First Plus PPI Claim

Buba-bertie

Hi,
I have just registered a PPI claim with FirstPlus and they are sending a refund claim form out to me.
Myself and my ex husband had a loan for £62,000 against the house in 2004 and we paid it off in full in 2007 (sold house, got divorced).....
Does anyone out there know what amount we may be looking at getting back. I have read some comments on this forum and it appears it is done on the interest charged against the loan ?
Can anyone help ??
Big Thanks
BB

amersall

You will get the whole PPI amount back, the interest on that plus the 8%.
They will then deduct the rebate of the PPI that they gave you at settlement.

The reasons for mis sell are the fact that this was Single Premium PPI repaid over the loan term with interest.
Rebate for early settlement was unfair as you repaid the majority of the PPI back in with the settlement figure.

If this was a joint loan they may need both signatures to make the claim, let FP know you are divorced and if any redress can be repaid 50/50.

amersall

Also, the PPI only covered you for 5 years but you continued to pay it for the life of the loan.

Buba-bertie

Thank you. I have had a letter from a PPI company, offering £19K however they want 20% plus VAT.....my ex and I are going to pursue it ourselves and try and keep most of the dosh.
Any other usefull hints/tips please let me know.
:-)

[Deleted User]

Buba-bertie wrote: »

Thank you. I have had a letter from a PPI company, offering £19K however they want 20% plus VAT.....

The Claims Company aren't in a position to "offer" you anything. Only First Plus can pay you redress of the amount they mis-sold to you. The Claims Company just sends a complaint on your behalf and then charges 20% commission if your complaint is upheld.

You are wise to be filling in the complaint form and sending it yourself.

-taff

Also, you only paid 3 years of PPI on this loan, so you'll only get 3 years worth back, plus the associated interest, plus 8%.

amersall

-taff wrote: »

Also, you only paid 3 years of PPI on this loan, so you'll only get 3 years worth back, plus the associated interest, plus 8%.

Plus the remaining PPI after the rebate for early settlement

amersall

Buba-bertie wrote: »

Thank you. I have had a letter from a PPI company, offering £19K however they want 20% plus VAT.....my ex and I are going to pursue it ourselves and try and keep most of the dosh.
Any other usefull hints/tips please let me know.
:-)

Did you sign paperwork with this company to make the claim for you?.