FIRST PLUS - Do you think I have a case?

Ladynoluck

End of June 2006 my husband and myself took out a secured loan of £55,000 over 300 months.
This was a joint loan but the salesperson was very pushy about us taking out PPI. He kept saying after 5 years you will get it back. I am self employed and the PPI only covered my husband, so thinking about it now both incomes were needed for the loan, yet PPI only covered my husband. The APR was 8.4%. The PPI of £13469.80 was added at the start of the loan bringing our total loan to 68469.50. We paid monthly £429.47 for the loan and £105.17 for the PPI. With interest rates going up to 10% we could not afford the monthly payment and therefore decided to cancel the PPI in July 2007 in order to bring the monthly payment down. They refunded an amount of £3238.02 to our account in July 2007 and told us monthly payment would change to £579.05.
With continued interest rate increases our present monthly payment stands at £584.
I feel robbed:
1. The PPI was useless to us.
2. Interest rates are down lower than ever yet we are paying £584.00 which is more than the combined total of loan and PPI we were paying in 2006.
We are struggling badly now and are 3 months in arrears. Do you think I have a case and if so should I try and sort it myself or go to a firm who deals with it for us. I am not sure if I am strong enough at the moment to take much more!
Thanks.

maxdp

Hi Ladynoluck

Sorry to hear about problems you are having at the moment. I have no first hand knowledge of First Plus but others on here have had loads of dealings. Do not think they are on line at moment but am sure they will be later on today. If this goes down on the list I will bump it up for you.

Am sure they will give you good advice. Good Luck

Ladynoluck

Thanks for that. I am new to this site and don't really understand all the links.

marshallka

Ladynoluck wrote: »

End of June 2006 my husband and myself took out a secured loan of £55,000 over 300 months.
This was a joint loan but the salesperson was very pushy about us taking out PPI. He kept saying after 5 years you will get it back. I am self employed and the PPI only covered my husband, so thinking about it now both incomes were needed for the loan, yet PPI only covered my husband. The APR was 8.4%. The PPI of £13469.80 was added at the start of the loan bringing our total loan to 68469.50. We paid monthly £429.47 for the loan and £105.17 for the PPI. With interest rates going up to 10% we could not afford the monthly payment and therefore decided to cancel the PPI in July 2007 in order to bring the monthly payment down. They refunded an amount of £3238.02 to our account in July 2007 and told us monthly payment would change to £579.05.
With continued interest rate increases our present monthly payment stands at £584.
I feel robbed:
1. The PPI was useless to us.
2. Interest rates are down lower than ever yet we are paying £584.00 which is more than the combined total of loan and PPI we were paying in 2006.
We are struggling badly now and are 3 months in arrears. Do you think I have a case and if so should I try and sort it myself or go to a firm who deals with it for us. I am not sure if I am strong enough at the moment to take much more!
Thanks.

Did you use a broker at all? If you did then FIrstplus may say to make the complaint against the broker.

From what i am told if the PPI was useless to you then you need to make a complaint for misselling

Just take a look at the link here and see what you can add and delete from the template letter. Its always best to do your own from this. There are lots of reason on there for the misselling so pick out the ones that are applicable to yours.

You then write to the firm that actually made the sale of the PPI to you if this is different from the lender and don't forget to send this recorded delivery so you always a proof and dates etc.

After that you have to give them 8 weeks for a full and final response. In this time it is usual to get a response of "sorry we sold this to you fairly" but you then respond to this and reiterate your complaint again. The next time they write they either give you a final response which you would need in order to take this complaint to the FOS or offer to settle.

http://www.moneysavingexpert.com/rec...urance#reclaim


Good luck

dazzer26

fully agree with marshallka you need to claim for this i have a claim myself against them with fos takes a while but should be worth it in the end best of luck to you.

marshallka

dazzer26 wrote: »

fully agree with marshallka you need to claim for this i have a claim myself against them with fos takes a while but should be worth it in the end best of luck to you.

Good luck to you too dazzer. How long has yours been with FOS. May help the poster.;)

I notice as well with the poster it is "fossable" so to speak too being 2006 for either lender or broker.

dazzer26

marshallka my complaint has been with the fos since begining july 2008 and has been passed to a adjudicator last week hope this helps.