PPI Reclaiming discussion

m.colak

daynurse wrote: »

many thanks i know you are very busy
the total ppi was 77983,74 on the agreement it states loan payment 254,56p ppi 62,34 monthly payment 316.00 however monthly payment now gone up to 367.00!!! they offerred a rebate of 1,133.15 in " respect of premium paid this would be credited to your account" !!!!! if i remember right the last figure i had for settling was 39.000 i really really think i am being ripped off i wish my loan payment was 111.25 it would be wonderful!!!!!I WISH MARTIN COULD TAKE FIRSTPLUS ON !!!!!
:mad: :mad: :mad: SORRY DOUBLED UP SOMEHOW

ok recalculated ppi=19.73% of the gross payment made therefore 316*24*.1973=£1496.32 by my working out. So about £300 short. This still would knock two years off your loan after all the new payment details were worked out. So a little plus. Also you can also ask them why the interest rate has jumped when the BOE has dropped in the last 3 months cause they have no excuse (OFT need to get involved). Plus if you stick on the payments of £316 you would pay the loan off i think about 7 years earlier.

daynurse

m.colak wrote: »

. Obviously if they are offering you 20% of the policy then that £8136.78 but then that with no alterations to the policy so although you would be £8146.78 better off paid into another account you would still have to repay £40426.41 or if it was removed from the policy then it would be £32289.63. So as you can see claiming the 20% would be worse than reclaiming the PPI, cancelling it and then asking them to recalculate the policy.

YOUVE Lost me!!!!!! ????????????????

why would my payment only go down by 10.00? maybe im a bit stupid well i must be to take a loan out with them ask me anything about medicine im fine money im not??!!!!!!!!!lol

m.colak

daynurse wrote: »

YOUVE Lost me!!!!!! ????????????????

ok ignore the previous as it was taking into account how bad the loan company could have been to you.

daynurse

m.colak wrote: »

. Also you can also ask them why the interest rate has jumped when the BOE has dropped in the last 3 months cause they have no excuse (OFT need to get involved). Plus if you stick on the payments of £316 you would pay the loan off i think about 7 years earlier.

MY payments are up to 364.00 now just checked with the ppi still on will only go down by about 9-10.00 a month supposedly when i cancel so have i just been paying interest off the last 2 years!!?will be asking about interest although i believe they have done it because they can!!!so you reckon the refund should be approx 1400 on the 7,983 5 year policy is that right just want to make sure i fully understand

many thanks again for the information your a star

m.colak

daynurse wrote: »

MY payments are up to 364.00 now just checked with the ppi still on will only go down by about 9-10.00 a month supposedly when i cancel so have i just been paying interest off the last 2 years!!?will be asking about interest although i believe they have done it because they can!!!so you reckon the refund should be approx 1400 on the 7,983 5 year policy is that right just want to make sure i fully understand

many thanks again for the information your a star

Yes the refund should be about 1400 due to payments and interest and you're PPI payments are in proportion to your loan as i said 19.73% so they should go down from £364 to £292.18. Unless you have already paid majority of the PPI already in which case a bigger refund is required. If they are saying that you have already paid majority of the PPI (its down to 9-10 a month then that means 10*276=£2760 left to pay on PPI meaning that 7893.74-2760=£5133.74 has already been paid which means thats the refund you should get back or £5409.74 if £9 a week). You need to get them to send you a current statement for the loan stating how much of the loan is left and how much of the PPI is left then you can work out how much you should get back.

daynurse

m.colak wrote: »

Yes the refund should be about 1400 due to payments and interest and you're PPI payments are in proportion to your loan as i said 19.73% so they should go down from £364 to £292.18. Unless you have already paid majority of the PPI already in which case a bigger refund is required.

but my payments are only going down by 10.00 a month they still reckon its going to be 357.00 a month thats what i cant understand is it me being really stupid??????????????????????????///////:rolleyes: probably lol

m.colak

daynurse wrote: »

but my payments are only going down by 10.00 a month they still reckon its going to be 357.00 a month thats what i cant understand is it me being really stupid??????????????????????????///////:rolleyes: probably lol

No you're not stupid their preying on the fact that you don't understand how they work out their finances.

m.colak

having examined your offer i see that as you state that my payments would only reduce to £10 with the PPI removed that means i have only £2760 left of the PPI to repay (not including interest to be deducted seperately). If this is the case then i believe by logic i have paid the majority of the PPI on this loan already and by your calculation's on a drop of £10 i must be refunded at least £5100 (not including the statuatory interest of 8%) before any further reconcilation can be made. This is determined by the letter you have sent me further to which i believe that means i have paid (316*24) £2484 off my loan (not including interest) which would bring my current loan balance below the 32000 threshold. Having done the most redumentry calculations i maybe wrong by as much as 2% however would appreciate clarification from yourself in 14 days before i take the matter further.

daynurse

m.colak wrote: »

having examined your offer i see that as you state that my payments would only reduce to £10 with the PPI removed that means i have only £2760 left of the PPI to repay (not including interest to be deducted seperately).(How did you get that) If this is the case then i believe by logic i have paid the majority of the PPI on this loan already and by your calculation's on a drop of £10 i must be refunded at least £5100 (not including the statuatory interest of 8%) before any further reconcilation can be made. This is determined by the letter you have sent me further to which i believe that means i have paid (316*24) £2484 off my loan (not including interest) which would bring my current loan balance below the 32000 threshold. Having done the most redumentry calculations i maybe wrong by as much as 2% however would appreciate clarification from yourself in 14 days before i take the matter further.

its very confusing i know typical women can you put it in laymens terms thats all they said it would on there original offer it doesnt sound right bet you are shouting at the computer god is this women thick!!!!!!!;)

Maggie_Holmes

daynurse wrote: »

its very confusing i know typical women can you put it in laymens terms i bet you are shouting at the computer god is this women thick!!!!!!!;)

Wait till I start posting mine on here, I couldn't understand all that so you are not the only one "thick".

Telephoned First Plus Thursday asking them to send me a transcript of my telephone conversations with them after receiving, what seems to be their bog standard reply letter saying they told me everything over the phone and basically don't stand a chance of claiming by mis-selling or misrepretation and I haven't even put a claim figure in yet, that is where the "thick" bit will come in. Anyway will be on here in a couple of days asking for help with figures as I haven't got any idea how to work them out, also I only have 8 weeks to reply to their letter so I have to get the ball rolling.

Maggie