First Plus PPI reclaim paid off loan

louisen132

Hello,

I wonder if anyone can help me. Myself and my husband took out a first plus homeowner loan for £35k in 2005. The only way they would let us take the loan was to add on PPI. I was out of work at the time and my husband had death in service as work so told them we didn't want or need this. They then refused the loan unless we took it. We needed the money so agreed. In 2008 we were able to pay off the loan and thought no more about it. I don't have any paper work regarding this loan anymore. Can I still claim the PPI? If so what would be the best way to go about it?
Lou

[Deleted User]

You can complain about this insurance if you have valid mis-selling reasons.

Unfortunately, saying you were told you had to have PPI is a very weak complaint unless you can somehow prove that you were told this.

"Death In Service" at work does not significantly overlap PPI cover I'm afraid.

Sarros

Hi Was your loan arranged directly with First Plus or through a broker, if it was through a broker you need to direct your complaint to them. You would need a sound reason for complaining such as that the PPI was a single premium added to your loan (in effect it was a loan on top of a loan) you could also mention the other reasons but I think your strongest point would be the single premium angle. If you cannot find any account number you could send a SAR asking for all details First Plus hold on you, or you could do what I did which was ring our lender (in your case First Plus) who gave me all the details I needed over the phone mainly the account number, they also gave me the PPI policy number and provider they also informed me that our loan was arranged via a broker and gave me all their contact details. Hopefully as you are only going back to 2008 your details shouldn't be too difficult to locate. Good luck.

amersall

This was mis sold, contact FP or the broker if you used one, get the account number and 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 .


1)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

2) We/I were told that the ppi was a 5 year policy, but not told the ppi would still be on the loan to term end with interest and would no longer have cover.

3) We/I were told that if we did not make a claim,or go into arrears on the ppi ,after 5 years we/I would receive the cash back of ppi but were not told this would not include the interest made on these payments that we paid over the 5 years or that the PPI would still be on the loan to term end with interest

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. 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.

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.