Ppi

Fiona01

Hi, quite new to all this Forum stuff...so here goes....

Back in 2004 we took out a loan with Firstplus (we went through Loans.co.uk).

The loan was for £42,000 and a single premium of £10285.80 fpr PPI was added on, makeing the total amount borrowed from Firstplus £52285.80.

In 2006 we paid off the Loan in full, including the PPI premium. The total amount paid back was £52839.93.

We beleive the PPI was mis-sold to us for the following reasons:

1) We paid a single premium for the policy, but did not see it through to the end of its initial term
2) We were not told that the PPI was optional.
3) The PPI was only for a 5 year term. We were told that at the end of the 5 years if a claim had not been made we would receive this premium back.

Do you think we have a case for claiming back the PPI evan though the loan was taken out in 2004 and has since then been repaid in full?

Do we contact Firstplus or Loans.co.uk?

Will the fact that Firstplus were not regulated by the FSA until 2005 have any effect?

Help!

Many thanks

Rafter

Fiona,

Not sure you have a case with the arguements you have set out.

1) Single premium insurance is not illegal and you would have had some (a very small sum) of the premium refunded.

2) The issue is whether you were told that the insurance was compulsory (miselling). Not being told it was optional is not the same thing.

3) The 'gimmick' of the premium being refunded after 5 years, ignores the fact that you will pay interest on the premium over 5 years and then be offered another insurance product for the next 5 years. Your choice to pay the loan off early is hardly mis-selling.


You should write to Firstplus complaining that you think the amount of insurance refunded was unfair and see where that gets you.

If you have any evidence that the loan really was mis-sold (you were told the insurance was compulsory and the exclusions were not made clear to you) then you should pursue a mis-selling claim for a full refund.

Problem is that first plus/ loans.co.uk will probably have copies of all the documents you signed and even recordings of the phone conversations with you.

Good luck

R.

cflarry

Have you had any luck Fiona?

I had a firstplus loan and the PPP is showing optional on the credit agreement, I was worried if I didn't take it out they would decline the offer!

Is it worth me trying to claim the amount I had to pay was joint and amounted to 3918-40.

Fiona01 wrote: »

Hi, quite new to all this Forum stuff...so here goes....


Back in 2004 we took out a loan with Firstplus (we went through Loans.co.uk).

The loan was for £42,000 and a single premium of £10285.80 fpr PPI was added on, makeing the total amount borrowed from Firstplus £52285.80.

In 2006 we paid off the Loan in full, including the PPI premium. The total amount paid back was £52839.93.

We beleive the PPI was mis-sold to us for the following reasons:

1) We paid a single premium for the policy, but did not see it through to the end of its initial term
2) We were not told that the PPI was optional.
3) The PPI was only for a 5 year term. We were told that at the end of the 5 years if a claim had not been made we would receive this premium back.

Do you think we have a case for claiming back the PPI evan though the loan was taken out in 2004 and has since then been repaid in full?

Do we contact Firstplus or Loans.co.uk?

Will the fact that Firstplus were not regulated by the FSA until 2005 have any effect?

Help!

Many thanks

petermb_2

Fiona01 wrote: »

Hi, quite new to all this Forum stuff...so here goes....

Back in 2004 we took out a loan with Firstplus (we went through Loans.co.uk).

The loan was for £42,000 and a single premium of £10285.80 fpr PPI was added on, makeing the total amount borrowed from Firstplus £52285.80.

In 2006 we paid off the Loan in full, including the PPI premium. The total amount paid back was £52839.93.

We beleive the PPI was mis-sold to us for the following reasons:

1) We paid a single premium for the policy, but did not see it through to the end of its initial term
2) We were not told that the PPI was optional.
3) The PPI was only for a 5 year term. We were told that at the end of the 5 years if a claim had not been made we would receive this premium back.

Do you think we have a case for claiming back the PPI evan though the loan was taken out in 2004 and has since then been repaid in full?

Do we contact Firstplus or Loans.co.uk?

Will the fact that Firstplus were not regulated by the FSA until 2005 have any effect?

Help!

Many thanks

Reality is that regardless of the fact that it was mis-sold or not there is a good chance that the ppi added to your loan in this way will allow you to challenge the loan itself, not just the ppi premium.

Single Premium PPI in itself is not illegal but the way these policies have been set up in the majority of cases in contrary to common law.