PPI Reclaiming Discussion Part 5

Benten_2

Thanks Di3004. Very useful. Still finding my way around this forum, so I hope this is the best way to say thanks.

amersall

very_frustrated wrote: »

Would appreciate some advise on First Plus' "restructuring" calculations on my existing loan and their offer of PPI refund.

I took out a secured loan (£80,000) with first plus early of 2005 (variable interest rates...which had fluctuated between 8.9 % to 10.3% over the years !). I was of course advised incorrectly to take up PPI (£15,944) even though i was self employed at that time. This amount was added on to my loan making the total of £95,944 !!!
Five years later, I was offered the cash back of £15,944 which of course I accepted. However, when I realised that I was actually mis-sold the policy and that I had to continue paying the PPI interest for the duration of the 25 year loan, I wrote to them about the interest refund and restructuring of my existing loan (ie to put me in a position had I not taken up/mis-sold the PPI).

Their response was an offer of £10,018.32 for the payments i have paid in respect of the PPI and £1,966.77 for the 8%p/a simple interest AND if I was to accept this offer, my existing loan will be revised to £88,702.87 !! (which is more than the original loan taken out 7 years ago!!), making my current monthly payment to them higher than it is now !! Is their calculation correct ???

It does not make sense....or if it does to anyone, I would very much appreciate their explanation and advise......please Help....need to reply F.P very soon......should I accept their offer ?...

The balance on the loan would not have reduced much in the early years, they raise the rates when it suits them and this could be why the loan balance with the PPI taken off is more, the interest that you paid on the PPI will have reduced the debt but as you now have no PPI on there this reduction of the interest will have to go back into the loan as had PPI not been on there then the balance would not have reduced by the PPI amount and the interest associated with this.

Have they offered you this refund back to you? if they have then this will increase the loan as you have had the cash back.

They usually offer 3 options when you have had the cash back, you should take the option that resets the loan, this will save you thousands in interest over the remaining term, you should give the redress back to them ( not the 8%, and this is taxable if you are a taxpayer) to then reduce your balance.

Looks like you are taking the refund back to you and not taking it off the loan?, if this is the case then your balance will go up as you had the cash back of the whole PPI and you are taking redress back to you, they cannot take the redress and the whole PPI off the loan as this will mean that you have this PPI back twice.

Octonut

I was looking through a box of papers and I've found some statements from a Lombard credit card, which I had forgotten I had, and that had PPI on and I'm sendign them a letter now...

I was wondering though if anyone knows what paperwork the banks keep with regards the original applications? I'm complaining as I've been self-employed since 1990 and I can't understand why I've paid for PPI on such a massive scale - I don't know if I was naive or stupid. All of my cards and my overdraft were started 2000ish.

hellsbells0204

Hi does anyone know if they is a limit on the date you can claim from? I had a car loan from Lloyds Bowmaker about 14 years ago but have no information about the loan. I have written to Black horse to find my account in their archieves but they have written back to say they have no info either. do i just give up?

amersall

hellsbells0204 wrote: »

Hi does anyone know if they is a limit on the date you can claim from? I had a car loan from Lloyds Bowmaker about 14 years ago but have no information about the loan. I have written to Black horse to find my account in their archieves but they have written back to say they have no info either. do i just give up?

When you wrote to Black Horse did you enclose £10, if you did and they still cannot find you then it is the end of the road unless you can find paperwork for this loan.

amersall

Octonut wrote: »

I was looking through a box of papers and I've found some statements from a Lombard credit card, which I had forgotten I had, and that had PPI on and I'm sendign them a letter now...

I was wondering though if anyone knows what paperwork the banks keep with regards the original applications? I'm complaining as I've been self-employed since 1990 and I can't understand why I've paid for PPI on such a massive scale - I don't know if I was naive or stupid. All of my cards and my overdraft were started 2000ish.

If you win redress they may only go back 6 years unless you have statements going further back than this.

You could try a Sar
https://forums.moneysavingexpert.com/discussion/1475553
And see if this throws more info up, enclose £10 and request all info they have on you and give them 40 days to respond, they may not find any info as this was a long time ago.

Send your claim in and see what they come back with.

chrisecole

I am not sure if I can claim or if I have missed the 6 year dead line
I have a loan that was taken out 10 years ago and finishes in Sept. It has PPI on it can I make a claim on it.
I also have a mortgage that has PPI on it this was taken out 14 years ago, can I claim on that one
I am sure they will not pay out though.

amersall

chrisecole wrote: »

I am not sure if I can claim or if I have missed the 6 year dead line
I have a loan that was taken out 10 years ago and finishes in Sept. It has PPI on it can I make a claim on it.
I also have a mortgage that has PPI on it this was taken out 14 years ago, can I claim on that one
I am sure they will not pay out though.

If the loan PPI was put on at the start of the loan and you repaid this over the term with interest, then this is front loaded PPI, use this as the main reason for mis sell and put a claim in

With the MMPI you need to post here
http://forums.moneysavingexpert.com/forumdisplay.php?f=187

They can help you more.

very_frustrated

Thanks, Amersall !
I have posted a more thorough reply on my original thread and would very much appreciate that you will read it and offer some advise soon !

chrisecole

i have completed the form and about to send it off. Do i send it to Acenden, who send me letters or Eurosail uk who they are sending it for.
Has anyone had any success claiming from them