Worst Plus

juliedawn_2

we unfortunatley took out a loan with first plus.How i regret it.at the time we took the PPI which was 13k on top.3 years ago we managed to claw back just under 6k of it.we still have 7k on the loan and the ppi has been cancelled.so basically we are paying 7k with interest for something we no longer have.Due to this new court ruling i am thinking of writing to them to get them to write off this 7k.Do you think its worth it? Also i am going to my mortgage lender to try and get an additional advance to clear as much of the first plus loan as possible.i just want them gone.They are the worst company i've ever known.:(_pale_

Malky

What did you have that you no longer own? What have First Plus done to make them (in your opinion) the worst company you have dealt with?

SnowTiger

juliedawn wrote: »

we unfortunatley took out a loan with first plus.How i regret it.at the time we took the PPI which was 13k on top.3 years ago we managed to claw back just under 6k of it.we still have 7k on the loan and the ppi has been cancelled.so basically we are paying 7k with interest for something we no longer have.Due to this new court ruling i am thinking of writing to them to get them to write off this 7k.Do you think its worth it? Also i am going to my mortgage lender to try and get an additional advance to clear as much of the first plus loan as possible.i just want them gone.They are the worst company i've ever known.:(_pale_

I don't understand.

Are you saying you took a loan out specifically to pay for PPI, and now that you don't have to pay PPI you want to stop paying off the loan?

Sounds daft to me. Perhaps you should ask Carol Vorderman.

Malky

How much was the loan for and over what period? Are you saying you're still paying interest on cancelled PPI?

amersall

How did you claw back the 6000?.
Was this the ppi you got back for the 5 year cashback? if this is the case then you go mis sell.
This is frontloaded ppi and you would not have been told that the ppi cover only lasts 5 years but you can have the ppi back after 5 years and that it would still on your loan to term end with interest..

juliedawn_2

we took out a 54k loan and the ppi was added up front.we got back 6k 3 years ago through the misselling thing but 7k of the ppi remained on the loan.The PPI was cancelled at the time of the refund so we are still paying off the 7k plus the interest.

brokeinlondon

SnowTiger wrote: »

I don't understand.

Are you saying you took a loan out specifically to pay for PPI, and now that you don't have to pay PPI you want to stop paying off the loan?

Sounds daft to me. Perhaps you should ask Carol Vorderman.

No, they took out a loan and the PPI was £13k in addition to the loan. They've claimed back £6k but not the remaining £7k...

Hax

juliedawn wrote: »

we took out a 54k loan and the ppi was added up front.we got back 6k 3 years ago through the misselling thing but 7k of the ppi remained on the loan.The PPI was cancelled at the time of the refund so we are still paying off the 7k plus the interest.

I would have thought that when they refunded the £6K to you, that would have covered the amounts you had paid up to that point. As this repayment would be acknowledgement that the PPI had been missold, then the PPI should have been cancelled from the point of inception - which you say it has been and the "outstanding" amount would have been removed from the remaining balance at that point.

Are you sure you are still paying for this PPI? Have First Plus confirmed this? I would have expected the "default" action to be for the monthly repayments to remain the same, but the term to then be shortened by the appropriate period to account for the removal of the PPI.

Apples2

I agree with Hax, the PPI was £13k over the term of the loan.

If you had repaid all £54k of you loan, then you would have been "entitled!!" to all £13k plus interest.

As you have stopped it early on in the term, you have only paid £6k which is what you got back (ignoring interest).

You should NOT still be paying for the PPI now though, nor for the remainder of the loan period.

Did you sign a new agreement? if so, what does it say?
If not, ask for a new statement to see where your money is going.

nomoneytoday

Was the payment offered in full and final settlement of the ppi?

juliedawn_2

apples 2...they have still left the remaining 7k on the total amount so we are still paying for it.the 6k we had back they took off the loan .