First plus / capital one

essvana

Hello

We are due to get a final response letter tomorrow from FIRST PLUS / CAPITAL ONE, we took a loan out with First Plus for £52,000 in 2000 over 15 years but paid it back after 6 (we had to downside our house to do this :mad: ) am I right in thinking they will only pay the PPI back on the 6 years or will we get it all back plus interest? I would seriously advise nobody on here touches this company as they nearly ruined us, hindsight is a very good thing!
Will let you all know what they offer us..............fingers crossed!

-taff

They will only give you back what you paid, so 6 years worth, plus any associated interest.

amersall

You will get the whole PPI amount less the rebate you paid on early settlement and the 8%.
The remaining PPI after the rebate would have been repaid by you in the settlement figure, you basically paid for the whole PPI less the rebate.

essvana

amersall I need to speak to you they have turned us down

-taff

why did they turn you down?

essvana

They said we ticked the box on the PPI in 2000 & we agreed over the phone!

-taff

Hmmm..
Well, if I were you, I would ask them to re-investigate base don the following

It was single prmeium, where the loan for the premium was added to the capital loan and interest charged onit and had you been aware of the full costs of the PPI, you would never have taken it, and that even if you had cancelled it straightaway you would only have recieved the rpemiums back, not the interest which had been added to the loan.
Also, the premium would only have been good for 5 years if you had needed it, not the length of the loan, therefore would not have covered you anyway.


Have they told you you can use the FOS - did they include an Ombudsman leaflet in the rejection?

amersall

Thanks taff.

-taff

I can quote you now amersall
thank YOU!

amersall

You are welcome
Every little helps :cool:

essvana

Yes they did include the Omb leaflet Taff, why is that?