PPI Loan Claim Duration ??

supertans

If you have taken out a loan with 1st Plus in 2007 for 10 years with PPI included is it possible to make a claim now for the Insurance already paid AND also get the premium/capital balance reduced on the remainder of the loan because of the mis-selling of the PPI ?? Or do you have to wait a particular length of time into the loan period before claiming ??

amersall

Have you had the cash back yet?,if you have, then send this to FP for mis sell.


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

You do not need to wait to make a claim,this is front loaded ppi and is extortionate repayments,after the cash back at 5 years,do you know the ppi will still be on the loan to term end with interest,but you have no cover?.

You only get the loan reset with ppi taken off, the balance reduced and the monthly payment when you win mis sell,the cash back option does not do this.

supertans

amersall wrote: »

Have you had the cash back yet?,if you have, then send this to FP for mis sell.


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

You do not need to wait to make a claim,this is front loaded ppi and is extortionate repayments,after the cash back at 5 years,do you know the ppi will still be on the loan to term end with interest,but you have no cover?.

You only get the loan reset with ppi taken off, the balance reduced and the monthly payment when you win mis sell,the cash back option does not do this.

Hi Thanks for that but maybe its me being new to this but dont really understand the reply above.
The loan was taken out just under 5 years ago for a period of 10 years and I have been told I cannot make a claim for mis-selling until at least halfway through the loan period ( which will be in July ). No money has been got back because I have only just found out through this site that it might be possible.
Also wanted to know how to go about making a claim and to who ? And also if it might be possible now 1st Plus has gone if could get the loan re-structured with Barclays who 1st Plus were part of.

Any help at all would be massively appreciated as I really do not know what to do.

amersall

You can do mis sell when you realised you were mis sold,don't know who told you you had to pay half off before you could go mis sell!!!,they want you to take the cash back at 5 years in the hope you don't then go mis sell.
Send the letter for mis sell to FP that i put above.

Barclays will not take this loan as it is FP (who have not gone) that you deal with.
When you win mis sell,the whole ppi amount will come off the balance of the loan,this will reduce the loan monthly payment by the ppi monthly amount and you get the ppi monthly payments that you have made to date back to you with 8%.

Please send the letter off asap to
Customer Care Team
Firstplus Financial Group Plc
The Avenue Business Park
Pentwyn
Cardiff
CF23 8FF