Firstplus PPI claim after receiving cashback

amersall

Now there is a thought :rotfl:

-taff

I mean I'm a madam!! doh!

2013

[QUOTE=amersall;60596245]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.

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.[/QUOTE]

Hi Amersall,

We've had the letter form FP. Heres the figures:

Balance of account £54,919.71
Settlement interest £153.81
Less partial settlement £7,500
Admin charge £60.00
Balance remaining after partial settlement £47.633.52.

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 = already paid £47,712 )

161 payments of £497.19 remaining to clear the balance. (£80,047)

So our payments havent come down, but the term has but only be 3.5 years.

In total we'll have paid back £47,712+ £7,500+ £80,047 = £135,259 for a £50k loan!!!!!

The refund for the mis-selling by loans.co.uk is in the bank ready to pay. I'm not happy with FP's response, any ideas how to respond?

thanks!

2013

Hey, does anyone know where Amersall has gone? Could really do with some advice about my post above?

[Deleted User]

2013 wrote: »

Hey, does anyone know where Amersall has gone?

Nowhere;
http://forums.moneysavingexpert.com/member.php?u=636827

amersall

I am here, too tired now, have been to work and have just finished Skyping with my Daughter in oz, will look tomorrow at your post, these loans are rip off just like the PPI.

amersall

2013 wrote: »

Hey, does anyone know where Amersall has gone? Could really do with some advice about my post above?

Hi, do not forget that you have already had back over £12,000 with the cash back plus the £7,500, that is over £19,000, don't lose sight of this, had you been told that you needed to take the cash back to the loan then this would have reduced your loan balance by that amount, even then your monthly payment would not have changed or the term.

You are correct in that the Whole PPI is still on the loan to term end with interest, this is why these PPI cash backs are rip off, you sadly took the cash back instead of going mis sell, this is not your fault but you are paying the price at the end of the day.

The 3.5 years that they have taken off the loan term will save you a lot of money on interest alone, especially as there will be more rate rises to come from these.

In summary, you have had nearly £20,000 back ( albeit £7,500 back to the loan ), your loan term has reduced by 3.5 years and will save you in the long run, this looks good, although it is not so good really but this is the offer they are making, it would be a whole lot worse if you kept the redress and did not take it off the balance as they could increase the payment of the loan.

I would not advocate this, but if you need the money then take it and let the loan and PPI run either to term ( don't forget the balance will reduce over time ) or until you can maybe re-mortgage? but this may mean an increase in your monthly payment.

I know this stinks and trust me, I really know how you feel about this, you could ask them what will happen to the loan if you kept all of the redress and see what the difference is.

HAVING SAID ALL OF THAT

People have had the cash back, the redress was paid back to the loan and the loan reset without PPI, they should be able to do this.

I would complain about the fact the PPI whole is still on the loan to term end with interest as it has not been reset even though it was mis sold and why they will not give you the 8% amount as this is compensation for you being without the PPI monthly payment and what interest did they give you back? because it was most certainly not in the cash back, you would not have received any of this interest that you paid for the 5 years until it paid out, get it in writing, ask for the figures to show the interest that they gave you back, you would have had a damn sight more than £12,000 back with the interest.

I would also put a complaint into FOS regarding FP and L.UK as this loan should be reset, you did not get any interest back from them and can they keep the 8%.

Don't let this drop.

supernanaangel

hi everyone i am new to this forum today and hope i am using it right. i have just had a ppi cashback cheque from fp but i have a complaint going through with the ombudsman for mis-sold ppi. my question is if i cash this cheque will it interfere with my claim. thank you to anyone that can help me

dunstonh

supernanaangel wrote: »

hi everyone i am new to this forum today and hope i am using it right. i have just had a ppi cashback cheque from fp but i have a complaint going through with the ombudsman for mis-sold ppi. my question is if i cash this cheque will it interfere with my claim. thank you to anyone that can help me

If your complaint is successful, the normal redress method is a return of premium plus interest. With a cashback offer, you automatically get the premium back. So, yes, it does interfere but you have no choice in the matter. in your case, if your complaint is successful, you would just get interest.

supernanaangel

thank you for the quick reply it was very helpfull