PPI Barclays Firstplus

isy1011

I have informed Firstplus that Im not happy with PPI and told them I wanted to cancel. They sent me a letter saying they would refund £1240.08. However, it appears my monthly repayment has only decreased by £19. So today I rang and told them I was not happy with this as this PPi loan is still on top of my loan and Im still paying for this. So I informed them that they had mis sold this loan to me on grounds of when this loan was taken out at no point did they explain I would still pay for interest 3 years after they refund my £5K.
I have asked for the loan to be taken off, all payments plus interest to be refunded and 8% statutory interest to be paid to me also.
Im waiting for a response but Im going all the way with this as I did when I reclaimed my bank charges from HSBC!

di3004

isy1011 wrote: »

I have informed Firstplus that Im not happy with PPI and told them I wanted to cancel. They sent me a letter saying they would refund £1240.08. However, it appears my monthly repayment has only decreased by £19. So today I rang and told them I was not happy with this as this PPi loan is still on top of my loan and Im still paying for this. So I informed them that they had mis sold this loan to me on grounds of when this loan was taken out at no point did they explain I would still pay for interest 3 years after they refund my £5K.
I have asked for the loan to be taken off, all payments plus interest to be refunded and 8% statutory interest to be paid to me also.
Im waiting for a response but Im going all the way with this as I did when I reclaimed my bank charges from HSBC!

Hi and welcome, and good luck with this.
Any further problems, contact the financial ombudsman service (FOS)
http://www.financial-ombudsman.org.uk/contact/index.html.

Please keep us posted, cheers.;)

marshallka

isy1011 wrote: »

I have informed Firstplus that Im not happy with PPI and told them I wanted to cancel. They sent me a letter saying they would refund £1240.08. However, it appears my monthly repayment has only decreased by £19. So today I rang and told them I was not happy with this as this PPi loan is still on top of my loan and Im still paying for this. So I informed them that they had mis sold this loan to me on grounds of when this loan was taken out at no point did they explain I would still pay for interest 3 years after they refund my £5K.
I have asked for the loan to be taken off, all payments plus interest to be refunded and 8% statutory interest to be paid to me also.
Im waiting for a response but Im going all the way with this as I did when I reclaimed my bank charges from HSBC!

You sound like you have good reasons for the missell here and I urge you not to be fobbed off by them with anything less than being put back into the position as if you never had the PPI and 8% statutory interest. Let us know how you go on.

isy1011

Yes thats what I thought. At first the refund makes you think well thats all my payments so far but there is still a big chunk of money sat on top of the loan that I have and never will get the benefit off. Thanks.

marshallka

isy1011 wrote: »

Yes thats what I thought. At first the refund makes you think well thats all my payments so far but there is still a big chunk of money sat on top of the loan that I have and never will get the benefit off. Thanks.

Even if you get the whole amount of your PPI back with the 5 year cashback policy it only pays you back the PPI and omits the interest on it that is actually charged over the WHOLE of the loan although only covers you for 5 years of it. A total rip off.

isy1011

Yes thats why I think Ive got a good case for mis selling as no one at any point informed us of that.

isy1011

Following your advise I also sent a letter backing up my complaint via recorded delivery to Firstplus yesterday.

isy1011

Received a letter from Firstplus saying I will get a response by 24th Sept.

di3004

isy1011 wrote: »

Received a letter from Firstplus saying I will get a response by 24th Sept.

Good luck with this isy.;)

isy1011

Could someone help me work out what kind of money I should be expecting? Have been paying £ 80.44 since June 08. Interest rate 7.59%

di3004

isy1011 wrote: »

Could someone help me work out what kind of money I should be expecting? Have been paying £ 80.44 since June 08. Interest rate 7.59%

Hi isy.;)

I've not got a clue about calculations sorry as I am useless with this, but hopefully someone will be along to have a look for you soon.

Marshallka here is very good with workings out, maybe she will be along later.;)
Good luck.