PPI Reclaiming discussion Part II

pinknico

di3004 wrote: »

Well this is what will probably happen to me, even though they sent a form form for us to fill in, I think this is just procedure where I will get the same knock-back from the liquidators like I did with an older claim with a different firm that dissolved but that firm was not regulated, so I could not forward that actual one to the FSCS.......:rolleyes: .

Who were the liquidators to Picture hun ?

Target, I think thats who wrote to me and said Picture were no longer trading and believed the money had no funds available to pay compensation if a valid claim arose.

Target Loan Company Servicing Limited authorised by FSA . Registered No. 0568062

halifax71

halifax71 wrote: »

My PPI was £11,755.20 with an APR of 8.4%. I've made 32 1/2 payments to date (1st one was 6 weeks). The APR has shifted between 8.4 & 10.3 over the period Jan 06 to Sept 08. I've asked for details of the APR changes but in the meantime it's probably OK to assume 9% on average. At 8.4% the PPI repayment was £91.79 over 300 months.

Offer from Central Trust

This is for me to agree to:

I understand you will take the following action.

1. Make arrangements with First Plus to cancel the insurance on our secured loan.

2. Central Trust PLC will arrange to refund the remaining insurance premium plus interest paid to date (£13,485.10)

3. The account will then be restructured by FirstPlus as though the insurance had never been taken out and our monthly repayments adjusted accordingly.

4. FirstPlus will refund any overpayments made to date by us (£3,073.29) in regards to the insurance and this money will direct to us.

---

Bit confused to be honest. Are they offering me £13k or £3k? If it's £13k my loan itself isn't going to be restuctured by the extent i was hoping for as that means that i've just paid the PPI to date really.

If it's the £3k it doesn't appear to be enough as it doesn't appear to include interest @ 8%.

Any help would be appreciated.

My understanding of this is as follows.

Assuming 8.4% APR for the whole 32 months for ease i'm entitled to 8% APR on the money i've paid for the PPI

So, 8% = 0.6434% monthly. As i've made 32 monthly payments: -
Payment 1 = 91.79 * 1.006434 to Power 31 = 111.98
Payment 2 = 91.79 * 1.006434 to Power 30 = 111.264
.... repeated
Payment 31 = 91.79 * 1.006434 to Power 1 = 92.381
Payment 32 = 91.79 no interest (yet)

Total paid = 91.84 * 32 = 2937.28

Interest @ 8 % compounded monthly = 312.68

Total = 3249.96.

So the offer is well out as my APR has been up as high as 10.3% so the 91.79 base figure will be higher in most months.

Does this sound right?

di3004

pinknico wrote: »

Target, I think thats who wrote to me and said Picture were no longer trading and believed the money had no funds available to pay compensation if a valid claim arose.

Target Loan Company Servicing Limited authorised by FSA . Registered No. 0568062

Same response that I had from the liquidators about Click.:rolleyes:
I am also expecting the same response from these now too.......

marshallka

tiggrae wrote: »

ok what I think they mean is that Central will refund to First Plus the full amount of £13k for the PPI - First Plus will refund to you the amount you've paid todate (ie the £3073.29) and restructure the remainder of the loan by removing the £91 per month - and no I would say they've not calculated the 8%

Halifax, Tiggrae left a post above..

marshallka

halifax71 wrote: »

My understanding of this is as follows.

Assuming 8.4% APR for the whole 32 months for ease i'm entitled to 8% APR on the money i've paid for the PPI

So, 8% = 0.6434% monthly. As i've made 32 monthly payments: -
Payment 1 = 91.79 * 1.006434 to Power 31 = 111.98
Payment 2 = 91.79 * 1.006434 to Power 30 = 111.264
.... repeated
Payment 31 = 91.79 * 1.006434 to Power 1 = 92.381
Payment 32 = 91.79 no interest (yet)

Total paid = 91.84 * 32 = 2937.28

Interest @ 8 % compounded monthly = 312.68

Total = 3249.96.

So the offer is well out as my APR has been up as high as 10.3% so the 91.79 base figure will be higher in most months.

Does this sound right?

Tiggrae left a post for you... quoted in post before this one.

di3004

halifax71 wrote: »

My understanding of this is as follows.

Assuming 8.4% APR for the whole 32 months for ease i'm entitled to 8% APR on the money i've paid for the PPI

So, 8% = 0.6434% monthly. As i've made 32 monthly payments: -
Payment 1 = 91.79 * 1.006434 to Power 31 = 111.98
Payment 2 = 91.79 * 1.006434 to Power 30 = 111.264
.... repeated
Payment 31 = 91.79 * 1.006434 to Power 1 = 92.381
Payment 32 = 91.79 no interest (yet)

Total paid = 91.84 * 32 = 2937.28

Interest @ 8 % compounded monthly = 312.68

Total = 3249.96.

So the offer is well out as my APR has been up as high as 10.3% so the 91.79 base figure will be higher in most months.

Does this sound right?

Maybe hun but if Tiggrae comes back on I'm sure she will assure you here.;)

di3004

marshallka wrote: »

Tiggrae left a post for you... quoted in post before this one.

Lol, glad you mentioned this hun, I remember tiggrae had left a post for this with an explanation earlier.;)

marshallka

My boiler is finished now and we have a warm house, first time in years and i have just had a bath and it took only a quarter of the time to run:D . Its so nice to have and just wanted to shout about it. Sorry folks - its a simple thing i know but when you have lived like we have for years you would want to shout too.:j

I mentioned to the boiler man that it was nice for the water to make bubbles in my washing up instead of me having to woosh the water from side to side (LOL).

God i am sooo sad?

Bluemoon

Just received my first letter from first plus they say i will be contacted before the 16th october after they have looked at the recorded phone calls will keep everyone informed of the out come but think i will be fobbed off.

Bluemoon

marshallka

Bluemoon wrote: »

Just received my first letter from first plus they say i will be contacted before the 16th october after they have looked at the recorded phone calls will keep everyone informed of the out come but think i will be fobbed off.

Bluemoon

Good luck Bluemoon, when was this taken out??