First plus PPI

meloow

Hi hope I'm doing this right as first time. I got a firstplus loan 9 years ago and still have the loan. I have already received my insurance payments paid back to me as I hadn't claimed in the 5 years. If I'm awarded ppi will this be deducted from what I still owe? Any advice greatly appreciated.:)

[Deleted User]

PPI redress is not subtracted from ongoing loans unless there is a default or arrears.
You are not "awarded PPI", you are refunded insurance that was mis-sold to you.

amersall

They will take the whole PPI total from the loan balance and your monthly payment will go down by the PPI monthly amount, you get the PPI back you actually paid with the 8%.

When you had the "cash back" you did not get the interest on the 5 years you paid this so you get the interest for this to the present day.

FP may give you options as to what you take with this offer, you must take the option that resets the loan, if you take the full offer to you then the whole PPI will still be on the loan to term end with interest, the "cash back" you had will be given back to FP with your payments over the remaining term with interest.

FP want you to take the offer that gives refund to you, this gives them more money, win win for them.

Post up your offer when you get it.

[Deleted User]

amersall wrote: »

FP want you to take the offer that gives refund to you

Do you have some kind of radar for First Plus posts?

amersall

Hate this company with a vengeance :mad: like to see "wins" with these, warms the cockles of my heart it does

meloow

Thanks for the advice. I've contacted them and I should have a response before 23 May. Once I know the offer I will post to get feedback if possible!

meloow

Hi got letter today. I had paid £3673.50 in but I have received this on 22 2 11 as I hadn't made a claim. I have been charged interest on my ppi of £2753.36 which they are deducting from my remaining loan. They are paying me £987.42 once income tax is taken off I will be a cheque for £789.94. Does this seem ok as need to agree then send off paperwork. Thanks for your help

amersall

You paid interest on the PPI from the loan start date to redress date, I know they have to rework this back into the loan as the loan balance will have reduced by this interest amount.

Have they removed the whole PPI from the balance of the loan and reduced your payment by the PPI monthly amount? if not, give them a call and ask why, also ask where the 8% is, let me know what they say as they should put you back in the position you were before the PPI and this means re-working the loan.

What is the exact wording out of this redress that they sent?.

If you are a non taxpayer, contact HMRC and they should give you the tax back.

Goldfinchlover

Hello, not sure if this is the right place to post but, yesterday I got a phone call from a company called something like Newbright who said they had taken over my records for Firstplus and wanted to send me a pack to initiate a PPI rebate. They said they had my records and indeed did know my name , address and phone number. I told them I had already asked Firstplus about PPI rebate and had been told my case was too old (2002 loan).
Two things occur. to me 1) who are these people and why have they got details of my loan application 2) is it possible I did not pursue the PPI claim far enough when I enquired at Firstplus a couple of years ago

Can anyone throw any light on this?

societys_child

1) Sounds like a dodgy claim company who've obtained your details (possibly illegally?)

2) Without any details of what happened a "couple of years ago" it'd just be a guess.

Did you make a complaint back then?

-taff

First PLus weren't regulated in 2002 so ye, it's too old to complain about.