Freedom Finance re First Plus Loan

garymcl

marshallka wrote: »

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

Hi Marshallka

It is me that Amersall has so kindly asked you to look at the calcs for on my first+ PPI.....and I am indebted to you both I really am.

They sent me a letter upholding my complaint a few weeks ago and I was beginning to get really nervous that I may be leaving it to late by not yet accepting....so I started hassling Amersall....again ha ha ha!!

The loan was taken out in 2006 and over a 25 year term if this helps?

Thank you (both) so much, again.

Cheers

Gary

miserableindebt

marshallka wrote: »

Hi again.

We were "told" by Firstplus that we used a broker and went through a teletext advert to phone them. (My recollecion was a Firstplus advert). After we requested the Subject Access Request (SAR - which is everything they hold on you) the very first piece of paper that they sent us was with mention of Lowcostloans.co.uk which was a request by them apparently to do a search on the property or something or other. (After the loan was taken out).... I googled this company and from the company registration number on who is it came back to Freedom Finance BUT at the time of our loan this firm would have been called Wilmslow Financial Services Limited. I also found a cached clip of lowcostloans.co.uk and it was from 2001 and it said they were members of the GISC on it...... it mentioned FISA and also GISC..... now when you ask FOS about Freedom Finance and whether they were GISC members they state they were not until 2004 I think it is. In those days I assumed that FOS had past and present name changes (as these companies change them like the wind) so dont think i asked about Wilmslow Financial Services being GISC members or in fact Lowcostloans.co.uk....(company number 01780977).

Everything was dodgy within the loan from Firstplus though. The whole process was seemingly like they were hiding something and setting us all up. I got told my PPI claim against Freedom was actually whereby Freedom were only actually acting as introducers for another firm in Gibraltar.

If I was you and you have nothing to lose then I would get your SAR from Firstplus. There is a letter of how to do this posted here..
https://forums.moneysavingexpert.com/discussion/1475553

Also forgot to ask. WHen was your loan taken out? What date?

Thanks nearly Monday morning! We took it out November 2000, and paid it off 18 months later, due to them not fulfilling the redundancy part of ppi after my husband was due to be made redundant and they said it didn't cover that type of redundancy.

amersall

Hi gary, contact FP they have not done the ppi payment right, they have not taken the whole ppi monthly payment off the account, ring them and tell them they must show you how they arrived at the new loan payment less the ppi, your redress has not put you in the position you would have been without ppi.
They are trying it on methinks, hoping all winners will not query this amount, half the ppi monthly payment you are still paying back to the loan, threaten them with FOS if you have to!!!.

Robbing B*****ds think of the amount of money they are getting by not redressing the ppi right !!!!!!!.

marshallka

amersall wrote: »

Hi gary, contact FP they have not done the ppi payment right, they have not taken the whole ppi monthly payment off the account, ring them and tell them they must show you how they arrived at the new loan payment less the ppi, your redress has not put you in the position you would have been without ppi.
They are trying it on methinks, hoping all winners will not query this amount, half the ppi monthly payment you are still paying back to the loan, threaten them with FOS if you have to!!!.

Robbing B*****ds think of the amount of money they are getting by not redressing the ppi right !!!!!!!.

Could it be because of the cashback received amersall? And the fact it was a variable rate loan perhaps?

marshallka

miserableindebt wrote: »

Thanks nearly Monday morning! We took it out November 2000, and paid it off 18 months later, due to them not fulfilling the redundancy part of ppi after my husband was due to be made redundant and they said it didn't cover that type of redundancy.

A long time ago then and before GISC even. You best bet now would be the insurer then. I know its starting over again but there is a chance. I have a feeling your insurer would have been someone called Cassidy Davis and now called Jubilee insurance. You can confirm this though via firstplus and make the complaint to them. Perhaps go onto Firstplus complaints site and someone may help you there.

marshallka

Another way of looking at it is 124.20 x 300 being overall cost of PPI added to loan = £37260. (to cover 5 years of your 25 year loan!!!).

You got back £16840.65 which leaves your total cost of £20419.35 remaining on your loan if it ran its course and the interest rate remained the same as when you took this out. This is what your balance should be reduced by if you are taking the refund and applying to the loan.

You are having your repayments reduced by £82.45 per month (which is what they are saying is the difference between applying the refund and having it as a cheque) for the remaining 228 months the loan is live so that totals £18798.60

I agree with amersall though. Your balance left to pay after taking into account the PPI does appear to be wrong. I have tried to work this out as if there was no PPI and it seems to be a fair few grand less than they are stating you owe after paying them for 6 years. I think you need to get FP to stipulate the exact way in which they arrived at these figures. They do seem to be robbing you. ALthough they "may" have work the PPI out correctly they dont seem to have your new balance right as I see it.

Sorry for the confusion here but a bit rusty.

miserableindebt

Well Monday morning is here, and after the worst weekend of my life I phoned them.

It seems I have had 2 loans with them,the first one for 12,500 taken in November 1999, which apparently had been brokered by Freedom Finance, and a 2nd one after refinancing with First Plus Direct for £23,000 with a PPI of 5632 (the only one I knew about).

So according to FP I still have my complain going through for the re-financed one!

marshallka

Roughly you should owe about £90K with the PPI if you settled after 6 years.

Without PPI after repaying your LOAN amount (not the PPI as well) for 6 years and only had your original loan your balance would have been roughly £75 to £76K.

You PPI loan would have left a balance after repaying it for 6 years of £15067.53.

I realise though that you had your cashback at 5 year and this would have been taken into account.

amersall

marshallka wrote: »

Could it be because of the cashback received amersall? And the fact it was a variable rate loan perhaps?

Not sure, could it be?, the whole ppi is taken off the loan so the monthly ppi payment should go down by the ppi monthly amount they have taken the ppi cash back and reworked it into the loan :o:o:o:o oh forget it :rotfl::rotfl::rotfl:
you may be right here!!!.:D

amersall

marshallka wrote: »

Another way of looking at it is 124.20 x 300 being overall cost of PPI added to loan = £37260. (to cover 5 years of your 25 year loan!!!).

You got back £16840.65 which leaves your total cost of £20419.35 remaining on your loan if it ran its course and the interest rate remained the same as when you took this out. This is what your balance should be reduced by if you are taking the refund and applying to the loan.

You are having your repayments reduced by £82.45 per month (which is what they are saying is the difference between applying the refund and having it as a cheque) for the remaining 228 months the loan is live so that totals £18798.60

I agree with amersall though. Your balance left to pay after taking into account the PPI does appear to be wrong. I have tried to work this out as if there was no PPI and it seems to be a fair few grand less than they are stating you owe after paying them for 6 years. I think you need to get FP to stipulate the exact way in which they arrived at these figures. They do seem to be robbing you. ALthough they "may" have work the PPI out correctly they dont seem to have your new balance right as I see it.

Sorry for the confusion here but a bit rusty.

:A:A:A Cheers ur a star :D:cool:
Just think if they did this to all redress?? they must be raking it in big time and no one is questioning this because we don't know much do we? your good self to one side of course :A