Firstplus ppi reclaim

karenal51

Hello, my first post here so sorry if any of this sounds stupid.

In 2005 I took out a loan with firstplus for £80,000. I stupidly also took out there 5 year ppi cash back. which over the 5 years cost me £20,000. In August of last year i received my £20,000 back as I hadn’t made a claim on the ppi. Probably my fault when i took it out but I didn’t realise the payments would continue the same for the remainder of my loan.

Anyway I tried to make a complaint to Firstplus about 16 weeks ago regarding the mis - selling of ppi, as they told me the ppi was compulsory and that I wouldn’t get the loan if I didn’t take the ppi. i filled out the standard questionnaire and sent it to them.

I got a letter back from first plus who said they used a broker for the loan and ppi and that the broker went bust, so no repayments would be made from them and that I could contact the financial compensation scheme to see if they would pay me any money back.

I’m now just confused by it all and don’t know hat my next move should be.

any advice on how to proceed would be great.

Thanks in Advance

Alex

dunstonh

Your complaint appears to be against the seller of the policy (you are making allegations against them. Not first plus).

If you bought after 14th January 2005, then you can refer your complaint to the FSCS. If it was before then its game over as it is pre-regulation.

karenal51

Hi

Thanks for the swift reply, i took the loan out in 2007, so think im ok on that bit, how do i make my cliam with the financial compensation ?

thanks

-taff

You go to the FSCS website and follow the instructions

http://www.fscs.org.uk/

karenal51

thanks for the advice taff, do you know of many people who have had much luck with these sort of cliams ? im sure Firstplus said my loan was brokered with loans.co.uk ? does that mean anything to you ?

Suzyhall9024

I am also fighting first plus about mis sold PPI that apparently was taken via a broker even though we were never told and thought it was FP. but our loan was 2003 so have the added problem of noone beijg regulated. However you mentioned you thought that you used loans.co.uk for your loan, they may not be trading but they are still paying out on PPi claims as they repaid us at the end of 2011 for the previosu loan we had through first plus (only had it for 3 months ) the details we have for them are:
email: loans.co.uk_customercorrespondence@bankofamerica.com
address: loans.co.uk
Chester Business Park
Chester CH4 9FB
Tel: 01244 576245

I assume that the bank of america are dealing with their claims,

Hope this helps

-taff

karenal51 wrote: »

thanks for the advice taff, do you know of many people who have had much luck with these sort of cliams ? im sure Firstplus said my loan was brokered with loans.co.uk ? does that mean anything to you ?

Because fo the nature of the sale, you should get the interest back.

I don't know if they will restructure the loan to reflect this or just give it back to you. If they don't restructure the loan using the interest your payments are not going to go down until you've paid it off, so push for this.

You've already had the PPI capital back, so you won't get that, and they won't give you the 8% either - the FSCS that is....If loans etc are still trading, yuo should get the 8% too.

There are lots of threads about FP, do a quick search....I think there's quite a long thread about loans-co-uk too.

Sarros

Hi

We had our complaint against Loans.co.uk upheld this year. The contact details in the previous post are still correct and upto date.

karenal51

thanks for all the advice everyone, will keep you all posted with what happens.

amersall

FSCS will not get the loan restructured, they compensate for the PPI.
Any win should be given to FP to reduce the debt, the monthly payment will stay the same with the original PPI amount to term end, FP are slippery toads, they will stay firm as the cash back has been taken.