MAC v FP
I'm in the process of challenging a loan taken out with F irstplus in Apr 04 and redeemed in Jan/Feb 05.
My challenges center are around PPIsold with the loan
1. They missold the PPI, they have responded to this by fobbing me off on the POS organisation. I've written to l oans.co.uk and am awaiting a response so challenge on hold unless I've missed something or someone can tell me why I should get back to FP.
2. As part of the loan after 5 years I would receive a full refund of the PPI. I've asked FP when I can expect this money
They have responded by stating that 'in one of the booklets that should have been sent at the time I received the loan it was explained that I would receive only a partial rebate if I reeemed the loan within the 5 yr period'
In my view as the loan included PPI any such term should have been in the signature
Further when I redeemed the loan there is no rebate figure quoted for PPI.
Can they get away with stating that the details for redemption were in a separate document?
Loan details
Amount 40k
PPI 9796
Total 49796
Int Monthly 0.677% var
Apr 8.4% var
Est No of repayments 204
Monthly payment started @ £420.36 for Apr 04, £434.67 May-Jun04 and then £450.40 until Jan 05
Can someone help with 'a detailed understanding' if the above figures are correct. I've tried but the figures I get are wildly out of whack.
Redemption figures
Total amount repayable: 84324.17
Less rebate on early resettlement: 34949.03
plus admin
Total amt payable 49525.14
I've challenged FP stating that the agreement signed doesn't say anything about only getting a partial refund of the PPI payment if redeemed early.
They pointed me at s12 in the T&Cs (below), which in my view doesn't specify where I would find the information I needed to know even if I had wished to look.
Is this an unfair term? or do you think they're stretching
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