First Plus PPI refund win - confused over sums though

Annpan79

Hi, I have recieved a letter fromm first plus saying that they have upheld my complaint....... yay....... but i'm sure its wrong!!

I called First plus and the woman said on the phone that, 'the figures are right, if you disagree, contact the Ombudsman '..........

The acceptance tick list says, for option one........ 'explanation: we will refund he monthy payments made towards the payment protection to you and then apply the interesr paid on the insurance premium plus the value of the full premium to your loan balance'

in my head, that means i should get a full refund of all payments made towards the PPI plus interest via cheque = £11414 and FP should then return the loan to how it would be should ppi not have been added = £53,000 -PPI premium of £9367 and -interest incurred due to ppi £8714 which should equal around £35k.

However, what first plus have said, is that if i accept the 11k by cheque, they will reduce the loan as below;

G - PPI policy - 9k H - INterest - 2k I - less previous claims - 0 J - less early settlement - 0 L - Refund of payments made towards PPI - 9k M - 8% interest - 2k N = Outstanding balance = 53k O = Total value of loan reduction for ppi premum and interest on current loan = 18k P = Revised load balance, without PPI if you choose to receive the refund of payments as a cheque (=N-O) + L - 44k

Surely that is not right!! They're saying that if I want a refund of the payments i have made towards the ppi, then they will only reduce the loan by 9k and not 18k. That can't be right can it?

di3004

Hi

Well done on your success!:beer:

I would copy and paste your post the above ppi reclaiming discussion thread, so it doesnt get missed, good luck.