Firstplus PPI claim after receiving cashback

Thank you, Amersall.
Will go through all the information you have provided.
Greatly appreciated

Do not hesitate to push your claim against Firstplus.


My wife and I have have just used the template letter recommended on here and yesterday, we received cheques totaling £16386.


We are now pushing for a refund for interest overpaid since the interest rates dropped in 2008 and a reduction in our monthly payments for the remainder of our agreement term.


This is the draft letter you should use:


[FONT=&quot]"FAO: Customer Relations[/FONT]
[FONT=&quot]Elderbridge[/FONT]
[FONT=&quot]Ref
Firstplus Financial Group Plc loan account XXXXXX
The Avenue Business Park
Pentwyn
Cardiff
CF23 8FF

Dear Sirs,

PPI Misselling Claim - Loan Account Ref Nr: XXXXXX

We believe we were mis sold the PPI on the above account number and would like recordings, if any to the contrary of our reasons for mis sell set out below.

1) We were not told that the PPI was in effect another loan that was added to the original loan and was repayable over the entire loan term with interest.

2) We were told that the PPI was a 5 year policy, but not told the ppi would still be on the loan to term end with interest.

3) We were told that if we did not make a claim,or go into arrears on the ppi then after 5 years we would receive the cashback of PPI but were not told this would not include the interest made on these payments that we paid over the 5 years.

In line with the FOS recommendations it is requested that the overall situation be restored as if PPI had never been included. This will entail:

A refund of the monthly payments that have actually been paid towards the overall loan in excess of those that would have been needed, if the original loan had been sold without the PPI policy.

In addition, interest at the rate of 8% simple per annum to any excess payments made from the time each payment was made to the point that FirstPlus pays them back to us. We believe we were not given enough information on this PPI to make an informed decision. Had we known the full cost of this PPI we would not have taken it.

Unless you can prove without doubt that this PPI policy was fair, reasonable and suitable for our circumstances we will require you to rearrange the loan as if PPI had never been included on the above loan."[/FONT]
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[FONT=&quot]We did receive a PPI refund of the PPI amount of £5900 in 2008 and now this has been the icing on the cake.[/FONT]
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[FONT=&quot]Go for it!:j
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