reclaim PPI

mtgg

Hi,
this is my first post. I took out a secured loan with First plus in 2003 with the PPI. I did successfully get the 'cashback' after five years. I still feel the PPI was mis-sold to me, can I still make a claim for a refund of the fees and interest due to mis-selling? If I can how do I go about it. I dealt direct with FP.
thanks for any help
Mtgg

di3004

mtgg wrote: »

Hi,
this is my first post. I took out a secured loan with First plus in 2003 with the PPI. I did successfully get the 'cashback' after five years. I still feel the PPI was mis-sold to me, can I still make a claim for a refund of the fees and interest due to mis-selling? If I can how do I go about it. I dealt direct with FP.
thanks for any help
Mtgg

Hello and welcome.;)

Despite receiving the cashback, you may possibly still have a case, depending on what reasons you have.

May I ask if they paid this out automatically?
Or did you have to apply for this?
Did they explain this PPI business to you when this was sold to you, in regards of the cashback?

And if you don't mind me asking, for what reason do you have?

For more information, check this link below which is Martin's useful guidelines of reclaiming, with a checklist of mis selling reasons and templates etc, if you require help then please post up, good luck.;)
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

mtgg

HI
Thank you

It was taken out as we were told we would no get the loan if we did not take it!

It was also sold like a cashback & not ppi.
Yes we did have to request the cashback, it was not automatic.
I do not feel it was explained to me in the way in which it should have been. Especially the way it which it was charged & it was only for the 1st 5 yrs of the loan, yet i have found out that they will now charge the interest on it for the whole of the loan the next 19 yrs.

Many Thanks
Marcus

marshallka

mtgg wrote: »

HI
Thank you

It was taken out as we were told we would no get the loan if we did not take it!

It was also sold like a cashback & not ppi.
Yes we did have to request the cashback, it was not automatic.
I do not feel it was explained to me in the way in which it should have been. Especially the way it which it was charged & it was only for the 1st 5 yrs of the loan, yet i have found out that they will now charge the interest on it for the whole of the loan the next 19 yrs.

Many Thanks
Marcus

I think you have a good case here for misselling. I take it you did not use a broker to get the loan/PPI as if you did then its them you make the complaint to. If they reject the complaint then you can always take this to FOS and it seems 99% of all complaints against FP for misselling PPI are upheld. Just a long wait if it has to go this far but well worth it.

They will take the refund into consideration in the redress though.

If you decide to look into this there is a reclaim template letter in the guide that Di has posted but try to make you own letter with your own reasons for misselling as they take this more personal than just the template.

Good luck.

Ps don't forget to send all correspondence by recorded delivery and you only have to give the company 8 weeks for full and final response.

mtgg

Hi
Thank you

No we did not have a broker, it was done direct with FP.

Thanks
Marc

di3004

mtgg wrote: »

Hi
Thank you

No we did not have a broker, it was done direct with FP.

Thanks
Marc

I agree with Marshallka anyway so I would defo give it a go, good luck Marc, if you require any help then please post away.;)