Help with FP PPI

Cridlington

Hello

I'm in need of some help/advice. Apologies if you have seen this thread already - I did write one yesterday but it didn't appear on the site.

I took out an FP loan in 2006 and with it a hefty PPI. In 2009 I decided to redeem my loan and asked FP for a redemption figure. This figure was £12k above the amount of the original loan. I obviously questioned them and they said it was all above board as part of the loan agreement. I did end up redeeming the loan as the rates of interest were cripplingly high.

Since then I have written a letter of complaint through the correct channels. They have written back saying that they have investigated my complaint and that the policy was not mis-sold and that if I want to progress further I will need to take it to the Ombudsman.

Apart from feeling thoroughly mad at myself for allowing this to happen I feel as though the amount I had to pay back was too high. If I take in to account my monthly payments and the PPI redemption over the 3 years it has cost approx £32k to service the loan.

Have people been successful in getting soemthing back from FP and should I keep going or do I put this down to an amazingly expensive experience and move on?

di3004

Cridlington wrote: »

Hello

I'm in need of some help/advice. Apologies if you have seen this thread already - I did write one yesterday but it didn't appear on the site.

I took out an FP loan in 2006 and with it a hefty PPI. In 2009 I decided to redeem my loan and asked FP for a redemption figure. This figure was £12k above the amount of the original loan. I obviously questioned them and they said it was all above board as part of the loan agreement. I did end up redeeming the loan as the rates of interest were cripplingly high.

Since then I have written a letter of complaint through the correct channels. They have written back saying that they have investigated my complaint and that the policy was not mis-sold and that if I want to progress further I will need to take it to the Ombudsman.

Apart from feeling thoroughly mad at myself for allowing this to happen I feel as though the amount I had to pay back was too high. If I take in to account my monthly payments and the PPI redemption over the 3 years it has cost approx £32k to service the loan.

Have people been successful in getting soemthing back from FP and should I keep going or do I put this down to an amazingly expensive experience and move on?

Hi there, and so sorry to hear this.

Many on here, in fact a high amount on here have had dealings with FP.

I would therefore now them take this to the FOS and enclose anything in copies you have to support your case, including the final letter from FP.
You can download and print from the FOS website or ring them to arrange to post one to you.
http://www.financial-ombudsman.org.uk/consumer/complaints.htm


If you get the chance to browse the threads, your sure to see many have had dealing with these, fingers crossed for you, please keep us posted.;)