Firstplus PPI claim after receiving cashback

2013

Hi

We have made a successful claim for ppi through loans.co.uk who were the broker but the policy is with First Plus.
I've got the offer letter from loans.co.uk today but I'm a bit confused!

full refund of PPI premuim £12,245
plus interest on the premuim to date £7,458.73
minus cashback received -£12,245
plus 8% interest on payments made £3,816.94
minus tax on the 8% -£763.39

total offer £10,512.28

We have 2 options
a. refund paid to lender or
b. refund paid to us.

I know a. is the only one to take but from other posts I was hoping that we could opt to keep the 8% interest part of it and have the majority of it paid directly to FP and the loan reset as though we'd never had ppi etc.

I called loans.co.uk and they said they cannot split the payments. It is one or the other.

I called FP and they said that they cannot accept the 8% as payment towards the loan as that is our compensation and is usually sent seperately in a cheque.

Not sure what to do as we could really do with the 8% coming back to us which seems to be the norm.

Any comments or advice anyone?

thank you

amersall

Ask loans.uk what will happen to the loan (if it will be reset to take into account the whole redress) if you take option A and how, if you do this, will the 8% be paid back to you.

Contact FP and ask what happens to the loan and the 8% if L.UK give the whole redress to FP and if the loan will be reset.

I would have thought that FP would put the 8% into the loan and then raise a cheque to you and reduce the loan.
Depending on what they say, you need to contact FOS.

2013

Thanks for your response Amersall.

I dont seem to be getting anywhere fast with loans.co.uk, the man on the phone seemed inexperienced and couldnt answer anything so I've asked for a Manager to call me, he said it will take a few days!

I called FP and the girl I spoke to said if loans.co have upheld the complaint FP have to reset the loan. She asked me to ask them how and when they will communicate to FP so if I get a phone call I'll ask. She said I should ask for the money to be paid to me, keep back the 8% and then pay the rest to FP to reduce the loan but this doesnt seem right to me, wouldnt that just mean I was making a lump sum payment and it could possibly cost me more in the long run?

If thats the case I would rather all the settlement went directly to FP but I did think it was the norm for the 8% to be treated seperately and go back to the client. Do you know if theres a rule for the 8%?

Update- I just had a call from loans.co he said they try to keep it simple and pay all the money to one or the other, there is no obligation to send the 8% to the client.

He said we should ask for the money to come to us and then send some to FP and ask FP to re-structure the loan. He also said they do not communicate in any way about the upheld complaint directly with FP even if they send the money to them!!!!

Alarm bells started ringing when he said as we had the cashback a few years ago, the loan will not be reset from the beginning as though we'd never had the ppi, that opportunity has now passed!

Really not sure what to do next! Would hate to involve FOS and drag it our even longer!!!

Ox1987

I took out a loan with FP in 2007 and last year recieved the cashback of around 8k, again thought it was part of the deal
I recieved a questionaire about misselling ppi but have misplaced it.
What are my options regarding miselling I like others were not aware of some of the facts as above and want to make a complaint. What is the best way to do thiswhat would I claim, but I do not want to get my payment increased

2013

Hi, you could contact FP or look on the website and complete the PPI questionnaire to start the ball rolling.

Amersall is the guru, he'll let you know what to do, good luck, its so worth it in the end!

[Deleted User]

2013 wrote: »

Amersall is the guru, he'll let you know what to do,

I'm sure SHE will!:D

2013

Really? no way! Girl power!!! love it :j

amersall

2013 wrote: »

Thanks for your response Amersall.

I dont seem to be getting anywhere fast with loans.co.uk, the man on the phone seemed inexperienced and couldnt answer anything so I've asked for a Manager to call me, he said it will take a few days!

I called FP and the girl I spoke to said if loans.co have upheld the complaint FP have to reset the loan. She asked me to ask them how and when they will communicate to FP so if I get a phone call I'll ask. She said I should ask for the money to be paid to me, keep back the 8% and then pay the rest to FP to reduce the loan but this doesnt seem right to me, wouldnt that just mean I was making a lump sum payment and it could possibly cost me more in the long run?

If thats the case I would rather all the settlement went directly to FP but I did think it was the norm for the 8% to be treated seperately and go back to the client. Do you know if theres a rule for the 8%?

Update- I just had a call from loans.co he said they try to keep it simple and pay all the money to one or the other, there is no obligation to send the 8% to the client.

He said we should ask for the money to come to us and then send some to FP and ask FP to re-structure the loan. He also said they do not communicate in any way about the upheld complaint directly with FP even if they send the money to them!!!!

Alarm bells started ringing when he said as we had the cashback a few years ago, the loan will not be reset from the beginning as though we'd never had the ppi, that opportunity has now passed!

Really not sure what to do next! Would hate to involve FOS and drag it our even longer!!!

Get back in touch with FP and ask what they would need to take the PPI off and reset the loan without the PPI, what ever they say to you, ask for it in writing, do not pay anything without proof, the interest on the PPI would have to be put back into the loan though, as the loan balance reduced by this amount over the 5 years, ask them what the interest was that they put onto the balance, this may be slightly different.

Find out what they say and let me know, do not take a phone operators word for anything, ask for the figures to reset the loan.
The priority here is to get the whole PPI off the loan and your payment reduced, saving you thousands in interest over the remaining term.

amersall

Moneyineptitude wrote: »

I'm sure SHE will!:D

:rotfl: She certainly will

amersall

2013 wrote: »

Really? no way! Girl power!!! love it :j

:o:o awww shucks thank you :):)
More like Middle aged lady power :rotfl::rotfl: