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PPI - Norton Finance and Firstplus - Advice Required


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Hi, Please could somebody advice.

 

I took out a loan via Norton finance with firstplus in Nov 2007 for 10 years.

The monthly ppi payment for the loan are £87.62 and the ppi only runs for 5 years of the 10 year loan so ends this November coming.

 

I have successfuly made a ppi claim via the FSCS and they have compensated me for, and i quote

"the compensation aims to put you back in the financail position you would have been in had you not received the insurnance advice.

The compensation only covers actual losses. It does not aim to cover future losses."

 

I have received £2617 from the FSCS.

 

Question One. Am i still elligible to claim my 'no claims bonus' back with First Plus in November or does the money paid by the FSCS inlcude this?

 

Question Two.

I'm still going to be paying £87.62 ppi payments for another five years for nothing (as the term was five years) .

Can i cancel this insurance and reduce my month repayment by the ppi payment (£82.62)?

 

If so will i get charged by firstplus for cancelling?

And will the effect my 'no claims bonus' ?

 

Question Three. If the FSCS have deemed that the policy was missold, shouldn't firstplus stop taking my £87.62.

 

Please reply if you can help me.

 

Thanks,

Andrew

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no claims bonus?

 

what you should get back can be worked out using this:

 

This first spreadsheet is the latest version of the statutory interestlink3.gif calculator and is used for Single Premium PPIlink3.gif cases. It can also be used where rollover PPI is involved, i.e. a new loan re-financing a previous one and where PPI is included in one or more loans.

 

StatIntSheet v101.xls

 

 

put every month you have paid so far in.

 

that will give you the figure inline with FOS guidelines

 

then the rest [unpaid] PPI should just be cancelled.

 

your monthly payments should thus also decrease.

 

dx

please don't hit Quote...just type we know what we said earlier..

 

DCA's view debtors as suckers, marks and mugs

 

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

 

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

 

 

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Hi,

 

Thanks for the reply.

 

By 'no claim bonus' i mean the amount i could claim back after the ppi policy had run for five years without a claim. I'm guessing the fscs figure covers this?

 

I've calcualted i've paid in roughly £4900 in ppi payments , so why only £2617 back (i guess admin fees etc are taken out)?

(note this is the full amount, not the 90% figure paid by the fscs)

 

Thanks,

Andrew.

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the NCB was prob the refund of some of the paid ppi.

 

there should be NO admin fees for anything to do with a PPI reclaim.

 

that spreadsheet will tell you what you SHOULD get back

on your PAID premiums so far.

 

the unpaid premiums are just deducted from the outstanding balannce.

 

dx

please don't hit Quote...just type we know what we said earlier..

 

DCA's view debtors as suckers, marks and mugs

 

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

 

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

 

 

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Hi,

 

Here are the details from the FSCS:

 

Original Premium = £6975.50

 

Plus interest = £2608.31

 

Less Eligible Benefits = £6975.50

(This is the amount you have either already received from the insurer of the equivalent to one you are eligible to receive, for example, an amount you have claimed or a no claims bonus)

 

Less Rebate due upon cancellation = £0

(Whilst the lender has confirmed you are currently due a cancellation rebate, this has not been included in our quantification of loss process as you are potentially due a no claims bonus).

 

Plus A reasonable rate of return = £9.40

(this is the amount of interest on the monthly loan payments you have made in respect of the ppi premium)

 

Equals Compensation figure £2617.71

 

The bit i'm confused about is the 'Rebate due upon cancellation' ...... i.e. 'you are potentially due a no claims bonus' ..... can i still claims this ?

 

I guess the FCSC payment is a refund of the interest paid on the premiums i've paid to date, and that i can still claim after five years if i've not made a claim?

 

Thanks,

Andrew

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