PPI Reclaiming discussion Part II

marshallka

Laini wrote: »

god you're good Tiggrae
bet marshalka is jumping up and down saying there is a god!!
hope marshalka gets a good result from this

I did that myself and tiggrae did a slight edit. mostly my own work and i had already sent mine so tiggrae says not to send this as well.

Laini

marshallka wrote: »

I did that myself and tiggrae did a slight edit. mostly my own work and i had already sent mine so tiggrae says not to send this as well.

oops really big sorry Marshallka!!
I havent read previous posts that ll teach me!
it looks really proffessional - goooood luck
(this new keyboard is duff):mad::mad:

marshallka

Laini wrote: »

oops really big sorry Marshallka!!
I havent read previous posts that ll teach me!
it looks really proffessional - goooood luck
(this new keyboard is duff):mad::mad:

laini, you know when m colak does your claim workings, he did one for me and i cannot tell what amount he says i would actually need to claim

Originally Posted by m.colak
Finance Calculator V1.1

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

Which amount is it here #


Laini, have you heard from Firstplus yet about your email you sent to them....

Pixie983

Hi there,

I took out a secured loan of £20,000 with First Plus 2 years ago. I didn't want the PPI (as I wanted my payments to be as low as possible) and told them that I had other means of making repayments if I ended up in that situation. However they sold it to me as a kind of 'Savings Plan' where after 5 years if I hadn't made a claim I would get the money back. I wish I hadn't taken it as it's only now I've realised that the interest is calculated on the PPI seperately to the interest calculated on my loan amount so I'm guessing I'm paying way over the odds! They didn't force me into taking it by saying I couldn't have the loan without it but they were very clever in glamourising it as a way of saving money and made me feel like I'd be a fool not to take them up on their offer.

It's only now I've realised how stupid I've been - if I wanted to save money I should have put it in a savings account earning interest - not paying interest!! I've gone through my PPI documentation and can't find anything on there about getting a refund after 5 years however they are still advertising this offer on their website?

Does anyone thing I've got a claim here as I'm not sure what to do?? :mad:

marshallka

Pixie983 wrote: »

Hi there,

I took out a secured loan of £20,000 with First Plus 2 years ago. I didn't want the PPI (as I wanted my payments to be as low as possible) and told them that I had other means of making repayments if I ended up in that situation. However they sold it to me as a kind of 'Savings Plan' where after 5 years if I hadn't made a claim I would get the money back. I wish I hadn't taken it as it's only now I've realised that the interest is calculated on the PPI seperately to the interest calculated on my loan amount so I'm guessing I'm paying way over the odds! They didn't force me into taking it by saying I couldn't have the loan without it but they were very clever in glamourising it as a way of saving money and made me feel like I'd be a fool not to take them up on their offer.

It's only now I've realised how stupid I've been - if I wanted to save money I should have put it in a savings account earning interest - not paying interest!! I've gone through my PPI documentation and can't find anything on there about getting a refund after 5 years however they are still advertising this offer on their website?

Does anyone thing I've got a claim here as I'm not sure what to do?? :mad:

When they tell you that after 5 years you get the premium back you do not realise that interest is being charged on this from start to finish. When you work it all out it cost a fortune but i agree with you in that they glamorise this fact about "getting it back after 5 years". What they don't tell you is the premium only lasts 5 years and then how do you go about protecting it again after. Would you have to settle that loan and then start another and by settling early be left with a large disproportional settlement rebate. They have you by the short and curlies.

Was this a front loaded policy and how much and when taken out? Would you be able to cancel it without losing out.

Pixie983

Thanks for reply. According to the T&C's for PPI on the First Plus website you can cancel the policy at any time & they will refund as follows:

Loan term expired Percentage of premium to be
refunded

12 months 25%
24 months 14%
36 months 6%

48 months 2%

I don't know what happens after the 5 years if you still wanted the PPI (they didn't tell me that strangely enough). However I don't want the PPI now and never did! As I said it was sold as a savings plan and I was not aware I would be paying interest on it (they missed this little detail out!). Basically now I want to cancel it as it's a complete waste of money but do feel I was mis-sold in some way. I could carry on with it for another 3 years and get the £4500 back they promised. Or cut my losses & cancel now - I won't get all of it back though - unless I reclaim but do I have a case???

marshallka

Pixie983 wrote: »

Thanks for reply. According to the T&C's for PPI on the First Plus website you can cancel the policy at any time & they will refund as follows:

Loan term expired Percentage of premium to be
refunded
12 months 25%
24 months 14%
36 months 6%

48 months 2%

I don't know what happens after the 5 years if you still wanted the PPI (they didn't tell me that strangely enough). However I don't want the PPI now and never did! As I said it was sold as a savings plan and I was not aware I would be paying interest on it (they missed this little detail out!). Basically now I want to cancel it as it's a complete waste of money but do feel I was mis-sold in some way. I could carry on with it for another 3 years and get the £4500 back they promised. Or cut my losses & cancel now - I won't get all of it back though - unless I reclaim but do I have a case???

Go for the misselling. You can cancel now and still go for the misselling as well i think. I got £90 back off £4163 when i settled the loan and then the settlement was on the whole amount too. They are robbers. I presume if i had cancelled like i wanted to do at lots of points in the loan (it was sold as a condition) then i would of only had rule 78 applied to the actual loan and not the loan and ppi saving thousands. No-one informed me that i would only receive a rebate of £90 and if i cancelled then my settlement would only be on the loan. I feel so annoyed at this company. I did not want it either but they added it to ours as a condition.

This company (or Freedom Finance or Bespoke Finance or whoever else was involved) have taken thousands of pounds from me and i will do whatever i can to get it back. These policies from FIrstplus should be banned now and made illegal to sell them.

Laini

marshallka wrote: »

laini, you know when m colak does your claim workings, he did one for me and i cannot tell what amount he says i would actually need to claim

Originally Posted by m.colak
Finance Calculator V1.1

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

Which amount is it here #


Laini, have you heard from Firstplus yet about your email you sent to them....

still have nt heard from FP
for me it was mis sold
and I had M.Colak and some one else(another site) do the sums
I cant understand yours sorry
my blonde sum works nearly the same - well not far off
ppi single premium + ppi payments made - rebate already had from them +8%=total
this is to put us back in the same position if we had not had PPI

marshallka

Laini wrote: »

still have nt heard from FP
for me it was mis sold
and I had M.Colak and some one else(another site) do the sums
I cant understand yours sorry
my blonde sum works nearly the same - well not far off
ppi single premium + ppi payments made - rebate already had from them +8%=total
this is to put us back in the same position if we had not had PPI

Laini ours was missold too but also it was unfair rebate on the settlement. I am going for missold but i thought m colak had done my workings for missold. Its look like he did them for unfair rebate. Its so confusing.

I bet you are dying to hear from FP about the amount of the settlement they are going to give you aren't you. I would be on the phone all the time.:D

marshallka

Just worked out using rule 78 calculator http://www.hughchou.org/calc/rule78.cgi
that we had a settlement of £20400 at month 38 with the ppi included. If they had let us cancel the policy before calculating the settlement we would of paid at month 38 £17980, a difference of £2420 just for not doing that.


If it is proved it was missold in the 1st place then at month 38 on 120 months (as we applied for before they told us we had to have the ppi and explained nothing else about it only being 5 years on a 13 plus year loan and front loaded and interest was payable on the whole loan) and not 160 months our settlement would of been £15,269.26:mad:

I look at they (or whoever owns up to selling it if anyone does) owe us a fair bit with interest at 8% per annum.

Thats even if rule 78 was allowed to have been used and i still argue that one.

I wish m colak was here to help with my workings.