Firstplus PPI calculations (after the 5 year rebate)

Bunnyduck

Many thanks for your reply,still dont understand about refund.i read through the link.my loan was for 180 months.any ideas on this

marshallka

Bunnyduck wrote: »

Many thanks for your reply,still dont understand about refund.i read through the link.my loan was for 180 months.any ideas on this

I had a firstplus loan but settled before the refund was due but as i understand the refund was paid if you have not claimed on the PPI (or ever been in arrears) at the 60th month. I cannot be sure but it would say in your PPI policy on where to send the claim to and also how to make the claim, dates etc. Did you actually receive a PPI policy?

Bunnyduck

had no arrears to date,i will have to search for policy,not sure if ive still got it

marshallka

Bunnyduck wrote: »

had no arrears to date,i will have to search for policy,not sure if ive still got it

You could send a letter (by recorded delivery) to FP and ask them for a copy as you need to make the claim. I would keep an eye on dates as you will only have a certain amount of time to make the claim.

Bunnyduck

many thanks

appletree1_2

HI

I too have an exact same loan, and in the process just before the PPI is due to be rebated back to me, I am filing for mis sold, as I believe that this is the case,

WHat I am confused about is, I am fighting to get the PPI cancelled and all fees plus interest paid back, but how do they work out future payments, without the PPI being on it, and what level of rebate do they apply to the remainder of the term

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brand_no_7 wrote: »

Thank you - It just cannot be right that I could end paying more in the long run. I am sure i am not alone in always taking what Firstplus says with a huge pinch of salt.

Here are all the relevant figures

Original amount advanced - £55,000
PPI amount - £13,469.50
Term of loan - 300 months
first payment - September 2003

Original repayment - £642.96

Original APR - 12/2%
Original MIR - 0.967%

Monthly payments did increase to £665.33 (04/04), £677.55 (06/04), £702.27(07/04)

Things get a bit complicated because in December 2005 made partial payment of £40,140.44

Over same term monthly payments reduced to £320
rised to £351.52 (08/07)

In August 05 i had the refund of the PPI policy of £13,469.50

wakeybob

Bunnyduck wrote: »

i had a loan off FP for£ 80918.50. included was ppi,£15918.50 .i keep reading about a 5 year refund ,do you get this automaticly or do you apply i am 5 years into my loan in october.what would i get.Help im so confused:

Hi Did you get your refund as mine is up in December 2010 and wondered if you got your full premium

bloomy23

My 5 year PIP insurance plan is about to expire in September. I am trying to work out whether I would be better off claiming back my PPI or go down the route of mis selling.
My total loan was for £79,673 of which £15,673 was for PIP. From what I can read of other peoples problems with First Plus I am anticipating the same issues.

di3004

bloomy23 wrote: »

My 5 year PIP insurance plan is about to expire in September. I am trying to work out whether I would be better off claiming back my PPI or go down the route of mis selling.
My total loan was for £79,673 of which £15,673 was for PIP. From what I can read of other peoples problems with First Plus I am anticipating the same issues.

Hi there

Was it sold by First plus?

If you go down the mis selling route, if FP set up and sold you this ppi product its them you then pursue.

Many to what I know of have gone the mis selling route.
Because I am aware that you would still be paying out for this policy even when the 5 years are up, so for example if your loan was say for over 10 years, your still paying for the PPI, after the 5 years - yet not protected.

If mis sold then it maybe worth your while doing this too, but its up to you of course.

More on how to reclaim on link below, follow the procedures here, and ask for any help if required, good luck.;)
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

marshallka

wakeybob wrote: »

Hi Did you get your refund as mine is up in December 2010 and wondered if you got your full premium

When firstplus give you the refund of your PPI premium after 5 years (cashback) they only repay the actual cost of the premium and not all the interest you are being charged on it. Your premium was paid for upfront to the insurer by way of you loaning the money from Firstplus to do this. Your PPi on your credit agreement is actually another loan to pay for the PPI and is treated the same as your original loan. Its only last you for 5 years and you continue to pay this over the entire length of your original loan so its very costly.

If you thinking of going for misselling and your complaint is not settled before your cashback is due back then you would still claim the cashback and when you WIN (as most do) this would be taken into consideration on the redress and either way, you would be put back into the position as if you never had the PPI.