First plus

penpitstop

Hi, newbie here, but I really need some advice.

In 2006 my husband and I took a a large loan with first plus and secured it on our property. The loan was like 125% equity on the property. We took out the PPI as at the time they made it sound brilliant. Yes take it out and in 5 years you can get all the money back. Now reading through what others have said, and realising how stupid and niavie we were, I believe that we were actually mis sold the policy for the following reason.

Policy only covers my husband.
Its not for the duration of the loan.
We were not offered any alternatives, or told that we can find our own insurance to cover it.
It was added to the loan and we pay interest on it.
At the time we were not told that the PPI only got returned on the condition that we never defaulted or missed a payment.

Now following money problems due to firstplus not helping us.... Monthly payment to the loan was 900. We requested to have the payment term increased and PPI refunded, payment term can only be increased once which is also not disclosed in any paper work. And the refund after 3 years of paying PPI was 600 and would not reduce our payments.

We have lost our home and are now in rented accomodation and have a short fall that they are harrassing us for. Trying to send people to our house to "talk through money" I really dont know where to start as the PPI was orginally for 12,000 and interest on top of that. Which I think we are entitled to have back.

Thanks for reading and any advice you can give me would be appreciated.

di3004

penpitstop wrote: »

Hi, newbie here, but I really need some advice.

In 2006 my husband and I took a a large loan with first plus and secured it on our property. The loan was like 125% equity on the property. We took out the PPI as at the time they made it sound brilliant. Yes take it out and in 5 years you can get all the money back. Now reading through what others have said, and realising how stupid and niavie we were, I believe that we were actually mis sold the policy for the following reason.

Policy only covers my husband.
Its not for the duration of the loan.
We were not offered any alternatives, or told that we can find our own insurance to cover it.
It was added to the loan and we pay interest on it.
At the time we were not told that the PPI only got returned on the condition that we never defaulted or missed a payment.

Now following money problems due to firstplus not helping us.... Monthly payment to the loan was 900. We requested to have the payment term increased and PPI refunded, payment term can only be increased once which is also not disclosed in any paper work. And the refund after 3 years of paying PPI was 600 and would not reduce our payments.

We have lost our home and are now in rented accomodation and have a short fall that they are harrassing us for. Trying to send people to our house to "talk through money" I really dont know where to start as the PPI was orginally for 12,000 and interest on top of that. Which I think we are entitled to have back.

Thanks for reading and any advice you can give me would be appreciated.

Hi there

Golly, so sorry to hear this, and hope things get better for you soon.

Was it actually First plus who set up and sold you the loan, or were the the just the lender or both?
You pursue the ones who sold you the policy.

You do have a good case here and these policies are frowned upon, so you do need to give it a go and keep on at them.

Have you completed and sent them the Questionnaire?
This is the FOS questionnaire, recently issued by the financial ombudsman service (FOS) for customers to use instead of letters, but you can of course write your own cover letter to enclose as well, for any further information you want to give, to support your case.

You will find the FOS questionnaire on link below - further down the page as Stage one:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
Complete and save copies as well.

They have 8 weeks to respond to your complaint, keep at them, if they don't resolve this in your favour, or by giving you a favourable response by the final decision, then I would take it further, such as with the FOS etc.

(Post at your local post office for your proof of posting).

Good luck with this, please keep us posted.