Firstplus PPI

Fiona01

Hi everyone, Had a letter back from Firstplus last week upholding our complaint. They have offered a full refund of the PPI £9480.01 plus interest to be paid on it. Can anyone tell me how they will work out the interest and what the end figure will look like. Thanks

marshallka

Great news for you. I have just submitted my complaint to them for a loan that was taken out in 2000. They have got records of it because i asked them for a copy of the agreement and they have sent one. I have now asked for the ppi back and also asked about the rule of 78 that was used when we settled the loan a couple of years later. How long did this take for them to pay up from when you complained and did you have to involve anyone else.

Fiona01

Hi,

Where do I start......apologies if I go on abit!. We took a loan out with Firstplus back in 2004 for £42,000.00 and £10,285.80 was added on for PPI, this was a single added premium over 5 years. We first wrote to Firstplus in November 2004 - using the template letter given on this website, Firstplus wrote back with a 'No'. We then

Kavanne

Fiona01 wrote: »

Hi,

Where do I start......apologies if I go on abit!. We took a loan out with Firstplus back in 2004 for £42,000.00 and £10,285.80 was added on for PPI, this was a single added premium over 5 years. We first wrote to Firstplus in November 2004 - using the template letter given on this website, Firstplus wrote back with a 'No'. We then

The suspense is killing me...

Fiona01

Hi sorry dont know what went wrong there...start again

Where do I start......apologies if I go on abit!. We took a loan out with Firstplus back in 2004 for £42,000.00 and £10,285.80 was added on for PPI, this was a single added premium over 5 years. We paid off the Loan in 2006. We first wrote to Firstplus in November 2004 - using the template letter given on this website, Firstplus wrote back with a 'No'. We then went on to send a second letter, again we got a letter back with a 'No' - we completed the FOS complaint form and sent this in, we received a letter back from the FOS saying that they had sent the complaint form etc to firstplus so that Firstplus could issue a final response (Firstplus have to issue a final response before the FOS will look at it). Three weeks later we receive a letter from Firstplus, upholding our complaint the letter stated that they do feel that the account manage could have provided more details on the insurance and highlighted that the PPI was optional (we received the letter 16th April). They have agreed to pay back the PPI in full plus interest.

The reasom why we felt the PPI was missold:
1) The PPI term was only over 5 years. We were told that at the end of the 5 years we would receive a refund of the premium.
2) It was a single premium-we paid for a single premium but did not see it through to the end of the term - paid loan back in March 2006.
3) We were not told that the PPI was optional
4) We dont beleive that it it was sold in our best interests.


Dont give up, it took us longer because we were contacted by a company called 'Total Refund' - DO NOT USE. In the end after many un-returned call from Total refund we went alone and completed our claim.

Hope this help, any questions just ask. Good Luck.

NW_RED

Hi Fiona,

Congratulations on your success, I am also looking to claim back off Firstplus.

I took out a loan in 2004 for £25,000 which had £4,982.50 worth of insurance added. The loan was settled in 2006 when I sold my house.
I have complete a SAR and have all of the information from FirstPlus. I am just not sure how much I can claim

I have looked at a few templates on other sites but the figures they produce are so large, I am sure they can't be right. Can you help??

marshallka

NW_RED wrote: »

Hi Fiona,

Congratulations on your success, I am also looking to claim back off Firstplus.

I took out a loan in 2004 for £25,000 which had £4,982.50 worth of insurance added. The loan was settled in 2006 when I sold my house.
I have complete a SAR and have all of the information from FirstPlus. I am just not sure how much I can claim

I have looked at a few templates on other sites but the figures they produce are so large, I am sure they can't be right. Can you help??

What are the templates that you are on about. I want to make a reasonable claim for the ppi and settlement figure being unfair. Mine was taken out in 2000 though and was paid back over 6 years ago early. This company is a sham.

NW_RED

There are a few threads on consumeractiongroup.co.uk that have excel spreadsheets attached, that allow you to work out what you can claim.

When I work out my claim via those figures though for a 25K loan and just under 5K ppi added to the loan it says I can claim about 17K. I only had the loan for 2 years so that seems a little high to me

http://www.consumeractiongroup.co.uk/forum/payment-protection-insurance-ppi/136170-nw_red-firstplus.html#post1441324

marshallka

I do not understand how to work it out still.
My original Loan was £17k
ppi £4163.30
Interest 13.9%
160 monthly payment
£281.25 per month

We settled about 2 years later and paid them about £24k

Any ideas how much to claim.

Thanks to anyone that can answer

NW_RED

Here is thread that contains the spreasheet that I used: http://www.consumeractiongroup.co.uk/forum/payment-protection-insurance-ppi/137511-bog-first-plus-ppi.html#post1477728

If you can provide all of the detail on this sheet I can drop your figures into a spreadsheet I have, However I am not sure if the figures it comes up with are correct. I had a 25k loan plus ppi for an initial term of 25 years and it is telling me I should be asking for 17k back. :rolleyes:

Provide the following and I will have a look:

Loan amount
PPI amount
APR %
Monthly Intrest %
Loan term (years)
No of payments
Monthly payment
settlement rebate (if applicable)

NW_RED

marshallka

NW_RED wrote: »

Here is thread that contains the spreasheet that I used: http://www.consumeractiongroup.co.uk/forum/payment-protection-insurance-ppi/137511-bog-first-plus-ppi.html#post1477728

If you can provide all of the detail on this sheet I can drop your figures into a spreadsheet I have, However I am not sure if the figures it comes up with are correct. I had a 25k loan plus ppi for an initial term of 25 years and it is telling me I should be asking for 17k back. :rolleyes:

Provide the following and I will have a look:

Loan amount
PPI amount
APR %
Monthly Intrest %
Loan term (years)
No of payments
Monthly payment
settlement rebate (if applicable)

NW_RED

hi, thanks for this
Loan amount was £17,000
PPI was £4163
APR was 13.9%pa
Loan term was 160 months
No of payments we made before settling was about 20 to 24
Monthly payments were £281.25
We paid them to settle about £24,000

Thanks again,