Do I have a case?

kwackerman

Hi All,

I took out a 12 year secured loan with First Plus back in June 2004.

The PPI cost about £15k for five years cover, which we got back after five years without a claim. We are still paying massive interest on the original amount.

Although I was aware of the terms and conditions of the loan and ppi when I took it out, I am wondering if I might still have a claim because;

a) I did not really want the policy but I felt pushed into agreeing to it because I was led to believe I stood a much greater chance of getting the loan accepted if I did take out the protection.

b) I remember the salesperson on the phone suggesting it was like a savings plan, paid back after the 5 year period. He said customers quite often paid off part of their out-standing loan balance with it or just treated themselves to a nice holiday or car.

What do you think? Can I go for a claim or not?

Thanks for any help.

Andy

amersall

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 were not told 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

As you have had the cashback you will be offered 3 options if you win redress,you MUST take the option that reduces the loan monthly payment and takes the WHOLE ppi off the loan balance and resets the monthly payment for the remaining term to take off the ppi monthly amount.

If you do not do this,and take the cash they offer,you will pay thousands for this ppi over again,as this option keeps the ppi on the loan.