Thread: Was I missold PPI for Firstplus loan

I took out a loan with Fisrtplus in Novemebr 2007 for £15,000 over 120 months and was told I would benefit from taking out insurance as well. I queried the insurance and was told it only covered my husband, not me. I explained that I would be repaying the loan as I wanted to consolidate my debts, not my husbands, and that it was me who needed insurance. When the paperwork arrived, we decided we didn't want the insurance as my husband gets full pay for a year and I get full pay for 3 months if we are sick. We sent the paperwork back with the PPI box unticked. Firstplus rang and queried this and I told them we didn't want insurance. We were then told that for a loan without insurance, they would have to send out different paperwork. Because I needed to finalise the loan asap, we agreed to the PPI. On reading the paperwork properly after the loan was completed, I noticed that the insurance only covers my husband for the first 360 days, the same period that he gets full pay for sickness.

In October I wrote to Firstplus and asked how much the repayments would be if we cancelled the PPI. They said the new repayments will be £202.81 a month as opposed to £212.56. I'm probably being a bit thick here, but the original paperwork says the monthly repayments on the £15,000 loan will be £177.21 a month, and PPI loan of £2989.50, , £35.32 a month, a total of £212.56 a month. Firstplus also said if I cancel the insurance, they will credit £780.45 to the loan account. Does anyone think we were missold the PPI, and if so, how do I reclaim it.

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Yes you were missold by the sound of it. The first thing you need to do is to send a Subject access request letter SAR's enclose a £10.00 cheque. They must resond within 40 days. This will provide you with the information needed to make your request for a refund. If you read some of the other threads on here it will guide you. I am no expert by the way but there are others on here who are. Good luck.

Originally Posted by astral

I took out a loan with Fisrtplus in Novemebr 2007 for £15,000 over 120 months and was told I would benefit from taking out insurance as well. I queried the insurance and was told it only covered my husband, not me. I explained that I would be repaying the loan as I wanted to consolidate my debts, not my husbands, and that it was me who needed insurance. When the paperwork arrived, we decided we didn't want the insurance as my husband gets full pay for a year and I get full pay for 3 months if we are sick. We sent the paperwork back with the PPI box unticked. Firstplus rang and queried this and I told them we didn't want insurance. We were then told that for a loan without insurance, they would have to send out different paperwork. Because I needed to finalise the loan asap, we agreed to the PPI. On reading the paperwork properly after the loan was completed, I noticed that the insurance only covers my husband for the first 360 days, the same period that he gets full pay for sickness.

In October I wrote to Firstplus and asked how much the repayments would be if we cancelled the PPI. They said the new repayments will be £202.81 a month as opposed to £212.56. I'm probably being a bit thick here, but the original paperwork says the monthly repayments on the £15,000 loan will be £177.21 a month, and PPI loan of £2989.50, , £35.32 a month, a total of £212.56 a month. Firstplus also said if I cancel the insurance, they will credit £780.45 to the loan account. Does anyone think we were missold the PPI, and if so, how do I reclaim it.

Hi there

Blimey you have a case here and if this went as far as the Financial Ombudsman service, I think this would definately be upheld.

Why they should change the agreement beats me, afterall you did not request it and you did not even tick for this.

There is a SAR template link on the above sections and I would request for this, as there maybe some useful information provided to you to back you case here.

However, you already have a good reason here to complain to them now to reclaim this.

I would write to them and tell them you are not happy the way the sale went on this loan regarding your PPI, then explain what you said above, tell them you believe you were mis sold this product and if they do not refund you with the interest, you will not hesitate to take this to the fos for them to investigate.

There may also be a template for this on this site, but I also find by trying to use your own words as well will help and obviously your own reasons.

They have 8 weeks to respond in full.
Post by recorded delivery and as soon as you hear and if not successful, please post back here so you will receive some help in moving forward with this case.

I would also write in a separate letter to request an hardcopy of the calculation Breakdown of this loan/ppi, it may be worthwhile in order to work out what is what with this.

Good luck.;-)

Great, thanks for your help everyone. I'll get onto it straight away. Will let you know how it goes.

Can I just mention as well, earlier this year I checked my credit file with Experian and noticed that several entries on there had the wrong date of birth against my details. When Experian looked into it, they said they would contact firstplus to have it corrected. Not sure what happened but the incorrect entries appeared when firstplus did the credit search!!