Freedom Finance re First Plus Loan

marshallka

What have Firstplus got to gain from telling people they used brokers when they most probably did not? Why are these then brokers going bump and leaving the FSCS with billions of pounds to foot and then opening up another company doing the same thing? Who is allowing this to happen? What is the bigger picture in this?

To me the bigger picture is that these firms were and still are acting out of sorts and its the little people that are footing the bill and will continue to do so until something is done. Why are the authorities so scared of stepping in?

Edit to add

I note now that the screenshots of my lowcostloans.co.uk stating they were members of GISC in 2001 have seemingly disappeared from the web LOL....

di3004

Great to see you here Marshallka Xx:A:beer:Xx

marshallka

di3004 wrote: »

Great to see you here Marshallka Xx:A:beer:Xx

Hiya Di.

Yeah, just putting my two penneth worth in. I hate to see others struggle with Firstplus. I wish someone would get them sussed. It just needs one doesnt it and mine could not get through the doors unfortunately.

marshallka

Sorry my mistake and edited.

amersall

Nice to see you back, if only for short spells x.

marshallka

amersall wrote: »

Nice to see you back, if only for short spells x.

Cheers amersall. Cannot help but post to try to help a firstplusser....

Strange thing happening on here though. I log out and yet my green light is still showing as if i am logged in and my last log in time is as if i never logged out. Problems with the site maybe? I have to log back in properly though to post anything so dont really know when i am logged in or out LOL.

amersall

How odd :eek: it is because you have not been on for ages me and Di are haunting you :D

Can you help with calcs for a Firstplusser?, i don't think the loan has been reset right after the ppi was taken off, they had the cashback don't know if this makes a difference, i will not post the calcs unless you have the time or the inclination to look :rotfl:

We miss you for the calcs, there is nobody (only you and robbedof) who know how these calcs are done

marshallka

Yeah ok. maybe tomorrow though if that is OK. I will have a go LOL.... cannot guarantee it will be correct:o.

amersall

marshallka wrote: »

Yeah ok. maybe tomorrow though if that is OK. I will have a go LOL.... cannot guarantee it will be correct:o.

Don't do yourself down :A:A:A thanks everso x.



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??

marshallka

Just a quick one amersall. How long was the loan over?