PPI Reclaiming discussion Part II

di3004

marshallka wrote: »

I have just ahd a thought, this was the letter I sent to Firstplus again a few weeks ago. Not had any reply to it so I take it they are letting the FOS deal with this. M Colak did my working too here.

Loan Amount £17000.00 Loan Interest £19363.00
PPI Amount £4163.00 PPI Interest £4741.66
Interest Rate 113.90%

Number of Payments 160

First Payment Date 14-Feb-00
Loan Settled 15-Apr-03

Total Paid To Date £10750.96 Settled Figure £20410.00
Amount Remaining £14106.70

PPI Rebate £3174.29 Loan Interest Rebate £14764.29
PPI Interest Rebate £3615.52
Amount Overpaid -£7447.40 Banks Taken From You

PPI Reclaim Report

Number of Payments Made 38
Amount of PPI Paid £988.71
Amount of PPI Interest Paid £1126.14
8% Interest On PPI £1120.87
Total PPI Reclaim £3235.72

Ok looking at that you have had a disproportional rebate of approx £7447 and you should be looking at a PPI rebate (if mis sold) of £3235.72


I don't understand them though???

He worked these on what we shoud have had rebated to be fair and we actually got £94...

Does M Colak come on here anymore then ?

marshallka

maxdp wrote: »

Hi David am sure others have answered on lots of your points here but one other thing I perhaps could suggest to you was do you feel at the time you took this Loan out bearing in mind the Mental Health Issues whether you had the capacity to make the decisions you were making e.g. about the Loan etc. They should not have sold you the PPI if you were not covered, or not aware that you would not have been covered.

Were you at that time able to make coherent decisions there is something about nowadays called the Mental Capacity Act but it was not, as such about when you took this loan out.

I feel that perhaps you were taken advantage of because of your condition it could be something that could now be explored perhaps when you write your complaints letter.:D

I am glad you are able to help here maxdp. What do you suggest here about this mental capacity test act etc. Could FOS look into this...

di3004

maxdp wrote: »

Hi David am sure others have answered on lots of your points here but one other thing I perhaps could suggest to you was do you feel at the time you took this Loan out bearing in mind the Mental Health Issues whether you had the capacity to make the decisions you were making e.g. about the Loan etc. They should not have sold you the PPI if you were not covered, or not aware that you would not have been covered.

Were you at that time able to make coherent decisions there is something about nowadays called the Mental Capacity Act but it was not, as such about when you took this loan out.

I feel that perhaps you were taken advantage of because of your condition it could be something that could now be explored perhaps when you write your complaints letter.:D

Hi Maxdp

Hope your well hunni and not been working too hard.;)

Glad you've come along too, you seem to be up on these issues, thank you and I know David will appreciate your input here very much, thanks.;)

marshallka

Someone on here told me that my PPI unfair rebate was about 20% of the settlement of the loan being 20% cause that is what my PPI element was and that was £4080 and then add on the statutory interest to this amount.

di3004

marshallka wrote: »

Someone on here told me that my PPI unfair rebate was about 20% of the settlement of the loan being 20% cause that is what my PPI element was and that was £4080 and then add on the statutory interest to this amount.

I see.
I must say though £94 :eek: that is a joke !!!!

marshallka

Then this was posted by Mcolak also


Originally Posted by marshallka
Is that how the FOS may look at it and if i win this with them am i looking at £7447 back.



It depends theoretically you should only in reality get £5808.98 as that allows for the 22% commision that the company could possible claim at its maximum. Either way you have been disproportionally rebated.

maxdp

marshallka wrote: »

I am glad you are able to help here maxdp. What do you suggest here about this mental capacity test act etc. Could FOS look into this...

Hi Marshallka.

Nowadays probably they could. I wonder what the FOS would think about selling this junk to people who are very unwell. Would you sell Life Insurance to somebody who had just had heart attack or was having chemo. No so why sell health insurance to somebody suffering with depression or Bi Polar etc etc . Especially as somebody with say Manic Depression can sometimes spend spend spend.

I believe that is something that needs to be explored.:D

di3004

marshallka wrote: »

Then this was posted by Mcolak also


Originally Posted by marshallka
Is that how the FOS may look at it and if i win this with them am i looking at £7447 back.



It depends theoretically you should only in reality get £5808.98 as that allows for the 22% commision that the company could possible claim at its maximum. Either way you have been disproportionally rebated.

Right, so what do you think about this then ?
I know like you said you do not know how THEY will actually work this out, did you actually add this amount on your reclaim letter to them originally ?

Anne.Jade

marshallka wrote: »

He said our actual unfair rebate was £7447???

I worked out our actual PPI overall cost us £8968 + statutory interest but how much of that would be classed as not unfair...

ALso noticed my total PPI plus interest was £8968, the amount they actually charged me was £8876.00 for this in all so I want to know how they justify this to anyone. For 39 months worth of PPI on repayments of £281 per month and also when any policy only pays out for 12 months. (If they ever do). I don't think M colak would be right here in £7447

Hiya Marshallka

When FP offered me an enhanced rebate (even though I was going for misselling) this is what they said:-

"In order to resolve your complaint, we are willing to offer an enhanced rebate of the insurance policy. The enhanced rebate that we are prepared to offer you is calculated on a pro-rata basis of 78% of the insurance premium, (22% being held back for the provision of claims and administration costs)."

No offer of interest paid or statutory interest on top. So they may offer you the same, which is crap really ain't it!!

maxdp

di3004 wrote: »

Hi Maxdp

Hope your well hunni and not been working too hard.;)

Glad you've come along too, you seem to be up on these issues, thank you and I know David will appreciate your input here very much, thanks.;)

Hi Di

Just been to a funeral and old boss of mine, worked for him 13 years was quite torn cause he was a right bar steward. Think Gordon Ramsey in the office. Shouting screaming etc. In others ways he was very good to me e.g. promotion, flowers etc. So went along with mixed feelings really.

I had one funny moment:eek: as we went to sit down in the Crem the Order of Service leaflets were on the seats with his photo on the front so I sat on it:D

I am glad I went but was a strange day though his wife is lovely.:rolleyes: