I hate Firstplus!!!!!

Cliff_J

Sorry for the title but I've had all I can take from Firstplus and their unprofessional staff now!!!

We originally took out a loan in 2008, which was set-up through the now extinct "Loanmakers".

We were told we had to have PPI and in our financial situation I couldn't argue it, although I did not want it.

The details:

Original cash loan amount: £38000
Original PPI loan amount : £5506.20
Original fees amount: £995.00
Original total loan amount: £44501.20
Original loan agreement date: 15/08/2008
Agreed loan term: 25 years and 0 months

Annual interest rate was 8.6% and then went up 1% to 9.6% 15/8/2010.

My original loan form shows:

cash loan £38000 + PPI loan £5506.20 = total of £43506.20
Monthly repayments (x300): £308.17 + ppi £44.66 = £352.83

But at 9.6% I pay £380.12 per month.

We called Firstplus in 2011 and tried to cancel and reclaim our PPI, they said that even though we pay them the loan was set-up by Loanmakers and not their problem, but if we kept the PPI for the 5 year term we'd get £5506.20 cash back.

So, stupidly we did, and now they say that because it's a tailored loan, we do not get the cashback and we never made any calls ever to them!!!! Just as we expected a cheque for £5506!!

So, today I called the FSCS, they are sending me out a claim form against loanmakers as they're no longer in business.

Have I done the right thing?

What happens when it gets sorted/refunded, how do I go about restructuring my loan and repayments with Firstplus when they will not play ball?

How much money should I expect back or accept?


Any help appreciated.

Kind regards

Cliff J

amersall

Bet you don't hate FP as much as I do :mad:
Your loan will not be restructured, the FSCS will compensate for the PPI so you must give this payment to FP to reduce the debt, your payments will not change.

The whole PPI amount is still on the loan to term end with interest so it is in your best interest to pay as much as you can to this loan.

Ask FSCS about the cash back you should have received, it may be possible you can get this too, I am not 100% certain with this so ask.

You need to chase FP for the cash back as they pay this out at the 5 year term and not Loanmakers.

Cliff_J

Firstplus say ours was a tailored loan as set-up through Loanmakers and we do not get the cashback. It's in none of our paperwork either and we weren't expecting it, until we went to claim our PPI back and FP told US on 3 different occasions on the phone we would get £5506.20 if we kept the PPI going. So we did, got to the end of 5 years and BINGO, no cashback!!!!!!