First Plus

Molly_Black

I took out a First Plus loan over a period of 20 years nearly 11 years ago. After 5 years I received a cheque being repayment of insurance premiums. Do I still have a claim regarding miss sold PPI. Will I still be paying interest on the original insurance premium. My repayments have not came down even over the last few years when interest rates have been very low.

dunstonh

Do I still have a claim regarding miss sold PPI.

Were you mis-sold?

If your complaint succeeds, you wont get the premium returned as you have already had that back. However, you would get an interest correction.

My repayments have not came down even over the last few years when interest rates have been very low.

First plus was mostly a lender to the bottom end of the market with high risk loans with a high risk of default. You wouldnt expect low rates.

amersall

You are still paying the whole PPI and interest back to term end.
If you win, the whole PPI amount is taken off the loan balance, the monthly payment reduces by the PPI monthly amount, this alone will save you thousands in interest over the remaining term.

Send this to FP
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/I 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.