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Reclaiming PPI from First Plus
Hi Guys
Looking for a bit of help
I took out a £60k secured loan with First Plus in Feb 2006. They told me at the time that I had to take out PPI at a cost of £11958 which was then added to the loan up front.
I was told that this was paid back over 5 years. At that time I asked that if I wanted to repay the loan would the insurance be repaid on a prorata basis.Recently I requested a settlement figure, which included the full amount incl the insurance. With the statement that no refund would be given as all the risk of the debt is in the early stages of the loan!!!
I wrote to them last week, to inform then that I was under the impression that the PPI was mis sold and I wanted it to be cancelled and all money refunded accordingly.
Received a letter back today with a highlighted section of the small print on the terms and conditions stating that the cover is optional!!
Has anyone got any experience of something similar and or have any advice
Thanx
Winx
Looking for a bit of help
I took out a £60k secured loan with First Plus in Feb 2006. They told me at the time that I had to take out PPI at a cost of £11958 which was then added to the loan up front.
I was told that this was paid back over 5 years. At that time I asked that if I wanted to repay the loan would the insurance be repaid on a prorata basis.Recently I requested a settlement figure, which included the full amount incl the insurance. With the statement that no refund would be given as all the risk of the debt is in the early stages of the loan!!!
I wrote to them last week, to inform then that I was under the impression that the PPI was mis sold and I wanted it to be cancelled and all money refunded accordingly.
Received a letter back today with a highlighted section of the small print on the terms and conditions stating that the cover is optional!!
Has anyone got any experience of something similar and or have any advice
Thanx
Winx
0
Comments
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Send the 2nd letter template away as per martin's instructions, totally unacceptable for that, read the section's on Single Premium Policies, and add in reason's(if you haven't done already) about mis-selling, or contact peternb(on other threads) he does this for a living. Seems to know alot of secrets about getting money back.Thanks to all the competition posters.0
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Hi have done the same thing. The 2nd letter came back saying they were upholding their decision that they were in the right, but, without any admission of guilt, only as a gesture of goodwill, they were offering me the an extra £5,000 on top of the £2,000 they would normally refund!
They said that it would be their last correspondence and go to the FOS if still not happy. That is what I have just done and await the reply.
Keep going as the more complaints they have the more chance we will all have the desired result.
Good Luck0
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