can i claim

tubby210

I had a secured loan from first plus they told me to take out PPI because I would get all the money after 5 years. Being naive I didnt think about the interest payments. I received the money back after 5 years and payed loan of early 2 years ago. Can I Claim?

amersall

You certainly can, although the cashback you recieved will be taken off the win, but you will get a nice bit back as the loan is finished.

This is what you need to put in the template letter to FP.

We/I believe we were mis sold the ppi on the above account number.
1)We/I were not told that the ppi was in effect another loan that was added to the original loan and was repayable over the loan term with interest.

2) We/I were not told that the ppi only covered us for 5 years, but the ppi would still be on the loan to term end with interest.

3) We/I were told that if we did not make a claim on the ppi ,after 5 years we would recieve the ppi as cashback, and to look on this as savings plan.. But were not told that the ppi would be on the loan to term end with interest and the cashback of ppi would not include the interest that we paid over the 5 years.

In line with the FOS recommendations it is requested that the overall situation be restored as if PPI had never been included.

Unless you can prove without doubt that this PPI policy was fair, reasonable and suitable for my/our circumstances we/I will require you to refund the PPI with interest.

tubby210

thanks Loan was for £10000 interest rate was 9.9 % and ppi was £990 I think how much should i get back.

tubby210

Got my 3rd letter from first plus yesterday saying they would reply to me again by 7th August. Wish they would hurry up and decide.

clogaz22

Tubby, can you post what happens please? I am awaiting a response from Barclaycard, apparently before the 10th August!

Fingers crossed!

tubby210

clogaz22 wrote: »

Tubby, can you post what happens please? I am awaiting a response from Barclaycard, apparently before the 10th August!

Fingers crossed!

yes will do

amersall

Hi Tubby,hopefully you wont have too much longer to wait.

As regards to what you will get back this will depend on what ppi you paid to settlement date less the ppi cash back,less the rebate of ppi they gave you when you settled the loan.

You should get the ppi paid to date with interest plus 8%.
Let us know when you get the figures.

tubby210

on the last letter i received from them it sid i would hear by 9th august , still heard nothing

tubby210

I spoke to them yesterday and didnt apologise they just said the letter would have just said there was no update yet. Thet said they had 3 weeks to reply.

tubby210

I have today received an offer as follows

A original ppi policy less cashback £37.64

B interest incurred due to ppi £558.22
C 8% per annum simple interes £473.24
D TOTAL VALUE OF REFUND (=A + AND A SEPERATE CHEQUE C £595.86

IT THEN SAYS The 8% simple interes interested in row C on the previous table will be paid to you directly and will not be affected by the value of the claims. There is then a letter to sign and send back accepting £595.86

I dont know whether I am being thick because it has been a long day? Is the the total offer just £595.86 or is there another amount I will get as well.

Thanks for any replies