Hi all. The conduct and practices of Loans Direct are a complete disgrace. Last week I applied to them for a loan believing that they were a loan provider whereas, in fact, they are nothing more than a broker. I paid a £69.75 administration fee only to find that all I got for my money was a list of loan providers whose details are readily available on-line for free..!! What's worse, Loans Direct supplied my debit card details to another company called My Loan Now who also took £67.88 from my bank even though I've never heard of them.! Apparently, according to my bank, there's nothing illegal about this practice..!! Anyhow, after speaking to the Citizens Advice Bureau, I've written to both Loans Direct and My Loan Now (using recorded delivery) quoting Section 155 of the Consumer Credit Act asking for a full refund less £5.00 administration fee which I'm legally entitled too as long as I put the request in writing within 14 days. I'm awaiting their replies......

Here's the acceptance form for loan 3......like I said, all to good to be true - ?? Acceptance Loan 30001.pdf

Ok, here you go. I've attached the following:- Covering letter Details of how they calculated the refund Tax information Acceptance forms for loans 1 & 2 I'll have to send the acceptance form for loan 3 in a separate post, 'cause I can only attach 5 items at a time. I've blanked out the loan account numbers & substituted 'loan1',' loan2', & 'loan3' - hope that's clear? Also, I haven't bothered to send the second page of each acceptance form, 'cause all that's on them is a space for a signature & date. Many thanks for taking the time to look at them for me.. Tax0001.pdf Acceptance Loan 30001.pdf Refund calculations0001.pdf Covering letter0001.pdf Acceptance Loan 20001.pdf

Ok, will do. It might take a little while 'cause I'll have to copy all the docs & remove the identifiers. I'll get back to you in a bit.

Good morning.! Well, I've had a response from FirstPlus........nearly 4 weeks before the 8 weeks is up, which is a little surprising. What's even more surprising is the amount that they appear to be offering me? Any chance you could have a quick look at the paperwork to make sure that I'm not misinterpreting anything? It all sounds a little too good to be true.......

Ok - I've had an initial response from FirstPlus. They've written regarding loans 1 & 2 saying that they'll investigate the complaint & respond no later than March 14th.....which is exactly 8 weeks from the day they'd have received the complaint. Regarding the 3rd loan, they've said that they've investigated & as no PPI was sold with the loan my complaint hasn't been upheld. They also said that this decision was final, and if I didn't accept it I'd have to complain to the FOS. I'm inclined to wait & see what happens with the first two loans & take it from there. What do you think?

Ok, I'll let you know how I get on...

Many thanks..!! So, just to re-cap - you don't think that there's any need to include a covering letter explaining the calculations?

Many thanks....no rush.[sVIEW][/sVIEW]

Sorry to be a pain - just wondering if you'd had a chance to look at the spreadsheets yet?

Here you go - all based on the calculations that we discussed last month.....a lot more money than I expected..!! spreadsheet loan 2a0001.pdf spreadsheet loan 20001.pdf spreadsheet loan 10001.pdf spreadsheet loan 3a0001.pdf spreadsheet loan 30001.pdf

Good afternoon. I hope you had a good Christmas, and a belated Happy New Year to you.!! I've only just got access to a PC with Excel, so I've just been able to complete the spread sheets. Any chance that you could have a quick look at them before I send them off just to make sure they're ok? Many thanks.

Yes indeed - no way could I have done all that on my own.......in particular I'd never have thought of the PPI rollover..!! I'm aiming to get the paperwork sorted over the weekend, and the claim in the post early next week. Watch this space..!!

Ok, many thanks for that..!! I'm working today & tomorrow, so it'll probably be the weekend before I get the chance to work on the spreadsheets. Is it ok to get back to you if I have any problems? Do you think that I need to explain how I worked the claim out in a covering letter (ie.2.15 % of loan 2 is for loan 1 ppi & 19.67% is for loan 2 ppi etc) or do you think the calculations speak for themselves? I also think that the small rebate loan 2 ppi rebate is a little odd. I may be getting ahead of myself here, but any advice as to what I should do if they simply refuse to pay out? Perhaps I should worry about that if/when it happens. Thanks again..!!

.......Thank you..!!

Ok, found em..... There's a settlement quotation that Firstplus sent me at the time, plus a redemption quotation that was in the paperwork that I got as a result of the subject access search. I've attached them both, although they pretty much say the same thing. Obviously, there's no PPI rebate as there wasn't any PPI on the loan. Redemption quote loan 30001.pdf Settlement quotation loan 30001.pdf

Yep, sure is........ One quick question - how come I got a rebate of £7142.91 when loan 1 was refinanced, but I only got £796.62 when loan 2 was paid off? Seems like a big difference?

OK, will do. I've seen them somewhere, but there not with the rest of the paperwork. Bear with me....

I get it..!! Shall I post up the redemption paperwork for loan 3

Yep, go for it.!

Oh, ok - I'm pretty sure she's got excel. I made 8 payments on loan 1.

Yes, I think I'm with you - only problems is I can't get the spreadsheet to work.....probably because I'm using my partners laptop whilst my PC is in for repair & she doesn't have word. One other thing - the monthly repayment for loan 1 was £431.42, not £431.92......might be important later on? Sorry if I'm being thick, but the repayment figure that you calculated doesn't tally with the Firstplus figure on the redemption quotation? Thanks for your patience..!!

Ok, here we go. You'll notice that the figures that were actually used are in the left hand column of each redemption quotation, as they tally up with the amount used to settle each loan as per the statements.....what the figures in the other columns represent, I'm not too sure? What I'm really confused about though is the rebate figures? Redemption quotation loan 20001.pdf Statement loan 30001.pdf Redemption quotation loan 10001.pdf Statement loan 20001.pdf

OK, I've found redemption quotations for loans 1 & 2 - together with statements as to how the money was distributed. They do sort of add up, but the way the redemption figures were calculated is a little confusing. Rather than trying to explain it to you, would it be better if I posted them up?

Yep, got all that - thank you..!! I didn't receive a statement at the time the loan was refinanced, but it's possible that there are some settlement figures in the paperwork that they sent me as a result of the subject access request. I'll see what I can find & get back to you