10 for our SOA!!

Sorry about rant but these people are driving me nuts:mad: . Glad someone is winning though

Hi there

Your doing the right thing by writing back to them.

You should receive the SAR by 40 days of requesting for this.
They should then by right send any recordings within the SAR if any, and I take it this was obviously a phone sale and they often tell you their calls are recorded for training purposes, and if this sale taken place after Jan 2005 its highly likely they still have records of this.

If this went as far as the FOS, they will also request for FP to send ALL information, these should include recordings as well.

Good luck and post up for help when required.;)

kks

Thanks Di - and I refuse to wait to wait another 40 days for our conversations. When we got the SOA and no recording, rang them up and they said we have to tell them when we spoke to them in order to be able to find those coversations which i believe they are legally entitled to ask. however now we asked to payment, they have found the recordings and said they don't owe us anything!!!

di3004

kks wrote: »

Thanks Di - and I refuse to wait to wait another 40 days for our conversations. When we got the SOA and no recording, rang them up and they said we have to tell them when we spoke to them in order to be able to find those coversations which i believe they are legally entitled to ask. however now we asked to payment, they have found the recordings and said they don't owe us anything!!!

Yes I see what you mean.
If they say they owe you nothing, and have gone through the recordings, tell them you want these recordings for your interest as well as you are legally entitled to have these on request, or tell them you will contact the Information Commissioners Office (ICO), maybe do that anyway, ring the ICO explain your situation, and ask if they are able to contact them on your behalf, they may do this for you, good luck.
https://www.ico.gov.uk/Global/contact_us.aspx