Hi

 

The £53k was the final lump sum payment: the loan had been paid as normal throughout the term so this was over and above the monthly repayment. About 85% of the refund was a refund of the PPI plus the interest charged "unfairly", based on the rule of 78, of the PPI. The remaining 15% was the actual difference between the loan repayment calculation based on the rule of 78 compared to the new method of calculation.

 

Hope that helps.

Hi,

I know this is quite some time since you got your rebate, but I'm now in a similar situation, we took out £75k 8 years ago, and the settlement figure is now £77k, having paid in the best part of £77000 in monthly payments!

So, I was wondering if I could ask for a copy of the letter you wrote to First Plus, obviously with any personal details taken out?

I would be eternally grateful, as I feel really cheated by them right now.

Many Thanks

K