PPI Reclaiming discussion Part II

niemowle

Can I please ask for help in calculating the following?

I am claiming back on my PPI and so can I expect that the PPI will be taken off the loan, the interest will be recalculated having the PPI removed and refund on overpayments.

Details of loan are as follows:

• Single premium policy
• Loan taken out on 26/01/07 and still active
• Amount of the loan is £10,000 over 10 years
• Charge for credit is £6,208.40
• PPI is £3,887.33 + interest on this of £2,413.87 = £6,301.20
• Monthly payments are £135.07 + PPI £52.51 = £187.58
• To date made 17 payments and skipped only one payment in June 08

Your help would be very much appreciated and thank you in advance.

Niemowle

PS.i have been refunded on my other loan already, so this is my last one with Barclays

di3004

niemowle wrote: »

Can I please ask for help in calculating the following?

I am claiming back on my PPI and so can I expect that the PPI will be taken off the loan, the interest will be recalculated having the PPI removed and refund on overpayments.

Details of loan are as follows:

• Single premium policy
• Loan taken out on 26/01/07 and still active
• Amount of the loan is £10,000 over 10 years
• Charge for credit is £6,208.40
• PPI is £3,887.33 + interest on this of £2,413.87 = £6,301.20
• Monthly payments are £135.07 + PPI £52.51 = £187.58
• To date made 17 payments and skipped only one payment in June 08

Your help would be very much appreciated and thank you in advance.

Niemowle

PS.i have been refunded on my other loan already, so this is my last one with Barclays

Well done on your claim on your other loan....:beer: .

I'm sure someone will come along and go through this for you, I'm hopeless when it comes to workings out, but good luck anyway, keep fighting.;)

Di.
x

di3004

no Tiggrae tonight Marshallka hun ?

marshallka

di3004 wrote: »

no Tiggrae tonight Marshallka hun ?

Here now Di. I can't do the workings on this either so lets hope Tiggrae comes on later.:D

Been quiet on here as its bank holiday weekend and people are having breaks from their problems i guess...

marshallka

niemowle wrote: »

Can I please ask for help in calculating the following?

I am claiming back on my PPI and so can I expect that the PPI will be taken off the loan, the interest will be recalculated having the PPI removed and refund on overpayments.

Details of loan are as follows:

• Single premium policy
• Loan taken out on 26/01/07 and still active
• Amount of the loan is £10,000 over 10 years
• Charge for credit is £6,208.40
• PPI is £3,887.33 + interest on this of £2,413.87 = £6,301.20
• Monthly payments are £135.07 + PPI £52.51 = £187.58
• To date made 17 payments and skipped only one payment in June 08

Your help would be very much appreciated and thank you in advance.

Niemowle

PS.i have been refunded on my other loan already, so this is my last one with Barclays

Have you already been advised that this is being repaid or it that you want to ask for a specific figure from them?

maxdp

niemowle wrote: »

Can I please ask for help in calculating the following?

I am claiming back on my PPI and so can I expect that the PPI will be taken off the loan, the interest will be recalculated having the PPI removed and refund on overpayments.

Details of loan are as follows:

• Single premium policy
• Loan taken out on 26/01/07 and still active
• Amount of the loan is £10,000 over 10 years
• Charge for credit is £6,208.40
• PPI is £3,887.33 + interest on this of £2,413.87 = £6,301.20
• Monthly payments are £135.07 + PPI £52.51 = £187.58
• To date made 17 payments and skipped only one payment in June 08

Your help would be very much appreciated and thank you in advance.

Niemowle

PS.i have been refunded on my other loan already, so this is my last one with Barclays

http://cid-ab205ad5e31a8810.skydrive.live.com/browse.aspx/CAG

Hi Do not know if this link will work but have found this calculator on a site.

Fingers crossed it works:D

catinthehat1

Hi Marshallka,

I have sent you an email re the T & C's - paragraph 5 & 6 of Firstplus - what does this mean - hope you come back soon

singlep

niemowle wrote: »

Can I please ask for help in calculating the following?

I am claiming back on my PPI and so can I expect that the PPI will be taken off the loan, the interest will be recalculated having the PPI removed and refund on overpayments.

Details of loan are as follows:

• Single premium policy
• Loan taken out on 26/01/07 and still active
• Amount of the loan is £10,000 over 10 years
• Charge for credit is £6,208.40
• PPI is £3,887.33 + interest on this of £2,413.87 = £6,301.20
• Monthly payments are £135.07 + PPI £52.51 = £187.58
• To date made 17 payments and skipped only one payment in June 08

Your help would be very much appreciated and thank you in advance.

Niemowle

PS.i have been refunded on my other loan already, so this is my last one with Barclays

Unless you are repaying the whole loan, First Plus will calculate an amount in your favour and will apply this to reduce the term of the loan. This means little change to the monthly amount you are paying now but a reduction in the number of payments you have yet to make. As each payment consists of capital and interest the calculation can be complicated. I suggest you await FP's figures and publish them here for comment.

marshallka

catinthehat1 wrote: »

Hi Marshallka,

I have sent you an email re the T & C's - paragraph 5 & 6 of Firstplus - what does this mean - hope you come back soon

It is the terms and conditions on the actual ppi that is really unfair in number 5 where they state that if you cancel you will receive a payment not in proportion to what you have paid but i wondered about number 5 on the t and c's of the agreement. It states that at their discretion they can apply your payments to the actual loan or the interest. I assume this is to do with their front loaded policies bit. I have sent you a pm too but sorry to get your hopes up that we may have them for something else. I think its an earlier agreement i need as the t and c's on yours are the same as they sent out to me. I read on another forum where someone was taking them to court and they had lost their copy of the actual agreement but firstplus sent them a copy of the t and c's. When they found their agreement it was completely different to what they had sent so i was curious at their agreement was back in 2001 like mine....

singlep

marshallka wrote: »

It is the terms and conditions on the actual ppi that is really unfair in number 5 where they state that if you cancel you will receive a payment not in proportion to what you have paid but i wondered about number 5 on the t and c's of the agreement. It states that at their discretion they can apply your payments to the actual loan or the interest. I assume this is to do with their front loaded policies bit. I have sent you a pm too but sorry to get your hopes up that we may have them for something else. I think its an earlier agreement i need as the t and c's on yours are the same as they sent out to me. I read on another forum where someone was taking them to court and they had lost their copy of the actual agreement but firstplus sent them a copy of the t and c's. When they found their agreement it was completely different to what they had sent so i was curious at their agreement was back in 2001 like mine....

This is not really unfair provided the proportion is reasonable as required by FSA. This clause allows customers to cancel and get some refund when their circumstances change, e.g employment and is not there as a potential misseling issue. What is unfair about FP is that they spread the PPI loan interest over the term of the loan and not over the 5 year term of the PPI and most people do not realise this. Expensive!