First Plus?

diddlepops

We took out a First Plus mortgage five years ago as a second mortgage - is there a chance that we were missold PPI? how do I find out?

Thanks R x

amersall

Did you have the 5 year cash back?. if you did and you win mis sell then you take the option they offer that resets the loan.

Send this to them asap.

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

hellesbelles67

Hi, I have just received a letter from First Plus stating that our 5 years ppi insurance is up. I was made reduntant in Oct 2009 and we claimed on the insurance for 1 month, but now I have read the answer from ammersal regarding the ppi and interest til end of term, which is another 5 yrs unfortunatley, I dont suppose there is any point trying to claim the interest part of it?