Thread: Firstplus PPI - Need advice on whether to wait??

Hi, we are due to have our premium paid back to us in June, as it will have then been 5 years since we took out the loan.

We firmly believe that (like probably everyone else) the policy was missold and after having successfully reclaimed from RBS we are keen to reclaim on this policy too.

The question is would it be better to wait until we have had the premium paid in June or go for them now? Could going for it now lead to delays or even non-payment of the money we would be due in June?

Thanks in advance for any advice

Hi I am not one of the experts on this site but I would say start your reclaim. They do like to stall but you never know they may uohold your claim depending on your case before June.
I am at the stage where I have just refused Firstplus's offer without admitting that they mis sold it was put that it is a good will gesture.
I think more like lets see how much she will go away for.
If I don't get anywhere with the letter I have just sent then I'm afraid it's the the fos for me. That bit apparantley takes a time.
Good Luck SAR's request is the first thing to do.

Originally Posted by varda

Hi I am not one of the experts on this site but I would say start your reclaim. They do like to stall but you never know they may uohold your claim depending on your case before June.
I am at the stage where I have just refused Firstplus's offer without admitting that they mis sold it was put that it is a good will gesture.
I think more like lets see how much she will go away for.
If I don't get anywhere with the letter I have just sent then I'm afraid it's the the fos for me. That bit apparantley takes a time.
Good Luck SAR's request is the first thing to do.

Thanks Varda! Good luck with your claim. Trying to weigh it all up - going on holiday in august and could really use the guaranteed payout money then. Just would hate to get tied up in a lengthy battle for this :?

Hi, just to let everyone know. . . . .

After writing just 1 letter to FP, they have upheld my complaint after just 6 weeks and sent a very apologetic letter :laugh:

I would appreciate some advice on what to do next though because I'm a little unclear on what they have offered me.
They have offered to give a full refund of the insurance premium of £6,178.30 plus interest paid on the premium to date of £2,454.36 and apply this back to our loan account.

They will also reset the loan back to as it was without the PPI ever being on it. And will send us a cheque for the monthly payments we have made toward the premium of £2,841.20


Now, I'm not complaining - far from it, but I'm unclear, should we not also be able to request the interest that has been paid be sent to us? or does this have to be applied back to the loan? Or do I shut up and accept whats been offered?

Thanks in advance for any advice!

Congratulations well done!!! This is an excellent result and very quick for Firstplus. What were your reasons for having been mis-sold by the way.

Originally Posted by varda

Congratulations well done!!! This is an excellent result and very quick for Firstplus. What were your reasons for having been mis-sold by the way.

Simply that they did not explain that the premium would only run for 5 years and that we were not made aware that it was an optional policy. It really was a simple letter stating just that - I hadnt yet even requested any additional info from them.