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

amersall

bebobob wrote: »

hi
thanks for the advice...should I send the Financial ombudsman questionnaire too as they ask on the website, or do you think the letter should suffice for now?

I would fill the FOS form in and send it to FP, make a copy and keep this in case you need to go to FOS (highly unlikely), it will save you writing it out again, if there is not enough space on the form for the points in my letter then write it separately and put it in with the form.
Please keep us posted.

PoorManPaul

bebobob wrote: »

Hi there
Has anyone been successful, if they accepted the cashback, in getting a refund of the interest on it? What exactly are you entitled to if you make a claim to First Plus? Surely if you've had the cashback you are only asking for a refund of the interest?

Yes I have been successful, I received my PPI cashback (about 10K), about a year later I put in a complaint and I received a cheque for £1700 and more importantly my repayments have gone down by £105/month.

Definitely worth it having a go, all it took me to get started was a phone call to First Plus.

Hopes

Just received letter from first plus saying I may be able to claim cash back after 5 yrs. Is there any disadvantage to doing this if I want to try and claim back interest aswell?? I don't want to ask th to cancel ppi, then to be unsuccessful and risk losing out on cash back??

-taff

If you can claim your PPI cashback, then the odds are you paid single prmeium on PPI that wouldn't cover you for the length of the loan. It's better to complain and get the PPI AND the interest back.
But if you do compain, ask them to restructure the loan instead of having the money otherwise you'll be paying back exactly the same amount every month.

amersall

Hopes wrote: »

Just received letter from first plus saying I may be able to claim cash back after 5 yrs. Is there any disadvantage to doing this if I want to try and claim back interest aswell?? I don't want to ask th to cancel ppi, then to be unsuccessful and risk losing out on cash back??

This mis a win and a no brainer.
Forget the cash back, put the mis sell claim in, if you take the cash back, the loan is not reset, even if you put the cash back into the loan, you pay the whole original PPI back to term end with interest at the same monthly payment you are paying now, the balance of the loan will reduce but you still pay the original monthly payment until the loan is cleared,this will cost you thousands over the remaining term with interest, just so you know, the cash back DOES not include the interest on this that you paid for the 5 years.


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


Do not let them fob you off with the cash back, this is a win, they will take the whole PPI off the loan balance your monthly payment will reduce by the PPI monthly amount and you get back the 5 years PPI payments that you made, the interest on these and the 8% all back to you.