First Plus/ Freedom Finance

Katiec950

Hi all,

I was hoping for some clarification please. I've been reading different sources of information on reclaiming the front loaded PPI from first plus but I think a lot of people are losing the will to live with it!

My loan was taken out in May 2004 with First Plus but through Freedom Finance. I still have the paperwork although no details of who the insurer was for some reason.

I've seen a lot of comments saying there is no chance of claiming this back due to problems with loans pre-2005 and problems with who to claim from if it was initiated through a broker.

Can someone clarify if I can actually claim from anyone (and if so who) or if I should just forget about it?

Many thanks for you help!
Katie

di3004

Hi there

The lender should provide you the details of the payment protection policy booklet which includes details of the insurer/underwriter.
This document is not always enclosed with copies of paperwork they may have sent you after you taken out the loan, and only required if you needed to make a claim for sickness/unemployment etc.

I had contacted my lender (not broker) for the policy details which arrived in the post on request.

I would at first try pursuing the broker on a reclaim, and if this fails due to un-regulated (FSA) when you taken out the policy, contact the Financial ombudsman service (FOS) who will suggest the underwriter/insurer avenue.
(As you will be aware, the FOS can only take on complaints if the business were regulated at the time you taken out the policy), but the underwriter/insurer may have been where the broker may not have been.
And if you pursue the underwriter/broker and this fails, the FOS can look info this for you and check for any liabilities the insurer had when the policy was sold to you.

This is another avenue the FOS suggests if your not successful in making a reclaim with the broker who were not regulated.

Hope this helps somewhat, good luck.

Katiec950

Thanks for taking the time to reply Di - much appreciated! I'll try that and see how I get on

thanks,
Katie

nutty_nat

Hi

Please don't loose the will to live with Firstplus if you were missold the product give it a go.
I won my top up loan ppi back from Firstplus in November 2011 which was for £21,000, my problem has been with my first part of my Firstplus loan which was taken out in 2005 with a broker called Central Trust. They only offered me a really low offer in June 2011 it was around £10,000 short!!!!!!!!! I took it straight to the FOS and a week ago an adjudicator has upheld my complaint. I am still not completely there yet and it has been a long journey but will hopefully be worth the wait!!!!!!!!!!

Good luck and start the journey xx

amersall

:eek::eek: Do not give up ;);) you will get there

ronnie123_2

Hi,


I''m looking for a little advice. I'm due to get my PPI cashback from Firstplus next month. However, I am planning on reclaiming my PPI as it was not explained to me that the payments for the PPI would continue after the 5 year period was up.

Looking around the forums here, I've seen threads that say that if you reclaim the PPI AFTER the cashback has been paid, the balance of the loan will go up.

Not sure I'd want to reclaim the PPI if the payments are going to increase as a result!

Can anyone give some advice on this?

Thanks

amersall

You know the reasons to use for mis sell with this loan?.

If you claim the cash back, when you then win mis sell of the PPI they will give you 3 options as what to do with the redress.
You must take the option that resets the loan, this is crucial, do not think of any more money back to you, the loan being reset will save you thousands over the remaining term in interest alone.

Katiec950

Hi all

I just wanted to say thanks for all your comments! I will try all you suggest and keep you updated on the progress

Many thanks! :A

Katie

amersall

Fingers crossed, can I ask you what address you sent the claim to for FF? this is for another poster who contacted FF and they have said they bought the name in 2009 and are not liable????

amersall

amersall wrote: »

Fingers crossed, can I ask you what address you sent the claim to for FF? this is for another poster who contacted FF and they have said they bought the name in 2009 and are not liable????

:D:o Scrap this, sorry, I know it is FSCS. :rotfl: if I had a brain I would be dangerous.