First Plus secured loan through broker gone bust

milliemonster

I am looking at potentially trying to reclaim PPI we had on a loan with First Plus a few years ago, this was a secured loan taken around 2006 (I don't have the documents anymore) for around £45k which was paid off when we moved house in 2008.

I did originally write to First Plus in 2009 trying to reclaim but they refused as they said they didn't sell me the policy, we purchased through The Personal Loan Express who had since gone under.

Can anyone help on where we can go from here? I did refer this to the financial ombudsman and sent the details to them, but we never heard from them again!

Our reason for reclaiming it was missold is due to the fact it was a single person policy on a joint loan and only covered the first 5 years of the 25 yr loan yet the interest accrued would continue over the full 25 years even though the policy would no longer be in force. Also at the time, both me and my husband were in jobs which provided a full year's sick pay anyway.

Thanks for any help you can offer

-taff

You complaint to whoever sold you the loan in the first place. If they are no longer trading, contact the FSCS.

If the loan was sold pre 2005 though, your chances are virtually zero.

amersall

As this was 2006 then you need to contact the FSCS you can make a claim to them.

http://www.fscs.org.uk/contact-us/