firstplus loan (broker dial4aloan)from 2003

[bjmufc]

hello,new to the site and would be really gratefull for any advice,
took out this loan in 2003(15000 plus 3000 aprox ppi which a company is now trying to recover for me).i paid of this loan after just over 2 years and the settlement figure was 18000. i have just read a thread about the rule 78(dont really understand how it works or if it would have even applied) ,could someone please give me advice on if i would have been overcharged on this settlement figure and if i should contact firstplus. thanks for any help anyone can give.

[labman]

Re: firstplus loan (broker dial4aloan)from 2003

Does this help you?

http://moneyfacts.co.uk/guides/loans/rule-78-guides/

[Turboman]

Re: firstplus loan (broker dial4aloan)from 2003

Please give us more details--rule 78 wont have been used here btw

--ie as in my post 5 here

http://www.legalbeagles.info/forums/...469#post304469

ADMIN--can you move this thread to PPIL:oans sub--forum please--

[Turboman]

Re: firstplus loan (broker dial4aloan)from 2003

ADMIN---think you have got the links wrong

[labman]

Re: firstplus loan (broker dial4aloan)from 2003

Purely out of interest (no pun intended), how could a non-specialist like me know this would not be a loan covered by rule 78?

[Turboman]

Re: firstplus loan (broker dial4aloan)from 2003

I do not know for certain actually-(nor does the poster) -now I have read your link BUT----just cos the loan was early dont mean that the company used rule 78 --ie---some used 1 or 2 or 3 mths interest as an" admin charge"--

Soooo----lets look at actual figures for this case---if they can be available

Purely out of interest (no pun intended), how could a non-specialist like me know this would not be a loan covered by rule 78?

[Bill-K]

Re: firstplus loan (broker dial4aloan)from 2003

Shouldn't this question have first been raised with the CMC that you are dealing with, bjmufc ?

The loan settlement includes the PPI which the CMC is reclaiming for you. If this question HAS been raised with them - then what was their response ?

[bjmufc]

Re: firstplus loan (broker dial4aloan)from 2003

thanks for the link .will find paperwork and look to see if this has been used .then will post details

[bjmufc]

Re: firstplus loan (broker dial4aloan)from 2003

thanks Bill-K i will ask question to cmc (never thought of doing this).i will contact them after xmas and let you know there reply.ppi was added at start of loan and from what i can recall from paperwork wasnt much ppi refund in settlement but big chunk of interest charged on ppi.cmc have copy of all paperwork so i take it they know what to do ,but will certainly ask this question.

[Turboman]

Re: firstplus loan (broker dial4aloan)from 2003

Well noted Bill

I hadn't spotted that in post 1 you were working through a CMC as against asking us here on LB to give our opinion without any real facts

Yes--you should address your queries direct to your CMC who you have supplied with all the info to/and received the details re redress from your lender as they have the facts--and we have none

thanks Bill-K i will ask question to cmc (never thought of doing this).i will contact them after xmas and let you know there reply.ppi was added at start of loan and from what i can recall from paperwork wasnt much ppi refund in settlement but big chunk of interest charged on ppi.cmc have copy of all paperwork so i take it they know what to do ,but will certainly ask this question.

[MissFM]

Re: firstplus loan (broker dial4aloan)from 2003

sorry this is just curiosity (a desire to learn) What is a cmc please?

[bjmufc]

Re: firstplus loan (broker dial4aloan)from 2003

thanks turboman but bill had already very kindly pointed out to me i should ask cmc.
(coldn't give details as dont have access to paperwork for a few days)thread was just trying to help me understand rule of 78 and if it would have been used on this type of loan settlement ,didnt mean to go off-track with regards to ppi(but i think you will find someone else took it in that direction and maybe you should take time to read the thread properly before taking a swipe).had to involve cmc as rather complicated claim(broker in default )and didnt feel confident to try myself. anyway dont want to wrap you up in ppi but thanks for the comment.

[bjmufc]

Re: firstplus loan (broker dial4aloan)from 2003

its claims management company.taking on other ppi myself but have to use with firstplus as it rather complicated.