Thread: First Plus

Good evening,

This is my first proper posting on this site. I am just about to investigate as to whether or not I have a claim against First Plus for the misselling of PPI on our secured loan. I am sending of for the SAR this evening.

I have a question perhaps you could help with - we are currently still paying the PPI to the tune of £103 per month. Should we cancel the PPI before making any advances to First Plus? If we do can I assume that we will have our payments reduced by the £103 and will they automatically refund any payments made to date? We have had this loan with them since April 06 but it was a consolidation of a previous one taken out about a year before - I have most of the paperwork.

Thanks guys.

Karen

When you ask for the S.A.R - (Subject access request) make sure you ask for all details relating to both loans.

Its up to you if you want to cancel the PPI before claiming, but I think you will be surprised at how little it actually reduces the monthly payment. What they refund you from the cancellation of the policy is only a small fraction of what they actually charged you at the start of the loan. They will also not be refunding any of the interest that they have charged you on that PPI.

Good luck with whatever you do .
BHB

Thanks BHB - Thanks for advice re SAR. I assumed that the premiums would reduce by the £103 that we are paying per month. This PPI business seems very confusing! I am sure I will be back with more questions once we get the SAR reports ......

K

Hello karen,

welcome to the PPI forum.

I have a question perhaps you could help with - we are currently still paying the PPI to the tune of £103 per month. Should we cancel the PPI before making any advances to First Plus? If we do can I assume that we will have our payments reduced by the £103 and will they automatically refund any payments made to date? (it is unlikely you will be automatically refunded and you will have to put up a case for mis-selling) We have had this loan with them since April 06 but it was a consolidation of a previous one taken out about a year before - I have most of the paperwork. (This will mean you have recourse to complain to the Financial Ombudsman Service about mis-selling)

braveheartbear is correct it is probable you will not see a reduction of £103 per month.

I would suggest you cancel now at least it tells them you are aware of mis-selling and you want out. Please make sure you do have cover in the event of illness etc this can be obtained much more economically online if you are not covered by your employer.

Please also make sure you detail exactly what information you want in your SAR and that should be every bit of data in whatever format they have in regard to you as a Data Subject. Be very specific, ie paper, electronic, microfische, taped telephone conversations, notes made by employees etc.

I mention this from experience as my claim has taken since January for SAR information and is now with the Information Commissioners Office.

If you complain to the fos they will eventually pass to an adjudicator, if your complaint is upheld then fine. If it is not upheld then you can still go for Court action. You cannot do it the other way round i.e. if you go to Court and lose then it is unlikely the FOS will look at your claim.

Have a good look at the stickies at the top of the forum lots of useful information there and also follow a few other threads to see others in the fight with first plus..

Good luck
aa