First plus PPI

brunnettegirl

Hi there we have been paying a PPI on our First plus secured loan for 3 1/2years has anybody had troubled claiming there cash back at the end of the 5 years. Also we were told at the time we couldnt have the loan without PPI is this mis selling?

di3004

brunnettegirl wrote: »

Hi there we have been paying a PPI on our First plus secured loan for 3 1/2years has anybody had troubled claiming there cash back at the end of the 5 years. Also we were told at the time we couldnt have the loan without PPI is this mis selling?

Hi there

It seems you may have a reason to make a reclaim, for a start its optional and should not have been made a condition of the loan, and these type of policies are very costly anyway, you will still be paying for the ppi for the life of the loan, yet after 5 years your not protected.

There have been much success against these, was it FP that actually set up and sold you the loan?
If so you pursue them to reclaim.

Check the details below link for more info, there are details of how to reclaim as well, via reclaiming questionnaire, and ask for any further help if required, good luck.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim

amersall

Go for mis sell, dont wait for the 5 year cashback, this is given to you but not with the interest you have paid over the 5 years, you will no longer have the ppi cover but you will be paying this ppi back over the remaining term of your loan as it is still on the loan.
Reasons for mis sell with this are.
You were not told this ppi was an additional loan added to the original loan that was payable over the term of the loan with interest.

The ppi only covered you for 5 years, after 5 years you would get the ppi amount back, but you were not told that the ppi amount would still be on your loan for the remaining term with interest.

You do not believe you were giving enough information about the true cost and effect of this ppi to make a informed decision, if you had known the full cost of this ppi you would not have taken it.

When you win mis sell, the total amount of ppi will be taken off your loan, this greatly reduces the balance of your loan (so less interest to pay back to FP) you will get back the ppi monthly payments you have made to date, and your monthly payment will go down by the ppi monthly amount.

amersall

https://forums.moneysavingexpert.com/discussion/comment/41076900#Comment_41076900
Just read this thread. You will not get the 5 year cashback as you have claimed on the ppi.You could still go mis sell, but if you win, there is a real chance your monthly payment will go up (as they have paid you with your claim and will want that back). Having said that your FP balance will go down by the ppi amount, so you may not be in neg equity.

System

we have claimed even though 2 claims were made -we got £1100 cheque and amost £4k taken off the balance. my payments have gone down by about £25 per month.

amersall

CHRISSYG wrote: »

we have claimed even though 2 claims were made -we got £1100 cheque and amost £4k taken off the balance. my payments have gone down by about £25 per month.

Was this with the cashback, or just claiming on the ppi?.As you dont get the 5 year cashback if you have claimed on the ppi, this is what the op has done,so mis sell would be the way to go.

dannyhoy

i am just about the begin my claim journey how long roughley did everyones take to be resolved?

amersall

dannyhoy wrote: »

i am just about the begin my claim journey how long roughley did everyones take to be resolved?

Hi there, this is "how long is a piece of string"?
FP are putting claims on hold due to the judicial review, so just put your claim in and wait. Have you looked at this site?. take a look and have your eyes opened as to the antics of FP.
http://firstpluscomplaints.co.uk/

di3004

CHRISSYG wrote: »

we have claimed even though 2 claims were made -we got £1100 cheque and amost £4k taken off the balance. my payments have gone down by about £25 per month.

Great work, well done!:beer: