Firstplus PPI calculations (after the 5 year rebate)

bloomy23

So am I right in thinking that after 5 years I am not covered on the loan after they pay me back my premium on the remaining term of the loan

marshallka

bloomy23 wrote: »

So am I right in thinking that after 5 years I am not covered on the loan after they pay me back my premium on the remaining term of the loan

Thats correct.

amersall

Hi all, sorry for poking my nose in x with regard to ppi money being put back on your loan after you win does this help?

in summary, the PPI amount will be credited to your loan. They will recalculate the interest charged and refund that back to the loan and you will be offered what you have overpaid back (if you work out how much you have paid in and calculate what percentage the PPI was of the loan+ppi that will give you a ballpark figure) They will not give you interest on that, as you have benefited from reduced interest charges at the rate of the loan. Note - the money back is added back to the loan balance(since they have already deducted it over the months of overpaying), so you have the option of keeping it there and benefiting from getting rid of FP quicker.

amersall

When i won mis sell with these i just couldnt get my head around why they put the money (interest) back onto my loan then gave it me in a cheque!! talk about confused.This took me ages to finally have a light bulb moment!! as for the cashback if you can pay this back off the loan, that is good as you will still pay this back with interest over the term of the loan .I appreciate people need money and would rather have a lump sum in the bank and that is fine, but this ins is such a rip off and if you can get rid of it that can only be better for anyone financially.

amersall

Me again ;) just to let you know my ppi was £23000 that was £185 a month.When i won mis sell my loan reduced by the £185 and the £23000 took off the balance of the loan, so the only reason i can think of why the payment would go up is the fact you had ppi cash back then won mis sell but they would not give you ppi back twice, if you see what i mean, so the calculation may be made with this in mind.I could be wrong though ( dont think i will ever fully understand how fp work :eek:

bloomy23

I have made a claim against First Plus for mis selling of PPI. Will this affect the payment the expiry of my 5 year PPI loan and will they still pay that back to me regardless. This is so confusing. Starting to wish I had never took the laon out at all

di3004

bloomy23 wrote: »

I have made a claim against First Plus for mis selling of PPI. Will this affect the payment the expiry of my 5 year PPI loan and will they still pay that back to me regardless. This is so confusing. Starting to wish I had never took the laon out at all

Hi there

I'm sure someone who have dealt with FP will post up with the answers for you, because with mine they have been on settled loans, so this did not apply to me.
Good luck with your reclaiming.
I take it that FP was the ones who set up and sold you the loan then?

marshallka

bloomy23 wrote: »

I have made a claim against First Plus for mis selling of PPI. Will this affect the payment the expiry of my 5 year PPI loan and will they still pay that back to me regardless. This is so confusing. Starting to wish I had never took the laon out at all

If your complaint is not settled and you are due to make your 5 year claim (as per your terms and conditions) then you should still make the claim and this would then be taken into account if you won (which 99% of Firstplus complaints are upheld IF they go to FOS) and the redress reduced by that amount.

Was it FIrstplus that actually sold you the PPI and loan or did you use a broker? If you used a broker then the complaint is always against the broker.

bloomy23

it was First Plus who sold it to me directly

nuttytartjen

Please, please be very careful when you sign your first plus settlement form.
At the moment I am seeking legal advice as first plus calculated my ppi claim wrong giving me a lower monthly repayment of loan back.
I signed the acceptance form for the PPI and for the new loan amount but at present they are looking into whether they will honour the mistake or whether my loan repayment will be increased to the correct amount which it should have shown on the ppi settlement form.