Just started my Firstplus PPI claim

poundsNpence

Hello all.

Having read through many of the posts here, I finally signed-up today so that I can now participate in discussions.

I've gleaned lots of useful info already, so :T to all who've written here. Much of what I've read here helped me make my decision to go ahead with a PPI mis-sell claim against Firstplus. It all seemed a bit daunting, and for a long time I adopted the "doing nothing is safer" excuse.

But I'm happy to say that I'm just back from the Post Office, having mailed my letter (recorded, signed-for) to Firstplus. I guess I'm in for a 12 week wait now, so will be looking forward to late Nov, early Dec, just in time for :xmastree:

My £15000 Loan was taken in Feb 2007, for a 12 year term. On top is a £2989.50 PPI Loan.

My complaints are along the lines of:

1) NOT told that the PPI was another loan added to the Cash Loan. 2) NOT told that the PPI only covered me for 5 years, but that I'd be paying for it for the whole 12 years.
3) Told to look upon the cashback as a sort of saving scheme.

My own quick calcs show that so far, I've paid £1733.16 (52 months at £33.33pm) for the PPI, so I am expecting AT LEAST that amount back, plus interest (which is a little too complicated for me to calc!). My repayments on the Cash Loan should reduce by that £33.33 amount as well.

I'll report progress, and hopefully my success, in due course.

pNp

Niggly_2

poundsNpence wrote: »

Hello all.

Having read through many of the posts here, I finally signed-up today so that I can now participate in discussions.

I've gleaned lots of useful info already, so :T to all who've written here. Much of what I've read here helped me make my decision to go ahead with a PPI mis-sell claim against Firstplus. It all seemed a bit daunting, and for a long time I adopted the "doing nothing is safer" excuse.

But I'm happy to say that I'm just back from the Post Office, having mailed my letter (recorded, signed-for) to Firstplus. I guess I'm in for a 12 week wait now, so will be looking forward to late Nov, early Dec, just in time for :xmastree:

My £15000 Loan was taken in Feb 2007, for a 12 year term. On top is a £2989.50 PPI Loan.

My complaints are along the lines of:

1) NOT told that the PPI was another loan added to the Cash Loan. 2) NOT told that the PPI only covered me for 5 years, but that I'd be paying for it for the whole 12 years.
3) Told to look upon the cashback as a sort of saving scheme.

My own quick calcs show that so far, I've paid £1733.16 (52 months at £33.33pm) for the PPI, so I am expecting AT LEAST that amount back, plus interest (which is a little too complicated for me to calc!). My repayments on the Cash Loan should reduce by that £33.33 amount as well.

I'll report progress, and hopefully my success, in due course.

pNp

£306.13

Cheers

N:beer:

poundsNpence

Niggly wrote: »

£306.13

:beer: to you too Niggly! Can you say how you did that calc?

pNp

Niggly_2

poundsNpence wrote: »

:beer: to you too Niggly! Can you say how you did that calc?

pNp

33.33 X 8%/12 X 52 +
33.33 X 8%/12 X 52 and so on

I have stuck it into a spreadsheet =B2*0.08/12*A2
A2 the ppi in months so start with 52 and work down the column until 0. B2 is the payment amount 33.33 and C is the resultant interest for that one payment enter the formula into C2 AS ABOVE

Copy and paste the formula into C3 THEN C4 AND SO ON

You can PM me for a copy I can send email address

N

poundsNpence

:beer: again Niggly (even though it doesn't make much sense to my rather mathematically challenged brain ).

Track and trace on the PO website says my letter has been delivered today, so I'll be expecting an acknowledgement from FP in 5 working days (as per their own website), and a settlement on, or before, 01 December. Can't wait!

pNp

poundsNpence

Well, the acknowledgement letter arrived today from FP, promising reply no later than 30Nov2011.

So far, so good!

pNp

amersall

Fingers crossed x.

poundsNpence

2nd letter from FP today. This one has a reference number and says they have to complete their investigations in order to reply in full to my complaint. The letter says they will contact me again by 30Nov.

So, nothing new really, apart from the reference number.

Maybe I'm being too suspicious, but sounds like a bit of softening-up before they say "no".

pNp

marcusarelius

Hi pNp the letters from Barlcays never make much sense - i had my first claim approved on the 1st sep this year after sending the claim in on 10th may so precisely 16 weeks. they sent about 5 letters all saying different dates to get back to me and then finally one saying the full 16 weeks - just waiting for cheque now and decision on a further loan

poundsNpence

Success!

Letter from Barclays today (2 weeks earlier than expected), advising that they are upholding my complaint.

The offer is:

PPI Refund:

Full refund of payments made for PPI: 1898.05 (A)
8% PA simple interest: 279.95 (B)
Total refund (A+B): 2178.00 (C)

Restructure of loan:

Original PPI Policy: 2989.50 (D)
Interest incurred due to PPI: 1097.63 (E)
Less any previous claims: 0.00 (F)
Totl value of loan reduction (D+E-F): 4087.13 (G)

If refund taken as cheque:

Outstanding balance: 13135.84 (H)
Revised bal w/out PPI (H-G+A): 10946.76 (I)
New monthly repayment: 168.67 (J)

If refund applied to loan:

Outstanding balance: 13135.84 (H)
Revised bal w/out PPI (H-G) 9048.71 (I)
New monthly repayment: 139.53 (J)

The letter states that a deduction will be made from the 8% interest amount, for income tax purposes and that the payment will be made net. It also states that any further tax liabilty will me my responsibility.

I'll be posting back the acceptance form on Monday, and looking forward to my 2 cheques (they pay each element seperately apparently).

So, Happy Xmas Me :-)

Wishing everyone else a similar success.

amersall

:j:jLove a win with FP :beer: