Claim over First Plus Loan

MichMoor

Hello All,

Several years ago I took out a first plus loan with payment protection insurance. The loan has been paid off, can I claim this cost back? I believe First Plus is a subsidiary of Barclays.

Have not kept any of the paperwork of the loan details.

If so can anyone point me in the direction of how to do it.

Cheers

marshallka

Was the loan and PPI actually sold by Firstplus or was a broker used? Also they are part of barclays but not in the way of reclaiming back PPI, in that way they are not tied apparently.

MichMoor

No broker it was direct with first plus.

marshallka

You could get a copy of whatever they hold if it was only maybe 6 years ago by requesting a SAR. You have to pay a tenner though and it can take them 40 days to send it.

Info here
https://forums.moneysavingexpert.com/discussion/1475553

MichMoor

Thanks, after I recieve it do I send a letter in saying I believe I was missold or is it more complicated than that?

marshallka

If you feel it was missold to you then yes, you just make the complaint in your own words stating why you think it was missold. FOS are upholding MOST of Firstplus complaints due to the cost factor and that these policies only cover the first 5 years of any length loan.

MichMoor

Thanks for the above

amersall

When you get the deatails of the loan (how long ago did you pay this off?)
These are the points you need to make.

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.

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 rearrange the loan as if PPI had never been included on the loan.

MichMoor

Thanks for above, I had the load for over a year before I came into some money and paid it off, realised a First Plus loan is a very bad idea.

MichMoor

Hello All,

Have just recieved a response my complant has been accepted, offered 7.5k back not bad since it only took one phone call!!

amersall

:j:j:j That is brilliant :beer: love a win with FP :cool: