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Berry57

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Everything posted by Berry57

  1. Hi I sent a further letter to First Plus saying we wanted the cost of the policy and the interest for years and basically they have sent the same letter and offer back. Any further advice please
  2. Hi Alan It wasn't a flexi loan. It was just a straight repayment with the PPI added to the total. The monthly repayment stayed the same every month and only changed when the interest rate changed. Our approximate payment was £690 per month B
  3. Thank you for all your comments once again. It is good to know we are not alone. (I feel so embarrassed we ever got into this mess but at least we are on the way out now, having faced up to it, downsized and paid our biggest debts off.....). The only breakdown is between the loan amount of £55K and the PPI of £13.4k. The PPI was then added to the loan to form a total of approx £68.4k. The interest was calculated on a daily basis on the balance of the total loan and added to the total on a monthly basis in arrears. The APR was 8.4%. We paid 4 years of monthly repayments with no defaults before settling in full.
  4. Thank you very much for your prompt replies. We believe it was mis-sold as we didn't realise what we had actually signed up to; First Plus implied we had to take it out to get the loan and we didn't realise it was only for 5 years. We are both in employment that offers good sickness and redundancy terms so we would never have agreed to it if we had been fully aware. In reply to Alan's question, the 13.5K doesn't include interest.
  5. Hi Newbie poster getting on top of debt here, seeking advice PLEASE. Four years ago, we were in financial trouble and so my husband and i took out a 15 year loan with First Plus for 55,000k. Added to this was a single premium PPI for £13,469k which only covered us for 5 years. The interest rate was 8.4% initially but this has fluctuated marginally. We sold our house earlier this year and settled the debt in full for a massive £62,000k We believe we were missold the PPI so are trying to claim money back on it. On receipt of our second letter to them, First Plus came back with an offer of £2030 as a "gesture of goodwill". We know this is no where near enough but would really welcome some advice on what we should be asking for. Many thanks in anticipation
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