PPI reclaim after defaulting on loan (Firstplus)

tj73

My husband took out a homeowners loan with Firstplus in 2002 & we are thinking of trying to reclaim the PPI. However, he defaulted on his loan for about 6 months before the 5 year rebate could take effect. He is back on track with the payments now but does anyone think we have a chance ?
Also, does anyone have any claims going through for Firstplus ?
Cheers

di3004

tj73 wrote: »

My husband took out a homeowners loan with Firstplus in 2002 & we are thinking of trying to reclaim the PPI. However, he defaulted on his loan for about 6 months before the 5 year rebate could take effect. He is back on track with the payments now but does anyone think we have a chance ?
Also, does anyone have any claims going through for Firstplus ?
Cheers

Hello and welcome.;)

It makes no difference, so I think with your reasons of why you believe this was mis sold, you should go for it.

Below is Martin's useful link of guidelines of reclaiming, you will find a check list of mis selling reasons and template letters.
http://www.financial-ombudsman.org.uk/contact/index.html

If any of those reasons accur to you then write that down on your letter, you can sue the template if you want to or use your own words.
Do not worry about writing the amounts.

They have 8 weeks to respond in full, they may write back by either resolving in your favour, or they may give you the opportunity to write another letter with further information, so keep at them until they resolve or until they issue you with the final decision.
They will give details if eligible of the financial ombudsman service (FOS), where if your not satisfied with the outcome, you can take your complaint to these.

Was the loan arranged and sold by First Plus?
If it was then you write to them, or if this was arranged by a broker you write to them.

Best to post by recorded delivery as well.

Good luck and please keep us posted.;)

di3004

Sorry is my writing too small above?

(just been experimenting the same time)......:o

pinknico

I like the writing Di, catches the eye. xx

orangetrader

how long was loan for? first plus tend to do 5 year PPI policies on loans running for a longer period. that alone gives you grounds for a claim. no reason not to claim, good luck

orangetrader

also if you are still paying it you may want to check if the loan is enforceable. If its not you wont have to pay the balance and you get the PPI back as well. Many loans with PPI are unenforceable.

tj73

Thankyou all so much for your responses. I will go give it a go at reclaiming and keep my fingers crossed. I will check whether the loan is enforceable too. At the moment the loan is due to run for about another 10 years as they wont even let us increase the payments, so we're paying mostly interest, which I find very annoying.

orangetrader

and bear in mind, you can't go unenforceable route once the ppi compensation has been paid (as loan will be re-written on post 6th April 07 contract). you therefore should do unenforceable check first