First Plus PPI claim

Jacobs_Creek

Hi

I am a newbie to the forums and would like some advice before I embark on a First Plus war, which I gather from reading other posts is quite a common thread!

I have gathered my paperwork and we took out a large consolidation loan with FP in March 2005 for £67500 and the PPI loan was £16530.75 the APR was 10.9% over 300 months.

After 60 months we were repaid the PPI loan, but obviously as the PPI was applied at the start of the loan we are still paying the interest!

After reading many successes with this company I have decided to go ahead with a claim.

My question is.....do I use the template questionnaire from MSE site (the one thats for the Ombudsman) or do I write a specific letter? I want to do it all the right way to give us thge best possible chance!!!

Thanks

S

amersall

You are still paying the total PPI as well and not just the interest!!!!!!
Send the letter that you mentioned in the PM you sent to me.
When you win redress as you had the cash back, you will be given 2 or 3 options of how you want the redress paid, take the option that takes the whole PPI off the loan and reduces the loan payment each month by the monthly PPI amount, if you do not do this the 16,530.75 will quadruple in the amount you have to pay back for this then the interest too !!!.

Get the loan reset at all costs or you will pay dearly for this over the remaining term.

Jacobs_Creek

Thank you for all your help - the email is about to be sent to start the process moving forward. I have now found 4 other cards etc where we have had PPI, can we still claim if the PPI was cancelled? Also we had Total Mortgage Protection through the Halifax for about 9 years before cancelling can we us ethe same process for that?

S

amersall

The MPPI I don't know, you will have to ask the question here
http://forums.moneysavingexpert.com/forumdisplay.php?f=187
They are abrupt and to the point, but they do know what they are talking about.

You can claim on the cards for the PPI you paid to the date of cancellation.