First Plus Ppi

KAYBELLE

Posted this on loans but think it may be better answered here, thanks.


last year in sheer desperation me and hubby had a £50k loan from First plus. We chose them as they said they were part of Barclays and Carol Vorderman was doing the avderts on tv so we thought they were a reputable comany.
I have recently asked for a settlement figure on the £50k which came in the post as being £62k. We were stunned as we have paid £6k in repayments over the past 12 months.
We were told that the payment protection we took out was for £12k over 5 years and we would only be refunded a pro rata figure of £2500. This will mean we have paid over £6k in repayments and £9k for 12 months payment protection.
We have no idea what to do, we have checked the paper work and it does say a pro rata rate but we thought it would be for 12months of payment protection use.
If anyone can help us please advise as we are so worried about this. We know we should have not gone with them but hindsight is a wonderful thing and we were trying to keep out home as my elderly parents live with us.

I_was_a_fool

Hi Kaybelle

I managed to get a full refund of our ppi. I complained to them that we were mis-sold the ppi because:

1. It was strongly implied that we had to take it out in order to get the loan
2. We could have got the same cover elsewhere for a fraction of the cost
3. We had benefits from our employers that were not asked about or taken into consideration.
4. It was not made clear to us about the ludicrous pro-rata refund, we were not given that info & would never had taken out the ppi if we were aware of it.

It took three letters & a threat to report them to financial ombudsman, but we got refund in full.

Hope this helps. We are still paying off the loan, but much reduced payments now & we got a cheque for ppi payments already made.

KAYBELLE

Will try this approach and let you know how we get on, thank you so much.

x x x:T

raq

I also agree, give it a go you never know. Lot of money you have paid out