PPI Interest claim advice

Niggly_2

footballbantams wrote: »

Hi,

The PPI cheque that i received after the 5 years was in First Plus's name, thats why i forgot about Central Capital (Debtbusters) i have been looking at different threads regarding Capital and it seems that people are getting the PPI returned with interest and loans reset.

All i am looking for is the loan amount lowering more than compensation as i am trying to sell the house, because First Plus use a settlement calculation very similar to Rule 74 after 5 years i still owe more than i borrowed and with house prices falling its difficult to shift it.

Maybe i should fill out the FOS questionnaire and resend the letter to Capital to make sure.

Ta

I need cashback amount paid, the start date of the policy, the amount paid monthly to the ppi, the apr on the policy and the loan term. Then I can give you a rough estimate of the compensation that you could claim. CC in my opinion will fight this all the way and I fully expect you will have to go to the FOS. I hope I am wrong but you could be for the long haul. The good news is that FP have set a precedent my compensating cutomers even though the cash back has been taken. The amount of compensation if paid by CC will be enough to reduce the balance by approx 20%. However FP will not reduce payments only the loan term. In your case however this should reduce the amount outstanding and early settlement figs. They have just changed there early settlement calculations and I think there slightly more favourable than before.

N

footballbantams

Thanks to everyone so far, my argument is based on the fact that i was aware that the PPI was paid back in 5 years what i didnt realise and have only noticed it due to the cheque arriving is that the amount is on the loan for the life of the loan, thats wrong even for the loan sharks.

If CC want a fight then i do have the time to kick them about abit and hopefully the FOS will see sense.

This is for Niggly and thanks in advance for the time and effort.

Cashback Amount £6857.20
Start Date April 2006
PPI Monthly £66.07
APR 8.6%
Term 180 months

Ta