Possible PPI refund

KRB2725

I have had several loans with First Direct, all of them consolidation loans and mostly have ended up taking out a new loan that incorporated the balance from the old loan. I know they haven't sold PPI since 2008, but this stupid cycle started before then (I am finally a DFW!).

Firstly, am I too late to claim a PPI refund? It was all done over the phone, but they quoted you with the PPI and were not told you could opt out).

The second problem is that I have no idea when I took the first loan out, or the subsequent ones, I only remember the last one which was 2010 and which doesn't have PPI. I suffered an extended period of illness in the early 2000's and was off work & on a lot of medication and simply don't remember and have no paperwork. There is possibly a chance I claimed on the PPI (I know that I did on a store card that I held at the time) but as I still had an income from corporate sick pay I may not have done.

As I am trying to clear all me debt now, if I was able to claim then I would like to do so. Can I write and ask them to provide details of the loans that I've held and would they tell me if I'd claimed?

Nasqueron

emmatthews wrote: »

I have had several loans with First Direct, all of them consolidation loans and mostly have ended up taking out a new loan that incorporated the balance from the old loan. I know they haven't sold PPI since 2008, but this stupid cycle started before then (I am finally a DFW!).

Firstly, am I too late to claim a PPI refund? It was all done over the phone, but they quoted you with the PPI and were not told you could opt out).

The second problem is that I have no idea when I took the first loan out, or the subsequent ones, I only remember the last one which was 2010 and which doesn't have PPI. I suffered an extended period of illness in the early 2000's and was off work & on a lot of medication and simply don't remember and have no paperwork. There is possibly a chance I claimed on the PPI (I know that I did on a store card that I held at the time) but as I still had an income from corporate sick pay I may not have done.

As I am trying to clear all me debt now, if I was able to claim then I would like to do so. Can I write and ask them to provide details of the loans that I've held and would they tell me if I'd claimed?

It's not too late unless they have written to you more than 3 years ago inviting you to complain.

If it was PPI included in the loan you should win a complaint and should focus on that (need to check it though) - typically you would have just 1 payment every month.

If it was a separate monthly payment then who knows - your complaint reason is very weak (hearsay) and you can't prove it.

If you had claimed on it then you would have that payout removed from any refund but otherwise would keep the rest assuming you didn't default on the debt.

Best thing to do is start by ringing FD and see what records they have of the earliest loan (you may need to do a DSAR (costs £10) to get a copy of all their records if front line staff cannot see any details - get on with this as they tend to delete records 6 years after accounts were closed in line with DPA) - if it shows the PPI was included in the loan then complain.

I would recommend if you do win that you get the PPI removed from the loan and then recalculated - a cheque may seem nice but you would still be paying off the loan with the earlier PPI elements in it costing you more in the long run.

KRB2725

Thank you. I have only ever paid one payment per month, but I seem to remember two bits of paper arriving when I took the loans out, one detailing the loan amount and the other the PPI amount.

I think I may come unstuck though as the loans would date back more than 6 years - they stopped selling PPI in 2008. Didn't default on the though.

I will speak to them and find out what they say and what info they have. I was very shredder happy and have nothing!

The reason I would go for a cheque is that my loan is at 10.9%, but I have more expensive (29.9) credit card debt to clear.

Many thanks or your reply, I appreciate your help.

Nasqueron

emmatthews wrote: »

Thank you. I have only ever paid one payment per month, but I seem to remember two bits of paper arriving when I took the loans out, one detailing the loan amount and the other the PPI amount.

I think I may come unstuck though as the loans would date back more than 6 years - they stopped selling PPI in 2008. Didn't default on the though.

I will speak to them and find out what they say and what info they have. I was very shredder happy and have nothing!

The reason I would go for a cheque is that my loan is at 10.9%, but I have more expensive (29.9) credit card debt to clear.

Many thanks or your reply, I appreciate your help.

If you have continuous rolling loans it shouldn't matter, it's only if the loan was closed off 6 years ago there would be issues.

Any refund may take months or even years (especially if they fight it at the FOS) so long term you would still be better with a loan recalculation as it would give you a lower monthly payment so you could pay more off the CC