Freedom Finance re First Plus Loan

marshallka

amersall wrote: »

: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

The thing that looks to be wrong is the new balance which they say would be £92095..... this they say is what is left owing IF the PPI refund is not applied to the loan... if it is they say the balance would be £84035. Both these amounts seems excessive BUT if the OP had the cashback from the PPI then perhaps they have worked it into this balance somehow.

I think the new repayments are also wrong too. IF there was no PPI they should reflect that BUT it seems like they are not reducing them either (looking as if they have taken the cashback into account TWICE). Firstplus really need to write a better communication of how they arrived at their figures.

garymcl

marshallka wrote: »

The thing that looks to be wrong is the new balance which they say would be £92095..... this they say is what is left owing IF the PPI refund is not applied to the loan... if it is they say the balance would be £84035. Both these amounts seems excessive BUT if the OP had the cashback from the PPI then perhaps they have worked it into this balance somehow.

I think the new repayments are also wrong too. IF there was no PPI they should reflect that BUT it seems like they are not reducing them either (looking as if they have taken the cashback into account TWICE). Firstplus really need to write a better communication of how they arrived at their figures.

Hi Marshallka

I am really grateful for your assistance and I am really relieved I asked the question.

Granted, they may be right, but in order to prove this they should really provide clearer substantiation as to how they get to them figures.

I will call them tomorrow and request they send me a letter explaining their calcs in full as I am concerned the new payment once the PPI element has been removed does not appear to be correct.

They have said on their offer letter that this is a "final" decision even though I've never had anything to challenge (until this letter came!!)

I will keep you posted.

Many thanks

Gary

[Deleted User]

miserableindebt wrote: »

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!

So the kids may yet get their holiday!
Did they give any time-scale for a decision on this one?

Big_Figure_2

Can I just ask a Firstplus related question here, please?

Does anyone have any experience of getting the "100% no claims bonus" returned to them? Did it happen automatically or did you need to claim it, and if so, how? Was it difficult to get it reimursed (IE did the company insist on any terms and conditions being met, other than not making a claim in the last 5 years?)

I'm just wondering whether to cancel the policy and let the FSCS pay me the money, or to let the policy run until its expiry date - which is in 2 months time.

Hope there is someone who can advise.

Thank you.

amersall

Big_Figure wrote: »

Can I just ask a Firstplus related question here, please?

Does anyone have any experience of getting the "100% no claims bonus" returned to them? Did it happen automatically or did you need to claim it, and if so, how? Was it difficult to get it reimursed (IE did the company insist on any terms and conditions being met, other than not making a claim in the last 5 years?)

I'm just wondering whether to cancel the policy and let the FSCS pay me the money, or to let the policy run until its expiry date - which is in 2 months time.

Hope there is someone who can advise.

Thank you.

Why are the FSCS dealing with this mis sell was it a broker who has gone bust?, you only get 90% of the PPI back with the FSCS as they only compensate and do not do mis sell refund, you should still get the cash back, FP will write to you if you have qualified and never missed a payment or made a claim.

Do not cancel the policy as you cannot get the cash back, when you have been redressed, just to let you know if it is through the FSCS, the whole PPI is still on the loan to term with interest, this will cost you thousands over the remaining term.