Help calculate redress

cloucky

Hi all
Have had my claim for miss sold PPI by Firstplus upheld and would like help in working out
what i should get back.
Loan started 21/11/2005 Interest rate 8.4
Loan amount £68500 + ppi amount £13652 added to loan=£82152 total
Monthly loan repayment £660 + monthly ppi payment £131.54 = £791.54
Had ppi cash back of £13652 after 5 years
I am still paying the ppi instalments and did not get any interest back on the ppi cash back
Any help in working out what i should get back would be much appreciated.

amersall

This is what happens with these types of loans at cash back, you only get the PPI amount, it does not even cover the payments you have made or the interest, they do not tell you this when they offer the cash back, very naughty.. you do know that you no longer have the insurance cover?.

They should reduce the loan balance by the total PPI amount and your monthly payment reduce by the PPI monthly amount, you get back the PPI with interest that you actually paid (for 15 years) plus the 8% interest.

They will calculate the redress to take into account the cash back, you should get the remainder, cannot give you the exact figure as you had the cash back.

As you had the cash back, they may offer you 2 options, first one, the redress paid back to the loan and the monthly payment reduced,they should do this anyway with the reduced payment for the PPI...but...FP would rather give you the redress and leave the PPI ,yes, leave the PPI in place, than you choosing the first option, this is what you should not do as you will be paying the PPI back with interest for the remaining loan term, this will mean that you will pay back way more than any redress you take now.
They may just do a straight forward redress, you must make sure that the whole PPI is taken off and your monthly payment reduced.

Let me know what they offer you.

Well done on your win, love wins with this company .

cloucky

Thanks for reply

So do i get 8.4% or 8% interest per year on £13,652.
If i use 8% i get sum of £1,092 per year is this correct. Then do i multiply figure by number of years i have had the loan and add a further 8% to that total.
I have made 113 monthly ppi payments of £131.54 = £14,864 the cash back was £13,652 so i have £1,212 difference what happens to this

cloucky

Thanks for reply

So do i get 8.4% or 8% interest per year on £13,652.
If i use 8% i get sum of £1,092 per year is this correct. Then do i multiply figure by number of years i have had the loan and add a further 8% to that total.
I have made 113 monthly ppi payments of £131.54 = £14,864 the cash back was £13,652 so i have £1,212 difference what happens to this

amersall

The 8% is on the PPI payments, this is on a decreasing scale, from first PPI payment to the day they pay you redress, the nearer you get to the redress date, the lower the 8% is.
Go here
http://www.moneysavingexpert.com/reclaim/bank-charges
Go down the page to step 2 how much you can claim.

Put the date and year of the first PPI payment to the last, the calculator will add the totals and it gives the 8% you will get.

Anything remaining from the redress after they allow for the cash back that you already had, will come to you.

As I explained in my first post, I don't know how FP will work this so when you get the offer, they may give you two options, post up and let me know.