PPI and first Plus

muppit

Hello
this is my first post here although I have made use o the site or a long time re: info. We have a loan with First plus and took out PPI for approx £15,000. We are 1 month away from the five year deadline. At the time of taking out the loan we did not realise interest would be frontloaded for PPI and that we would have to pay this for the duration of the loan nor as I have read recently that a pre-existing medical condition would not be covered. I am worried about taking out a claim as we really need the money back asap, I have just had an interim charging order against me and the threat of another. I thought my DMP would solve my problems but seems to have made them worse. I have two questions - we have no arrears with 1st plus , can they refuse the money back due to my current finacial problems and shouls I try a claim now or wait till they pay out my cashback payment. Any help please

Portofino_2

I also have a claim against FP with the rebate due soon. I would suggest you take the rebate but also claim after that as I reckon they owe more than you will be paid out. Just my thoughts and more experienced people can help, I think.

hayston

muppit wrote: »

Hello
this is my first post here although I have made use o the site or a long time re: info. We have a loan with First plus and took out PPI for approx £15,000. We are 1 month away from the five year deadline. At the time of taking out the loan we did not realise interest would be frontloaded for PPI and that we would have to pay this for the duration of the loan nor as I have read recently that a pre-existing medical condition would not be covered. I am worried about taking out a claim as we really need the money back asap, I have just had an interim charging order against me and the threat of another. I thought my DMP would solve my problems but seems to have made them worse. I have two questions - we have no arrears with 1st plus , can they refuse the money back due to my current finacial problems and shouls I try a claim now or wait till they pay out my cashback payment. Any help please

Hi,
Just wondered if you have ever asked f/p if you are on track to receive your refund.
I am also approaching the five year point and have asked f/p if i will receive.
They can not tell me. I was late with a payment but only by a couple of weeks.
I have a feeling that we will not receive this.
I just wonder if anyone has ever rec'd their refund.
I have made a ppi claim through fscs as my loan was arranged through loanmakers.
Good luck

marshallka

I would say if there are no arrears on the account and you are due your cashback then you should claim as usual in the time scales as per your PPI contract BUT this amount that you claim back is only the premium and not all the interest piled on top of it. If you have a claim with them for misselling in at the moment then this really should not affect that claim as its the insurers that pay out for this but should you win your complaint then this would be taken into account and amended in the redress.

Good luck