first plus

kevinn_2

I have recently asked for a settlement figure from first plus for a loan i want to pay off, the account is upto date so i got back roughly the figure i was expceting 6500 was ok with this then they said because during its life the loan had been in arrears they want 4095 interest !! Yes the loan has in the past been in arrears because they refused to pay on my PPI as when i took the loan i was employed BUT when i tried to claim i was self-employed, all arrears were paid in full yet they wany a additional 4095 is this legal ??

opinions4u

If the loan has accrued interest on missed payments, yes, it's legal.

I'd suggest you look in to reclaiming the PPI and having the proceeds of any success knocked off the loan balance, together with accrued interest.

BobbyMcDougall

opinions4u wrote: »

If the loan has accrued interest on missed payments, yes, it's legal.

I'd suggest you look in to reclaiming the PPI and having the proceeds of any success knocked off the loan balance, together with accrued interest.

Would a PPI claim actually be upheld? The OP was employed at time of sale so was there actually a mis sell?

opinions4u

BobbyMcDougall wrote: »

Would a PPI claim actually be upheld? The OP was employed at time of sale so was there actually a mis sell?

I'm working on the principle that 90% plus of claims are being upheld at the moment. So there will almost certainly be some reason as to why the policy was sold inappropriately.

So while it might not fit my moral compass, the OP should wander over to the reclaiming board and get cracking with it.