First Plus Offer letters issued

gadgets.loco

I posted a while back that Barclays/First Plus has admitted the initial offer letter was incorrect, I think it was around Aug 22. Well, have not received the corrected offer letter . Time to call them up tomorrow

Niggly_2

gadgets.loco wrote: »

I posted a while back that Barclays/First Plus has admitted the initial offer letter was incorrect, I think it was around Aug 22. Well, have not received the corrected offer letter . Time to call them up tomorrow

Quelle surprise
N:mad:

stonecold_2

From reading the posts on here there is some confusion on how the 8% simple interest is calculated. The banks are giving you this payment as compensation for the length of time that they have held your money for. So you would start to get the 8% from the day you made your first payment on the loan.


E.g. 1st payment was 10/01/2003 the payment was £125, of that payment £50 is towards PPI you would get 8% on £50 for that month.

The following month 10/02/2003 you made the same payment of £125, again £50 went towards PPI, you would get 8% on £100 which is Jan and Feb payment added together.

The 8% is calculated daily so by the time you get your cheque it should be slightly more.

Ineedsomehelp

Hi all - I gor my offer letter on the 22nd as well - all signed and sent back, has anyone actually received the refund yet?

I was advised 6 -8 weeks, this seems a very long time to process a refund - can you imagine if we as the customers took 6 - 8 weeks to make a payment!

buddylove37

Ineedsomehelp wrote: »

Hi all - I gor my offer letter on the 22nd as well - all signed and sent back, has anyone actually received the refund yet?

I was advised 6 -8 weeks, this seems a very long time to process a refund - can you imagine if we as the customers took 6 - 8 weeks to make a payment!

No sign of my chq's either - wish they would hurry up!!!!!!!!!!!!

robbiepeck

Recived a new offer from First plus with 2 options!

The offer goes as follows...

Original loan - £62,000
PPP loan - £15,183.80
Interest - 9.06%
First payment - 1st May 2006

Current interest rate is approx 10.6%

Our loan is 64ish months in to a 300 month term.

A...Refund of payments made for PPI - £7303.10
B...8% per annum simple interest - £1719.66
C...Amount of Arrears offset - £4079.66
D...TOTAL refund (=A-C) plus a separate check for B - £3223.44

The following calculations show how the refund will effect my loan:

D....original PPI policy - £15183.80
E...Interest incurered due to PPI - £8308.88 (was £8222.64)
G...Total value of loan reduction for PPI premium + interest - £23492.68 (was £23406.44)

Option 1 - take 2 cheques for £7303.10 & £1719.66

H...Outstanding balance - £81704.72
I...amount of arrears - £4079.66
J...Loan balance without PPI (=H) - £61435.47
K...NEW MONTHLY LOAN AMOUNT £594.14

Option 2 - 1 cheque for £1719.66 & the paymet removed from the balance

H...Outstanding balance - £81704.72
I...amount of arrears - £4079.66
J...Loan balance without PPI (=H) - £58212.04
K...NEW MONTHLY LOAN AMOUNT £563.26

Niggly_2

robbiepeck wrote: »

Recived a new offer from First plus with 2 options!

The offer goes as follows...

Original loan - £62,000
PPP loan - £15,183.80
Interest - 9.06%
First payment - 1st May 2006

Current interest rate is approx 10.6%

Our loan is 64ish months in to a 300 month term.

A...Refund of payments made for PPI - £7303.10
B...8% per annum simple interest - £1719.66
C...Amount of Arrears offset - £4079.66
D...TOTAL refund (=A-C) plus a separate check for B - £3223.44

The following calculations show how the refund will effect my loan:

D....original PPI policy - £15183.80
E...Interest incurered due to PPI - £8308.88 (was £8222.64)
G...Total value of loan reduction for PPI premium + interest - £23492.68 (was £23406.44)

Option 1 - take 2 cheques for £7303.10 & £1719.66

H...Outstanding balance - £81704.72
I...amount of arrears - £4079.66
J...Loan balance without PPI (=H) - £61435.47
K...NEW MONTHLY LOAN AMOUNT £594.14

Option 2 - 1 cheque for £1719.66 & the paymet removed from the balance

H...Outstanding balance - £81704.72
I...amount of arrears - £4079.66
J...Loan balance without PPI (=H) - £58212.04
K...NEW MONTHLY LOAN AMOUNT £563.26

I have a killer headache and will get back to you. I am sorry but I cant see logically how these new figs make any sense. I will be back probs Sun to say why.

But if you study them the OS balance is more than the loan and only adds up when you add on the arrears. H less the ppi less the interest less the premiums paid is over £30k so option 2 should surely be around 51k not 58 k?

N

janerobinson55

Has anyone actually recieved their cheques yet, I am beginning to think they are deliberately making everyone wait the 8 weeks.

Also when i cantacted them to ask why my monthlky payment had not been reduced yet they advised me that it wont be reduced until the cheques are issued !!!!!!!!!

:mad:

debasur

Niggly wrote: »

OH s././ sorry.

Please accept my apologies.

The 8% figure is wrong I am right. Please tell them to recalculate the simple interest from April 2008 to August 2011. Based on the £6284.24. This is 40 months so £6284.24 x 8% / 12 x 41 = £1714.28.

Sorry again:o:o

Niggly, you were spot on with your advice.
Original offer letter for the 8% simple interest they quoted £655.09.
After your advice i pursued them and now i have a new offer letter and the 8% simple interest is now £2400.
I am obviously very happy about this, and want to thank you very much for your time that you put in on this forum to help out people like me who are not very clued up with all this maths m`larky!
:beer::beer: