Sucess with First Plus

garymcl

Hi Guys

Sent in a letter of complaint 3 weeks ago and have just had the letter to say the complaint has been upheld, happy days, more because I detest First + more than anything!! :mad:

I'm hoping someone can cast their eyes over the calcs to make sure they aint fobbing me off?

Took the loan out 6 years ago, £84,500 and £16840.65 PPI which I got back last year (total loan of £101,340)

Monthly repayments on starting the loan were £623.12 cash loan and £124.20 PPI loan, total of £747.32.

First plus offer:

A - Refund of payments for PPI = £9506.64
B - 8% per annum simple interest = £1815.43
C - Total refund (A+B) = £11322.07

Then the restructure part. This cal shows how the refund will affect my loan:

D - Original PPI policy less cashback already received - £0
E - Interest incurred due to PPI - £8059.92
F - Less any previous claims - £0
G - Total value of loan deduction for PPI and interest = £8059.92

If you choose to receive your refund as a cheque (NOT LIKELY!!!!!!!!!!!!!!!!):

H - Outstanding balance £92095.07
I - Revised loan balance without PPI if I choose to receive the refund of payments as a chaeque (H-G) + A = £93541.79
J - New monthly loan repayment - £815.90

If I choose to apply the refund to the balance of my loan (This will be the only option for me!!):

H - Outstanding balance - £92095.07
I - Revised loan balance without PPI if I choose to apply the refund of payments to the loan balance (=H-G) = £84035.15
J - New monthly loan repayment £733.45

That's about that!!

But one thing that is confusing me, my current monthly repayments to First+ are £798.98 WITH PPI........why is it that after removing PPI from my loan, my overall repayment is only going down about £65 per month when back at the start of the loan my PPI per month was £124.40??

Thanks for your help guys...I'm off out to cut the grass :beer:

amersall

:j:j:j :T:T:T :beer::beer: :rotfl::rotfl: :cool::cool:

:p TOLD YOU SO :p:p

The ppi payment to come off the loan does not seem to be a lot!!, give them a ring and ask how they worked this out, also ask them about the 8% you should get this back to you, if they do not pay the tax on this before they give it to you, this is taxable so ring HMRC to make arrangements to pay the tax on this.

Post on FPC and hopefully Niggly (he seems to have "gone missing" will look at the figures for you and tell you to the penny what you should have back.


:D:D Luv it when a plan comes together :cool::cool::cool::cool:

garymcl

amersall wrote: »

:j:j:j :T:T:T :beer::beer: :rotfl::rotfl: :cool::cool:

:p TOLD YOU SO :p:p

The ppi payment to come off the loan does not seem to be a lot!!, give them a ring and ask how they worked this out, also ask them about the 8% you should get this back to you, if they do not pay the tax on this before they give it to you, this is taxable so ring HMRC to make arrangements to pay the tax on this.

Post on FPC and hopefully Niggly (he seems to have "gone missing" will look at the figures for you and tell you to the penny what you should have back.


:D:D Luv it when a plan comes together :cool::cool::cool::cool:

Hi Amersall, hope you're well.

Sorry for the late reply.....work problems!!!!

I still havent had a chance to post on FPC for Niggly to check over the calcs but yeah it does seem low. Hopefullys omeone on MSE may be able to have a look for me as Niggly seems to have gone awol!!

I will post it on FPC now though so once again thank you for all your help, you're a diamond.

Will keep you posted.

Cheers

garymcl

Hi guys

I was hoping there might be someone on here who could just check over these figures to make sure I'm not getting fobbed off by first plus.

My main concern is the revised loan amount as I thought it would be less once the ppi element of it has been taken off.

I'm worried I'm running out of time to accept this offer so hopefully someone can help.

Many thanks.

Gary

amersall

Sorry Gary, you really need Niggly has he not been on FPC site? he will tell you exactly what you should get.

You have had the cash back so this will make a difference to the balance you now owe.

amersall

Ring FP and ask them to explain why the loan balance (after you have paid this for more than 5 years has gone up after the ppi taken off) it could be that it is the interest that the loan was reduced by the ppi, this has now been taken off and the interest goes back into the loan as if you did not have ppi in the first place your balance would not have reduced by this ppi interest amount.
You also had the cashback and this makes a different calculation, you also need to find out why the monthly payment has not gone down by the whole ppi monthly amount, do not come off the phone until they have explained this in full to you.