ppi firstplus

sela

Been intouch with fp today to ask them how much my payments would come down if i give them a lump some of 21k.
They said my payments would not change, the only thing that changes is the term of the loan but refused to state by how long until they receive the funds.
Has anyone ever heard this before cause im baffled by there response.

[Deleted User]

how much do you owe them?

Apples2

They can't give you an answer because Interest is still accruing.

Once you make the payment, they can give you an updated, accurate figure.

kelt99

sela wrote: »

Been intouch with fp today to ask them how much my payments would come down if i give them a lump some of 21k.
They said my payments would not change, the only thing that changes is the term of the loan but refused to state by how long until they receive the funds.
Has anyone ever heard this before cause im baffled by there response.

---

I dont know if there policy has changed but in 2005 i made a lump sum payment of 25,000 and my monthly payment went from 270 to 130 per month, but it was over the same term, so totally opposite to what they told you?? Find this abit unfair because you would expect your payments to come down, only good thing is that you will be paying your loan off quicker!
Firstplus seem to be good at baffling ppl with there jargon, i asked for a settlement figure last week and spoke to three different ppl who gave me 3 different amounts!! i was so mad! i just dont trust them one bit! :mad:

sela

the amount oweing is £68,489 so paying 21k off this i would of thought my payments would come right down. I am so p****d off with fp and the way they treat people.

sela

When i have phoned fp in the last few months to find out what the ppi monthly premiums are 3 said they dont know and one has said it is £113.44, but that quote was after a conversation i had and i said to them i worked out my premium to be about £113.44 so it looks as they have taken my working out as gospil. So i ask myself is it more than that figure?

CHR15

You have to read the agreement. It should say what happens for overpayments.

For example, if you are paying about £450 a Month for your loan and make an overpayment of £21k (rough figures)

you are knocking off about 4 YEARS worth of monthly payments..... Getting rid of a loan 4 yrs early HAS to be a good thing...

The alternative is continuing for those 4yrs but paying less.