Thread: FirstPlus - I believe i was mis-sold PPI

All,

I will give this site a % reward of any money i can claim back from FirstPlus................ ..Please help.

Please can you help me in this matter. In January 2006, i needed to take out a loan to pay for a divorce. I took out £25000 loan from an agent. I was then contacted by telephone by FirstPlus and was informed that because the loan was being taken against my home that i required insurance. At the time i was desperate to get this loan and thought by taking this PPI that the loan would be granted and i would be ok. I was informed by Firstplus that if i paid on time at the required interval that after 5 years i would recieve £5000 back, which i thought i could not lose and that i would be covered. So therefore i've been paying £344 every month. I was also thinking how i could lower the costs of this payment every month and decided to take it over the life of my mortgage.....that's right 25 years. Can someone help by telling me is there anything i can do about reducing the loan payments. I've worked it out by the time i've paid for this i would have paid 180 month at £334 - equalling £61740 on a £25K loan...........this really can't be right........am i reading this wrong??????????????/

Recently i've been checking my credit score and see that the loan amount on my FirstPlus was £30000. Also the figure after 4 years on the amount i owe has hardly moved. I've also been trying to work out what i've been paying in PPI + interest. I can't seem to find any statements detailing this amount, all i could find was myb loan amount.

So i've started to do some investigations and found this forum. Well you can imagine my surprise to here what firstplus are up too is selling this PPI, adding it to the loan amount and charging me interest for the last 4 years.

Please can anyone help me on taking the necessary steps to making a claim against Firstplus and claiming my PPI payments back + interest. As you can see by doing the maths i'm paying well over the odds for a 25K loan.

Can anyone help me here on this forum on what letters, advise and measures i need to take the money back.

I believe i still have the orginal paperwork too, need to check on that one. When i signed the contact too, the PPI agreement came a couple of weeks later.

Regards

Topsparkie

Originally Posted by topsparkie

All,

I will give this site a % reward of any money i can claim back from FirstPlus................ ..Please help.

Please can you help me in this matter. In January 2006, i needed to take out a loan to pay for a divorce. I took out £25000 loan from an agent. I was then contacted by telephone by FirstPlus and was informed that because the loan was being taken against my home that i required insurance. At the time i was desperate to get this loan and thought by taking this PPI that the loan would be granted and i would be ok. I was informed by Firstplus that if i paid on time at the required interval that after 5 years i would recieve £5000 back, which i thought i could not lose and that i would be covered. So therefore i've been paying £344 every month. I was also thinking how i could lower the costs of this payment every month and decided to take it over the life of my mortgage.....that's right 25 years. Can someone help by telling me is there anything i can do about reducing the loan payments. I've worked it out by the time i've paid for this i would have paid 180 month at £334 - equalling £61740 on a £25K loan...........this really can't be right........am i reading this wrong??????????????/

Recently i've been checking my credit score and see that the loan amount on my FirstPlus was £30000. Also the figure after 4 years on the amount i owe has hardly moved. I've also been trying to work out what i've been paying in PPI + interest. I can't seem to find any statements detailing this amount, all i could find was myb loan amount.

So i've started to do some investigations and found this forum. Well you can imagine my surprise to here what firstplus are up too is selling this PPI, adding it to the loan amount and charging me interest for the last 4 years.

Please can anyone help me on taking the necessary steps to making a claim against Firstplus and claiming my PPI payments back + interest. As you can see by doing the maths i'm paying well over the odds for a 25K loan.

Can anyone help me here on this forum on what letters, advise and measures i need to take the money back.

I believe i still have the orginal paperwork too, need to check on that one. When i signed the contact too, the PPI agreement came a couple of weeks later.

Regards

Topsparkie

Hello TS

Welcome to the forum

I do believe the best thing to do first would be to sent them a SAR, you will find the template letter for this, in the stickies at the top of the ppi forum.

This request cost £10 and you should receive all data that they hold on you as a data subject. They have 40days to comply, send all letters, recorded delivery and keep everything, so you can track and trace of the Royalmail website, they received it and start the clock ticking

I would also add a little bit to it regarding any commission payments paid to the broker/agent for putting your business there way

Now you have stated that you think you have the orginal paperwork, but do they, if they do not send you a copy in the SAR, send of a section 77/78 request under the dpa for a copy, this costs £1.

If you find your agreement, can you either copy it to the site,(photbucket) removing all personal details. or for now, just type up the figures, so we can have a look at the figures and the interest they charged for the ppi.

Originally Posted by topsparkie

hellhasnofury,

Many thanks for your reply and taking the time to write. I have found the orginal documents but no isurance policy just the agreement. Please can you help by letting me know how to attach this document. You also mention 'Stickies' where do i find this??? Subject access request form

Also i paid the agent £750 commision on this loan. I don't know what Firstplus also gave my agent.

Your help is very much appreciated

Regards

Topsparkie

Hello TS

You are welcome

To attach a copy of something to the site, most caggers use Photobucket, it is a free website on the internet. Type photbucket in google.

Jeepers, the agent charged you £750, so this would be disclosed commission that you were aware of, so you need to know the secret commission they paid him

Link to SAR

Full Subject access request for PPI

Remeber to sent everything recorded delivery and check on the royal mail website, track and trace service