Thread: Firstplus PPI Claim

Hi just wondering if you will be able to help me. I took out a loan with firstplus in Dec 06. I did take PPI out at the time as I was told that I would get a rebate of what I had paid if I paid it off early, or if not I would get the full £6000 back after five years.

What they failed to tell me was that they added this £6000 on to how much I owed them and the fact it would add on interest too.

Anyway I decided to remortgage in April 07 and when I asked for a settlement figure they added the £6000 on top of what I owed with no rebate back from what I had paid. Can they do this?:-?

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Hello fudge and welcome to the mysterious world of PPI,

Hi just wondering if you will be able to help me. I took out a loan with firstplus in Dec 06. I did take PPI out at the time as I was told that I would get a rebate of what I had paid if I paid it off early, or if not I would get the full £6000 back after five years.

What they failed to tell me was that they added this £6000 on to how much I owed them and the fact it would add on interest too.

Anyway I decided to remortgage in April 07 and when I asked for a settlement figure they added the £6000 on top of what I owed with no rebate back from what I had paid. Can they do this?

The addition of PPI single premiums with little or no rebate on settlement is highly frowned upon by the Financial Services Authority (FSA). A lot of banks etc have been doing this but then again a lot of banks have faced fines by the FSA the latest Alliance and Leicester fined £7m highest so far.

Can I ask do you have the original copy of the Consumer Credit Agreement (CCA)? or any other relevant documentation from when the loan started.

The fact you took out the loan in 2006 means that first plus would have been regulated by the FSA at that time as the FSA took regulatory control on 14 Jan 2005 (so that is in your favour).

see this from the FSA register...............

Basic details for:

309325 - Firstplus Financial Group Plc

Current status:AuthorisedEffective Date:14/01/2005Tied Agent:Undertakes Insurance Mediation:YRegistered under Money Laundering Regulations:Address:The Avenue Industrial Park
Croescadarn Close
Cardiff
South Glamorgan
CF23 8FF
Phone:
Fax:
Email:
Website:
44 029 2030 3020

nick.beal@firstplus.co.uk
Secured Homeowner Loans from FIRSTPLUS
Notices:Unable to hold client money.


This is the link to the FSA register...

FSA Register

Just type in the firms name and hit submit and bob's yer uncle links available too within the results.

If you have no paperwork you can request it with a Data Subject access request just check out the stickies for a good template.

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