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Firstplus PPI claim


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Awe, I was learning a lot from this thread......will keep my eye on it. What a brain you have IMS...

 

Gemspan x

 

hehe...thanks....it does get a bit addled at times though.

 

Just slap me if you see me talking nonsense!

 

ims

 

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Ok, found em.....

 

There's a settlement quotation that Firstplus sent me at the time, plus a redemption quotation that was in the paperwork that I got as a result of the subject access search.

 

I've attached them both, although they pretty much say the same thing.

 

Obviously, there's no PPI rebate as there wasn't any PPI on the loan.

Redemption quote loan 30001.pdf

Settlement quotation loan 30001.pdf

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Hi

 

We have now established that 2.15% of loan 2 ws for the loan 1 ppi and that 19.67% of loan 2 ws the loan 2 ppi.

 

The settlement figure for loan 2 was £54,394.67 and 2.15% of that is £1,169.48. This was rolled into loan 3 since loan3 refinanced loan 2.

 

19.67% of the settlement balance was the balance on the ppi part of the loan and 19.67% is £10,805.64. Now it appears from the settlement sheet that only £796.62 was rebated for the ppi so the difference between £10,805.64 and £796.62 was rolled into loan 3 i.e. £10,009.02. Loan 3 total was £90,000 (No PPI in this loan) so of the £90k, £1,169.48 is ppi from loan 1 and this is 1.3% of loan 3. Then the loan 2 ppi rolled over is 11.12% of loan 3.

 

So for every repayment you made on loan 3, 1.3% of it was for loan 1 ppi and 11.12% of it was for loan 2 ppi. List these payments in your spreadsheet for however many payments you made.

 

Loan 3 was paid off in Oct 2007 and the settlement figure was £90,039.64. 1.3% of this was for loan 1 ppi (£1,170.51) and 11.12% of it wa for loan 2 ppi (£10,012.40)

 

These two figures are the last ones to go in your spreadsheet list.

 

When finished you will have your claim amount as per the spreadsheet.

 

One point to note is that it is odd that they should only rebate £796 on loan 2 ppi and the workings we have been through assume that this is the case. However, it will be interesting to see what they might say about rebates when your claim is considered.

 

ims

 

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Ok, many thanks for that..!! I'm working today & tomorrow, so it'll probably be the weekend before I get the chance to work on the spreadsheets. Is it ok to get back to you if I have any problems? Do you think that I need to explain how I worked the claim out in a covering letter (ie.2.15 % of loan 2 is for loan 1 ppi & 19.67% is for loan 2 ppi etc) or do you think the calculations speak for themselves? I also think that the small rebate loan 2 ppi rebate is a little odd. I may be getting ahead of myself here, but any advice as to what I should do if they simply refuse to pay out? Perhaps I should worry about that if/when it happens. Thanks again..!!

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Hi

 

OK no rush....of course you can come back to us...just ask away....that's what we're here for.

 

You don't need to go into detail with them...the spreadsheet and questionnaire shows them that you have done a bit of research and that you know what you're on about.

 

I agree about the small rebate on loan 2...does seem odd but then again that's what the paper says and that is all we have to go on at the moment. That will all come out in the wash.

 

If they refuse to uphold your complaint then its off to fos or court but cross the bridges as you come to them. Lets not worry about things that haven't happened yet.

 

Regards

 

ims

 

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Once again IMS, I applaud you for your work. I'm sure rgale40 is very appreciative....I couldnt have worked that out.....lol

 

Good luck rgale40. Looks like you've been ripped off good and proper. I wish you all the best with your claim. Now just got to get mine sorted....

 

Gemspan x

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Yes indeed - no way could I have done all that on my own.......in particular I'd never have thought of the PPI rollover..!! I'm aiming to get the paperwork sorted over the weekend, and the claim in the post early next week. Watch this space..!!

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  • 4 weeks later...

Good afternoon.

 

I hope you had a good Christmas, and a belated Happy New Year to you.!!

 

I've only just got access to a PC with Excel, so I've just been able to complete the spread sheets.

 

Any chance that you could have a quick look at them before I send them off just to make sure they're ok?

 

Many thanks.

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Sorry to be a pain - just wondering if you'd had a chance to look at the spreadsheets yet?

 

Oh I'm so sorry....this slipped through. I will get a look at them tonight for you.

 

Apologies again :oops:

 

ims

 

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