Starting a claim: Click/First Plus

amersall

Niggly wrote: »

Restructured loan does this for you

£147.28 x 44months = £6480 refunded to you
£147.28 x 44 months @ 8% per contribution £690 refunded to you
£14204.20 taken off the loan
£147.28 x 196 months left = £28866.88 saved in future interest payments.

N;)

Cheers for that N x.
Looks better when it is written down nearly 29,000 _pale_

jimowl

thanks all. Blimey Niggly:shocked:

i'm still not sure i fully understand the process (thank goodness you all have so much patience with us noobies:T).

1. I wait for the form from FSCS.
2. Fill in and return with copies of all my paperwork etc
3. Wait for a decision
Q: Here's my 1st unsure moment. What are they deciding? If they find in our favour what are they paying out?

Now as i understand it, even if they decide 'something' (see above Q) that doesn't actually change/cancel/do anything to the policy and loan? And if I did nothing else we would just keep on paying (to First Plus)?

So next Question: After the FSCS have done their bit (however long that takes), do I then approach someone (FirstPlus? FSCS? WHO?) to have the loan restructured and the PPI actually cancelled in order to save that 29K in interest etc?

Q: Do I ask First Plus for all the premiums paid to be returned or is that what the FSCS is doing if they find in our favour and pay out? If that is what the FSCS is doing then surely the loan should automatically be restructured?

confused.com

Niggly_2

jimowl wrote: »

thanks all. Blimey Niggly:shocked:

i'm still not sure i fully understand the process (thank goodness you all have so much patience with us noobies:T).

1. I wait for the form from FSCS.
2. Fill in and return with copies of all my paperwork etc
3. Wait for a decision
Q: Here's my 1st unsure moment. What are they deciding? If they find in our favour what are they paying out?

Now as i understand it, even if they decide 'something' (see above Q) that doesn't actually change/cancel/do anything to the policy and loan? And if I did nothing else we would just keep on paying (to First Plus)?

So next Question: After the FSCS have done their bit (however long that takes), do I then approach someone (FirstPlus? FSCS? WHO?) to have the loan restructured and the PPI actually cancelled in order to save that 29K in interest etc?

Q: Do I ask First Plus for all the premiums paid to be returned or is that what the FSCS is doing if they find in our favour and pay out? If that is what the FSCS is doing then surely the loan should automatically be restructured?

confused.com

They will decide whether to pay out your claim for a mis-sold PPI policy. Leave it to them. If you win and you will they will have to put you back in a position as if the ppi didnt exist. When this happens the figs above will help. They should deal directly with FP.

n

amersall

Hi there, you need to contact FSCS and ask what happens when you are compensated,the loan may not be reset as the FSCS only compensate for mis sell,this means they compensate you for the mis sell and not the way that FOS do and uphold and return you to the position you should have been had you not had the ppi.
You should be able to cancel the ppi and recieve this back to you,then if this happens,ring FP and tell them you want this taken off the loan and the loan reset,they may not reset but you should be able to reduce the loan by the ppi.

jimowl

cheers Amersall. So should i just sit tight and see what the FSCS do before going to firstplus? I did actually call FP a few months ago when i first started looking into this and they said that it was all Clicks responsibility.

Out of interest, what happens if i cancel the PPI portion of the loan before the 5 years is up? Will they refund all premiums paid (seems unlikely)?

If the FSCS simply compensate for the mis sell do i then have a completely separate task of getting FP to refund and reset? And if they refuse that would be a matter for FOS (ombudsman)?

amersall

jimowl wrote: »

cheers Amersall. So should i just sit tight and see what the FSCS do before going to firstplus? I did actually call FP a few months ago when i first started looking into this and they said that it was all Clicks responsibility.

Out of interest, what happens if i cancel the PPI portion of the loan before the 5 years is up? Will they refund all premiums paid (seems unlikely)?

If the FSCS simply compensate for the mis sell do i then have a completely separate task of getting FP to refund and reset? And if they refuse that would be a matter for FOS (ombudsman)?

Hi there, dont cancel the ppi until you have recieved the compensation from FSCS and spoken to them about cancelling this,they will tell you who to contact regarding this and what you should do next.

If you cancel now,then all you will get is a small rebate of ppi back off the loan,the total ppi will still be on your loan.

jimowl

well, i will have to call the FSCS today as they still haven't sent the Questionnaire. Are they typically this useless?

di3004

jimowl wrote: »

well, i will have to call the FSCS today as they still haven't sent the Questionnaire. Are they typically this useless?

Sometimes we have had to keep on at them, good luck jimowl.;)

jimowl

Update: FSCS eventually sent the forms out which we duly completed and returned. I chased to make sure they'd received and they had and were writing to First Plus for info. They told me FP had 28 days to respond.

I chased again this morning and was given an update - they have had to write back to FP (who are apparently 'being slow') for some missing info. This I was told was simply a 'rebate figure for the loan' and that FP had 7 days to respond.

I'll be honest, the lady I spoke to at Deloitte's hardly filled me with confidence though she admitted she was 'simply an administrator who's job is to write for and chase info'.

Why would FSCS need a rebate figure?

This whole process is very frustrating and i'm sure things would be even worse if I wasn't chasing them when I get the chance.

di3004

jimowl wrote: »

Update: FSCS eventually sent the forms out which we duly completed and returned. I chased to make sure they'd received and they had and were writing to First Plus for info. They told me FP had 28 days to respond.

I chased again this morning and was given an update - they have had to write back to FP (who are apparently 'being slow') for some missing info. This I was told was simply a 'rebate figure for the loan' and that FP had 7 days to respond.

I'll be honest, the lady I spoke to at Deloitte's hardly filled me with confidence though she admitted she was 'simply an administrator who's job is to write for and chase info'.

Why would FSCS need a rebate figure?

This whole process is very frustrating and i'm sure things would be even worse if I wasn't chasing them when I get the chance.

Hiya

This is standard procedure when calculations have to be worked out, so they can minus any rebate that may have already been given, for example if the loan is no longer active, they may reduced the balance by a rebate.

So in my opinion it looks like its all moving forward now, and hopefully they will get those details soon, good luck.;)