PPI with Firstplus Can i claim

[eggie]

...

 

Hi ims

 

sorry for the late reply down with the flu thanks again for your help just drafting a letter and gonna send it off next got some statements from first plus covering the four and half years and all statements state the 13th as date paid so will use the 13th as the date of claim.

 

Thanks

Eggie

[eggie]

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

 

Hi ims

 

i got my statements through and i got it wrong slightly the 1st payment made on 13 march 2007 and last payment made on 13 June 2011

 

52 payments = £3192.80

 

interest = £565.23 upto 17 June 2011

 

total similar to yours £3758.03

 

also can you tell me what percentage my PPI is to my loan as my payments due to interest rate some monthly payments were at £332.99, £340.76 ,£348.58, £325.06 ,

£324.95 and £325.06 i assume that would change the statutory interest paid to me. Normal payment is £312.82

 

any ideas ?

 

Eggie

[ims21]

Hi eggie

 

Good....figures look fine now.

 

Percentage of ppi to loan is £8,326.60/£43,326.60 x 100 = 19.218% of each payment is PPI

 

ims

[eggie]

Hi eggie

 

Good....figures look fine now.

 

Percentage of ppi to loan is £8,326.60/£43,326.60 x 100 = 19.218% of each payment is PPI

 

ims

 

Hi ims

 

So how do I work out the interest for the monthly payments

Mentioned in previous post the one's that were higher than the standard £312 per month .

 

Thanks

Eggie

[ims21]

Hi ims

 

So how do I work out the interest for the monthly payments

Mentioned in previous post the one's that were higher than the standard £312 per month .

 

Thanks

Eggie

 

Evening Eggie

 

When you take a loan the bank add the interest on at the beginning and you pay instalments that cover the loan and interest over a period of time.

 

So each payment you make includes a bit of the capital and a bit of the interest.

 

In your case, 19.218% of each payment you make includes a bit for the ppi premium and a bit for the interest on the ppi part of the loan.

 

So just work out 19.218% of each payment you make and thats the figure you put into the spreadsheet.Even if your repayments change, just use 19.218% of that new payment and you'll be ok.

 

ims

[eggie]

The total you used is the wrong total the total is 42,8326.60 I did correct

The figure in later post the interest rate I get is 19.68%

 

£312 x 19.68% = 61.4016 that is what my monthly payment is , did I calculate it

Correctly?

 

Thanks

Eggie

[ims21]

Hi eggie

 

Yeah seen it now....the loan part was £34k not the original £35k.

 

So total loan is £34,000 + PPI of £8,326.60 = £42,326.60.

 

Percentage of loan which is PPI is £8,326.60/£42,326.60 x 100 = 19.672%

 

So, for every repayment you make, 19.672% is the PPI figure to put in the spreadsheet.

 

ims

[eggie]

Hi ims

 

Thanks for your advice but how do I use the figure

Of 19.67% in my spreadsheet ? because at the moment

isn't the spreadsheet set up to calculate 8% interest rate

for me

 

Any help gladly appreciated

 

Thanks

 

Eggie

[dx100uk]

no read it again

 

work out what 19.672% of your pcm was

 

that will tell you how much each month went to ppi

 

then use that figure and the date for each month you paid it.

 

dx

[ims21]

no read it again

 

work out what 19.672% of your pcm was

 

that will tell you how much each month went to ppi

 

then use that figure and the date for each month you paid it.

 

dx

 

Correct....and Eggie....see my post #30

 

ims

[eggie]

Correct....and Eggie....see my post #30

 

ims

 

Thanks for your help

I figure I go it sorted the new total is £3,860.08 uptp june 26th , only one more thing left now is when requesting back my PPI how do I work out the total of PPI of £8,326.60 , how much would it cost over the total of 25 years, meaning how much would I pay over the whole 25 years so I can get it deducted from the original total of £34 K, how do I work it out, so I can give a figure to firstplus.

 

Any help gladly appreciated.

 

Eggie

[ims21]

Thanks for your help

I figure I go it sorted the new total is £3,860.08 uptp june 26th , only one more thing left now is when requesting back my PPI how do I work out the total of PPI of £8,326.60 , how much would it cost over the total of 25 years, meaning how much would I pay over the whole 25 years so I can get it deducted from the original total of £34 K, how do I work it out, so I can give a figure to firstplus.

 

Any help gladly appreciated.

 

Eggie

 

You don't claim back the £8,000 odd. You claim back what you have actually paid. The ppi whch would be payable in the future is just cancelled because you haven't paid it yet.

 

Your claim is what you have calculated already...i.e. the £3,800.

 

ims

[eggie]

You don't claim back the £8,000 odd. You claim back what you have actually paid. The ppi whch would be payable in the future is just cancelled because you haven't paid it yet.

 

Your claim is what you have calculated already...i.e. the £3,800.

 

ims

 

Hi Ims

 

Looking at my statements the loan started from £42,326.60 and have been paying interest on the figure so the first payment i made breaks down as

 

£250 for loan plus

£61.40 for PPI

Total monthly payment = £312

Interest due for that month £251.35

 

but that inludes loan and PPI so if the PPI was not in the interest would be less because i would pay Interest on the £250 so for 4 and 1/4 years been paying Interest on PPI also should'nt that be refundable

also ? somewhere along the line I have paid too much Interest.

 

 

any help sorting this out

 

Thanks

Eggie

[ims21]

Hi Ims

 

Looking at my statements the loan started from £42,326.60 and have been paying interest on the figure so the first payment i made breaks down as

 

£250 for loan plus

£61.40 for PPI

Total monthly payment = £312

Interest due for that month £251.35

 

but that inludes loan and PPI so if the PPI was not in the interest would be less because i would pay Interest on the £250 so for 4 and 1/4 years been paying Interest on PPI also should'nt that be refundable

also ? somewhere along the line I have paid too much Interest.

 

 

any help sorting this out

 

Thanks

Eggie

 

Eggie

 

£61.40 per month is ppi plus the interest on that ppi.

 

Look at it this way, you pay £61.40 for 300 months = £18,420. the actual premium was £8,326. so each time you make a payment of £61.40, it includes interest.

 

ims

[eggie]

Hi ims

 

Thanks for your explanation I think I now understand

 

Thanks for all your help on this

 

Eggie

[ims21]

Hi eggie

 

Thought you'd disappeared!

 

Are you sure you're happy with everything now?

 

Regards

 

ims