First plus- what can I hope for?

spiritless

Hi everyone

We put a claim in with firstplus and have been told to wait until September for a decision. I'd like an idea of what we may get as we've got a credit card we'd like to pay off and this repayment may help!

We had a loan of £18000, taken out over 300 months. The ppi was £4408. Interest was 8.9% per annum.

We moved 8 months later but as far as i can remember the premiums remained the same. We paid it off (by remortgaging) around 13 months after taking it out.

I've googled, played around with figures and googled some more. Would we be due much?

jdwmfc

When did you take out the loan?
When did you complete the payments?
Was it front loaded or was the PPI a separate payment each month?

spiritless

jdwmfc wrote: »

When did you take out the loan?
When did you complete the payments?
Was it front loaded or was the PPI a separate payment each month?

Took the loan out in October 2004.
Paid it off (with finance from mortgage company) in January 2006
Made one payment, contract appears to show front loaded.

jdwmfc

spiritless wrote: »

Took the loan out in October 2004.
Paid it off (with finance from mortgage company) in January 2006
Made one payment, contract appears to show front loaded.

Ok first things first it is over 6 years since you paid it off so bank might not What was your monthly payment?

spiritless

Ah bums. They've said they're looking in to it, is that better than a flat out no?

Monthly payment was £181.83

jdwmfc

Did you really mean 300 months?

spiritless

yes, initial term was 300 months. £181.83 a month. total sum borrowed £22408 (£18,000 loan and £4408ppi). Interest was 0.0716% a month, apr 8,9%

all taken from the credit agreement,

jdwmfc

God just worked out how much you would have paid back over the term.WOW!
Ok my head isnt working, thought I had an amount for you but brain drain from too many replies to this forum.. Let me sleep on it and someone with some cognitive functions will answer in the mean time.HAHAHA

spiritless

jdwmfc wrote: »

God just worked out how much you would have paid back over the term.WOW!
Ok my head isnt working, thought I had an amount for you but brain drain from too many replies to this forum.. Let me sleep on it and someone with some cognitive functions will answer in the mean time.HAHAHA

I really appreciate your time, thank you. I daren't even consider how much the total figure would have been. What is more scary is that this loan was just the very start of our financial !!!! ups- total debt now is a figure I daren't even say out loud.

x

jdwmfc

spiritless wrote: »

! ups- total debt now is a figure I daren't even say out loud.

x

Ok
Right
Serious head now.
Jan 2011 i was £40,000 in debt, Check my signature, we have halved that since then. Why? Because the first thing that made me get my head screwed on was finally admitting just how much fun we had with the banks money and adding everything up.
Then I shared it on here, there is a debtors forum, you are not the only one and I bet there are worse people. By the way the thing where you just hide your statements or put them in the bin, loads of people do that. (just a guess by the way)

Honestly the best thing to do is be totally honest and probably not even think about how much money you might get back. In fact just imagine if you get £1000 it would be nice but not more than that.

Check out these threads.

Debt free wanna be
http://forums.moneysavingexpert.com/forumdisplay.php?f=76
That was where I started.

http://forums.moneysavingexpert.com/forumdisplay.php?f=177
This is where you can write a diary about your struggles or more importantly read about other peoples successes.

Then there are challenge threads,
https://forums.moneysavingexpert.com/discussion/3871291
That's a good one, because it gives you 2 years to set yourself a target.

The people on that part of the forum are amazingly supportive, even more so than here. No offence to the helpful posters over here.

Anyway sorry for rabbiting on.

Good luck.

spiritless

Thank you, you're fab!

We've made serious inroads to clearing our debt over the last 3 years. We can not only survive with out credit cards each month but actually have well over £200 a month after our bills have gone out now. It's still a huge, long and arduous road though and I admit our enthusiasm for clearing the debt has waned a bit...we've been enjoying life (sensibly!) rather than working our bums off to clear what is left. It's still a very scary figure.

I like the idea of setting a target for the next 2 years, so thanks for that thread x