Claim to First Plus, what sort of amount should I be looking to reclaim?

Ladynoluck

This site is so informative and has given me a little hope in our financial struggle. I strongly believe we have been mis sold PPI from First Plus. However I am totally lost on how much I should be reclaiming ie. interest etc.
A loan of £55000 taken out in June 2006 with a PPI added of £13469.50.
Monthly PPI alone cost us £105.17. PPI cancelled in July 2007. They refunded £3238.02 to our account. So basically we lost around £10,000.
Can anyone advise me the sort of sum I should be looking for if I am successful in reclaiming. Thanks to First Plus we are now in negative equity and behind in payments.
Thankyou in anticipation of anyone giving us some guidance.

di3004

Ladynoluck wrote: »

This site is so informative and has given me a little hope in our financial struggle. I strongly believe we have been mis sold PPI from First Plus. However I am totally lost on how much I should be reclaiming ie. interest etc.
A loan of £55000 taken out in June 2006 with a PPI added of £13469.50.
Monthly PPI alone cost us £105.17. PPI cancelled in July 2007. They refunded £3238.02 to our account. So basically we lost around £10,000.
Can anyone advise me the sort of sum I should be looking for if I am successful in reclaiming. Thanks to First Plus we are now in negative equity and behind in payments.
Thankyou in anticipation of anyone giving us some guidance.

Hi there

I believe you have a good case here hun.

I am going to send you a private message.;)

di3004

Ladynoluck wrote: »

This site is so informative and has given me a little hope in our financial struggle. I strongly believe we have been mis sold PPI from First Plus. However I am totally lost on how much I should be reclaiming ie. interest etc.
A loan of £55000 taken out in June 2006 with a PPI added of £13469.50.
Monthly PPI alone cost us £105.17. PPI cancelled in July 2007. They refunded £3238.02 to our account. So basically we lost around £10,000.
Can anyone advise me the sort of sum I should be looking for if I am successful in reclaiming. Thanks to First Plus we are now in negative equity and behind in payments.
Thankyou in anticipation of anyone giving us some guidance.

If your successful in reclaiming, they must aim to put you back in the position as if you did not have PPI, plus interest and charges occurred, my guess you should receive back over that amount of £10K.

I am not good with calculations but normally if a loan is settled, the whole lot of PPI is refunded with also interest and charges etc, but I'm sure someone will come along to offer to calculate this for you.

One of my loans the PPI was just under £11K, I received back just under £13K, hope that gives you some sort of idea.;)

There is no harm in writing to them to complain and reclaim on your reasons of why you believe you were mis sold, they have 8 weeks to respond in full, another letter maybe required if not successful first time round, or until you receive the final response, which will enclose the Financial ombudsman leaflet with their complaint procedures if eligible to take your complaint to them if not successful.

What year did you take this out?

Check the link out here for further information on mis selling of PPI, there is also a template letter on the link but try to write on your own words if you can and post by recorded delivery, good luck.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

ruthie70

I am in a similar position to you - however, I am reluctant to cancel the PPI on their current cancellation terms which is a notional rebate (approx £1500) to come off our loan. You say that you have lost out on £10,000 but is the PPI loan still not attached to your loan i.e. the £13,000 lumped onto the £55,000 and accruing interest. I would say that at the end of the day, the £13,000 PPI ends up costing £30,000+ over 25 years. This is what has happened in my case - so if I cancel the PPI and get £1500 taken off my loan, I'm still paying for the PPI over the whole term of the loan as it was added at the start - hope this makes sense. Even just the mention of FP makes my blood boil :mad: