PPI advise

scottishchick1

I have been mis-sold ppi from First Plus.

Here is the details can someone help me work out what I should be due

Loan amount - 32000
Insurance Premium - 6377.60
Length of loan - 20 years

Rebate at early settlement of Insurance of 610.77. So total paid at settlement in PPI was 5766.83

Loan commenced in March 1999. Settled this in Feb 2003. So a total of 47 months, and I worked out that it is 26.57 per month ppi so a total of 1248.79 in PPI payments during term of loan.

Then if I am right 8% interest on this?? I have tried to work this out but it seems way too much as I am not understanding the 8% interest from date first ppi payment was paid, it that therefore 8% from Feb 2003 until Aug 2013, that is 10 years and 7 months!!!

HELP please

-taff

First Plus?
They weren't regulated in 1999. They can dismiss your complaint.

scottishchick1

I contacted them and they are taking their time to investigate the complaint, said I will have a letter by 25th August, it was to be Sept 10th, so should I expect nothing then?

-taff

If you look at their website, they provide for 2 types of complaints, but nothing for complaints prior to 2005, so if you expect nothing, you won't be disappointed if you get it, and if you get something, it's a bonus.

scottishchick1

Thanks Taff, I will let you know. They are currently checking phone records and will let me know by Monday now....also my loan was taken out in 2001 they said, summer time, but I guess as you said, they only have 2 types of complaints on website and I did notice that at commencement of complaint......keeping my fingers and toes crossed and envisaging that letter with the offer:)...think positive is always my motto.