Secured loan

KAM55

In 2007 we took out a secured loan with First Plus. The loan included a premium of 12k Ppi. First Plus paid that amount back by there choice in 2012 but it is still included in the loan total and I am paying interest on that. Didn’t realise at the time and felt loan was missold as taken adnantage of our then difficult circumstances and but got nowhere with them. Added to this the loan was sold on to elderbridge in 2016 as first Plus when went out of business. According to agreement I will be paying for another 9 years and I’ll be 74 then. Obviously I am worried. If I got a settlement figure will I still be charged interest for next 9 years to end of loan. Any advice appreciated. 

[Deleted User]

If you settle it early, you'll avoid the future interest. 

sourcrates

The redress you got for the PPI would have included interest paid to date on the PPI premium, plus statutory interest @ 8% per anum.

What normally would have happened is the PPI premium should have been removed from your loan at the same time, maybe because they did this by their own volition, and not as a result of a complaint by yourself, that never happened ?

A quick look on Google suggests First Plus was bought by Barclays, that may be a good starting point for your complaint, however, 2012 is nearly 9 years ago, they could respond that your complaint is now time barred.

amersall

Look for first plus loans on this site. New info has come to light regarding these loans and the interest, get a complaint in ASAP. The PPI was repaid to you at the 5 year point, BUT, it was still on the loan to term end with interest for PPI that only covered you for 5 years!, you have missed the boat regarding PPI but not with the interest