New User - Help with FirstPlus PPP Loan

Alex1237

Hi All,

New to this forum so be gentle with me.

My wife and I took out a firstplus loan in September 2006, we took it out as a short term solution as we were intending to re-mortgage as soon as we could on our property.

We borrowed £20,000 over 240 months and were told we were also required to take out a PPP loan of £4898.00.

When the time arose we re-mortgaged our house as planned and contacted firstplus for a settlement figure this was in the region of £23,500 (18 months after the loan was taken out). To be honest i was in complete shock as i had not realised that i would be paying back 18 months of installments and then still be settling with over £3000 more than what i originally borrowed.

Do i have a case to claim back that PPP loan?

If so, how do i do it?

Thanks ever so much in advance for any help or support with this query.

Alex

di3004

Alex1237 wrote: »

Hi All,

New to this forum so be gentle with me.

My wife and I took out a firstplus loan in September 2006, we took it out as a short term solution as we were intending to re-mortgage as soon as we could on our property.

We borrowed £20,000 over 240 months and were told we were also required to take out a PPP loan of £4898.00.

When the time arose we re-mortgaged our house as planned and contacted firstplus for a settlement figure this was in the region of £23,500 (18 months after the loan was taken out). To be honest i was in complete shock as i had not realised that i would be paying back 18 months of installments and then still be settling with over £3000 more than what i originally borrowed.

Do i have a case to claim back that PPP loan?

If so, how do i do it?

Thanks ever so much in advance for any help or support with this query.

Alex

Hello Alex and welcome.;)

These policies are a right rip off so you do possibly have a case here.

You mention First plus, was it these who arranged and sold you the loan?
If so write to them, or the ones who arranged this for you.

For more information check here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

You will find useful information on the above link, templates and a mis selling checklist, if any of those reasons occur to you then write them in your letter.
You can use the templates if you want to or as a guide, with your reasons.
With it being a costly single premium policy it's a complaint alone, but try to give them as much information as possible to strengthen your complaint.

They have 8 weeks in full to respond.

Keep on at them until they resolve in your favour, or until they issue you with the final response, the final response should also enclose details of the financial ombudsman service (FOS), you can take your complaint to these free of charge for them to investigate, if your not happy with the outcome of your complaint.

Best to post by recorded delivery as well - for your proof of posting.

Good luck and please post up for help if required, and please keep us posted, cheers.;)

di

Alex1237

Di, thanks ever so much for your quick response, it was dealt with directly by firstplus and not through a broker, so i will contact them directly, looking throught the forums, I see that firstplus are no longer active, who would i need to send this letter of complaint to?

sunnygirls

I have recently put a letter of complaint to first plus , i sent it to the address on the original paperwork ,i recieved a reply within 4 days so they must still have these offices ,i think its always been owned by barclays just a different name .So i would send it to the address you have for them.

Alex1237

Thanks, I will do that.

di3004

Alex1237 wrote: »

Thanks, I will do that.

Hi Alex

With pleasure.;)

As Sunnygirls have stated, send the letter as shown on your paperwork, they are still dealing with complaints.
Good luck.
Please keep us posted, cheers.

Di

marshallka

sunnygirls wrote: »

I have recently put a letter of complaint to first plus , i sent it to the address on the original paperwork ,i recieved a reply within 4 days so they must still have these offices ,i think its always been owned by barclays just a different name .So i would send it to the address you have for them.

They are owned by Barclays sunnygirl but I am afraid that where the FOS/FSA are concerned they are not liable for each other in any way financially (convenient me thinks). They have to have been appointed representatives and they were not. I op should be ok with their complaint anyway as FP were in fact regulated by the FSA/GISC at the time the loan was taken out. I tried making my complaint against Barclays trading as FIrstplus once and it was explained to me by a manager that this was not allowed cause of the appointed rep business so in the eyes of FOS not linked.

sunnygirls

Thanks i learn summat new everytime i log on here . Thank god for people like you . I would have had no idea were to start ,but ive read threw loads of posts ,and ive now sent 3 letters off had replies from them all within a week saying they are looking into it .Fingers crossed . Keep up the good advice .

di3004

sunnygirls wrote: »

Thanks i learn summat new everytime i log on here . Thank god for people like you . I would have had no idea were to start ,but ive read threw loads of posts ,and ive now sent 3 letters off had replies from them all within a week saying they are looking into it .Fingers crossed . Keep up the good advice .

Hi Sunnygirls, you will get there and have done well already.
And remember this was all new to us before as well.;)
Fingers crossed for you and we look forward to hearing the outcome of your claims. X

marshallka

sunnygirls wrote: »

Thanks i learn summat new everytime i log on here . Thank god for people like you . I would have had no idea were to start ,but ive read threw loads of posts ,and ive now sent 3 letters off had replies from them all within a week saying they are looking into it .Fingers crossed . Keep up the good advice .

I hope you win sunnygirl and its all concluded real soon.;)

sandzb

Where do get a SAR template please?