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Urgent help needed - Norton / First Plus PPI Claim


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Dear all.

 

After 3 years since my first letter, I heard from the Financial Ombudsmen regarding the PPI claim that I made from Norton (loan with First Plus), they agreed with me that PPI was mis-sold and that I would hear from Norton within 3 months regarding my refund.

 

I got a letter from Norton today. They claim that the have contacted First Plus and that they were told I had cancelled my PPI in the first 30 days and a full refund applied to the loan account so no refund is due and that my file has been closed by them on this matter.

 

1. I have NEVER cancelled this insurance.

2. Surely if the insurance had been cancelled, regardless of by whom, the capital amount would have been reduced?

 

Here are some figures, I am hoping that someone familiar with working these things out can help me so that I can call First Plus and challenge them:

 

Amount of Credit: £66000

PPP Loan: 13153.80

Total: 79153.80

 

Monthly repayments:

Cash Loan: 598.44

PPP Loan: 119.27

Total: 717.71

 

Number of repayments: 300

APR: 10.4% (variable)

 

Interest Rate (variable): 9.97%

 

My current payments are: £762 per month (they have been as high as £814 a couple of years back)

 

My current balance (taken from my credit report) is: £76882.00

 

I have stepped through every payment made (also logged on my credit report) and at no point did the end figure represent any difference as should have surely been made had the PPI been paid back).

 

I have made exactly 48 payments (4 years).

 

Am I missing something really obvious or are they trying to con me into leaving this and just walking away?

 

If anyone at all can help me with some ammunition for my phone call, I would really appreciate it very much. If anyone can also see something that I am missing, I would equally appreciate it. If you could also let me know what I need to ask for as proof of what I am paying for (breakdown etc) that would also be great.

 

I am at my wits end. I can't go back and start all over again. I am reeling from the shock and feel that this is very much unjustified.

 

Many thanks to all of you.

J x

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Jussieb,

 

I have done some calculations for you on the attached spreadsheet.

 

The first page shows the interest charges and repayments on your PPI.

 

The second page shows the interest charges and repayments on your loan. If you add the totals on the first 2 pages together, it comes somewhere near what you state is your current outstanding balance. Thus confirming the PPI has not been refunded before.

 

The third page shows the PPI repayments you have made to date and the statutory 8 % interest to which you are entitled on each repayment to the date you are refunded the PPI. As we cannot know this date at the moment, I have used 31/10/10 for the purpose of this calculation.

 

Personally I would write back to them and enclose a copy of the spreadsheet I have enclosed. Ask them to provide a copy of the loan statement detailing the cancellation of your PPI within the 30 days.

 

Good luck

 

DJ

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DJ - Thank you from the bottom of my heart! I am so amazed by ytour kindness.

 

I will now take this to Norton and First Plus and see how I get on. As soon as i have a response I will let you know.

 

You are wonderful! :-)

 

J x

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