Barclays / First Plus Help

amersall

you should have rejected this at the time and asked them to reduce the balance

This is what I advocate to anybody in this situation with FP, it is by far the best option.

Fullspizz

amersall wrote: »

This would have made a difference over the remaining term had you repaid the redress into the loan, the monthly PPI plus interest over the remaining term would have meant you would have repaid the money you got back 3 or more times over.

What did you actually get back?.

Did you claim from FSCS for redress when the broker went bust? as they sold you the PPI not FP.

I have never known FP repay a brokers PPI miss sell, as it was brokered the loan cannot be reset as the broker does not exist to do this for you.
Could you give us more info to better help you going forward?.

Sorry, yes I think it was through the FSCS I got about 7k back.
If I had thought about it properly, then perhaps having it taken off the remainder would have been best. Oh well, you live and learn.

Fullspizz

amersall wrote: »

If redress was paid as in miss sell, the op gets the PPI they have paid to date plus interest plus the 8% and the whole PPI taken from the loan and the monthly payment reduced by the PPI monthly amount, as we are discovering, this was done through a broker who went into liquidation that FP ( never known FP do this when it was a broker tbh) repaid, the op chose to take the redress and not have it removed from the loan balance so the loan will not be reset, this will cost more in the long term with interest and the whole PPI still on the loan.

The top part is what happened to myself, however it looks like the whole PPI wasn't removed from the loan and the payments haven't been reduced accordingly.

amersall

Now I understand, FSCS only compensate for the PPI and because you had the redress back to you, the loan will not be reset I am afraid, this is awful I know but at least you got £7,000 back

Fullspizz

So technically then, I would have been better off claiming the lump sum for not using the PPI after the 5 years and then submitting a claim for missold PPI as I will still be paying it over the course of the loan?

[Deleted User]

Fullspizz wrote: »

So technically then, I would have been better off claiming the lump sum for not using the PPI after the 5 years and then submitting a claim for missold PPI as I will still be paying it over the course of the loan?

Unfortunately, you were never in a position to get the loan reset as you were paid by FSCS because the broker is no longer trading. It's by no means a total loss, but the PPI amount remains on your loan and this will mean extra interest is paid by you.

amersall

Fullspizz wrote: »

So technically then, I would have been better off claiming the lump sum for not using the PPI after the 5 years and then submitting a claim for missold PPI as I will still be paying it over the course of the loan?

Yes you would have, hindsight is a good thing but you were not to know at the time

Fullspizz

Ok, thanks for the help. So, technically I am still paying for the PPI even though it should have cancelled. I don't suppose there is anything I can take up with FP?

[Deleted User]

Fullspizz wrote: »

I don't suppose there is anything I can take up with FP?

Your mis-selling complaint was with the broker who sold you the PPI, not First Plus. Your mis-selling complaint was resolved by FSCS.

Nothing else you can do now.

Fullspizz

Ok, once again thanks for everyone's help.