PPI and Firstplus

jabba4

Hi,

Just a question about PPI and Firstplus.

We took out a loan with Firstplus nearly 7 years ago, and we took out PPI with it. We were desperate and assumed that if we didn't take out the PPI we'd have problems getting the loan. Anyway, the loan was for about £20,000 and the PPI was for about £5,000, which of course was added to the loan. Also, it was on a special deal (?) at the time that if we didn't claim on the PPI in the first 5 years we could claim the money back. Which we did, and used to lower some of our debts before we entered our DMP with the CCCS.

Right, to my question, if any of you lovely people could help.

Although we got the actual cost of the PPI back after 5 years, can we claim back the interest charged on the cost of the PPI that was added to the loan ?

arthurdick

hi jabba, there is a thread for this, you might find it very useful....i cant find it at the mo, but hang on i be back.....or some other good person will be here to help you soon

arthurdick

http://forums.moneysavingexpert.com/showthread.html?t=524031 copy this and go there, i think its the one

jabba4

Brilliant ! Thank you, I'll read through that this afternoon and see what I can do.

arthurdick

good luck ....i have only today sent off a claim for one......good luck to the two of us

di3004

jabba4 wrote: »

Hi,

Just a question about PPI and Firstplus.

We took out a loan with Firstplus nearly 7 years ago, and we took out PPI with it. We were desperate and assumed that if we didn't take out the PPI we'd have problems getting the loan. Anyway, the loan was for about £20,000 and the PPI was for about £5,000, which of course was added to the loan. Also, it was on a special deal (?) at the time that if we didn't claim on the PPI in the first 5 years we could claim the money back. Which we did, and used to lower some of our debts before we entered our DMP with the CCCS.

Right, to my question, if any of you lovely people could help.

Although we got the actual cost of the PPI back after 5 years, can we claim back the interest charged on the cost of the PPI that was added to the loan ?

Hi there
This is the thread I think you may be looking for here:
http://forums.moneysavingexpert.com/showthread.html?p=17117127&posted=1#post17117127

I am sure someone will be able to clarify this for you, although the actual thread is about PPI reclaiming on mis sold policies, but someone may also have the answer to your question regarding the interest.

I think if you feel it was unfair that they did not also pay this back to you, you may be able to make a claim on this.

I also help out on that thread but when it comes reclaiming the whole lot of PPI due to others being mis sold.

Good luck.;)

jabba4

The PPI was just on the loan application form, we weren't given an option. We were just told to sign and return.