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Advice on First Plus PPI new claim


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Hi all.

My wife and I took out a 15 year secured loan with First Plus in November 2005 for 15 years.

 

I was advised that we would not be likely to be accepted for the loan if we did not have the PPI and I had no idea that the PPI only covered 5 years.

 

We took the PPI refund that was on offer after 5 years but would like to make a mis selling claim.

 

First Plus have a complaints procedure on their website, via email, phone or in writing.

 

Should I simply email them?

 

If successful, how does the fact that we took the 5yr PPI refund amount factor in to the claim?

 

loan 28000 monthly 262.24

ppi 6857.20 monthly 64.23

total 34857.20 monthly total 326.47

This was at 7.9% originally but I believe it is at 9.8% currently

 

Thanks

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So £64.23pcm

 

See link 1 below

 

I'd do an fos CQ as well as the statint spreadsheet if you think the refund was wrong?

 

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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Thank you.

We have put in for the mis sold PPI

Fingers crossed.

So are my calculations correct.

28000 loan 6857.20 PPI premium

current loan balance is app 16,405 for 60 months remaining term

We had the 6857.20 refund from First plus on the 5 yr anniversary.

So our balance should be 16,405 - 120 x 64.23 (7707.6) and 8% per year on the 120x64.23 (3355)

Giving 16,405

-7707.6

-3355

=5342.4 balance and the monthly repayments should now be as if it were a 5yr loan of 5342.4?

 

Many thanks

 

Bernarde

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just put 64.23 in on each date you paid your normal PCM figure

 

then for the date of the refund

pop it in on the date you got it as a minus figure and delete the resultant int figure it creates in the last col.

 

 

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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Share on other sites
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