Norton Finance PPI for First Plus Loan

dfr200764

Hi

I took out a secured loan for £ 40000 through Norton Finance, back in 2004. They got the loan through First Plus and they also added 5 years PPI (about £9000). This was finally redeemed when I remortgaged in 2006. I only recently look into trying to get my PPI refunded so went via First Plus who told me I didnt have a chance of recovering any PPI - also as Norton Finance had folded. So I tried the Financial Services Compensation Scheme and they said that as the loan was not 'regulated' by the FCA as it was taken out before Jan 2005 that I would have no claim. However, I have noticed a lot of people have been successful claiming back as far as 2004 and before then. I also believe I am entitled to some PPI being refunded as technically I only used 2 years worth of the PPI so should have been refunded the 3 years I didnt use so to speak. Has anybody else got a similar story that proved successful in the end ?

sun73

This is a difficult one because neither were regulated before 2005. If you have the paperwork does it mention the name of the insurance underwriter?

societys_child

However, I have noticed a lot of people have been successful claiming back as far as 2004 and before then

All depends who you sold you the policy, banks for example were regulated prior to 2005 however First Plus and Norton weren't.

amersall

Find out who the underwriters were as sun73 said.
First Plus may know, if you find out then make the claim using the Single Premium as one reason for mis sell, this was in fact a loan on the loan repaid to term end with interest, this would not have been explained to you at the point of sale for you to make an informed decision.
Can you remember if the PPI only covered you for a few years but you still repaid the whole PPI back but with no cover? if this was the case (most likely with FP involved) then use this as a reason too.

dunstonh

However, I have noticed a lot of people have been successful claiming back as far as 2004 and before then.

Regulation started in January 2005. Some firms, like the banks, were members of an earlier body, such as the GISC or mortgage code, and in those cases, they have to consider earlier sales. However, if the seller had no earlier membership of a relevant body, such as most IFAs, mortgage brokers or loan brokers, then they do not need to consider pre-regulation complaints.

If the firm is no longer trading, then the FSCS kicks in but only if the product was sold after Jan 2005. If before, then the FSCS has no remit.

In a very very small number of cases, the insurer will take the liability for the sale. It is worth trying as it is your only hope. However, you would expect single digit odds of success. In the vast majority of cases, the insurer does not have any liability.