Bog vs First Plus PPI - Formula help needed.

[hellhasnofury]

I've had another search and I think I've cracked it using hellhasnofury's calculations in Kanecole's thread (Thanks guys:) ), but need someone just to confirm what I have done.

 

Sorry about the quality - Not sure how to post a spreadsheet, so I attached it as an image - if you require me to PM the spreadsheet I can.

 

 

2006 Loan still current (but due to be settled soon), so I'm not sure how affects the figures.

 

If I have got this right (or it needs a little tweaking), I'm hame to upload the spreadsheet for others to use.

 

Hope this makes sense.

 

Hello Bog,

 

If my calculations are correct, you are going to have a lovely holiday:lol:

 

Isn't it amazing how when you work out the actual interest they do charge you especially in the 2nd loan:roll:

 

Send them your preliminary letter asking for it back, and if you have the figures on a spreadsheet, work out the stat 8% interest on top and also work out the contractual interest especially the 9+% loan,

 

Good luck and keep us posted:grin:

 

Firstplus deserve it:grin:

[hellhasnofury]

Wow! First Plus are quick at responding.

 

I sent my request for refund letter on Monday and I received a response today.

 

Not happy with it though, as they have refered the first loan to Norton Finance and are saying they (First Plus) will respond by the 6th May - in over three weeks!

 

This is the response I'm sending....

 

 

 

Is this OK, any comments?

 

Excellet letter Bog, Tells them that you know what your talking about:-D

[hellhasnofury]

Success

 

Just got a letter from First Plus stating they have listened to the call transcripts and they are not happy with the way the PPI was sold and therefore up holding my complaint. They will be refund the premium and all interest paid to date!

 

This is for my second loan, they (FP) refered the first loan to Norton finance (The broker who introduced me to FP) when I first complained.

 

Norton wrote and said they would investigate, but I've not heard anything so far. I think they have to give in and refund the PPI as FP descision makes their position untenable .

 

Hello Bog,

 

Excellent news and very well done.

 

Keep at them regarding the first loan, there would have obviously been selling on a commission basis, so they are both as guilty as each other, They do like to line each others pockets to make large sums of profit from unsuspecting customers:rolleyes:

 

Have a look in the ppi bundle sticky, there is a court case precedent regarding this matter Hurstang v This is about the responsibily off commission based selling;)