PPI Interest claim advice

footballbantams

Hi,

Hopefully somebody can help, we received a letter and a cheque from the dreaded First Plus to pay back our PPI that had finished its 5 year run, although its nice to get the 6.5k i was wondering if i can claim the interest back as well.

Although the PPI as past its 5 year policy i didnt realise until a few months back that the PPI was added to the loan value and interest was added.

Regards

Paul

DrSqueeze

Have First Plus explained how they arrived at £6500? They may already have included overpaid interest. If not, call them and ask.

amersall

Hi there, this is why the ppi sold by FP is not worth the paper it is written on,you do not get the interest back that you have paid on this ppi for the 5 years and you WONT.
Also,the ppi is still on the loan with interest to term end and you no longer have cover.

Send this letter to FP and go mis sell of ppi.
You will then have the total ppi taken off the loan and your payment will reduce by the ppi monthly amount,this will save you thousands in interest on this loan for the remaining term.

We/I believe we were mis sold the ppi on the above account number.
1)We/I were not told that the ppi was in effect another loan that was added to the original loan and was repayable over the loan term with interest.

2) We/I were not told that the ppi only covered us for 5 years, but the ppi would still be on the loan to term end with interest.

3) We/I were told that if we did not make a claim on the ppi ,after 5 years we would recieve the ppi as cashback, and to look on this as savings plan.. But were not told that the ppi would be on the loan to term end with interest and the cashback of ppi would not include the interest that we paid over the 5 years.

In line with the FOS recommendations it is requested that the overall situation be restored as if PPI had never been included. This will entail:
a) A refund of the monthly payments that have actually been paid towards the overall loan in excess of those that would have been needed, if the original loan had been sold without the PPI policy;
b) Restructuring of the loan going forward so that the amount owed, the monthly repayments, the term and the charges reflect those that would have applied, if the original loan had been sold without the PPI policy.
c) In addition, interest at the rate of 8% simple per annum to any excess payments made from the time each payment was made to the point that Firstplus pays them back to us. We/i believe we were not given enough information on this ppi to make an informed decision. Had we/i known the full cost of this ppi we would not have taken it.

Unless you can prove without doubt that this PPI policy was fair, reasonable and suitable for my/our circumstances we/I will require you to rearrange the loan as if PPI had never been included on the aforementioned loan.

DrSqueeze

Ah, my mistake - misunderstood the question. I thought the cheque was a refund / compensation for misselling. Apologies for the confusion.

footballbantams

Thanks for the advice, i will give it ago and report what happens, we have just had a settlement figure sent to us and the amount is stopping me from selling the house so if i can win this then might be able to move.:)

amersall

You put a claim in and keep us posted.
Your balance will go down by the ppi amount,so dont settle until you win!!,that is less money to give them back.

amersall

DrSqueeze wrote: »

Ah, my mistake - misunderstood the question. I thought the cheque was a refund / compensation for misselling. Apologies for the confusion.

Thats ok i have done that a few times :D but i use my age as an excuse whats yours? :rotfl:

DrSqueeze

amersall wrote: »

Thats ok i have done that a few times :D but i use my age as an excuse whats yours? :rotfl:

I just plead general stupidity and a lack of beer :beer: :rotfl:

amersall

DrSqueeze wrote: »

I just plead general stupidity and a lack of beer :beer: :rotfl:

:rotfl::rotfl::D

di3004

DrSqueeze wrote: »

Ah, my mistake - misunderstood the question. I thought the cheque was a refund / compensation for misselling. Apologies for the confusion.

Glad you posted and not me then, because I was going to say the same as you lmao :rotfl::rotfl::D, no worries though hey? :j;) x

amersall

di3004 wrote: »

Glad you posted and not me then, because I was going to say the same as you lmao :rotfl::rotfl::D, no worries though hey? :j;) x

Say no more :p:p:p:p