Thread: Firstplus's response - is it what I think its is?!

Originally Posted by Brandy29

Hello, this is my first time posting here

Following my second letter to Firstplus re my missold PPI they have respnded within my time limit today, they are "satisfied that the details of the pament protection insuance policy were explained propery" etc etc (this is a standard 'we are not to blame' response.

However the next paragraph continues

"Neverthless, having considered your complaint the senior managers of Firstplus are willing to reach an agreement with you in an attempt to reach a mutuably agreeable outcome.

This will mean a full refund of the insurance premium plus interest paid on the premium to date will be refunded to the loan account and a cheque will be sent to you in respect of the part of the month;y payments made towards the payment protection insurance premium to date. The monthly payments will then be rescheduled accordingly" They are basically offering you your premiums with the interest they charged you on the premiums back in your pocket. However you are also entitled to the statutory 8% on top of what they offer.

Dare I hope that this is as good as I hope it is, or am I missing something (like a screw ). They IMO are trying to get of lightly.

If I give you te figures might someone be able to tell me what to expect in terms of the new loan value, repyaments and cheque amount? Please?

Cash loan £26,500 ppp loan £5,281.45 (total £31,781.45)

Monthly cash loan repayments £196.74 monthly ppp loan repayments £39.61 (total £238.35).

300 repayments at 7.9%. We have paid 34 repayments.

Many thanks in advance

OK you should be reclaiming 34 repayments of £39.61 and also claiming as follows, and I do not have the dates of payments so this is purely a guide.

You paid payment 1 on xx date £39.61
You paid payment 2 on xx date £39.61
you paid payment 3 on xx date £39.61

Now all of these £39.61 payments will include their contractual interest as it was a loan.

But what you now claim is:
on payment 1 £39.61 from xx date until they offer a settlement.
on payment 2 £39.61 from xx date until they offer a settlement
etc etc and each of these £39.61 payments should attract 8% simple interest from the date the payment was made until you sign accepting settlement.

Then they will take 8 weeks or more to send the payment this is so they get the last word on keeping your money for as long as they possibly can

I hope this helps clarify things for you

Simple interest calculator here...Blake Lapthorn - simple interest calculator

aa

Originally Posted by Brandy29

Thankyou for that, it helps to have another pair of eyes.
You have made things clearer.

They are, do you think hoping to not pay the 8%? If this si the case then do I go back to firstplus od the Ombudsman?

with PPI in all cases if your are in doubt give the ombudsman office a call they are extremely busy but also helpful.

Always go for the SI of 8% and if they cause hassle complain to the universe.

Financial Ombudsman Service
Financial Services Authority (They have teeth now)
Office of Fair Trading
Trading Standards
Information Commissioners Office
Competition Commissioners Office
Your MP

The more people that know about the massive PPI ripoff the better.

aa