FSCS - Loanmakers

amersall

DI has not been on this site for a good while now, this thread was from 2009.

Why would you need to make a complaint to FSCS?, FP loans were passed to Elderbridge, you only go FSCS if the company went into liquidation.

Did you actually put a claim in for mis sell with FP?.

If you didn't then you need to do one with Elderbridge.

Did you get the PPI back at the 5 year point?.

Answer the questions and I will help you with this, I love First Plus:mad:

Barcode01

Hi
I understand this thread was a while ago, I just can’t find any other relevant information
I took out a FirstPlus loan in 2005 with my ex partner
Loan amount £60000 ppi £15000 added to the loan over 25 years I pay £114 per month for the ppi which is part of the contractual monthly payment, I wasn’t told this at the time and I never received a lump sum payment after 5 years as originally told by the broker magic loans who no longer exist
I had to reclaim the misselling of ppi through the FSCS which I received in August last year, my concern now is when I contacted the fscs to find out if the ppi has been cancelled they told me that the ppi payment would need to cancelled with Elderbridge and the payments removed from my monthly payment Elderbridge have told me this is nothing to do with them and to contact Barclays which I have and they say they can’t find my account!!!
I thought this would automatically cancel when I received my compensation, I really don’t know what to do now because the £15000 that was originally added to my loan I am still paying back over the term of the loan which works out a lot more than £15000
Please can someone advise what I can do to cancel the ppi and remove the monthly payments and £15000 from the outstanding balance
Any advice would be greatly appreciated :j

amersall

Have answered your private message, hope it helps.

amersall

This was the response to the private message I gave in case anyone else is in this position.


I assume that as this loan still running they may be trying to fob you of saying they cannot find your account. Did your loan pass to Elderbridge?.

The compensation that the FSCS paid does not include the 8% so you have lost out there to start with and as you have found out, does not remove the PPI from the loan.

You should put a complaint into Elderbridge and Barclays and ask why they cannot find you as the loan is still running, when you get a negative response, take it to FOS.

Do you have the cashback arrangement in writing at all?, it would be in the paperwork somewhere.
Even with the cashback, the PPI is still on the loan to term end with interest and you are not covered from that point, so you cannot cancel the PPI as it is not there I am afraid, if you have proof of the cashback and that you did not get it....did you have arrears in the first 5 years?, to get the cashback, your account has to be up to date for the 5 years.

If your account was up to date for those 5 years, we can do a complaint regarding this as you have to contact them to claim this and people do forget to claim.

The redress from the FSCS compensated you for the PPI, you should have taken this off the loan to get any reduction in the PPI added to the loan, are you able to do that? as that would be a way forward.
Lorraine