Firstplus PPI reclaim

Billey

In 2009, i was awarded £21,000 from Firstplus as they mis-sold me PPI.
They refused to pay the amount directly to myself, and instead, used the money to reduce the amount of the loan.
I argued that the money should have been paid to myself but they point blank refused.
The judgement by the ombudsman said that i should be paid compensation in full , but they still used the money to reduce the amont of the loan.
Did Firstplus act correctly in doing this?
Have i any recourse if they Didn't act correctly?

[Deleted User]

A decade on, I can't see you have any recourse at all. Why have you waited so long?

If the Bank reduced the amount owing on your loan, you effectively had a refund in any case.

Were you in arrears with this loan?

Billey

Moneyineptitude wrote: »

A decade on, I can't see you have any recourse at all. Why have you waited so long?

If the Bank reduced the amount owing on your loan, you effectively had a refund in any case.

Were you in arrears with this loan?

Thanks for your response.

I was £7,000 in arrears, and going through a difficult time in my life where this money could have went to pay off other debts. The interest Firstplus added to the loan due to the arrears was emormous and eventually i had to take out a trust deed.
If the refund was paid to me, i could have used it to greater effect, but i never had that option.

-taff

Your time to complain about this is over, you had six months from their decision to go to the FOS and as you were in arrears, they are entitled to apply the redress to this.

Billey

Hi staff
Thanks for your response- it is greatly appreciated.

SonOf

Did Firstplus act correctly in doing this?

IIRC, the redress rules were formalised after 2009.

Even under todays rules, the lender can sometimes set off against the debt. Usually when there are defaults, arrears or amounts written off as an agreed settlement.

You are almost certainly way past the time to query this now.