Firstplus PPI claim after receiving cashback

Ox1987

Cool so what do i need to do

amersall

Ox1987 wrote: »

Cool so what do i need to do

Send the letter on post 24 on this thread to FP, they will get back to you within 14 days, let me know what they say.

Ox1987

Is the first bit correct what offer

amersall

Ox1987 wrote: »

Is the first bit correct what offer

So sorry :o being praised for being a guru now an idiot :shhh::o
The first part of the letter was specific to another posters claim with FP .

Send this
Having accepted the cashback for the above loan account number, We/I have realised that the whole PPI is still on the loan to term end with interest, this was not explained in full at the time of taking the loan.

We/I believe we were mis sold this PPI.

We/I would like proof to the contrary of my/our reasons for mis sell of the above PPI .


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 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 and would no longer have cover.

3) We/I were told that if we did not make a claim,or go into arrears on the ppi ,after 5 years we/I would receive the cash back of ppi but were not told this would not include the interest made on these payments that we paid over the 5 years or that the PPI would still be on the loan to term end with interest.

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 they are paid 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.

Sorry again ;)

-taff

Stop saying sorry for doing all the work, you should get 30%....:D

2013

"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."

Hi Amersall,

I spoke to FP this morning, we borrowed, £50k in 2005 (plus the ppi of £12,245) over 25 years. We had the cashback in 2005 of the £12,245

We have been paying £497 per month 96 x £497 =£47,712

She said the loan balance today is a whopping £54,919.00 GULP!

She said they cannot reset the loan from the beginning without the ppi as we have had the interest back??? and the mis-selling was via the broker not FP so its not their problem to sort out. She said if they re set the loan we will be in a better poasition than before? .

She said all she can do is write to us with new figures detailling the impact on the term of the loan if we make a payment to them of £7,498 when we get the money from loans.co but it will be treated as a partial payment. We should get the letter in 7 days.

Not what I wanted to hear, what do you think?

amersall

We have been paying £497 per month 96 x £497 =£47,712

She said the loan balance today is a whopping £54,919.00 GULP!

This is about right for FP loan.

I don't see what the problem is with taking the redress off the loan less the 8%, They should be able to take this off the balance and reduce payment accordingly.

They will offer a "partial payment" off the loan as this still makes them more money over the remaining term, they are worse than loan sharks.

See what figures they give you for the partial and we can take it from there.

She said they cannot reset the loan from the beginning without the ppi as we have had the interest back??? and the mis-selling was via the broker not FP so its not their problem to sort out. She said if they re set the loan we will be in a better poasition than before? .

This beggars belief, you are offering them the interest back, if they take all this off the balance then how are you better off? the PPI total will remain that you will still pay!!!!.

FP cannot be ars*d as they make more out of you with not complying.

Cash the cheques when you get them and keep some aside for when you have to pay the payment eventually.

amersall

-taff wrote: »

Stop saying sorry for doing all the work, you should get 30%....:D

:D you are too kind sir ;)

-taff

amersall wrote: »

:D you are too kind sir ;)

kind madam

[Deleted User]

Get a room you two!