Central Capital/First Plus offer

monstermuncher

I've received an offer from these, which they've called a 'fully propotionate' rebate calcuation.

It breaks down as:

PPI Premium - 4,982.50
Loan and PPI start date - 25/10/06
PPI cancelled date - 30/11/10

Rebate on PPI paid by the lender - £70.08
PPI in force for (days) - 1,497
Number of days PPI had to run - 329

Fully propotionate rebate calculation
Original PPI - £4982.50
multiplied by 329/1826 days = £897.72 (full rebate amount based on the number of days the PPI had to run when it was cancelled)

Less
rebate already received - £70.08

Sub total £827.64

Plus interest at 8% - 102.13
less tax on interest - 20.4.

TOTAL AMOUNT PAYABLE = £909.35

I don't understand that at all, how is it so much less than the original amount paid?

amersall

Is the loan still running, did you get the cash back have you had the mis sell back, if you put this in?.

amersall

Ignore my last post, send this to them

We/i reject the offer that you have made for refund of rebate on loan number xxxxxx, this policy was mis sold because of the reasons below and ask you to reconsider the offer or We/i will pass this to the FOS for a second opinion.

We/I believe we were mis sold the ppi on the above account number,and would like recordings,if any to the contrary of my/our reasons for mis sell set out below.

1)We/I were not told that the ppi was in effect another loan that was added to the original loan and was repayable over the loan term with interest.

2) We/I were told that the ppi was a 5 year policy, but not told the ppi would still be on the loan to term end with interest.

3) We/I were told that if we did not make a claim,or go into arrears on the ppi ,after 5 years we would receive the cashback of ppi but were not told this would not include the interest made on these payments that we paid over the 5 years.

In line with the FOS recommendations it is requested that the overall situation be restored as if PPI had never been included. This will entail:
A refund of the monthly payments that have actually been paid towards the overall loan in excess of those that would have been needed, if the original loan had been sold without the PPI policy.

In addition, interest at the rate of 8% simple per annum to any excess payments made from the time each payment was made to the point that Barclays pays them back to us. We/i believe we were not given enough information on this ppi to make an informed decision. Had we/i known the full cost of this ppi we would not have taken it.

Unless you can prove without doubt that this PPI policy was fair, reasonable and suitable for my/our circumstances we/I will require you to rearrange the loan as if PPI had never been included.

warwicktiger

Looks like they have only rebated the PPI since cancellation, not from inception.

amersall

warwicktiger wrote: »

Looks like they have only rebated the PPI since cancellation, not from inception.

This is correct, so they keep more money!.

This is mis sell and is a win, when the loan was settled they gave a rebate of ppi this was £70.08p, take this off the total ppi amount of
£4.982.50 leaves £4.912.42p that the poster has repaid to them for the remaining ppi!!!! this is why this ppi grossly mis sold and this is the most upheld of all ppi claims.

monstermuncher

Thank you!

I just wondered if it would look like I was changing reason just to get the response I want. Obviously I DO want the full amount, and am prepared to focus on just one reason, but I don't like that they've essentially called me a liar, or at best, wrong.

Also, could that not work against me with the fos? It looks like I'm just saying anything to get the money! Ideally I'd like for them to listen to the right phone call and come back and say 'you're right, we did tell you that' but given the choice I'd rather have the money!

monstermuncher

Oh, and that doesn't reflect the interest that I was paying for four years either!

amersall

monstermuncher wrote: »

Thank you!

I just wondered if it would look like I was changing reason just to get the response I want. Obviously I DO want the full amount, and am prepared to focus on just one reason, but I don't like that they've essentially called me a liar, or at best, wrong.

Also, could that not work against me with the fos? It looks like I'm just saying anything to get the money! Ideally I'd like for them to listen to the right phone call and come back and say 'you're right, we did tell you that' but given the choice I'd rather have the money!

Do not worry about this, the FOS will uphold with these reasons, tell them you were not aware this ppi worked in the way that it did, this has just been pointed out to you.
If you go to FOS enclose a copy of the letter you got with the rejection.

There is no tape recording of the sales person telling any customer that this ppi is a rip off and it will cost you thousands over the term in interest and you will have no cover after 5 years but will still be paying it :rotfl:

marshallka

Was this complaint against Central Capital or Firstplus. Also did you complain to Firstplus about the missale or rebate received.

The rebate complaint would ordinarily be against the insurer or sometimes Firstplus would deal with it but if Central sold the policy they would have to deal with a missale.

Did Firstplus pass the complaint to Central and is it Firstplus that have made this offer?