Anyone tried reclaiming ppi with first plus after five years cashback??

miss_dee_2

Was wondering if anyone has tried claiming ppi back with first plus after you have had your cash back for being with them for five years.

dunstonh

You can complain if you wish. Obviously you wont get paid your premium back again. You may get some interest though for the period it was charged.

garymcl

miss_dee wrote: »

Was wondering if anyone has tried claiming ppi back with first plus after you have had your cash back for being with them for five years.

Hi

Sorry I cannot give you the answer you want but your post was of interest in that last year I received my cash back (having been with them for 5 years).

Please forgive my ignorance but wasnt the cash back for the PPI lump sum put on to the loan at the start of the term anyway, meaning there would not be anything to claim now that it has been repaid in full?

Cheers

magpiecottage

garymcl wrote: »

Please forgive my ignorance

If you have not had the opportunity to find out then ignorance should be excused rather than forgiven as you are not at fault!

back to the plot

wasnt the cash back for the PPI lump sum put on to the loan at the start of the term anyway, meaning there would not be anything to claim now that it has been repaid in full?

No - the point is that you pay interest on it until the part of the loan used to pay the premium is repaid. It is that interest (plus interest on it) that you would normally be awarded.

garymcl

Hi and thanks for your advice so for Miss Dee and I, how would we go about claiming back the interest with FP?

Thanks

staffy1

me and my husband took out a consolidation loan with first plus five years ago.
In december i kept saying that we must contact them over our ppi as it had come to the end of our five years and we had not claimed so we should get some money back.
At the beginning of jan we had a letter saying that it had come to the five years and all they wanted was the number of our loan so that they can confirm that we had not made any claims or had extended our loan.
We sent the form back and now are waiting for a reply of them.
I know if you go on the first plus web site there is a section that tells you what to do regarding ppi.
I hopes that helps you.
I will let you know if we recieve anything else.

amersall

Please,all of you,when you get the 5 year cashback,this does not include the interest that you paid on this for the 5 years,the WHOLE ppi amount is still on the loan to term end with interest,you will no longer have the insurance,and you will not be covered for the remaining term of the loan,unless you take other cover out.
Regardless of you having had the cashback, You will not get this again,but if the loan is still running,the whole ppi is taken off the loan,the monthly payment goes down by the ppi monthly amount and this will save you thousands in the long term in interest.
You will get the ppi that you have paid to date with 8%.


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 receive 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 Barclays 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

garymcl

amersall wrote: »

Please,all of you,when you get the 5 year cashback,this does not include the interest that you paid on this for the 5 years,the WHOLE ppi amount is still on the loan to term end with interest,you will no longer have the insurance,and you will not be covered for the remaining term of the loan,unless you take other cover out.
Regardless of you having had the cashback, You will not get this again,but if the loan is still running,the whole ppi is taken off the loan,the monthly payment goes down by the ppi monthly amount and this will save you thousands in the long term in interest.
You will get the ppi that you have paid to date with 8%.


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 receive 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 Barclays 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

Amersall thank you so much for this. I've been on here for a few weeks seeking help on ppi claims for a few loans and credit cards, I never thought I could go for first plus as I thought the cash back after 5 years put paid to that.

If I can get a penny off them scum then I'd be delighted.....you've made my year (already) ha ha ha! Anything to annoy them is soooooo appreciated.

I borrowed 85k in 2006 with 16k on top ppi (which was paid back) to consolidate and as everyone knows they're the only institution that have increased their interest rates the past few years whereas others have not.

Have you any idea what the interest would be based on the above?

Thanks again, it is really appreciated.

MEAGAIN1

amersall wrote: »

Please,all of you,when you get the 5 year cashback,this does not include the interest that you paid on this for the 5 years,the WHOLE ppi amount is still on the loan to term end with interest,you will no longer have the insurance,and you will not be covered for the remaining term of the loan,unless you take other cover out.
Regardless of you having had the cashback, You will not get this again,but if the loan is still running,the whole ppi is taken off the loan,the monthly payment goes down by the ppi monthly amount and this will save you thousands in the long term in interest.
You will get the ppi that you have paid to date with 8%.


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 receive 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 Barclays 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

HI ALL, I sent this letter to fp last week and they replied on monday
and said they will look at my complaint but said it will be no later than the 20th of march??? dont no if this is the norm:mad:

garymcl

MEAGAIN1 wrote: »

HI ALL, I sent this letter to fp last week and they replied on monday
and said they will look at my complaint but said it will be no later than the 20th of march??? dont no if this is the norm:mad:

I believe this is the norm, I've been looking in to it myself, am sending my letter off today.

Best of luck to you.

MEAGAIN1

garymcl wrote: »

I believe this is the norm, I've been looking in to it myself, am sending my letter off today.

Best of luck to you.

Thanks and to you. let us know if you hear anything b4 me:)