first plus loan of 12000 how much could I get back?

xbazx

I took out a loan of 12000 with first plus how much could I get back?
I was told I had to take out ppi to get loan just wondered if there was a way to calculate an estimate

peterod1

As a starting point you should look at the paperwork that was sent went you took out the loan. That should detail all of the amounts that comprise of the total amount you have to repay. Failing that contact the lender and asked them to send copies if you have lost your own. This would then detail the total amount of PPI and any interest payable. However this is the total, if you have fully repaid the loan then this may be repayable if you have only made 1 payment out of 60 then you may only be due 1/60 of the PPI + Interest, so firstly understand the amounts you have paid and the total in order to understand what you may be entitled to reclaim.

xbazx

I re-payed the loan when I remortgaged uclaims are dealing with it for me as I don't have the time to do it myself. will keep you guys updated

marshallka

How much you get back, if you win that is, would depend on how much you actually paid for the PPI. This is worked out by calculating the PPI and interest on the PPI and then taking away whatever you got (if your loan was settled early that is) at settlement. If it is still running you would get back any PPI you have paid to date plus 8% statutory interest and then the rest is taken off your loan as if you never had the PPI.

One thing to ask is was it actually Firstplus that sold you the loan and PPI? If you used a broker then its the broker that you complain to. Also what year was this taken out?