first plus

edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
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ajrp66ajrp66 Forumite
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edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
hi can anyone advise applied to first plus for ppi claim ,was told it was misold and could apply for reclaim ,then got letter in post saying that company that first plus got insurance from was arrow finance and they had gone bust therefore could not claim fpr the misold ppi ,
loan was for 50.000 and ppi was 7000 ,paid this loan off in full when remortgaged and had to pay 62.000 to settle.this was 8 years ago .should first plus still pay this ppi as i got it through loan with them or am i not able to claim like they said .any help appreciated

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  • dunstonhdunstonh Forumite
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    ajrp66 wrote: »
    hi can anyone advise applied to first plus for ppi claim ,was told it was misold and could apply for reclaim ,then got letter in post saying that company that first plus got insurance from was arrow finance and they had gone bust therefore could not claim fpr the misold ppi ,
    loan was for 50.000 and ppi was 7000 ,paid this loan off in full when remortgaged and had to pay 62.000 to settle.this was 8 years ago .should first plus still pay this ppi as i got it through loan with them or am i not able to claim like they said .any help appreciated

    The lender does not carry the liability for the sale. The seller/broker does.

    You say 8 years ago. However, can you give us the exact date you bought the loan/insurance. This is very important as it will determine whether you can go to the FSCS or not.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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