First Plus Loan PPI reclaim

PGT1

Hi

I have a First Plus loan that I took out 4 years ago to the value of £98,000. To take on the loan I had to also have their PPI as part of the deal. They claim that they will pay me £25,000 back as part of the PPI deal which is supposed to occur in just over 12 months time. What I would like to know is this:

Do they pay the money back?

Would it be better to claim the money back that I have paid into the PPI scheme now rather than wait?

Many thanks for any advice.

Yasminakash

After reading the article on this website, i have written to Monument and they said i have paid around £1200, since i agreed for the PPI, infact it wasn;t it PPI, it was payment break plan, as a gesture of goodwill, they agree to refund me half of it. They couldn't even retrieve the telephone conversation. If am not happy with their decision, they are saying i can complaint to the financial ombudsmen. What do u suggest i do? As far as i concern, i never commited to take out this break plan, it was mis-sold to me, therefore they should infact pay the full amount back to me. Shall i write to them asking for the full amount or do you rather accept the half of it? Am so confused and annoyed. Please someone advice me with the correct wording as to what i should do please?:mad:

di3004

PGT1 wrote: »

Hi

I have a First Plus loan that I took out 4 years ago to the value of £98,000. To take on the loan I had to also have their PPI as part of the deal. They claim that they will pay me £25,000 back as part of the PPI deal which is supposed to occur in just over 12 months time. What I would like to know is this:

Do they pay the money back?

Would it be better to claim the money back that I have paid into the PPI scheme now rather than wait?

Many thanks for any advice.

Hi and welcome

You will probably find that lots on here have had complaints against First plus.
Was it First plus that sold and set up the loan at the start, or was the loan arranged by First plus, and they are also your lender.

These type of policies they have stopped selling, they are very costly and only cover for the first 5 years of the loan, where you will still be paying out for the ppi for the remainding term of the loan, but will not be protected after 5 years, this is why they state they will pay you so much of the % if you do not make a claim for example, sickness/unemployment etc.

I note you have stated that you have a certain amount to come back in about 12 months time, so what I would do here first is see what others have to suggest.

May I ask what the actual amount of ppi is without the loan?

And even though many have been successful in making a ppi reclaim for being mis sold this type of policy, these are also frowned upon, I would check the link below for more information with the checklist to give you an idea.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

If then the policy was mis sold to you and the ppi is that more than £25K, then it may be worth you making a reclaim for being mis sold this actual policy.

Hopefully others will post with some opinions on this as well, but do check out the link as posted above.

Good luck.:)

di3004

Yasminakash wrote: »

After reading the article on this website, i have written to Monument and they said i have paid around £1200, since i agreed for the PPI, infact it wasn;t it PPI, it was payment break plan, as a gesture of goodwill, they agree to refund me half of it. They couldn't even retrieve the telephone conversation. If am not happy with their decision, they are saying i can complaint to the financial ombudsmen. What do u suggest i do? As far as i concern, i never commited to take out this break plan, it was mis-sold to me, therefore they should infact pay the full amount back to me. Shall i write to them asking for the full amount or do you rather accept the half of it? Am so confused and annoyed. Please someone advice me with the correct wording as to what i should do please?:mad:

Hi there
And welcome.

If your not happy and they have not supplied you with the final decision then your able to write back with further information.

You could still give it a go even if it was a final decision, but just give them say 14 days to get back and if they don't or decide to not change the decision then complain to the FOS.

If there is a big difference in the amounts, then I would say yes keep trying, and tell them you want them to reconsider your complaint, because your not happy with the decision, and feel your complaint have been overlooked, and not investigated properly.

(You can also mention that you are aware that the FSA are punishing banks etc for not investigating complaints properly, and for rejecting genuine complaints).
Just go by their findings of why they rejected your complaint, also tell them as a trusted customer, you don't feel the offer is fair, considering you do feel you have good reasons for making a reclaim.

Tell them if you complain to the FOS, then you will also consider requesting for further redress for distress and inconvenience, and state your aware if the FOS uphold your complaint, then they will be liable to pay out further charges to the FOS themselves.

Hope this helps, keep at them.

Just to make you aware that the FOS have high volumes of complaints which can take some time before your complaint may be investigated.

Either way its up to you of course.;)