please help

mad4cycling

Hi, I am new to this site but I was looking for some advice. I took out a loan with First Plus in August 2007 for £35000.00, over 180 months. I was told if I didn't take out the PPI insurance my application would be refused, But after 5 years if I didn't make a claim I would receive a cashback, Well the 5 years are up in August of this year, But I put in a PPI claim against first plus beginning of may this year. The original ppi was £8,571.50 plus interest taking it to £13,636.80. But I have received a letter from first plus today saying that they have upheld my claim, and are prepared to offer me £4,965.49 ppi back as that is what I have paid so far, But my question is do I accept this or should I not get the original amount back which is £8,571.50 plus interest. I am very confused by all this, any help or advice on this matter would be greatly appreciated.
Thanks..Paul

ginger5092

Hi Paul

I myself am fighting First Plus with the aid of the Financial Ombudsman.

Do not accept this offer as it is adding insult to injury

Tell them that this offer is an insult and unless they are willing to refund you the total ammount plus interest you will refer the issue to the Financial Ombudsman

amersall

mad4cycling wrote: »

Hi, I am new to this site but I was looking for some advice. I took out a loan with First Plus in August 2007 for £35000.00, over 180 months. I was told if I didn't take out the PPI insurance my application would be refused, But after 5 years if I didn't make a claim I would receive a cashback, Well the 5 years are up in August of this year, But I put in a PPI claim against first plus beginning of may this year. The original ppi was £8,571.50 plus interest taking it to £13,636.80. But I have received a letter from first plus today saying that they have upheld my claim, and are prepared to offer me £4,965.49 ppi back as that is what I have paid so far, But my question is do I accept this or should I not get the original amount back which is £8,571.50 plus interest. I am very confused by all this, any help or advice on this matter would be greatly appreciated.
Thanks..Paul

You only get back the PPI that you have paid.
You are getting the PPI back that you have paid to date back, are they giving you the 8%? the whole PPI amount then comes off the loan.

You need to find out if they are taking the whole PPI amount off the balance of the loan and that the monthly payment reduced by the PPI amount, if it does then they are giving you full redress.

The PPI being taken off the loan will save you thousands in interest over the remaining term and save the PPI monthly amount too.