PPI Reclaiming discussion Part II

TwinsMum_2

Right I have now spoken to Central Trust and FirstPlus, and the FO has said that I need to be put back in the posistion that I would be if I had never taken out the PPI. How do I know if they are doing this right I will be getting a cheque and the rest will be paid off the loan. The PPI was £7222.00 on a £29500.00 loan, I have paid £364.00 a month for 3 years almost to the day but I have no idea how to break it down so that I know what I should be getting, I know most will come off the loan which is fine I just want to make sure they give me back what I am owed and I don't know where to start.

kinikki

TwinsMum wrote: »

Right I have now spoken to Central Trust and FirstPlus, and the FO has said that I need to be put back in the posistion that I would be if I had never taken out the PPI. How do I know if they are doing this right I will be getting a cheque and the rest will be paid off the loan. The PPI was £7222.00 on a £29500.00 loan, I have paid £364.00 a month for 3 years almost to the day but I have no idea how to break it down so that I know what I should be getting, I know most will come off the loan which is fine I just want to make sure they give me back what I am owed and I don't know where to start.

Congrats on your win:T To work out roughly how much
your PPI has cost can u not go into FP website and do
calculation of your loan without PPI included for same
amount and lenght of time and see what the difference is?
This would give idea of cost although interest maybe different.
Just a thought dont no if it would help.Ps replied to PM sorry for delay
computer had crashed.

tiggrae

TwinsMum wrote: »

Right I have now spoken to Central Trust and FirstPlus, and the FO has said that I need to be put back in the posistion that I would be if I had never taken out the PPI. How do I know if they are doing this right I will be getting a cheque and the rest will be paid off the loan. The PPI was £7222.00 on a £29500.00 loan, I have paid £364.00 a month for 3 years almost to the day but I have no idea how to break it down so that I know what I should be getting, I know most will come off the loan which is fine I just want to make sure they give me back what I am owed and I don't know where to start.

how long was the loan for originally ?

TwinsMum_2

tiggrae wrote: »

how long was the loan for originally ?

25 years that is 300 months isn't it

TwinsMum_2

TwinsMum wrote: »

25 years that is 300 months isn't it

I have won on the grounds of mis-selling aswell so there is also the 8% interest on top of that as well as I think any interest, you see the thing is I really don't know.

niemowle

hi all

i first came across this site in November, i hdid send my letters to Barclays in December, they said they have never received them, so i re-sent them again and now over 8 weeks have passed and still nothin, please help as i don't know what to do, do i phone them or send some more letters, please HELP

NIEMOWLE

niemowle

I Cannot Find The Link To Reclaming Discussion Part 1, Am I That Thick? Can U Help???

tiggrae

niemowle wrote: »

hi all

i first came across this site in November, i hdid send my letters to Barclays in December, they said they have never received them, so i re-sent them again and now over 8 weeks have passed and still nothin, please help as i don't know what to do, do i phone them or send some more letters, please HELP

NIEMOWLE

Take your complaint to the financial ombudsman, they require a final response but put on the Complaint Form that you sent your claim to Barclays in November and you think that's long enough for them to have responded - the FOS will then contact Barclays

Tor82_2

Hi Twins mum

We reclaimed from first plus/loans.co.uk and have had the interest refunded to the loan (£1850) and the ppi payments in a cheque (1500) this was on a 37000 loan, it has reduced our payments by £120 a month so keep chasing!! we went through a bit of a back door by calling the supervisor at loans.co direct and played the dumb blonde card, said we had been told that it had to go to small claims court and I wasnt to sure what i was doing can you please give me your addresses for the court summons to go to........ we had the cheque by the next morning! I think they know that the court will look more kindly an the customer as the company has already admitted they were in the wrong.

Sorry for the long post but i spoke to the FSA and they have told me they have issued no formal guide lines on this so dont let the companies tell you they have, firstplaus and loans.co name dropped the FSA loads of times!

tiggrae

TwinsMum wrote: »

25 years that is 300 months isn't it

ok - this is just going to be rough as I guess you're on a variable rate of interest - but I work out £7222 to be about 20% of the total loan excluding interest - therefore 20% of the £364 you've been paying a month is £72.80 - which will include the interest element.

You need to feed £72.80 into the bank charges calculator on here for each month over the last 3 years you've paid the PPI - that will work out the 8% statutory interest for you.