First Plus PPI

robbiepeck

Called first plus today. normal 0845 number had a recorded message saying they don't open weekends. then I notice they have added an overseas / mobile number - (well done) got through after 15mins.

my PPI payments don't add up by £1k - £2.2k.
my PPI payments at the time of taking out the loan were 19.7% of my payments. when my interest rate went up by 1%, my payments went up by 15%.

first plus are saying that my interest rate on the PPI didn't go up - is this true?

we had some arrears, that were added to the loan, this would have included an amount of PPI, this would have been a max of £600 based on no change in PPI interest.can anyone help?

di3004

robbiepeck wrote: »

Called first plus today. normal 0845 number had a recorded message saying they don't open weekends. then I notice they have added an overseas / mobile number - (well done) got through after 15mins.

my PPI payments don't add up by £1k - £2.2k.
my PPI payments at the time of taking out the loan were 19.7% of my payments. when my interest rate went up by 1%, my payments went up by 15%.

first plus are saying that my interest rate on the PPI didn't go up - is this true?

we had some arrears, that were added to the loan, this would have included an amount of PPI, this would have been a max of £600 based on no change in PPI interest.can anyone help?

Hi there
Bumping this up for you, or repost this on the above ppi reclaim discussion thread, good luck.

robbiepeck

Just spoken to another department & they have confirmed that the PPI £££ are part of the ballance & the interest is charged on all of the loan (inc PPI).

robbiepeck

Can anyone help with these figures (no cash back taken after 60 months):

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