First Plus PPI

rachelse

We took out a first plus secured loan ten years ago with PPI Insurance. 5 years ago we were paid out an amount by First Plus as we did not make a claim on our PPI during the 5 year period. This was mentioned to us as a feature during the selling of the PPI. We have had a few letters from them about mis selling of PPI but as we have had a pay out from First Plus have been reluctant to pursue. Has anyone else successfully been paid out PPI reclaim . Our concern is as we have had a pay out from them could they ask for this money back as it was around £18,000. Many thanks

[Deleted User]

Complain, this was the most pernicious types of PPI offered and was certainly mis-sold. You have received back some of the PPI you paid, but you are still paying massively for the interest applied when the loan and PPI was a taken out.

I would certainly complain. They won't be asking you to re-pay anything and the most you stand to lose is the price of a stamp returning the form sent along with their letter.

rachelse

That's great many thanks

amersall

Yes, complain, the whole PPI amount is still on the loan to term end with interest and you have had no cover for the past 5 years, bet FP did not tell you that when they sold it to you.
Use what I put above, also, the fact it was Single Premium.

If the loan is still running, when you win, make sure they remove the whole PPI from the loan and they reduce your payment by the PPI monthly amount as they will give you 2 options as you had the cashback, take the option of having the loan reset, if you don't then you may get money back to you but the whole PPI will still be on the loan to term end with interest, this will cost you thousands over the remaining loan term.

[Deleted User]

amersall wrote: »

Yes, complain, the whole PPI amount is still on the loan to term end with interest and you have had no cover for the past 5 years

I knew you'd be along for a First Plus thread, Amersall!

rachelse

Thank you everyone. That is great advice. I will definitely look into making a claim. My other concern is the fact although the PPI only lasted for 5 years we still have a 'live' loan with them for a large amount secured against our property. This may be naïve but I am concerned this may be affected. Also if we have been mis sold do we get the option of a further pay out or does it have to be recalculated and our loan reduced? Thanks again all

amersall

The claim for mis sell will have no bearing on your loan, this will run as normal.

They will give you 2 options as I stated in my last post, you must take the option that re-sets the loan with the PPI off the balance and the monthly payment reduces, this is the best way to go.
Put the claim in and post up what response you get.

amersall

Moneyineptitude wrote: »

I knew you'd be along for a First Plus thread, Amersall!

:rotfl: But of course

amersall

https://ppi.barclays.co.uk/ecom/ola/app/pwc

Do it online, we can help with anything your not sure of.

amersall

Also, put in your claim about the unfair rebate of PPI if you settle early, you would receive a % rebate of the PPI but you would repay the remaining PPI back in with the settlement figure !!!! win win for First Plus.