Bump.... This could be useful to anyone who gets their PPI back, but not the interest they are owed!!

Looking for some advice..... First Plus admitted (in writing) the PPI was mis-sold and have refunded the PPI premium and all subsequent interest payments, but have refused my request (again, in writing) for contractual interest. As they have deprived me of this money, I believe they should pay this! I am fully prepared to take them to court to recover this money, but I have the following questions... Is this the right thing to do? Would a court consider this a valid claim? Should I be claiming contractual interest or start with statutory? Is this POC OK...

I would say it's a delaying tactic! Like you my first claim was for bank charges and I learnt alot - the main thing was not to play their games My plan of attack is (and has been sucsessful).... 1. Hit them with a S.A.R - (Subject Access Request) 2. Get my facts together and write requesting a full refund and a response within 14 days (I ignore their questionares and 8 weeks to investigate b*llsh*t) 3. After 14 days, I send a letter before action giving them a further 7 days! 4. After 7 days, start court claim and for good measure report to FOS, FSA, OFT and Trading Standards as appropriate!

The spreadsheet will help you calculate the interest they owe you for depriving you of that money over a period of time.

I never got a fob off letter, only letters saying they are looking into it etc. This maybe because I did my SAR first and got my telephone call recordings first, then hit them with a request for refund letter. The calls are key, as they will most likely provided the most evidence of mis-selling!

I would put 'Formal Complaint' on this letter and give them 14 days to respond and then after that write again with a 'Letter before action' giving the a further 7 days. At least then you can say to a court that you have been fair in terms of timescales!

They have to keep the records for 6 years and the MUST supply you the information if you request it in accordance with the DPA. They are just being difficult! Force them to by sending them a SAR See here for more info: http://www.consumeractiongroup.co.uk/forum/payment-protection-insurance-ppi/118145-r-subject-access-request.html and here (Under Data Protection) http://www.consumeractiongroup.co.uk/forum/payment-protection-insurance-ppi/135060-links.html

Update I have recieved my cheque for the PPI and interest payments from FP, BUT they have not paid the contractual interest that I asked for!! I have written to them again and given them 7 days in which to refund the contractual intresest in full otherwise I will start legal action (and I will!) Considering they have admitted they mis-sold the PPI and given a refund, I think their position is untenable.

I will try to help, but can you clarify your figures... PPI 720.16 Charges 231 What is this? loan 11,200 APR 12.2 Do you know the monthly interest rate~? single premium policy - loan was made to £11,900 is this correct? The above add up to £12151.16 ???? What is your monthly payment £262 or £246?

If the second loan is/was still in the past 6 years and was used to consolidate the pat or all of the first, then IMO you should be able to claim for the PPI on both loans.

Humph!!! It' looks like I'm going to have to start legal proceedings against First Plus after all! It's been nearly 4 weeks since James Osbourn at FP sent me a letter saying they will refund the PPI in full and I still don't have my cheque I chased it 2 weeks ago and James said they are having trouble calculating the correct amount!

No business gives a gesture of good will unless they know they are in the wrong and want you to go away! I'm sure a Judge would see it that way too! Keep going. IMHO you are more than 80% there

I've sent you a PM

Right, I've put your figs into my spreadsheet and came up with the following: Loan Amount £61,800.00 PPI Premium £15,134.82 Total Loan £76,934.82 Apr% 9.9 Monthly Int.% 0.825* No. of Payments 180 No. of Years 15 Monthly Payment £804.12 Actual Costs (Over full term of loan) Total True Cost £144,741.60 (Monthly payment x 180) Total Interest 67,806.78 (True cost - Total loan) Annual Int.% 9.9 (Not accurate, this should be monthly interest x 12, not APR) Annual PPI Int. £1,498.35 (Interest x Annual Int%) Total PPI Int. £22,475.21 (30%of total interest!) Monthly PPI Int. £124.86 * Please note that in the absence of the actual monthly interest figure (FP must have changed their agreement forms, as it is on mine from 2004), the monthly interest figure is just the APR dived by 12 - not accurate, but close enough to prove a point! That point being FP are taking the P*ss by reducing your monthly payment by £24!! The actual amount of PPI interest you are paying out of your monthly payment of £804.12 is £124.86!!! If you take the £2000 they have offered off the initial £15,134.82 for PPI, it does indeed reduce the monthly payment by c. £24, but you are still paying a huge amount of interest on the reduced PPI amount (£13,134.82). See below for what I mean - I have just taken £2k of the PPI Premium and reduced the monthly payment by £24...... Loan Amount £61,800.00 PPI Premium £13,134.82 Total Loan £74,934.82 Apr% 9.9 Monthly Int.% 0.825 No. of Payments 180 No. of Years 15 Monthly Payment £780.12 Actual Costs (Over full term of loan) Total True Cost £140,421.60 (Monthly payment x 180) Total Interest £65,486.78 (True cost - Total loan) Annual Int.% 9.9 (Not accurate, this should be monthly interest x 12, not APR) Annual PPI Int. £1,300.35 (Interest x Annual Int%) Total PPI Int. £19,505.21 (33% of total interest!) Monthly PPI Int. £108.36 Sparkle is right they don't pro-rata the payments (again just another way of ripping us off!). If you where not made fully aware of the cost implecations of adding the PPI as a single premium at the begining if the loan i.e none of this was explained to you, IMO you have a very good case for mis-selling and you should go for a full refund of the PPI premium (not an insulting £2k) and all interest to date!! Hope this makes things a bit clearer (FP do their best to conceal true costs ) Out of interest, how many monthly payments have you made so far?

Does you paperwork have a monthly interest rate? Can you supply the following.... TOTAL Loan amount Period of load (I.e over how many years) Total Monthly Payment

If you let us know the following, I will try to help...... Loan Amount = PPI Premium = £15,134.82 Apr% = 9.52% Monthly Int.% = Number of Payments = Total Monthly Payment = £804.12 (Inclusive of PPI) All this will/should be on your original loan agreement (Some of the info I filled in from your previous posts - correct in wrong)

I aggree write to the Cardiff address, they will pass it on to the relevant dept/office. I too got my SAR back very quickly and with least amount of fuss.

I'm just sent my SAR to paragon and so I'm gonna be in the same position as you soon Catchleen. My view is quite simplistic, Paragon completeted the paperwork, they discussed it with you and took the money, so IMO they are responsible!!! I'm in the process of claiming PPI from First Plus at present and they have agreed to refund the PPI on the second loan I have with them, but have passed the buck to Norton Finance (Broker) for the first. I'll play along for now, but if Norton refuse, it's First Plus I will be dragging along to court!

I don't think it will affect claims unless First Plus go bust (which I think is unlikely!)

These are what I used..... First getting your info: And then requesting the refund.... (Amend according to your circumstances)

The FSA have stated that partial refunds are un-fair! I agree with Braveheart, SAR them and the go for the full PPI (+ Interest) claim. I think you will find you DO have a very good case for mis-selling.

I think your advisor is correct! Personally I would ignore them and not pay! Are Oakwood regulated by the FSA?

I agree, accept the offer conditonally (as a part settlement), because the way I see it, the fact they have made an offer suggests they know they are in the wrong and know they would lose in court .

This is interesting as I complained to the FOS about Barclaycard after 4 months of getting nowhere. The FOS, despite 8 weeks having passed, wrote back and said they will only look into it once the I have a final response from Barclaycard! The problem is... Barclaycard refuse to give me a final response, instead keep stating their investigations are ongoing!

Another victory for us! First Plus have agreed to refund my PP! Full details here..... http://www.consumeractiongroup.co.uk/forum/payment-protection-insurance-ppi/137511-bog-first-plus-ppi.html#post1535899