First Plus in default of FSA ppi agreement

nutty_nat

zoe1234 wrote: »

Ok will do. Just driving me mad when I come home and immediately check the post LOL!

I know what you are going through it is awful, I am waiting for the first part of my Firstplus loan which we had to take to the FOS back in the summer. They have received some sort of offer but they take sooooooooooooo long to get back to you with any news. You don't want to keep chasing the FOS incase they get fed up with you, but you would like to know what is going on. :eek:

zoe1234_2

Anyone received any cheques????

My 8 weeks was up on Weds. Shall I write an email. What should I say? Nat - Have you got the email address please?

Thanks.

Zoe

nutty_nat

zoe1234 wrote: »

Anyone received any cheques????

My 8 weeks was up on Weds. Shall I write an email. What should I say? Nat - Have you got the email address please?

Thanks.

Zoe

Hi Zoe

Send an e-mail now to Robert Diamond I think the e-mail address is at the beginning of this thread.
Tell him your eight weeks have passed and give them your contact details.
Good luck

zoe1234_2

Thanks. Sent email yesterday but havent had a reply. No surprise there then. HOWEVER............... did have a lovely surprise this morning when I opened the post and got a letter from Halifax about my claim for my credit card that was closed last year. Expected to get about £1,000 back (as wasnt sure when the card was taken out) but they have offered me £3,000 and already paid into my account!! Yay!

rcms26

Please can someone help me. I received my letter from First Plus yesterday upholding my complaint. hooray. but i am confused!
they have given me options which dont make much sense. i had the cash back paid to me a while ago, but this is part of the whole loan so if i take the refund they are offering me, they say that my loan will increase and my monthly payments will increase. how is this possible, if the PPI is being adjusted the the loan should decrease. i have ten days to accept their offer but i dont understand it. can someone help??

nutty_nat

Firstly well done on your win, don't worry Amersall is a Firstplus expert and will be on here soon and will be able to give you the advice you need .

amersall

nutty_nat wrote: »

Firstly well done on your win, don't worry Amersall is a Firstplus expert and will be on here soon and will be able to give you the advice you need .

:oAw thank you :A:A

amersall

rcms26 wrote: »

Please can someone help me. I received my letter from First Plus yesterday upholding my complaint. hooray. but i am confused!
they have given me options which dont make much sense. i had the cash back paid to me a while ago, but this is part of the whole loan so if i take the refund they are offering me, they say that my loan will increase and my monthly payments will increase. how is this possible, if the PPI is being adjusted the the loan should decrease. i have ten days to accept their offer but i dont understand it. can someone help??

Hi there and well done on your win :beer::beer:
You need to take the option that will take the whole ppi amount off the loan and reduce the monthly payment by the ppi monthly amount.this will save you thousands in interest over the remaining term.

What were the options?.

rcms26

amersall wrote: »

Hi there and well done on your win :beer::beer:
You need to take the option that will take the whole ppi amount off the loan and reduce the monthly payment by the ppi monthly amount.this will save you thousands in interest over the remaining term.

What were the options?.

Thanks Amersall, the letter is confusing, they set it out as follows:
Refund of PPI - £4265.52
8% interest - £961.89
total refund - £5227.42

restructuring the loan as follows:

Original PPI policy less cash back received - £125.40
interest incurred due to ppi - £2648.19
Total value of loan reduction - £2773.59

options are:
take the refund -(£5227.42) as a cheque.
Loan value outstanding - £20114.02
new loan value - £21605.95
(dont understand the increase)

Take the refund against the loan
Loan value - £20114.02
new loan value - £17340.43

The 8% will be paid to me via cheque no matter what. i dont understand the numbers though. i think my brain is still fuzzy from the Christmas and new year season. i feel a bit stupid.

amersall

rcms26 wrote: »

Thanks Amersall, the letter is confusing, they set it out as follows:
Refund of PPI - £4265.52
8% interest - £961.89
total refund - £5227.42

restructuring the loan as follows:

Original PPI policy less cash back received - £125.40
interest incurred due to ppi - £2648.19
Total value of loan reduction - £2773.59

options are:
take the refund -(£5227.42) as a cheque.
Loan value outstanding - £20114.02
new loan value - £21605.95
(dont understand the increase)

Take the refund against the loan
Loan value - £20114.02
new loan value - £17340.43

The 8% will be paid to me via cheque no matter what. i dont understand the numbers though. i think my brain is still fuzzy from the Christmas and new year season. i feel a bit stupid.

We all feel stupid taking out a loan that the maths genius Carol Vorderman endorsed :mad: you are not alone.

If you take the redress back to you the ppi is still on the loan to term end,you will pay way over the odds for the remaining term.

If you put the refund to the loan,this takes the whole ppi off and your balance reduces,your monthly payment should reduce by the ppi monthly amount,check that this is the case.

The balance goes up because,when you paid the ppi monthly amount (this included interest)your loan would have reduced by this amount,you are getting the ppi back and interest,so your loan should not have reduced by the interest amount..hope you follow!,so this is put back on the loan.
At least you had the cashback and you get the 8% that is a bonus.