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Hope someone can help as I do find it all a bit overwhelming.
I'm currently pursuing First Plus for misselling on PPI. I have just received my first 'nice' letter saying that they are looking into my claim and will get back to me by no later than 28th June.
I still have the loan and expect to have it for another 4 years (unless I win the lottery and can pay it off). My question is, if my claim is successful and I get my PPI back will this make any difference to my current monthly payments?
Re: Question for Successful First Plus PPI reclaims
Hello feebs,
welcome to the PPI forum. It is a busy place and no doubt will get much more so.
Hope someone can help as I do find it all a bit overwhelming.
I'm currently pursuing First Plus for misselling on PPI. I have just received my first 'nice' letter saying that they are looking into my claim and will get back to me by no later than 28th June.
I still have the loan and expect to have it for another 4 years (unless I win the lottery and can pay it off). My question is, if my claim is successful and I get my PPI back will this make any difference to my current monthly payments?
Many thanks in advance
Not while you still have the Insurance policy.
1. When did you take out the Loan? date is important
2. Was it a single premium policy?
3. Were you informed of any exclustions in the policy ie self employed, pre existing medical conditions etc?
Your current monthly payments will only reduce when you cancel the policy. Perhaps you can post more detail on your PPI.
The best thing I would suggest in advance of the detail is: If you have cover to pay off the loan or you can get PPI cheaper (and you can online) then cancel the First Plus PPI ask for a rebate, get the rebate if any and then claim the PPI back from first plus including the insurance plus any payments made on the PPI and add 8% statutory insurance on top.
This is a long haul and a new venture but you can win.....
Re: Question for Successful First Plus PPI reclaims
Agree with comments above.
One word to the wise, I'd avoid posting anything Firstplus can track back to you. The more claims I read the more convinced I am that they have staff trawling through the CAG frequently, to check who is getting what assistance.
As for the payments, you should see a significant reduction, assuming they do it properly. Only cause for concern in comments below, is if you cancel the policy and then lose your fight, you lose the refunded premium. It's a difficult decision but one you need to make alone.
I guess the question is; are you going to fight your case as far as necessary and are you prepared to speculate to accumulate ?
Re: Question for Successful First Plus PPI reclaims
Quality advice
Lloyds TSB (SARS) request sent 9th June 2006
£2191 Moneyclaim Issued 11/08/2006, Acknowleded 17th August Defence 14 Sep, AQ returned 5/10/2006.SETTLED IN FULL £2,670 26/11/2006/ Lloyds Credit Card SETTLED IN FULL £267 MBNA SETTLED IN FULL 15/09/2006 £829 Citicard (SARS) request sent 22nd June 2006 Moneyclaim issued 19th Sep, Defence and AQ received 5/10/2006, AQ returned 5/10/2006, part refund received 10/10/2006
GE MONEY SETTLLED IN FULL £400
Barclaycard Me and Mrs SARS sent 19/10/2006 settled £350
Welcome Finance PPI 2 accounts one settled £1018 waiting on other
GE Money PPI 1 account settled 8/5/2008 £560 2nd account SETTLED IN FULL £3,599.78p 15thAugust 2008
Lloyds TSB PPI CC complaint sent 10/04/2008
Black Horse PPI with FOS 20/05/2008
HFC PPI complaint sent 22/05/2008
Re: Question for Successful First Plus PPI reclaims
Many thanks for all advice - it's very much appreciated.
I took out the loan in 2005, was sold Single Premiumn policy and was not asked about any pre-existing medical conditions.
One of the reasons I posted was that much of the threads relate to people claiming back PPI who have already paid off the loan. I wondered if any had reclaimed back whilst their loan was still ongoing and if they were successful, did First Plus deduct from their loan or give them a rebate of PPI plus interest ?
Unfortunately I can't pay off the loan for the immediate future so wondered what my options were ?
again many thanks for all help from a confused PPI victim
Re: Question for Successful First Plus PPI reclaims
Hi Feebs,
I successfully reclaimed my PPI from Firstplus and did get the PPI returned onto the Loan (which in efect reduced the balance on the loan). I also got the Premiums I had paid to date refunded directly back to me while also receiving the portion of the PPI that I had paid to date paid directly to me by cheque with interest. And yes I did get a substantial reduction in my mnthly payment.
Re: Question for Successful First Plus PPI reclaims
Hello feebs,
One of the reasons I posted was that much of the threads relate to people claiming back PPI who have already paid off the loan. I wondered if any had reclaimed back whilst their loan was still ongoing and if they were successful, did First Plus deduct from their loan or give them a rebate of PPI plus interest ?
I have cancelled and obtained a rebate (I did not get the full cost of the PPI refunded but a pro rata figure) I believe banks etc are more likely now since 14 Jan 2005 FSA ruling to give you a refund (It rarely if ever happened before this ruling)
However if you have a mis-selling case then you can deduct what they refund on cancellation from the full cost of PPI on start up and ask for the difference to be repaid plus the interest. I am doing this for 7 loans and hopefully the fos will look at them all even though they precede the 2005 date.
Unfortunately I can't pay off the loan for the immediate future so wondered what my options were ?
Cancel your PPI and obtain it much more cheaply elsewhere, if your employer does not cover you or you do not have insurance elsewhere which would cover you. You should get a refund but the crunch is your payments will probably not reduce as much as you think they might.
Next, if you have all your documentation fine, if not submit a Subject access request send the Statutory fee of £10 (best to use a postal order and keep the counterfoil as evidence) You should ask for every little bit of data that they may hold on you in whatever format, paper, electronic, microfische, tape, cd or any other method and spell out that your require credit agreement, terms and conditions, statements, policy documentation etc etc.
Then you start to ask for your money back.
Hope this helps you
aa
PS my claim is RBS not first plus but you should hopefully get a result over time.
Re: Question for Successful First Plus PPI reclaims
Hi Demtootief and Alanalana - really appreciate your advice - there is so much to try and trawl through. I've also found that when looking through all the First Plus Reclaim posts that some people have different experiences i.e. some don't have too much trouble reclaiming and some do. Demtootief - did you get the option to have it taken off your loan or to have a cheque ?
once again many many thanks for all your help and assistance
Re: Question for Successful First Plus PPI reclaims
hI FEEBS, I AM ALSO JUST STARTING THE PROCESS OF CLAIMING PPI BACK FROM 1ST PLUS AND THEY OFFERED ME A MEASLEY £2K WHICH I HAVE TURNED DOWN. I HAVE SENT OFF A S.A.R THEN I'M GOING FOR THE AMOUNT PLUS interest AND MY PAYMENTS BACK...WITH AS MUCH HELP FROM THESE GUYS ON CAG AS POSSIBLE! GOOD LUCK I'LL KEEP WATCHING YOUR THREAD AND WE CAN COMPARE NOTES
Re: Question for Successful First Plus PPI reclaims
Originally Posted by feebs
Hi Demtootief and Alanalana - really appreciate your advice - there is so much to try and trawl through. I've also found that when looking through all the First Plus Reclaim posts that some people have different experiences i.e. some don't have too much trouble reclaiming and some do. Demtootief - did you get the option to have it taken off your loan or to have a cheque Loan, which was fine by me as I still had a substantial amount left on the Loan. The Premium rebate however, plus the party of the insurance that I had already paid was offered as a cheque payment which I duly received.
I did not get the option to receive the PPI rebate by cheque, but was told htat this would be reduced off the
once again many many thanks for all your help and assistance
Question for Successful First Plus PPI reclaims
. I have just received my first 'nice' letter saying that they are looking into my claim and will get back to me by no later than 28th June.
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Originally Posted by feebs
