mark

markletman

i had a first pluss loan about 9 years ago i did take out ppi at the time and also told them i wanted the loan short term i think i had the loan for a period of 6-8 monthes then paid it off the charge for the ppi was£ 12.000.00 i did complain at the time and was told there was nothing i could do about it i have since destroyed all the paper work is there any way of claiming any of that amount back:(

DevCoder

1. What is your reason for being mis-sold PPI?
2. £12,0000 in PPI is a huge amount are you sure thats right? How much was the loan for and over what period?
3. Even if you have a valid complaint then as you paid off the PPI within 8 months then unless the PPI was frontloaded then you'll only het 8 months of premiums back.

-taff

Make a complaint for single premium. That the premium woulnd't have covered you for the length of loan [that's assuming you did get charged 12,000 because that implies a payback period of over 5 years.
They still would have charged you the interest even if they refunded the PPI with a rebate for paying it off early.
You will still only receive back 8 months of PPI payments, but you will get the associated interest also if your complaint is upheld.

DevCoder

Ahh missed the first plus bit, yes they were all single premiums.
As you say, the term must have been over 5 years or more and even 5 years would indicate a premium of £200/month

markletman

yes you are right the loan was over five years even though i told them it would be short term (cashflow problem ) this was to keep the repayment' s low.I cant remember but think the loan was for £20,000

amersall

That sounds right for PPI with FP. on this loan.
Send this to them.

We/I were mis sold the PPI on the above loan account number and
We/I would like proof to the contrary of my/our reasons for mis sell of the above PPI .


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 term with interest.

We/I were not made aware of the full cost or rebate amounts at the point of sale
of this PPI

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.


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 they are paid back to us.

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.