First plus offer

miaoww

Hi can anyone advise?
have recieved a letter from first plus today offering and enhanced rebate of the insurance policy calculate on prorata basis of 78% of the premium (originally was 15183.80) (22% being held back for the provision of claims and admin costs!) - we havent made any claims?
offer is enhanced? rebate of £5,423,35 in addion to the £2,274.83 that will be applied to your loan account on cancellation of the policy.

additional refund is made with no admission of liability by either the insurers or first plus and if a good will gesture

They dont make things easy to understand -

Basically our loan started in 06/06 for consolidation of other debts plus consolidation of another first plus loan so initial loan was £62000. plus the protection 15183.80
bal 77183.80
am i to assume they will take this offer off any outstanding amount and then our monthly payments will be reduced
or should I try and ask for the full amount?

any advice gratefully recived
thanks

petermb_2

I my opinion you should get back the full ppi premium plus interest. There is possibly an opportunity to challenge the loan itself but this is an unregulated loan (being over £25,000) and may not have the same implications as the regulated version.

miaoww

Hi - would this involve going to the financial ombudsman? - are there any template letters to take things further do know quite how to go about next step will try and get it all back as we need the money even if its credited off the loan it would help as repayments should then be reduced

miaoww

:oHi - would this involve going to the financial ombudsman? - are there any template letters to take things further do know quite how to go about next step will try and get it all back as we need the money even if its credited off the loan it would help as repayments should then be reduced