Firstplus PPI claim

[rgale40]

Ummmm.....right. I'm afraid that maths was never my strong point - you've lost me there.

 

I get what you're saying about the first loan being paid off by the second, but I don't really understand how that would affect the calculations.

 

Maybe I should have a look to see if I can find any evidence of a PPI rebate.....then I'll know if it's something I have to worry about or not?

[ims21]

Ok think of it this way

 

You take a loan of say £500 straight with no interest. Half way through you decide to take another loan, say for £750. Half way through the first loan you would owe say £250. So from your new loan, £250 of it will go to settle the old loan. So that £250 is being paid off through loan 2

 

Same with the PPI part of the loan. You are paying loan 2 ppi through loan 3.

 

The other point you have highlighted above as well though is that if you are paying the DCA amounts for loan 2 and yet loan 3 paid it off....why are payments for loan 2 still being made to a DCA?

 

Something very wrong here.

 

ims

 

ims

[rgale40]

Yes, I see what you mean. I understand the principle....it's the mathematics that I struggle with I'm afraid...

 

By DCA, do you mean debt collection agency.?|

[ims21]

Hi

 

Please forget my comment regarding DCA (yes Debt Collection Agency)....was thinking of another thread....apologies.

 

back soon with some info on how to deal with the rollover ppi

 

ims

[rgale40]

No worries......many thanks for your continued assistance - very much appreciated..!!

[ims21]

No worries......many thanks for your continued assistance - very much appreciated..!!

 

OK let's crack this once and for all.

 

Can you post up the agreements for the first two loans like you did with the other one. (PLEASE MAKE SURE ALL PERSONAL STUFF AND ACCOUNT NOS ARE REMOVED)

 

I'll then give you a walkthrough of the figurework.

 

ims

[rgale40]

Yep, no problem. I'll have to do it tomorrow if that's ok?

 

I've got to leave for work in a minute & I don't have enough time to do it before I go.

[ims21]

OK no sweat

 

Be nice for you to get this rounded off now so you can get your claim in.

 

I'll be around tomorrow

 

ims

[rgale40]

OK no sweat

 

Be nice for you to get this rounded off now so you can get your claim in.

 

I'll be around tomorrow

 

ims

 

Sorry - couldn't get any internet access yesterday.....here you go.

 

I've only attached one set of terms and conditions 'cause they were the same for both loans.

Firstplus20002.pdf

Firstplus10002.pdf

Firstplus30001.pdf

[ims21]

OK here goes

 

loan 1 was for £35,000 plus a ppi premium of £8,571.50 = total of £43,571.50. PPI was therefore 19.67% of the total. This then means the 19.67% of each repayment you made was for ppi.

 

Take hold of the StatInt.xls spreadsheet and list the date of each payment, a description and the amount, i.e. 19.67% of whatever the payment was.

 

Do this right up until the last payment made on that account before it was refinanced.

 

When the loan was refinanced, did you receive a statement as to the amount of the settlement figure for loan 1?

 

ims

[rgale40]

Yep, got all that - thank you..!!

 

I didn't receive a statement at the time the loan was refinanced, but it's possible that there are some settlement figures in the paperwork that they sent me as a result of the subject access request.

 

I'll see what I can find & get back to you

[ims21]

[rgale40]

OK, I've found redemption quotations for loans 1 & 2 - together with statements as to how the money was distributed. They do sort of add up, but the way the redemption figures were calculated is a little confusing. Rather than trying to explain it to you, would it be better if I posted them up?

[ims21]

OK, I've found redemption quotations for loans 1 & 2 - together with statements as to how the money was distributed. They do sort of add up, but the way the redemption figures were calculated is a little confusing. Rather than trying to explain it to you, would it be better if I posted them up?

 

Good idea

 

Make sure all personal information and identifiers are removed first though

 

ims

[rgale40]

Ok, here we go.

 

You'll notice that the figures that were actually used are in the left hand column of each redemption quotation, as they tally up with the amount used to settle each loan as per the statements.....what the figures in the other columns represent, I'm not too sure?

 

What I'm really confused about though is the rebate figures?

Redemption quotation loan 20001.pdf

Statement loan 30001.pdf

Redemption quotation loan 10001.pdf

Statement loan 20001.pdf

[ims21]

Ok

 

I'll grab a look those this evening

 

ims

[ims21]

Hi

 

OK got back sooner than I thought.

 

The PPI rebate on loan 1 was £7,142.91.

 

Now, if you haven't already got it, get the LoanAnalysis spreadsheet from the last post of No.1 in my signature. Enter the three items needed at the top of the sheet...£43,571.50 for loan amount, 180 for term and £431.92 for monthly payment. I reckon you made 9 payments on this loan so look at the line for payment number 9 and you will see that the balance is £42,467.04.

 

We already know that the PPI is 19.67% of the loan so 19.67% of that balance is PPI = £8,353.26. They rebated you £7,142.91 so you have effectively overpaid at settlement by the difference, i.e. £1,210.35. This is the amount that is carried over into loan 2.

 

If you can confirm you're with me we can move on to dealing with loan 2

 

ims

[rgale40]

Yes, I think I'm with you - only problems is I can't get the spreadsheet to work.....probably because I'm using my partners laptop whilst my PC is in for repair & she doesn't have word. One other thing - the monthly repayment for loan 1 was £431.42, not £431.92......might be important later on?

 

Sorry if I'm being thick, but the repayment figure that you calculated doesn't tally with the Firstplus figure on the redemption quotation?

 

Thanks for your patience..!!

[ims21]

Hi

 

You'll need excel to get these to work.

 

If I change the monthly repayment in the loan analysis sheet to £431.42, the balance at month 8 is £42,591 and at month 9 it is £42,465. Did you make 8 or 9 payments do you know?

 

Either way for our purposes it is close enough...they had a balance of £42,599.

 

ims

[rgale40]

Oh, ok - I'm pretty sure she's got excel.

 

I made 8 payments on loan 1.

[ims21]

So we are pretty close then....with 8 payments I get £42,591 and they have £42,599.

 

So if we take 19.67% (the ppi percentage) of their figure we get £8,379.22 and they rebated £7,142.91 so they rolled the difference into loan 2 i.e. £1,236.31.

 

If we agree at this point, we can move on to loan 2

 

ims

[rgale40]

Yep, go for it.!

[ims21]

Thought you'd say that !

 

So we know that £1,236.31 for loan 1 ppi was included in loan 2 in addition to the declared ppi on loan 2.

 

Loan 2 total was £57,265.40 (if I read the PDF correctly) so the £1,236.31 is 2.15% of that total. So 2.15% of every repayment you made on loan 2 is for loan 1 ppi. When you get the spreadsheet running, you list these amounts for every payment actually made up to the time it was refinanced by loan 3.

 

In addition you also list the ppi payments for the declared amount of ppi on loan 2. The ppi on that loan was £11,265.40 which is 19.67% again. So work out 19.67% of each repayment you made and list those in the spreadsheet.

 

When you're happy with that we can look at the settlement of loan 2 and the rollover into loan 3 (which itself didn't have ppi).

 

ims

[rgale40]

I get it..!!

 

Shall I post up the redemption paperwork for loan 3

[ims21]

I get it..!!

 

Shall I post up the redemption paperwork for loan 3

 

Why not....we might get the principles solved tonight and then all you've got to do is a bit of spreadsheeting