PPI Reclaiming discussion Part II

Kaia_2

tiggrae wrote: »

Right, as this is a variable rate loan I can't work it out the way I would normally, so lets take it that as the PPI is over 5 years you've actually paid the PPI which you've said was £2021.33 + the interest divide that over 60 months (ie 5 years) to give a monthly premium of £xxxx
Feed £xxxx into the bank charge calculator starting on 1st repayment date and every monthly payment date, ending in July 2007 and that will work out the statutory interest for you.

ps don't won't to depress you but on your £18k loan you're actually paying back £42322.56 !!!

thanks mcolak....I think I had got confused at this point when reading above when I was trying to work figures out, and tiggrae had said (above) to calculate over 60 months....its not hard to confuse me though ...lol !
so....
could I just check it through with you.......
sorry to be a pain...

my pppi amount is £2021.33
interest charged by lender £1819.77 (figure given when I phoned on 25th April 08)
which was how I worked out the "monthly premium" of £64.01

then what I HAD DONE was put the £64.01 through the calculator for just 60 months....(covering just the term of the policy, the five years)
are you saying I SHOULD HAVE put it through all the way to todays date...ye

Just one more point I need to check in that case ....
Recalculating that will take me over the £5000 limit for small claims....it will be £5443.62 so is that a problem?

I will have to reprint the forms because of my mistake so will have to take them in tomorrow instead
Never mind!

Stillsmiling

miaoww wrote: »

They dont make it easy to understand!
Basicall loan started in 6/06 for consolidation of other debts plus consolidation of first plus so initial loan was £62,000. plus the protection 15183.80
total 77183.80
am I to assume they will take this amount off any outstanding amount then monthly payments should decrease -
should i try to ask for full amount as having financial difficulties which is why its tempting to accept offer - what if we dont get full amount can we still accept this offer?
any advice gratefully recieved
thanks

I had the same offer and my monthly payment would change by mere pounds and I was still effectively paying for the PPI!! I told them it wasn't good enough and am waiting for the financial ombudsman to review my case. I'd like to get the whole PPI refunded and have the PPI monthly payment removed from my monthly payment.

SUFC

Hi, i have a claim in court against Black Horse for mis selling PPI. I have just had a letter from their solicitors with a copy of their defence. They had til 20th May to file their defence, which i presume they have now sent to the court. What happens next? Should I be worried? Do i need to get myself a solicitor or legal representation. Any advise greatfully received. Thanks, SUFC

marshallka

Who do i speak to at firstplus who is high up in dealing with complaints about ppi. I have been told by firstplus i used a broker called Freedom Finance and they are an umbrella company of a finance co. called Bespoke Finance. They say its Bespoke i need to complain to. I have sent my complaint to Firstplus and have had the usual reply of "its not us that sold you this" but i want to complain higher to Firstplus. Does anyone who has had theirs dealt with know of anyone i could ask for. thanks in advance.

angelwillow

m.colak wrote: »

Hi angelwillow before you start the court process check the website of the FISA as i'm sure that GE money were a member of them before the FOS so this is the route you should attempt next. Remember court should be the final method of getting your money back if you haven't tried all other options.

Contacted them like you said but this is the response I got I'm afraid.

Unfortunately, this Association has no involvement or remit in respect of this type of credit or the associated insurance. The FSA is the regulator for general insurance matters and you may find it helpful to telephone the Financial Services Ombudsman (FOS) on its helpline number 0845 080 1800.

angelwillow

Can nobody stop GE doing whatever they want? FO,FLA and now FISA don't want to know basically.

stuandrich

Hi, I am new to the site and this is my first post and I hope you all can help.

In 2004 I applied for a loan from first plus for £21000 - with this they added a premium of £4185.30 to the loan and I began making payments of £280-86. Through a series of unfortunate events, the following June I had to top up the loan.

They refunded only a small proportion of the PPI and I took a further £12000 - making my new borrowing £36000 (including what I still owed them). They then requoted the PPI and added a premium of £7174.80 - making the total loan £43,174.80 paying £352.26.

Now I came across this site recently and have been reading lots of your posts and I am quite angry. One with myself for being ripped off with a large PPI premium for which I will pay interest on for the next 15 years, and second that Firstplus is allowed to promote these awful insurances.

My added problem is that I (apparently) will be due cash back on the premium in 20 months time - I phoned today and checked.

Could anyone shed any light as to whether I have a case to claim back either my premium, the interest I have paid or push for a lower monthly payment figure ? Has anyone any experience of whether trying to claim will affectFirstplus returning my original premium ?

I am sooooo confused

Any advice / help is very gratefully accepted

Thanks in advance

m.colak

Kaia wrote: »

thanks mcolak....I think I had got confused at this point when reading above when I was trying to work figures out, and tiggrae had said (above) to calculate over 60 months....its not hard to confuse me though ...lol !
so....
could I just check it through with you.......
sorry to be a pain...

my pppi amount is £2021.33
interest charged by lender £1819.77 (figure given when I phoned on 25th April 08)
which was how I worked out the "monthly premium" of £64.01

then what I HAD DONE was put the £64.01 through the calculator for just 60 months....(covering just the term of the policy, the five years)
are you saying I SHOULD HAVE put it through all the way to todays date...ye

Just one more point I need to check in that case ....
Recalculating that will take me over the £5000 limit for small claims....it will be £5443.62 so is that a problem?

I will have to reprint the forms because of my mistake so will have to take them in tomorrow instead
Never mind!

Hi kaia have done some rough workings now:

60 month policy = 5 years at 8%
using maths it works out at approx 30 full 5 year interest payments
therefore interest = £768.22 at end of policy
add the original loan + interest = £4609.32

Then add interest to date at 4609.32/365*0.08 daily rate
Hope this helps
If it is over £5000 then you have several choices either get professional help ie solicitor to take the case and lose some money, use a no win no fee company whom charge the least or finally drop your figure below the £5000 mark. However there is a chance that the judge may rule for it to proceed the small claims route anyway.

m.colak

SUFC wrote: »

Hi, i have a claim in court against Black Horse for mis selling PPI. I have just had a letter from their solicitors with a copy of their defence. They had til 20th May to file their defence, which i presume they have now sent to the court. What happens next? Should I be worried? Do i need to get myself a solicitor or legal representation. Any advise greatfully received. Thanks, SUFC

Hi SUFC if you took it down the small claims route then its up to you wether you feel confident enough to represent yourself or not. It sounds like they've submitted their defense so yes it is going to court. Don't worry will give you some assistance when was the loan started if you don't mind me asking.

m.colak

marshallka wrote: »

Who do i speak to at firstplus who is high up in dealing with complaints about ppi. I have been told by firstplus i used a broker called Freedom Finance and they are an umbrella company of a finance co. called Bespoke Finance. They say its Bespoke i need to complain to. I have sent my complaint to Firstplus and have had the usual reply of "its not us that sold you this" but i want to complain higher to Firstplus. Does anyone who has had theirs dealt with know of anyone i could ask for. thanks in advance.

Hi have you contacted, via letter, bespoke finance including a copy of the letter from first plus with them admitting no liability. This is your next step. If they do this then immediately contact the FOS as it means that never company are accepting liabilty.