FIRST PLUS....advice please

holly22

we have a loan with First Plus with a ppi....in may we are due to claim £14000 back as we have never claimed on the policy...we did miss a payment which was added on to the loan...silly i know but i was in hospital and the ppi was only in my husbands name as advised...What are are chances ? also not told it would be paid over the whole term of the loan.

Do i wait till may and see what happens or do i start to reclaim a miss sold ppi?
advice please xxx thanx

di3004

holly22 wrote: »

we have a loan with First Plus with a ppi....in may we are due to claim £14000 back as we have never claimed on the policy...we did miss a payment which was added on to the loan...silly i know but i was in hospital and the ppi was only in my husbands name as advised...What are are chances ? also not told it would be paid over the whole term of the loan.

Do i wait till may and see what happens or do i start to reclaim a miss sold ppi?
advice please xxx thanx

Hi Holly

There are many complaints on this actual company, I have posted just to bump this up for you and hopefully someone will come along soon to give some help here, good luck.

pinknico

If I were you I would check and see if you are still going to get this,they should be able to tell you now.


It may be worth asking the FOS where you stand with mis selling if you get back the money from FirstPlus as I am not sure about this.

As you say you may get the 14000 back but you wont get the interest you have paid on it and will continue to pay on it.

holly22

thanks , will ring them tomorrow ..

andyouthink

Hello Holly, like you I am going to claim and this is my FIRST POST, its over 6 years old, and I am so nervous, I had a loan m(Tailored Loan with tailored loan protector Insurance whatever that means) for 10,000, for my daughters wedding, until I sold my unmortgaged house,which I stated at meeting, Loan was arranged for 66 months,on 20/4/98 with first repayment due in the November, I sold my house in and in April 1999 I Paid it back, over 13,000 paid back.
On Agreement was Premium Loan of 2,200,00 bringing the loan to 12,200. at 16%. though further down it says Annual % rate 17.2%. Which I do not understand at all. so like you I am asking for HELP. HELP HELP I have the original agreement, but its all gobble degook.

cjb1960

holly22 wrote: »

we have a loan with First Plus with a ppi....in may we are due to claim £14000 back as we have never claimed on the policy...we did miss a payment which was added on to the loan...silly i know but i was in hospital and the ppi was only in my husbands name as advised...What are are chances ? also not told it would be paid over the whole term of the loan.

Do i wait till may and see what happens or do i start to reclaim a miss sold ppi?
advice please xxx thanx

Hi I have just received a payment back from Firstplus after 5 years of my loan. However, this was less insurance tax. I have proceeded with claiming for miselling (copy letters available on this site) for a couple of reasons.

1. Firstly I will am claiming for the total amount (rather than the amount less tax)
2. I believe that as my policy was sold on a single premium basis and added on to the loan - I suspect that part of my interest payments have been directed towards this rather than reducing the loan in the early years.

I am still in correspondence with Firstplus - will let you know how I get on

joeggy

Hello, I have just sent my template off to firstplus and I have recieved a letter to say they are upholding my complaint and that they are going to refund £16,000 (ish) back to my loan account. Does anyone know if I am entitled to the cash amout as my PPI should it have run the full course I would have been given £10,000 (ish) cashback. I look forward to hearing from you.

lukiesgirl

Hi we reclaimed our PPI of £6000 last year even though we had added the original loan to our mortgage the year before. They initially rejected our claim and offered £1400 as a goodwill gesture. We contacted FSA and mentioned that the OH takes statins for angina they said that if we had needed to make a claim on the policy FP would probably have said no. After some wrangling and 18 months on the FSA ruled that we were mis-sold and were entitled to a refund of the £6000 plus interest so I think we ended up with around £7000. I would not wait for the payment I think it would be better to send a template letter to start with. You have nothing to lose and if your complaint is upheld at least you will get back the interest on the initial premium. Good luck

holly22

you have given me hope ! as i thought all was lost with first plus ...plase keep me posted....x

pinknico

joeggy wrote: »

Hello, I have just sent my template off to firstplus and I have recieved a letter to say they are upholding my complaint and that they are going to refund £16,000 (ish) back to my loan account. Does anyone know if I am entitled to the cash amout as my PPI should it have run the full course I would have been given £10,000 (ish) cashback. I look forward to hearing from you.

You are entitled to any monies plus interest you have paid out towards the ppi. Any ppi left on the loan plus the interest it has accrured will just be taken off the loan.

joeggy

Thank you, I'm not very good at this sort of thing. I will download the template immdeiately and send off to Firstplus.
They stated in the letter that they would pay off towards the loan as if I never had any PPI in the first place?