Just wondering....

PoorManPaul

Firstly I would like to say thanks to all forum contributors as it was the reading of other peoples success stories that gave me the confidence to try and get my PPI back.

Anyway I was wondering if anyone has any experience of the following situation.....

Background:

I took out a loan with First Plus (with Loans.co.uk as the broker) in 2005, the following year I refinanced this loan with First Plus.

The PPI from the fist loan (£6k) was added to and paid in full out of the refinance package and I was sold another PPI (£10K).

First Plus paid out on my claim for the PPI on the second loan but as it was a Loans.co.uk who sold me the PPI for the first loan First Plus said I needed to pursue this with them.

Not a problem, and I have done and received a letter off Loans.co.uk saying that they are going to uphold my complaint but need my permission to contact First Plus about what had been paid and when etc. to put an offer together.

However, am I entitled to claim compensation off Loans.co.uk because the mis-sold PPI on the first loan caused the second refinancing loan to be higher than if there was no PPI?

Thanks,
Paul.

-taff

You should have the entire amount which is the ppi plus interest, plus 8% .
Your PPI on the second loan has already been paid back.
You won't get any more.

amersall

However, am I entitled to claim compensation off Loans.co.uk because the mis-sold PPI on the first loan caused the second refinancing loan to be higher than if there was no PPI?

You will be compensated for this, they will give the remaining PPI that was paid back by you in settlement, this was the remaining PPI after the rebate that was added to the FP loan, so you get the remaining PPI you paid back at settlement, the PPI you actually paid plus the 8%.

First Plus paid out on my claim for the PPI on the second loan

If this loan is still running, did they take the whole PPI off the balance and adjust the monthly payment?.