First Plus PPI Claim

Tangel

Morning all

Last year my partner and his ex wife submitted a PPI Questionnaire for the above company. For one reason or another neither of them followed this up. What would the next step be as needless to say, they have not heard anything from First Plus? Also one of the address details have changed since then.

Any assistance would be appreciated.

amersall

If they received no response, not even an acknowledgement of the claim then resend.
I don't think it will matter re the address, although it can be put in, as long as one is living at the property the loan was secured on so they can receive any correspondence.


What year was this loan taken out and was a broker used?, this will make a difference to the claim.

What reasons did they use for mis sell?.

amersall

I did not realise you had posted last year, as this is a joint loan they will require both borrowers to make the claim, even if redress is received a cheque will be made out in joint names.
Make sure you get the ex to sign so the redress will be 50/50, this will save time later on.

Tangel

Thanks Amershall,

The property that the loan was secured on unfortunately had to be sold as a result of the split.

The loan was taken out in 2008 and the loan was redeemed in about September 2013 and it was arranged via Freedom Finance. However, I note from the original claim form that they have put cannot remember as to how it was sold to them.

amersall

Your partner needs to contact FSCS, phoning will be quicker.
http://www.fscs.org.uk/contact-us/
Freedom were taken over and the company is in Gibralter, Fscs should help as they can pay compensation for the PPI.
If they ask for reasons for mis sell, Single Premium is one and the PPI did not cover the whole loan term.
You will need the ex details as I said before, the cheque will be made to joint names otherwise, your partner needs to let them have ex details so the redress can be repaid 50/50.
Let me know how you get on.

Tangel

Sorry a bit confused. The loan was taken out with Freedom Finance but was a First Plus loan so we sent it to the contact given on the MSE website (I cant remember who that was now). So should the form have gone to Freedom as was then?

magpiecottage

The question is who was responsible for selling you PPI, not who did you borrow the money from.

That seems to be Wilmslow Financial Services plc (trading as Freedom Finance). It is in "default" so the Financial Services Compensation Scheme will consider any claims against it.

Tangel

Oh I see. So we were incorrect in sending the PPI Questionnaire to whoever. We will contact FSCS and see where we go to from there.

jellie

If the PPI only covered either your partner or ex but not both of them, you might find FSCS will only deal with that person. If that's the case, they'll pay all of the refund to whoever the PPI actually covered.

Tangel

Amershall and MagpieCottage

Thanks for all the above information. Can you just confirm what reason we give for claiming? I do not quite understand Amersham saying it is a single premium and not enough to repay the loan!! Sorry to be so dumb but I do not fully understand loans etc. Thanks

amersall

Single Premium is a reason you can use, this was in effect a loan on the loan repaid to term end with interest.


Did the PPI end before the loan finished?.

If I have read right, the loan was repaid early, if it was they would have been given a rebate of the PPI but the remaining PPI would have been repaid in the settlement figure, this means a high proportion of the PPI would have been paid back.