ppi firstplus

sela

Hi everyone, hope someone can help me work out how much i could get back from my claim from fp via the broker loans.co.uk.

On the 16th i expect to get a letter from them with the outcome from my complaint for ppi with the help from fos. The ppi charged on my loan was 14,449 in 2005, i was due cash back in june but due to my wife being made redundent in may last year (which she was not coverded on the insurence but they paid the monthly payments) i am not entitled to it which lead to my complaint to fos.

Also received confermation today i am getting £972 on my ppi claim with barclaycard.:)

marshallka

Hi, you would get back all the PPI and interest on the PPI you have paid to date and 8% statutory interest if FOS are involved and then the rest of the PPI and interest owing would be taken from the loan balance and a new agreement drawn up to reflect this.

sela

marshallka wrote: »

Hi, you would get back all the PPI and interest on the PPI you have paid to date and 8% statutory interest if FOS are involved and then the rest of the PPI and interest owing would be taken from the loan balance and a new agreement drawn up to reflect this.

Thanks for your reply marshallka, the problem with firstplus they dont put on your contrat how much you pay of ppi, not like tsb or abbey who seperate the two, so i dont know what i have paid to date. Do i divide the 14,449 by 60 months or by the full term of the loan?

marshallka

sela wrote: »

Thanks for your reply marshallka, the problem with firstplus they dont put on your contrat how much you pay of ppi, not like tsb or abbey who seperate the two, so i dont know what i have paid to date. Do i divide the 14,449 by 60 months or by the full term of the loan?

To find out the FULL cost of the PPI if the loan went to term you would take the PPI and divide it by the loan amount and PPI amount added together (both without interest) and this would give you a percentage. This percentage is then the percentage of your monthly payment that went toward the PPI. After doing this you then times that amount by how ever many months you have repaid the loan and this is what you have actually repaid that should be refunded to YOU in a cheque (and also add 8% statutory interest to each repayment from the date of the repayment to the date they redress if you win). The rest is taken off the remaining balance of the loan. OR times it by the amount of months your loan was over and this gives you the full cost IF the loan went to term. Can sometimes be shocking. Hope that helps.