PPI Reclaiming discussion Part II

di3004

marshallka wrote: »

I wish they would both join us on the forum.

Yeah that would be good........:D

maxdp

marshallka wrote: »

I wish they would both join us on the forum.

Would be fab Di and I are just going to do a game of hang man. Any one want to join:D

brand_no_7

Hi posted this elsewhere on the forum but probably best to put in here. would be grateful for some help

I have read nearly all the very helpful comments on PPI but my maths may be letting me down as i am having difficulty calculating the necessary figures for a PPI reclaim from FirstPlus.

I would be grateful if someone (especially who has had a similiar FirstPlus loan) could guide me through the calculations so i ensure my calculations are correct.

The loan began in August 2003 for £55,000
The PPI was £13,469.50
Monthly Interest Rate 0.889% Variable
APR - 10.9% Variable
Monthly Payments - 300

I did get a PPI rebate but now left with 20 years left to run with no cover and i am certain i had not cleared the PPI in that 5 years

Would be very grateful if someone could explain what i am entitled to claim for and give me some rough calculations.

Many Thanks

Mark

di3004

Having a bite to eat, the rest of the family had their tea earlier......:p , bk as soon as I can.:D xx

di3004

brand_no_7 wrote: »

Hi posted this elsewhere on the forum but probably best to put in here. would be grateful for some help

I have read nearly all the very helpful comments on PPI but my maths may be letting me down as i am having difficulty calculating the necessary figures for a PPI reclaim from FirstPlus.

I would be grateful if someone (especially who has had a similiar FirstPlus loan) could guide me through the calculations so i ensure my calculations are correct.

The loan began in August 2003 for £55,000
The PPI was £13,469.50
Monthly Interest Rate 0.889% Variable
APR - 10.9% Variable
Monthly Payments - 300

I did get a PPI rebate but now left with 20 years left to run with no cover and i am certain i had not cleared the PPI in that 5 years

Would be very grateful if someone could explain what i am entitled to claim for and give me some rough calculations.

Many Thanks

Mark

Hi there Mark.;)

Will be back soon, and I'm sure someone will answer this one for you in the meantime okay hun, so keep an eye on the posts.;)

marshallka

brand_no_7 wrote: »

Hi posted this elsewhere on the forum but probably best to put in here. would be grateful for some help

I have read nearly all the very helpful comments on PPI but my maths may be letting me down as i am having difficulty calculating the necessary figures for a PPI reclaim from FirstPlus.

I would be grateful if someone (especially who has had a similiar FirstPlus loan) could guide me through the calculations so i ensure my calculations are correct.

The loan began in August 2003 for £55,000
The PPI was £13,469.50
Monthly Interest Rate 0.889% Variable
APR - 10.9% Variable
Monthly Payments - 300

I did get a PPI rebate but now left with 20 years left to run with no cover and i am certain i had not cleared the PPI in that 5 years

Would be very grateful if someone could explain what i am entitled to claim for and give me some rough calculations.

Many Thanks

Mark

the ppi element looks to be about 19% here.

What has happened so far with Barclays FIrstplus??

What rebate did you receive here??

I don't really understand your question..

Did you receive the PPI back after the 5 years??

But did you understand that the PPI was actually a loan on top of a loan so all you received back was the PPI and not the interest that you have to pay for all the loan.

marshallka

marshallka wrote: »

the ppi element looks to be about 19% here.

What has happened so far with Barclays FIrstplus??

What rebate did you receive here??

I don't really understand your question..

Did you receive the PPI back after the 5 years??

But did you understand that the PPI was actually a loan on top of a loan so all you received back was the PPI and not the interest that you have to pay for all the loan.

Mark, can you refer to them as Barclays Firstplus as well now. Martin on site asked that we all do as now FIrstplus have not got any reputation to keep up and they may hike interest rates but if we say Barclays Firstplus as they are their sister company then Barclays have got a name to protect.:D

brand_no_7

Thanks for your replies di3004 and marshallka

marshallka, i got basically the full rebate of £13,469.50. To cut a very long story short i had some other issues with them but withheld pushing the PPI claim until the 5th anniversary because when i wanted to cancel the policy early they would only give me about £800 back. At the time there was a nuimber of other things going on and so decided to deal with the PPI issue after the five year anniversary. So this is basically going to be my first approach to them - they have been far from nice on some of the other issues!

The PPI was never explained to me and was never told it was only for 5 years, that it would be front loaded and i was led to believe i had to take it out to qualify for the loan. when i found out the true horror it was all a bit late! so now i am doing something about it.

marshallka

brand_no_7 wrote: »

Thanks for your replies di3004 and marshallka

marshallka, i got basically the full rebate of £13,469.50. To cut a very long story short i had some other issues with them but withheld pushing the PPI claim until the 5th anniversary because when i wanted to cancel the policy early they would only give me about £800 back. At the time there was a nuimber of other things going on and so decided to deal with the PPI issue after the five year anniversary. So this is basically going to be my first approach to them - they have been far from nice on some of the other issues!

The PPI was never explained to me and was never told it was only for 5 years, that it would be front loaded and i was led to believe i had to take it out to qualify for the loan. when i found out the true horror it was all a bit late! so now i am doing something about it.

Right, now you need to send off the first template letter from here. I would try to make this your own as they do note if it is a template as i found out.

GIve them 8 weeks to respond to your complaint. I take it this was taken out in 2003... Was it actually Barclays FIrstplus that sold you the policy or did you go through a broker??

This is important as if it was a broker then its the broker you need to claim from.

brand_no_7

marshallka wrote: »

Right, now you need to send off the first template letter from here. I would try to make this your own as they do note if it is a template as i found out.

GIve them 8 weeks to respond to your complaint. I take it this was taken out in 2003... Was it actually Barclays FIrstplus that sold you the policy or did you go through a broker??

This is important as if it was a broker then its the broker you need to claim from.

okay - should i not include the calculations and quote the amount i expect to receive back in that initial letter?

also i was thinking of bringing an additional claim for the cost of further PPI insurance. I am now not covered for the remaining 20 years and when i took the policy out i was under the impression it would last for the total term of the loan. I know its only about £10 per month but at 240 further months it soon adds up