First plus offer

MumoftwoMen

Hi All

Came home from work tonight to an offer from First Plus, they have said that due to missed/late payments they cannot restructure the loan, my credit check looks like it happened in 2009 so probably can't complain there.

They are offering sub total 1

ppi payments made 5103.70
8% interest 1407.60
less tax 281.52
less redress
already paid 914.47
5 yr allowance 4898.00

total offer 417.11

now here's my query point sub total 2 to reschedule the loan without PPI.

Amount 1972.56 no break down, nothing. Now if I am to pay £61.70 for the next 36 months to the loans end I get £2221.20 and thats with no interest, am I correct in my calculations, any help would be great.

Their total offer then 417.11 + 1972.56 = 2389.67 which off course is a bonus.

Many thanks in advance.

amersall

Did you repay the missed/late payments?.
What is the £1,972.56?.

MumoftwoMen

Yes all paid amersall. The amount is for the next three years still to pay but that's what I am querying. I pay £61.70 a month and still have three years to pay x all up to date nothing late since 2009. They seem to want to pay the remainder of the Ppi I will still pay as they say they cannot re-construct the loan so my payments will stay the same.

[Deleted User]

If they've already refunded the PPI, then they won't take it off the payment amount as well, or they would be giving it to you twice.

amersall

We know this, this is about getting the loan restructured.

The whole PPI should have been removed from the loan with the upheld, then the cash back and the other refund taken off, had that happened, the OP would have a smaller balance at this point.

As there is 3 years to run on this loan and PPI is still on the balance, with the hefty interest FP charge, FP will have had the original PPI back and some, this is why they will not re-do the calculations from the redress offer.

Other FP customers who had the cash back then won mis sell, had the whole PPI taken from the balance in the first instance then the redress calculated accordingly.

With FP, unless you have not had the cash back, love this scenario, it is win win with them all the way.

MumoftwoMen

Thanks, the amount they are offering though do you think it is right? The first part is off course, its the 2nd amount. As I stated before if I am paying £61.70 per month for the next 36 months the total is £2221.20 am I due the 8% interest on this as well or not, I have no clue, also the amount offered is out. £1972.56

amersall

Have had time to think about this now,you had in total with the cash back £7425 plus the £417, this is the whole PPI and the interest plus the PPI that you paid, that is correct.

It is the cash back that has caused the problem here, when you won redress, as I said previous, the loan should have been recalculated at that point, you would then have received redress with the PPI being removed from the loan and a smaller redress for PPI paid and 8% etc, you had the cash back so this complicates matters, they can't give you the cash back and then also take the whole PPI off the loan as you would have had this twice as zx81 said.

Hindsight is a good thing I know, but the cash back should have been repaid to the loan and that would then have removed the PPI from the loan at redress.

Can you clarify point 2, is this some kind of offer?.

amersall

They have given you 8% on the PPI that you paid, query the 8% on the remaining PPI that you are still paying for to term end as you have won redress.

MumoftwoMen

Amersall to date we have been paid £4898.00 and £914.47 = 5812.47. They are now giving the 8% interest = £1407. Payments paid = £5103.07 after the deductions in the amounts are offering £417 which is the difference.

Now in the next paragraph amount to reschedule loan without the PPI they are offering £1972.56 I am the one presuming this is for future payments on the account.

amersall

Give them a ring and ask what the £1972 is, I don't understand what they have done to be honest with the calculation.

Could it be balance remaining after the PPI removed?, you need to get clarification on this.

I can see the redress and it looks ok, need to know what the "reschedule" amount means, this seems to me to have the PPI removed already, why have they said
" due to missed/late payments they cannot restructure the loan".

The mind boggles with this company, get in touch and ask them to explain this to you.

MumoftwoMen

Thanks Amersall I've emailed them. I'll let you know what they say. X