claiming ppi interest

MEAGAIN1

Hi all, I have a loan and ppi with first plus, when i took out the loan i told them i would sort my own insurance out but they told me i wont get a better deal than this as i will get my premiums back after 5 years if i dont make a claim which i didnt a have received my premiums back. what they didnt make clear to me is the ppi would be added to the loan amount and i would pay interest over the loan term of 15 years and amounts to over £8.000. can i try to claim a refund of any interest paid so far. Thanks any help appreciated.

magpiecottage

Although you have not given full details, this is a single premium added to the loan so a complaint is likely to be upheld if it gets to FOS. Complain to the firm first.

amersall

Hi there,
Send this to FP..

We/I believe we were mis sold the ppi on the above account number,and would like recordings,if any to the contrary of my/our reasons for mis sell set out below.

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 told that the ppi was a 5 year policy, but not told 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,or go into arrears on the ppi ,after 5 years we would recive the cashback of ppi but this would not include the interest made on these payments 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. This will entail:
A refund of the monthly payments that have actually been paid towards the overall loan in excess of those that would have been needed, if the original loan had been sold without the PPI policy.

In addition, interest at the rate of 8% simple per annum to any excess payments made from the time each payment was made to the point that Firstplus pays them back to us. We/i believe we were not given enough information on this ppi to make an informed decision. Had we/i known the full cost of this ppi we would not have taken it.

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 above loan.




As you have had the ppi back, when, not if!!, you win mis sell, they will give you 3 options of redress,take the one that will reset the loan without ppi,this will reduce the balance of the loan and your monthly payment will reduce by the monthly ppi amount.

This over the remaining term will save you thousands in interest.

MEAGAIN1

Hi can I just ask do I include all of the reasons
In your letter? Not sure about number 3.
Are they not allowed to do that. Also I have had
Lots of loans and credit cards over the years but
Got no paperwork should I write to any bank I think
I have dealt with. One is Lombard and I tried to claim
on insurance when I lost job but they said the company I
Worked for had to have gone under for me to claim which
They hadn't so got nothing

amersall

MEAGAIN1 wrote: »

Hi can I just ask do I include all of the reasons
In your letter? Not sure about number 3.

when you took the loan they told you if you did not claim on the insurance or go into arrears, at the end of the 5 years you get the whole ppi back.
Are they not allowed to do that. They can do that,it is the fact that they dont tell you the whole ppi will still be on the loan to term end with interest.
Also I have had
Lots of loans and credit cards over the years but
Got no paperwork should I write to any bank I think
I have dealt with. One is Lombard and I tried to claim
on insurance when I lost job but they said the company I
Worked for had to have gone under for me to claim which
They hadn't so got nothing

Replied to your pm,good luck.