PPI Reclaiming discussion Part II

milliemonster

Thank you both so much for looking into this for me, tbh, I would be happy with anything back, if I could get £3k, which is the difference between the PPI loan amount and the rebate I got on settlement I would be thrilled, but my sense tell me First Plus won't give it up that easily

Anyway, will send off letter tomorrow and await with baited breath

di3004

milliemonster wrote: »

Thank you both so much for looking into this for me, tbh, I would be happy with anything back, if I could get £3k, which is the difference between the PPI loan amount and the rebate I got on settlement I would be thrilled, but my sense tell me First Plus won't give it up that easily

Anyway, will send off letter tomorrow and await with baited breath

Everything crossed hun and keep at them is best......:D :T .

marshallka

milliemonster wrote: »

Thank you both so much for looking into this for me, tbh, I would be happy with anything back, if I could get £3k, which is the difference between the PPI loan amount and the rebate I got on settlement I would be thrilled, but my sense tell me First Plus won't give it up that easily

Anyway, will send off letter tomorrow and await with baited breath

Right I know my figures are a bit high but it will be up to FIrsplus to prove otherwise according to tiggrae so lets hope you get it all. She must know as she does this for a living and I am calculating it just as she does.;)

marshallka

All these newer loans work out that if you received the rebate calculated in my calculations like tiggraes then you would have been paid to have the loan:eek: . On my firstplus one even if they gave us the full PPI back (although going for unfair rebate as they did not sell this:rolleyes: ) it still cost us a fortune and they still made money. I think like I said the other night, it must this stupid rule 78 in the older ones or the settlement figures in the newer loans include PPI interest rebates!!!!:D

20400 settlement
11115 repayments
31515 total cost of borrowing £17K
9000 PPI back
22515 Total cost of borrowing £17K if we had the PPI back


If we were to get the missold PPI back of £9K it would of cost us 22515 to borrow £17K so they still made money.

On one like earlier if the PPI was paid back then the cost of the loan was only

I have just worked out that tiggraes method above cannot work as if you had the loan for £22000....

your repayments totalled 2580.12 and then you repaid to them 25993.19 so all in all the loan cost you 28573.31...

If you were repaid 8379.91 off this amount of 28573.31 then your loan cost you 20193.40 and yet you borrowed £22K originally so this is wrong.

25993 settlement
2580 repayments
28573 Total cost of borrowing £22K
8380 PPI back
20193 Loan cost if you got PPI back and yet you borrowed £22K (totally wrong!!!!)

Do you see where I am coming from here...

I think the settlement figures of the newer loans includes PPI interest...

di3004

marshallka wrote: »

All these newer loans work out that if you received the rebate calculated in my calculations like tiggraes then you would have been paid to have the loan:eek: . On my firstplus one even if they gave us the full PPI back (although going for unfair rebate as they did not sell this:rolleyes: ) it still cost us a fortune and they still made money. I think like I said the other night, it must this stupid rule 78 in the older ones or the settlement figures in the newer loans include PPI interest rebates!!!!:D

20400 settlement
11115 repayments
31515 total cost of borrowing £17K
9000 PPI back
22515 Total cost of borrowing £17K if we had the PPI back


If we were to get the missold PPI back of £9K it would of cost us 22515 to borrow £17K so they still made money.

On one like earlier if the PPI was paid back then the cost of the loan was only

I have just worked out that tiggraes method above cannot work as if you had the loan for £22000....

your repayments totalled 2580.12 and then you repaid to them 25993.19 so all in all the loan cost you 28573.31...

If you were repaid 8379.91 off this amount of 28573.31 then your loan cost you 20193.40 and yet you borrowed £22K originally so this is wrong.

25993 settlement
2580 repayments
28573 Total cost of borrowing £22K
8380 PPI back
20193 Loan cost if you got PPI back and yet you borrowed £22K (totally wrong!!!!)

Do you see where I am coming from here...

I think the settlement figures of the newer loans includes PPI interest...

And when did Millie take out this loan ?

finance-boy

Thanks for your help everybody. I've fired-off letters to Egg and Halifax (by recorded post - thanks for the tip!) asking them to let me know the total cost of the PPI premiums (since my mum shredded most of her Halifax statements and her Egg statements don't go back that far). Should I wait for them to get back to me with the amounts before I proceed with Step 1 of the reclamation procedure? Can I really trust them not to fudge the numbers?

Also, with regards to the PPI on her loan...


... when she rang them up (and endured a long game of pass-the-customer), they eventually offered her a new loan without PPI, but the repayments were only reduced by about £16/month (not the full £48.59/month) My mum said that they mentioned "something about £800" - she thinks that they may have offered to take £800 off the cost of the loan, thereby reducing the term of the loan, but she's not entirely sure since she had trouble concentrating with all that froth coming out of her mouth

So does that sound like a fair offer? I'm unsure of whether to tell her to accept it. Considering that she's had the loan at the above terms for exactly 3 years yesterday, what kind of deal should she expect?

Also, does she need to cancel the PPI (or rather, take-out the new loan without PPI) before she can claim her premiums back?

pinknico

Don't accept anything over the phone! You want everything in writing.

You can cancel PPI and it wont affect your claim.

If you have a claim for mis selling all the PPI should be refunded and the loan put back to how it would have been without PPI.

marshallka

di3004 wrote: »

And when did Millie take out this loan ?

2006 or 2007...

saleralor2004

hi marshall

thanks for the advice, just to clarify even though i got the loan through a broker loanline i can still persue FP for the unfair rebate, i have attached a copy of the letter i am about to send and was wondering if you wouldnt mind having a quick glance over it and let me know what you think


I originally wrote to yourselves in July of this year and have still not had a reply back,


I am writing to make a formal complaint with regards to the rebate of PPI we received when paying off our secured loan in January of this year.


We only received a rebate of over £1900 which I find ridiculous considering we only had the loan for 15-16 months and the PPI was for over £9000 plus interest on top.


If I do not hear from yourselves within 8 weeks of this letter I will have no option but to take this matter further to the Finanancial Ombudsman Service.


Yours Sincerley


Mr S Elder & Miss L Salera

marshallka

saleralor2004 wrote: »

hi marshall

thanks for the advice, just to clarify even though i got the loan through a broker loanline i can still persue FP for the unfair rebate, i have attached a copy of the letter i am about to send and was wondering if you wouldnt mind having a quick glance over it and let me know what you think


I originally wrote to yourselves in July of this year and have still not had a reply back,


I am writing to make a formal complaint with regards to the rebate of PPI we received when paying off our secured loan in January of this year.


We only received a rebate of over £1900 which I find ridiculous considering we only had the loan for 15-16 months and the PPI was for over £9000 plus interest on top.


If I do not hear from yourselves within 8 weeks of this letter I will have no option but to take this matter further to the Finanancial Ombudsman Service.


Yours Sincerley


Mr S Elder & Miss L Salera

Yes complaints about unfair rebates are with the lender and misselling either the lender or broker, whoever sold it to you.


Looks fine and also send this recorded delivery so you have a proof.

Can I ask what your letter of July was about?? Was it to make a complaint for the misselling of the PPI and they told you you had to go to Loanline although you say you had no reply...