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First Plus - Single cover to first named borrower only ?
Dear All
My partner and I currently have a loan (£34,000) with First Plus (taken out in July 05). We were 'persuaded' to take out PPI which cost us £8, 326.60.
I'm about to send off a 'misselling' template letter to reclaim, but am really confused as to what cover our PPI provides. My partner was self employed when we took out the loan so my name is the first name on the PPI agreement. On the agreement it puts us both as Insured Customers (my name is listed first) - but on the actual loan agreement it states "You have chosen to protect your repayments with the FIRSTPLUS Payment Protection Plan. You will have joint life, and single accident, sickness and involuntary employment cover. Single cover applies to first named borrower only.
I'm totally confused - does this mean that we would both have been covered by the PPI or not ?
Re: First Plus - Single cover to first named borrower only ?
Afternoon feebs,
Sounds like their standard policy.
If your name is the first name on the loan, the the policy will be Life, accident, sickness and unemployment and your husband will be covered for life.
The issue as I see it for you, is did they mis-sell you the policy in the first place.
Have you requested your SAR paperwork, well worth the £10.00 as they provided much more evidence to myself, and by the souns of it, Bog as well. See the links below.
Re: First Plus - Single cover to first named borrower only ?
Many thanks for quick response..
I believe they did mis-sell as firstly they made no mention that the policy was only valid for five years but we would end up paying interest on the insurance for the full loan term. My main reason however, for wanting to claim is that we would never have taken this insurance if it meant that only I was covered for sickness, accident and unemployment. If my partner was sick, became unemployed or had an accident I would never be able to make the payments on my own on top of mortgage payments etc.
We were not told that this insurance was only suitable for one of us and on the PPI offical agreement it lists both of us as insured customers.
Would be really grateful if this would give more clout to my claim
Many thanks for your help it's much much appreciated
First Plus - Single cover to first named borrower only ?
which cost us £8, 326.60.
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