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

miss_dee_2

Thanks all for your comments.

amersall

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:

It is,they have 8 weeks to give you a final response,hopefully you will have a conclusion before this.

stewyb

Hi All

First post.

Regarding this thread has anyone had a reply from First Plus.

Cheers

SB

javorb

we received our ppi back from firstplus around 4 years ago £5800,we t year and repaid then reclaimed missold and received a further £5600,the only prob was loan payment was recalculated and increased by £40/month.sold house last year and paid off £24000 loan

drynet_2

javorb wrote: »

we received our ppi back from firstplus around 4 years ago £5800,we t year and repaid then reclaimed missold and received a further £5600,the only prob was loan payment was recalculated and increased by £40/month.sold house last year and paid off £24000 loan

Has anyone recieved anything back from FP when they have sent letter shown earlierr in forum

amersall

there have been wins after the cashback, if your loan was with FP and not a broker, call FP and they will tell you this, put the complaint in, this was the most expensive Single premium PPI and with FP, the most upheld.

The PPI was in fact a loan on the loan that you paid to term end with interest, the PPI only covered you for 5 years but the PPI is still on the loan to term end with interest, the fill cost of this PPI would no have been explained to you at the point of sale for you to make an informed decision.

If you win, they will make you 2 or 3 offers, unless the loan is paid off, you must take the offer tat resets the loan without the PPI total, this reduces the balance of the loan and will save you thousands in interest over the remaining term.

bonnylad

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 miss dee
I received the cash back payment from FP this July after 5 years, checked my account at begining of August and still found that they were still taking the full monthly payment with ppi premium included. Contacted FP to find out why monthly had not dropped by ppi ammount to keep a long story short they said as the loan was arranged through a third party it was there responsibility and to claim through them and this will be the last I hear from them. Put a claim in with the third party and it was not upheld have now sent all of the documentation to the FOS and am now awaiting a reply from them. By the way FP are still taking out the full payment each month and wont deal with me while there is an on going claim with the thid party

Jacobs_Creek

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 Amersall,

I spoke to you briefly in July when I started this procedure with First Plus. I sent the original email on 4th July 2012 and a reminder to see if they had recieved it on 16th July 2012. To date I have heard nothing and wonder what I should do next??

S

Jacobs_Creek

drynet wrote: »

Has anyone recieved anything back from FP when they have sent letter shown earlierr in forum

I sent the content above in July 2012 and have heard nothing at all.

-taff

Jacobs_Creek wrote: »

I sent the content above in July 2012 and have heard nothing at all.

Getr in touch with them?