PPI Reclaiming discussion Part II

di3004

marshallka wrote: »

It was £559.25 you were shorted of during taking the second loan. I have just looked back. I wonder if it was a fee/charge of some sort??

I was going to check if it states anything on the keyfacts of this but as far as I remember there was not......:rolleyes:

marshallka

di3004 wrote: »

I was going to check if it states anything on the keyfacts of this but as far as I remember there was not......:rolleyes:

It could have been interest charged if you settled on a certain date? I got charged £1300 by firstplus which is settlement interest and don't know where they get it from and nor do they. I queried it with them and they just said it was an amount taken off the loan and yet they added it. They then said they had made a mistake and that it should have been added and not taken off. I gave up..

di3004

marshallka wrote: »

It could have been interest charged if you settled on a certain date? I got charged £1300 by firstplus which is settlement interest and don't know where they get it from and nor do they. I queried it with them and they just said it was an amount taken off the loan and yet they added it. They then said they had made a mistake and that it should have been added and not taken off. I gave up..

I know what your saying but as this was ending the first loan it was to have a loan advance, but its like punishment for taking an advance loan.... .

Just came across this on the keyfacts:
EARLY SETTLEMENT OF YOUR LOAN
If your Credit Agreement ends before its natural end date which is during the first 60 months of your policy, your policy will remain in force for the remainder of the 60 months.

If at any time you wish to cancel your policy prior to its natural 60 months term, you will be entitled to receive a refund of premium which will not be a proportionate amount of the premium you originally paid.
As an example, if you have a 5 year loan and you repay it after making 30 monthly repayments, you will receive 6% of your of your premium as a refund, please refer to the "Early Settlement of Agreement" section of your policy booklet for more information.
.............................................................................................................................

Right then, we had the loan in Nov 2005
First repayment was Dec 2005

A new consolidation loan in July 2006

So this is how the heck did they work this out to be 9 months ??

In the first 12 months you should receive 14% refund as it states !

marshallka

Originally Posted by marshallka
I have got my actual transaction enquiry here. I have written to Firstplus as each transaction is written and then a balance left like
DATE VALUE DATE TYPE NUMBER AMOUNT BALANCE
14/03/03 14/03/03 DDR 281.47 18726.72
14/03/03 14/03/03 INT 191.15 18917.87
7/04/03 7/04/03 INT 156.35 19074.22
7 /04/03 7/04/03 SIN 1388.13 20462.35
7/04/03 7/04/03 RIP 101.64- 20360.71
7/04/03 7/04/03 SAF 50.00 20410.71
7/04/03 7/04/03 SET 20410.71-

I wrote to firstplus and queried the sin payment above of 1388.13 ADDED as you can see and this is the reply i got from them today


"you mentioned a payment on 7th april, 2003 for £1388.13 referred as SIN. I have enclosed an expanded print sheet of this date showing SIN is a settlement interest amount deducted at the point of settlement.
The figure reflects the difference between the interest remaining on the account to term (or tenth anniversary if greater than 120 month term) and the interest rebate calculated using the rule of 78 formula. This may differ slightly to that provided in your settlement quotation but this will be due to the interest on your loan account being charged daily.

Are Firstplus trying to say here that this amount was taken off the loan because in my eyes it was added to the loan as you can see.

Any help here much appreciated as this is doing my head in.

---

TIGGRAE POST- I think you've just solved the whole problem of what's wrong with FP they can't tell the difference between a plus and a minus !!!!

---

This was an old post of mine and I had forgotten about this extra £1300 quid added to my settlement that should not have been. When i queried it i got a reply that it was "extra settlement interest". They said in a letter that this amount was DEDUCTED from my settlement and yet they added it. I then had another letter to say that they then got it wrong and it should have been added like it was.

marshallka

God i have forgotton so much on my complaint to the FOS about the actual loan settlement.

Here is another old post of mine

---

Just look at this one

I requested a settlement on 30/10/01 and the settlement was
£20,887.68

after repayments for another 18 months of £281.25 i settled at £20,410 so my actual payments of £5062 bought the loan down by £476.97. They have made a mistake here somewhere.

In fact i have found 3 redemption statements in my SAR

one on 14/04/2001 £21220.79

one on 30/10/01 £20887.68

one on 7/04/03 £20410.71

6 months between the first and second and £333.11 difference in money
17 to 18 months between the second and third and £476.97 in money. This is never right.

can anyone please confirm this. I think i have found out what the problem is and tiggrae is right. They don't know a plus from a minus and they have added my settlement rebate on instead of taking it off. I can't do anything on monday as i am going into hospital but can't wait till tuesday. I think i have a case. What does anyone else think here. Am i just tired and thinking toooo positive.

---

I was thinking tooo positive here as they then wrote back and said they shoud have added it. I had better add this to my loan settlement complaint I think although I don't even know if they can look into this complaint yet!!!

di3004

marshallka wrote: »

Originally Posted by marshallka
I have got my actual transaction enquiry here. I have written to Firstplus as each transaction is written and then a balance left like
DATE VALUE DATE TYPE NUMBER AMOUNT BALANCE
14/03/03 14/03/03 DDR 281.47 18726.72
14/03/03 14/03/03 INT 191.15 18917.87
7/04/03 7/04/03 INT 156.35 19074.22
7 /04/03 7/04/03 SIN 1388.13 20462.35
7/04/03 7/04/03 RIP 101.64- 20360.71
7/04/03 7/04/03 SAF 50.00 20410.71
7/04/03 7/04/03 SET 20410.71-

I wrote to firstplus and queried the sin payment above of 1388.13 ADDED as you can see and this is the reply i got from them today


"you mentioned a payment on 7th april, 2003 for £1388.13 referred as SIN. I have enclosed an expanded print sheet of this date showing SIN is a settlement interest amount deducted at the point of settlement.
The figure reflects the difference between the interest remaining on the account to term (or tenth anniversary if greater than 120 month term) and the interest rebate calculated using the rule of 78 formula. This may differ slightly to that provided in your settlement quotation but this will be due to the interest on your loan account being charged daily.

Are Firstplus trying to say here that this amount was taken off the loan because in my eyes it was added to the loan as you can see.

Any help here much appreciated as this is doing my head in.


TIGGRAE POST- I think you've just solved the whole problem of what's wrong with FP they can't tell the difference between a plus and a minus !!!!


This was an old post of mine and I had forgotten about this extra £1300 quid added to my settlement that should not have been. When i queried it i got a reply that it was "extra settlement interest". They said in a letter that this amount was DEDUCTED from my settlement and yet they added it. I then had another letter to say that they then got it wrong and it should have been added like it was.

Tiggrae is right by the seems of it hun and weird thing is it seems like nemo done that too us too, by deducting the 2nd loan amount which obviously had something to do with settling the first one.......

di3004

marshallka wrote: »

God i have forgotton so much on my complaint to the FOS about the actual loan settlement.

Here is another old post of mine


Just look at this one

I requested a settlement on 30/10/01 and the settlement was
£20,887.68

after repayments for another 18 months of £281.25 i settled at £20,410 so my actual payments of £5062 bought the loan down by £476.97. They have made a mistake here somewhere.

In fact i have found 3 redemption statements in my SAR

one on 14/04/2001 £21220.79

one on 30/10/01 £20887.68

one on 7/04/03 £20410.71

6 months between the first and second and £333.11 difference in money
17 to 18 months between the second and third and £476.97 in money. This is never right.

can anyone please confirm this. I think i have found out what the problem is and tiggrae is right. They don't know a plus from a minus and they have added my settlement rebate on instead of taking it off. I can't do anything on monday as i am going into hospital but can't wait till tuesday. I think i have a case. What does anyone else think here. Am i just tired and thinking toooo positive.




I was thinking tooo positive here as they then wrote back and said they shoud have added it. I had better add this to my loan settlement complaint I think although I don't even know if they can look into this complaint yet!!!

Hun it seems like you have a case here in my opinion and I am sure Tiggrae will also confirm this to you too, although me and calculations do not work together but something is not right there.

I did also find a few redemption figures on mine, but maybe that was because we asked them a few times for it.

Striving_to_Succeed

Hey All

It's great to read the success stories for claiming back the PPI. It seems we are a long way off from getting these companies to stop mis-selling PPI and repaying what we are rightfully owed. We may be slowly winning the battle but unfortunately after reading some stories, we are far from winning the war!

I have a question, have searched for it on the forumn and the question has been raised but I cannot seem to find an answer. So apologies if this is not the case or if I have posted this in the wrong place.

My mum bought a car on HP in 2005. She took out PPI and was told that she could use it if she ever became unemployed or if she became ill. Since then my mum's health has detoriated and she has since had to give up work. She contacted the insurance company to put in a claim. They sent her the forms which she filled out and promptly returned. She has since been told that she cannot claim even though she has medical evidence backing her claim as well has confirmation from her previous employers. I am paying the loan back so she is up-to-date with her payments.

What I wanted to know is, does she have grounds to request a refund?

She doesn't mind if the policy is cancelled as it not useful to her if she cannot use it when she needs it the most.

Thanks in advance for your help, much appreciated

marshallka

di3004 wrote: »

I know what your saying but as this was ending the first loan it was to have a loan advance, but its like punishment for taking an advance loan.... .

Just came across this on the keyfacts:
EARLY SETTLEMENT OF YOUR LOAN
If your Credit Agreement ends before its natural end date which is during the first 60 months of your policy, your policy will remain in force for the remainder of the 60 months.

If at any time you wish to cancel your policy prior to its natural 60 months term, you will be entitled to receive a refund of premium which will not be a proportionate amount of the premium you originally paid.
As an example, if you have a 5 year loan and you repay it after making 30 monthly repayments, you will receive 6% of your of your premium as a refund, please refer to the "Early Settlement of Agreement" section of your policy booklet for more information.
.............................................................................................................................

Right then, we had the loan in Nov 2005
First repayment was Dec 2005

A new consolidation loan in July 2006

So this is how the heck did they work this out to be 9 months ??

In the first 12 months you should receive 14% refund as it states !

You had much more than what they state here as a rebate though.....

They did not do what they stated here though...They rebated nearly all of it.

marshallka

Striving_to_Succeed wrote: »

Hey All

It's great to read the success stories for claiming back the PPI. It seems we are a long way off from getting these companies to stop mis-selling PPI and repaying what we are rightfully owed. We may be slowly winning the battle but unfortunately after reading some stories, we are far from winning the war!

I have a question, have searched for it on the forumn and the question has been raised but I cannot seem to find an answer. So apologies if this is not the case or if I have posted this in the wrong place.

My mum bought a car on HP in 2005. She took out PPI and was told that she could use it if she ever became unemployed or if she became ill. Since then my mum's health has detoriated and she has since had to give up work. She contacted the insurance company to put in a claim. They sent her the forms which she filled out and promptly returned. She has since been told that she cannot claim even though she has medical evidence backing her claim as well has confirmation from her previous employers. I am paying the loan back so she is up-to-date with her payments.

What I wanted to know is, does she have grounds to request a refund?

She doesn't mind if the policy is cancelled as it not useful to her if she cannot use it when she needs it the most.

Thanks in advance for your help, much appreciated

Were these things that she is claiming for exclusions from the policy as she had had treatment for them before?? Were these things discussed when she took out the PPI?? Was it sold as optional and was it a single premium policy?