PPI with Firstplus Can i claim

[eggie]

hi all

 

took a secured loan with firstplus on feb 2007 for 35K and PPI for 8326 over 25 yr, which was included in with the loan. Now i am paying 250 for loan and 61. 20p for PPI a month totalling 312 a month at 7.7 apr.

 

Now if i claim on my PPI how much would be entitled to i have made 51 payments so far and claim my PPI back in feb 2012

 

any help appreciated please

 

Eggie

[dx100uk]

your PCM PPI +8% stat from the date of EACH payment to the date of your claim.

 

see the FOS website PDF's

 

dx

[eggie]

your PCM PPI +8% stat from the date of EACH payment to the date of your claim.

 

see the FOS website PDF's

 

dx

 

hi dx

 

done some calculations but dont seem right ,it states on my agreement 61.20 per month for PPI so 61.20 * 8% = 66.09

66.09 * 51 payments = 3307.59p but my premium is £8326 over 5 yrs so if i divide 8326 by 60 i get 137.26 so if add 8% to that it totals 148.23 times that by 51 payments the total is 7559.73. So i lose out by 766.27 if i dont wait my 60 months , but can u tell me if i claim will my PPI cancell and my monthly payments will they go down to 250 a month or if i wait the full 60 months and they refund 8326 does that mean i still continue to pay the full monthly payment of 312.

 

any help appreciated as figures dont match

 

Eggie

[dx100uk]

no..... exactly what i said above:

 

your PCM PPI +8% stat from the date of EACH payment to the date of your claim.

 

use:

 

http://www.egalegal.com/compoundWindow.html

 

rests=12

days = 360

 

do that for EACH PPI actually paid

 

from its payment date [it changes each month] to the date of your claim

 

and cancel the PPI too

 

dx

[Mr Meggo]

hi all

 

took a secured loan with firstplus on feb 2007 for 35K and PPI for 8326 over 25 yr, which was included in with the loan. Now i am paying 250 for loan and 61. 20p for PPI a month totalling 312 a month at 7.7 apr.

 

Now if i claim on my PPI how much would be entitled to i have made 51 payments so far and claim my PPI back in feb 2012

 

any help appreciated please

 

Eggie

 

If you wait to receive your 'cashback' you will get the amount of the premium and your monthly payments will not reduce. You will not receive any additional interest on top but you will pay interest on the PPI amount for the remainder of the loan period i.e 20 years and you will have no cover as it only lasts for 5 years.

 

If you claim for missold PPI and win you will have your loan reset to a position as if the PPI had never been taken out. i.e the premium will be padi back to your loan to reduce the balance along with all the interest that they have charged you on the PPI element. You will also receive back in cheque all your £61.20's already paid i.e. if you won right now £61.20 x 51 and maybe 8% interest. Only the FOS can award the 8% interest.

 

Edited May 16, 2011 by dx100uk
link removed

[dx100uk]

you are legally entitled to atleast 8% stat on top. for the refund of payments you have already made cash wise to the ppi.

 

read the fos PDF's

 

dx

[jj69]

hi all

 

took a secured loan with firstplus on feb 2007 for 35K and PPI for 8326 over 25 yr, which was included in with the loan. Now i am paying 250 for loan and 61. 20p for PPI a month totalling 312 a month at 7.7 apr.

 

Now if i claim on my PPI how much would be entitled to i have made 51 payments so far and claim my PPI back in feb 2012

 

any help appreciated please

 

Eggie

 

I had a loan with these jokers in 2002-2004 and paid off.I sent them a letter last year requesting refund and why I thought this had been missold they rolled straight over and refunded £8k all within 2-3 months..

[eggie]

hi all

 

took a secured loan with firstplus on feb 2007 for 35K and PPI for £ 8326 over 25 yr, which was included in with the loan. Now i am paying £ 250 for loan and £ 61. 40p for PPI a month totalling 312 a month at 7.7 apr.

 

Now if i claim on my PPI how much would be entitled to i have made 51 payments so far and claim my PPI back in feb 2012

 

any help appreciated please

 

Eggie

 

Hi all

 

Can someone please draft me a letter out so i can claim back my PPI from Firstplus as i having trouble with some calculations. All info is posted at top now have made 52 payments

 

thanks

 

Eggie

[ims21]

Hi Eggie

 

Interest tutorial here

 

http://www.consumerwiki.co.uk/index.php/Interest_Tutorial

 

Template letters here

 

http://www.thisismoney.co.uk/insurance/tips-and-guides/article.html?in_article_id=416957&in_page_id=53944&in_advicepage_id=175

 

take a look at the fos website for downloading the questionaire

 

ims

[dx100uk]

yes i'd recommend using the fos stuff TBH

 

dx

[eggie]

yes i'd recommend using the fos stuff TBH

 

dx

 

Hi dx

 

thanks for your reply, found the questionaire on FOS website so do i claim for 8326.60 as my PPI sum as thats what it says on application under the heading PPI loan £ 8326.60 so is that a single premium? because the intial sum £35 k plus £ 8326.60 total loan loan is £ 43,326.60 so thats what i'm paying back in total. so i presume its a single premium that they charged me.

 

i know i'm asking the same questions over and over again but with interest the sum comes to over £11 k which is alot of money so want to make the complaint correctly for mis selling

 

Thanks

 

Eggie

[ims21]

You can only claim the instalments you have paid to date.

 

Have you cancelled the ppi policy yet?

 

ims

[eggie]

Hi all

 

Just found my old firstplus paperwork and the loan amount is £34 K and not as stated £35K but the PPI is £8326.60 and total is £42, 326.60 and not as stated £43, 326.60 at 7.7 APR and PPI at 7.464 APR variable PA.£250 for loan per month and £61.40 per month for PPI made 52 payments so far.

 

Can someone please do me the calculations on how much i can claim back because the calculations become complex as i need to take in account the interest paid on the full amount for the last 4 and 1/4 years and the 8% Statutory interest added on top.Too complex for me so can anyone help me out please on how much i am entitled back so i can make a claim for it.

 

Thanks

Eggie

[ims21]

Hi all

 

Just found my old firstplus paperwork and the loan amount is £34 K and not as stated £35K but the PPI is £8326.60 and total is £42, 326.60 and not as stated £43, 326.60 at 7.7 APR and PPI at 7.464 APR variable PA.£250 for loan per month and £61.40 per month for PPI made 52 payments so far.

 

Can someone please do me the calculations on how much i can claim back because the calculations become complex as i need to take in account the interest paid on the full amount for the last 4 and 1/4 years and the 8% Statutory interest added on top.Too complex for me so can anyone help me out please on how much i am entitled back so i can make a claim for it.

 

Thanks

Eggie

 

Hi eggie

 

Can you scan and post up your agreement in PDF format (MINUS ALL PERSONAL DETAILS).

 

In order to work out the claim you will need to know the date on which each instalment was paid.

 

When you've posted the agreement I can give you some figures and point you to the spreadsheet to complete which will give you your claim amount.

 

Regards

 

ims

Edited June 6, 2011 by ims21

[eggie]

Hi eggie

 

Can you scan and post up your agreement in PDF format (MINUS ALL PERSONAL DETAILS).

 

In order to work out the claim you will need to know the date on which each instalment was paid.

 

When you've posted the agreement I can give you some figures and point you to the spreadsheet to complete which will give you your claim amount.

 

Regards

 

ims

 

Hi ims

 

Here's the agreement and each instalment was paid on the 13th of each month starting Feb 2007

scan0002.pdf

[ims21]

Hi ims

 

Here's the agreement and each instalment was paid on the 13th of each month starting Feb 2007

 

Hi

 

Thanks for that but Adobe Acrobat is telling me the file is damaged and it won't open. could you check it please?

 

Ta

[eggie]

Hi

 

Thanks for that but Adobe Acrobat is telling me the file is damaged and it won't open. could you check it please?

 

Ta

 

Hi ims

 

Checked the file from my own post and it opens fine i am using the latest Adobe reader that is 10 i think free from adobe

 

Thanks

Eggie

[ims21]

Hi Eggie

 

OK...I'll post something up for you in the morning

 

ims

[ims21]

Hi eggie

 

Here's a spreadsheet forf you to calculate the statutory interest on your claim. I have completed the first 5 entries and will leave you to complete the rest of the list. You only need to enter data in the lists in columns A, B and C. The rest is done for you.

 

I have left you to put the remaining data in because at the end of the day this is your claim and you need to be fully familiar with the figures you are claiming in case you ever have to justify them.

 

Just one thing is that you say that payments were made on 13 of each month but I would check that because some are likely to have been paid on slightly differing dates due to weekends and bank holidays which may have fallen on 13th of a month.

 

ims

 

Eggie.xls

[eggie]

Hi ims

 

Thanks for your help gladly appreciated only one more thing after doing the calculations do i add the extra 8% interest on the final total and also what happens to the £8326.60 PPI that was added to the total of £34 K as i was paying interest on the final of £42, 326.60 even though paying for over 4 years i still have a total of over £40 K left yet where as if i didnt have the PPI my original loan of £34 K would have come down by now has less interest would have been added on it.

 

Any thoughts on that

 

Thanks Again

 

Eggie

[ims21]

Hi Eggie

 

Sounds like you're cracking on with this at a pace.

 

With regard to the ppi you haven't paid yet, I would write to the bank saying that you are cancelling the ppi with immediate effect and that you request them to calculate the appropriate rebate on the loan. This will be a transaction that they carry out to the loan itself.

 

As regards the claim for historic premiums you will see in the blue section of th spreadsheet at the top there is a toal for charges and a total for statutory interest. Add the two together and this is your total claim.

 

The spreadsheet will update the interest figure each day you open the spreadsheet so you will always have the current total of interest right up to the date of your claim.

 

ims

[eggie]

Hi Eggie

 

Sounds like you're cracking on with this at a pace.

 

With regard to the ppi you haven't paid yet, I would write to the bank saying that you are cancelling the ppi with immediate effect and that you request them to calculate the appropriate rebate on the loan. This will be a transaction that they carry out to the loan itself.

 

As regards the claim for historic premiums you will see in the blue section of th spreadsheet at the top there is a toal for charges and a total for statutory interest. Add the two together and this is your total claim.

 

The spreadsheet will update the interest figure each day you open the spreadsheet so you will always have the current total of interest right up to the date of your claim.

 

ims

 

HI IMS

 

done the calculations all based on 13th of month and my claim adding both figures together comes to £4060.35p which is a nice tidy sum to claim back thanks for all your help gladly appreciated it

 

thanks again for your help

 

Eggie

[ims21]

HI IMS

 

done the calculations all based on 13th of month and my claim adding both figures together comes to £4060.35p which is a nice tidy sum to claim back thanks for all your help gladly appreciated it

 

thanks again for your help

 

Eggie

 

 

You're

 

Nice little earner eh?

 

Just shout when you need more help

 

ims

[ims21]

...

[ims21]

Hi Eggie

 

I get different figs to you

 

52 payments of £61.40 = 3192.80

 

interest per spreadsheet = £560.55

 

total = £3753.35.

 

Assumes 52 payments made from 13/2/07 to 13/5/11 and on 13th of month between those dates.

 

What do you get?

 

ims