Firstplus/Eversheds - going for repo again - help

[dx100uk]

the court date is on the 8th September

 

 

I don't think there is any remit for them to reduce the payments?

 

 

dx

[2me2u2]

[ATTACH]53058[/ATTACH]

 

 

Here are the figures again in a better format

[2me2u2]

[ATTACH]53068[/ATTACH]

 

Here is a copy of my letter.

 

In case it can't be viewed

 

Dear Sir/Madam

I am writing with reference to my account that I have with First Plus and its current status there are a number of issues that I wish to address.

Firstly, after a period of severe depression for which I am currently receiving medication for, I find that I have now been diagnosed with another illness, type 2 diabetes The ramifications of this is that I am tired and feeling very poorly all the time and until it is controlled I am unable to do overtime, hopefully this is a temporary situation.

The consequences of this for my loan with you are as follows;

I was paying in the region of £55 per month off the arrears that I have with you. Because I am not receiving overtime at the moment I will have to reduce this amount to £35.00 per month off the arrears.

My budget shows that I am still able to make my normal monthly contractual payment of £195 per month and £35 off the arrears which totals £230 per month. I appreciate that this not ideal for us both however my hands are tied.

Looking at my calculation on the sums above I will have paid off my arrears in May 2018 which is before the loan has fully been paid up. I can assure you that will pay this amount each month and tell you when my when my circumstances change when they do change I will prioritise clearing these arrears as quickly as I can. I enclose a copy of my household budget to confirm my situation.

Secondly, I have had a look at my credit file and despite the fact that I have paid you £215 per month for a long period of time you have put default after each payment date. As I am sure you can imagine this has had a damaging effect on my credit file. I would be grateful if the payments that I am making are recorded on my credit file.

I am aware that my illness, my financial status, and my lack of understanding is not your problem and that you are only there to service my account but I would be grateful if you could accept this explanation of my current situation and process these details as soon as possible.

[ims21]

I assume that the spreadsheet you have provided is a direct copy from the statements?

 

The PPI refund was made to the account and the balance reduced to some £17,600 from £23,600 so that seems ok.

 

From then on the monthly interest being applied to the account has reduced which again would be correct.

 

So from the PPI point of view it would seem that things have been done correctly.

 

I am sure that the lender should have advised you of interest rate changes over the years but I think you said that they had not.

 

Can you please post that letter that Ell-enn has asked for.

[2me2u2]

ims21, thank you so much for you help.

 

Please see posting above for the letter that I sent in, informing them of my reduction in arrears payments.

 

Just looking at the figures above they are from the statements sent to me, but I have the computer printout which I will type out this morning and they present a very different story.

 

Once again thank you.

 

2me

[BRIGADIER2JCS]

Hi me2, looking as requested.

Let's clear up the credit report question first, the reason the " D " markers are there is that any " arrangement to pay" is in its self a default of the terms & conditions (payment lower than that contractually required).

 

 

The " D " markers are in fact better than having an "arrangement to pay" (AP) marker showing, this is because the defaulted account will be removed from the record on the 6th anniversary of the default date, the AP markers will stay until the arrangement ends/or the debt is cleared.

 

 

Ims has explained that the figures look ok and I agree.

 

 

Brig.

[2me2u2]

Thank you all again!!!!!!!

 

I am typing all the figures off the computerised sheet but it is taking some time for me to type out. I have attached a sheet of the figures that I am querying

 

[ATTACH=CONFIG]53063[/ATTACH]

[2me2u2]

once the arrears were paid off my payments stayed the same and they should have changed and gone back pre PPI payments.

 

[ATTACH=CONFIG]53064[/ATTACH]

[2me2u2]

[ATTACH=CONFIG]53065[/ATTACH]

 

[ATTACH=CONFIG]53066[/ATTACH]

[dx100uk]

if you cant click and read your attachments we cant.

 

 

you need to PDF them please

[2me2u2]

Okay I will have another go mmmm

[2me2u2]

[ATTACH=CONFIG]53070[/ATTACH]

 

[ATTACH=CONFIG]53071[/ATTACH]

 

Hopefully this should do it.

 

 

Once again thank you

 

2me

[2me2u2]

I can read them now?

 

Thanks

 

2me2u

[ims21]

I have had a look at the docs you provided in post #37 together with your previously posted spreadsheet and I can see how they have arrived at their figures.

 

That document appears to be from around February this year.

 

At that point in time you had missed 14 contractual payments at £195.05 = £2,730.70. Against that you had made payments against the arrears of 1 x £10, 27 x £14.95 and 9 x £54.95 which total to £908.20. Take one from the other and you end up with an arrears balance of £1,822.50 which is pretty close to what they say of £1,863.08.

 

As regards your query on the interest rates, these are given on the posted sheet so you should be able to see those over the period of the loan assuming you got one of those sheets for each month.

 

They should have notified you in writing of any interest rate changes I believe but I don't think that in itself is going to be of huge significance in the forthcoming hearing.

 

As regards the amount of the contractual payment, this may indeed be worth a mention to the court.

 

The overriding principle of a PPI reclaim is that the claimant should be put back in the position he would have been in had the PPI not been applied in the first place. Now the way I interpret that is that had you not had PPI in the first place then your contractual payment would have been less. When the PPI refund was made to the account then my view is that the repayment amount should have reduced. This would ensure that the term of the loan would stay the same.

 

Making an increased payment over and above this (for example the amounts you are now paying) would reduce the arrears quicker and potentially shorten the life of the loan.

 

However, it seems from what you say that the lender has not reduced the monthly repayment amount so you are not paying in accordance with being in the position you would have been in had the PPI not been added.

 

Ell-enn will no doubt comment on this because as you have been paying the higher amount of £195 + extra, it could be argued that your arrears balance is inflated and this may well be worth a mention to the court.

 

In fact, given that the repayments would have been £33.97 less each month and up to February you had made 37 payments then the total there is £33.97 x 37 = £1,256.89 which makes an impact on the arrears figure.

 

Finally, on the sheet you posted you queried why the refund cheque they sent you was added to the loan. You have to look at the whole refund situation as a whole. They actually credited the account with the full premium and the interest. They are only allowed to hang on to an amount to clear the arrears so as they credited the whole amount, the reduction in the balance was greater than it should have been and so the cheque refund they made to you shows as a payment out of the account so that the net refund to the account is correct.

[2me2u2]

I have had a look at the docs you provided in post #37 together with your previously posted spreadsheet and I can see how they have arrived at their figures.

 

That document appears to be from around February this year.

 

At that point in time you had missed 14 contractual payments at £195.05 = £2,730.70. Against that you had made payments against the arrears of 1 x £10, 27 x £14.95 and 9 x £54.95 which total to £908.20. Take one from the other and you end up with an arrears balance of £1,822.50 which is pretty close to what they say of £1,863.08.

 

.

 

ims21 you are a star...

How you calculated that I will never know and I have to say I am in awe

 

Thank you

 

2me2u

[2me2u2]

As regards your query on the interest rates, these are given on the posted sheet so you should be able to see those over the period of the loan assuming you got one of those sheets for each month.

 

They should have notified you in writing of any interest rate changes I believe but I don't think that in itself is going to be of huge significance in the forthcoming hearing.

 

As regards the amount of the contractual payment, this may indeed be worth a mention to the court.

 

.

 

ims21

 

They have never ever mentioned an increase in the interest rates and that is reflected in the incomplete SAR.

[2me2u2]

As regards the amount of the contractual payment, this may indeed be worth a mention to the court.

 

The overriding principle of a PPI reclaim is that the claimant should be put back in the position he would have been in had the PPI not been applied in the first place. Now the way I interpret that is that had you not had PPI in the first place then your contractual payment would have been less. When the PPI refund was made to the account then my view is that the repayment amount should have reduced. This would ensure that the term of the loan would stay the same.

 

Making an increased payment over and above this (for example the amounts you are now paying) would reduce the arrears quicker and potentially shorten the life of the loan.

 

However, it seems from what you say that the lender has not reduced the monthly repayment amount so you are not paying in accordance with being in the position you would have been in had the PPI not been added.

 

Ell-enn will no doubt comment on this because as you have been paying the higher amount of £195 + extra, it could be argued that your arrears balance is inflated and this may well be worth a mention to the court.

 

In fact, given that the repayments would have been £33.97 less each month and up to February you had made 37 payments then the total there is £33.97 x 37 = £1,256.89 which makes an impact on the arrears figure.

 

 

Thank you again so much. I have been paying every month I have not missed a payment this year so yes that will have a good impact on the overall arrears.

 

There are two figures on the above sheets one is near the apr and it mentions accural 5843.6224 what is that?

 

And the other is additional interest mentioned in the small print in of the statements which on 8th April 2011 was £889.77 and has now risen to the tune of £4857.31 which equates to another £99 per month???? Now this scares me and I have never seen this before on the balance sheet.

 

Once again thank you I was truly desperate and I thought I had really messed up.

 

2me2u

[2me2u2]

Please help.

 

2me

[ims21]

I would imagine that the "Additional Interest" is what has accumulated due to late and missed payments.

 

I don't have a clue what the "Accrual" figure is though.

 

Maybe phone and ask?