Can you help me.

dwseager

Hi All

After reading on here about PPI miselling I made a claim to First plus for misselling of ppi.

They wrote to me today saying I have won the case.

Now the bit that confuses me is that if I take the total payment back from them then the loan restructure means the cost per month goes up!!

Can anyone explain this to me please?

dwseager

OK

To give you more info

A. Refund made for PPI (Total Monthly payments to date) £4818.92
B.8% per annum (Including 20% deduction for tax) £1011.80
C. Total Refund v £5830.72

D original PPI policy Less cash back already received £0
E Interest incurred due to PPI £3594.70
F less any previous successful claim £0
G Total value of loan reduction for PPI premium and intreste
(=D+E-F) £3594.70

Options
Get whats owed to me due to misseling(This is the bit that I don't understand)

H Outstanding Balance £30921.99
I Revised balance (=H-G)+A £32146.21

So if I get the missold payment back and intrest I owe more than I do now.

Could someone please explain this to me Please!!!!

[Deleted User]

This is the most pernicious kind of PPI ever sold.

Amersall is the expert with First Plus and I think will be happy to explain what has happened to you and advise what to do next.
I'm afraid I can't help as I only have a basic understanding of how First Plus structured their PPI.

magpiecottage

This is a nonsense.

I suggest you write to
Oliver John White
Chief Executive
First Plus Financial Group PLC
The Avenue Industrial Park
Croescadarn Close
Cardiff
South Glamorgan
CF23 8FF

[DATE]

Dear Mr White

Account number [number] - Complaint

I refer to the letter from your colleague [name] dated [date]

I am pleased that you have agreed that my payment protection insurance was missold. However, you have then calculated the redress in such a way that when applied to my account the outstanding debt goes up rather than down.

It is therefore quite clear that First Plus Financial Group PLC is incapable of calculating my redress properly and I am dissatisfied with the handling of my complaint.

Therefore, I require from you full details of my payments throughout the history of my account so that I can have it independently calculated because you cannot be trusted to do so.

I also require an undertaking from you to meet the professional costs I incur as a result of your incompetence.

Please confirm in writing that you will comply with this request within the next fourteen days or I shall take my complaint to the Financial Ombudsman Service.

Yours sincerely

amersall

dwseager wrote: »

OK

To give you more info

A. Refund made for PPI (Total Monthly payments to date) £4818.92
B.8% per annum (Including 20% deduction for tax) £1011.80
C. Total Refund v £5830.72

D original PPI policy Less cash back already received £0
E Interest incurred due to PPI £3594.70
F less any previous successful claim £0
G Total value of loan reduction for PPI premium and intreste
(=D+E-F) £3594.70

Options
Get whats owed to me due to misseling(This is the bit that I don't understand)

H Outstanding Balance £30921.99
I Revised balance (=H-G)+A £32146.21

So if I get the missold payment back and intrest I owe more than I do now.

Could someone please explain this to me Please!!!!

Did they give you any other option with this?.
With this PPI as they are giving you this back, the interest on the PPI reduced the loan balance each month, they have now given you this back but they have to put the interest back into the loan as you would not have paid this or the balance reduced by this amount had you not taken the PPI, if you take this money then the interest for the PPI reduced the balance and it has now gone back on. How much was the original PPI and loan term?.

They should give you something back though, even with the interest returned to the loan and the whole PPI amount removed, I don't understand this, a letter as magpie said might do the trick.

The main thing with this loan reset is you will save thousands in interest over the term for this PPI.