First Plus - DIY vs 3rd Party Company

marshallka

stuartbrookes wrote: »

My loan started on 8th Feb 2006, £637 over 60 months, and was cleared on 1st September 2006, after just 8 months. I thought it was longer but have gone on to Experian for the exact account details. It was definitely a 5 year loan and was classed as a 'secured loan', Experian list it as a "second mortgage (secured loan)"

When I think back now, I didn't realise the PPI was a single premium to be honest, I just thought it was incorporated. The £5,002.43 that was the value of the PPI does not include any interest paid on that amount, so I know the total figure is going to be greater than £5,002.43... What I don't know if whether I technically only paid interest for 8 months that before settling or whether I paid 60 months interest up front or not.

I've got none of the settlement paperwork, it was a long time ago, over 5 years ago now. I settled and paid over the phone to be honest, as I vaguely remember my parents transferring all of the money into my account. I'm not aware of receiving any rebate from the PPI and when I spoke to FirstPlus, they certainly did not mention any rebate and told me that my PPI was £5,002.43 and did not say to me that I'd received any form of rebate. If it was included in the settlement figure, then I am completely unaware of that.

Does any of that make any difference then?

If there was no interest on the amount of £5003.43 then it was not a single premium unless of course the £5003.43 was including interest but you say not.

Usually with a single premium PPI you have an amount on the agreement that states PPI. It is a premium amount that is a loan to pay over to the insurer in a lump sum and its listed along with the Loan amount. They then add interest to both.

Your total loan was 25100 and your PPI was 5002 so in total if your PPI was a single premium you would have had a total loan of £30100. You say it was over 60 months and your repayments were 637 a month. That would be a total of 37620 for whole loan IF it went to term. That would mean interest of 7520. What was your APR? Do you know and we can perhaps see if you did in fact have a single premium? I make your APR about 9.5 to 9.8% IF it was a single premium????

I am saying all this because you cannot complain that this was a single premium if it was not?