First Plus Reclaim PPI

kaz310

I wrote to first plus in June regarding reclaiming back PPI as I believe we were mis-sold this. They have until 26th October to reply to me. Initially I was confident that we would get it back but reading some of the threads I have a feeling they may reject it. I believe it was mis-sold as we were unaware that after 5 years we can not claim and is basically worthless but we still have to pay for it for the lifetime of the loan. We felt pressured into taking it out as we are both in really secure jobs and also get 6 months full pay if off for sickness before then going down to half pay. The way they sold it was that we would get half the ppi back after 5 years and it would be seen as a savings plan or we could use it to pay off some of the loan. The emphasis was all on getting half the premium back.
Our figures for the loan which was taken out in January 2008 are
Cash Loan £65,000 PPi Loan £15,918.50 Total £80,918.59
Monthly repayment inc PPi £739.19
No. of repayments 300
APR 10.5%

Based on these figures what would we get back and how successful do you think we will be in reclaiming what is rightfully ours. I used the letter template on MSE when contacting First Plus.

Maxrara

Pretty new to this but what I can gather from previous threads these 'Front Loaded' type loans have a fairly good sucess rate - that and the fact that you appear to have sufficent sickness cover through work to see you through should anything happens, gives you a fairly good chance of success.

I am sure that others with more knowledge of these things will be along soon to advice.

Good luck - waiting can be the hardest thing but can be worthwhile!

Derwent

kaz310 wrote: »

I wrote to first plus in June regarding reclaiming back PPI as I believe we were mis-sold this. They have until 26th October to reply to me. Initially I was confident that we would get it back but reading some of the threads I have a feeling they may reject it. I believe it was mis-sold as we were unaware that after 5 years we can not claim and is basically worthless but we still have to pay for it for the lifetime of the loan. We felt pressured into taking it out as we are both in really secure jobs and also get 6 months full pay if off for sickness before then going down to half pay. The way they sold it was that we would get half the ppi back after 5 years and it would be seen as a savings plan or we could use it to pay off some of the loan. The emphasis was all on getting half the premium back.
Our figures for the loan which was taken out in January 2008 are
Cash Loan £65,000 PPi Loan £15,918.50 Total £80,918.59
Monthly repayment inc PPi £739.19
No. of repayments 300
APR 10.5%

Based on these figures what would we get back and how successful do you think we will be in reclaiming what is rightfully ours. I used the letter template on MSE when contacting First Plus.

I've already answered this on the other thread you started about it....

https://forums.moneysavingexpert.com/discussion/3320734

webbo18

Had a recliam rejected by First Plus by there broker who sold the policy. Took it out in 2001 paid it off in 2008. they say it is time barred, also because there broker did not belong to the FSA at that time. Anyone got any advise on were to go next or should i give up the ghost.