PPI Reclaiming discussion

Ken15

i'm guessing it was for 15 years but am not totally positive

m.colak

Ken15 wrote: »

no it was first plus

there's nothing on the paperwork i've found so far that tells me how many years the loan was taken over. i'll have to have a root around when i get home if you need that information

Not absolutely necessary but would help. Am going on the basis that in fact the loan was over 10 years and that you were paying 12.9% interest as if you had a mortgage over 20ish years you would be paying about 1.7-2 pounds per every pound you borrowed.

Loan + Interest for 2 yrs 61196.31
Amount Paid 73313.50
Total Difference 12117.19

Ok the top figure would be the total you would expect to have paid if you had the loan over 2 years not including if they had any charges which you can apportion as:

5000 arrangement fee
958.33 proportioned for 23 months worth of loan
12117.19-958.33=£11158.86
i mean as you can see the figures are extremely rough but from the working out you have overpaid 11158.86 which may have been due to you being mis sold the PPI and then disproportionally they have offered you a refund of less than 40% of the amount you have already overpaid.

At the end of it you know what you will settle for and your own financial situation it's up to you to decide what you will accept. Me personnally i would find out who they were signed up with (CHECK FISA). Get them to do the leg work as the amount is quite high and therefore you can avoid court costs.

http://www.fisa.co.uk/lenders/

Here they are

stu_2008

god theres some clever people on here

angeldoll2

I just got the standard bog off letter from first plus to my first letter. I've prepared the 2nd letter but want to email it as well as post it, the email option on the website is a tiny little box.

Could anyone give me a proper email address?

Thanks!!

Doc2527

Hi Folks

Can anyone advise me on this.
I had four loans with single premium PPI added to them (over four years).
Of three of these loans I received a % refund upon sending a letter stating that I wanted to cancel the policy and that I didn't make any claims against it,and on another I was told that I was not entitled to any % refund.

I still feel that I was mis sold these policies, mainly because I was never told they where an option and also I wasn't inofrmed that they only lasted for 5 years of the loan term.

Can I still claim for the difference after deducting the % refund from the total cost of the PPI plus interest?

Many thanks

Doc2527

m.colak

angeldoll2 wrote: »

I just got the standard bog off letter from first plus to my first letter. I've prepared the 2nd letter but want to email it as well as post it, the email option on the website is a tiny little box.

Could anyone give me a proper email address?

Thanks!!

Don't bother emailing always send registered mail. It gets there and they can't say its got lost. Same with email's.

m.colak

Doc2527 wrote: »

Hi Folks

Can anyone advise me on this.
I had four loans with single premium PPI added to them (over four years).
Of three of these loans I received a % refund upon sending a letter stating that I wanted to cancel the policy and that I didn't make any claims against it,and on another I was told that I was not entitled to any % refund.

I still feel that I was mis sold these policies, mainly because I was never told they where an option and also I wasn't inofrmed that they only lasted for 5 years of the loan term.

Can I still claim for the difference after deducting the % refund from the total cost of the PPI plus interest?

Many thanks

Doc2527

It depends on the letters. Did they say in final settlement to the loan ##### and did you send a reply. If you never sent a reply you can reclaim.

angeldoll2

OK thanks, just we're going to phone them tonight also so would be helpful not to have to read the whole thing to them over the phone

m.colak

angeldoll2 wrote: »

OK thanks, just we're going to phone them tonight also so would be helpful not to have to read the whole thing to them over the phone

Ok i'll stop you there don't phone them as you will be wasting your breath. Send letters and that way you have a paper trail. Any admission's agreements are then documented. If you receive a phone call state that you want it in writing and all correspondance to be in writing. Don't get involved in a long drawn out conversation with them. Unless of course your just !!!!ed off and want a go at someone then its a laugh:D

angeldoll2

Oh i just had to add that in the standard letter from First Plus saying they had listened to the tape etc they put the amount of the loan as HALF what we actually borrowed and also on the original loan document they sent a copy of, my name is spelt wrong, brought me a giggle from a stressful situation