PPI Barclays Firstplus

isy1011

Is Marshallka about to help me work this out?

di3004

Marshallka are you about? pretty please lol ;)XX

marshallka

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, I would need all the info from the actual agreement and could only work out roughly.

isy1011

I know this probably sounds daft but how do I know how much money to expect back from them? Should I just be happy with my repayments back plus 7.59% of what Ive paid plus 8% of what Ive paid? Plus cancellation of the loan and removal of that sum of money plus their interest from my repayments. They could quote me any old figure and Im not sure I understand it enough to dispute.

marshallka

isy1011 wrote: »

I know this probably sounds daft but how do I know how much money to expect back from them? Should I just be happy with my repayments back plus 7.59% of what Ive paid plus 8% of what Ive paid? Plus cancellation of the loan and removal of that sum of money plus their interest from my repayments. They could quote me any old figure and Im not sure I understand it enough to dispute.

Its certainly not daft to not know as most of the time the agreement only shows the PPI (without interest) and then the repayments and number of months and its hard to work out how much of the repayments actually went towards paying the PPI with the interest.

Basically you would get back any repayments you have made towards the PPI (with interest) and then 8% statutory interest on them. Then they would redo the loan without the remaining PPI and interest that would have been due and reduce your monthly payment accordingly.

isy1011

I have received a letter today from firstplus saying they are going through telephone records and will respond by 22nd October. Im not happy with this as they have already had 6 weeks!
Should I write and hassle them?
Also they have changed the interest rates and put my bloody payments up.
Another person e mailing about firstplus has already had this happen to her.
They seem to be penalising us if we complain!!

marshallka

isy1011 wrote: »

I have received a letter today from firstplus saying they are going through telephone records and will respond by 22nd October. Im not happy with this as they have already had 6 weeks!
Should I write and hassle them?
Also they have changed the interest rates and put my bloody payments up.
Another person e mailing about firstplus has already had this happen to her.
They seem to be penalising us if we complain!!

They penalised us everytime we wanted to settle by putting up the interest rates. You have choice here of waiting or going to FOS if they have not responded by 8 weeks so its really up to you. FOS have a long wait though so if you are desperate for this maybe better to wait. I cannot say for definate either way though as pros and cons on both. If FOS requests the file then FP will usually stop responding to you.

Hope it gets sorted for you very quick though.

Good luck

MortgageClaims_specialis

I am a mortgage intermediary and also work in claims management. It is my understanding that if a complaint is made against a lender via the financial ombudsman service, they automatically receive a fine, whether it is upheld or not, just because they have not resolved it in a timely and fair manner and the ombudsman service has to be funded somehow! This may help you decide whether you should wait!

marshallka

Mortgage/Claims_specialis wrote: »

I am a mortgage intermediary and also work in claims management. It is my understanding that if a complaint is made against a lender via the financial ombudsman service, they automatically receive a fine, whether it is upheld or not, just because they have not resolved it in a timely and fair manner and the ombudsman service has to be funded somehow! This may help you decide whether you should wait!

So you are advising to take the complaint to the FOS now then. I would not really like to say either way as I do know that FP (once submitted to the Ombudsman) stop communicating in any way whatsoever. I know they do stall on complaints and even after stalling they do not uphold most of time but there IS a long wait at FOS too so it can swing in roundabouts. If the poster waited and FP upheld the money is there quicker BUT is the poster sent straight to FOS and FP stopped responding they then can be waiting over 12 months for the complaint to be resolved. Its a hard decision and depending on when FOS actually requests the file from FP.

I had a complaint in November whereby the firm asked for another 4 weeks. I then took the complaint to the FOS straight away BUT rang the company within a couple of weeks or so after taking to FOS to see if they were any closer to completing and was told "you have let the FOS deal with it now" so its them that we communicate with. FOS requested the file so quick.

However, on saying all of this, this is just my own experience and maybe FP could settle without adjudication too after submitting to FOS. Very confusing.

And also to add I realise that each complaint the FOS receives from a consumer about a company, the company has to pay £460 (used to be that???) for FOS involvement. I cannot understand why they actually stall when they know they have missold. I suppose its in the hope that some will just give up the chase.

isy1011

I have had an answer to my complaint. They have upheld my complaint and are reducing my loan as if the PPI was never arranged and paying me back the amount I have paid into the PPI. It doesnt look like I have got the 8% interest but Im ok with this.