I successfully claimed my PPI back from FirstPlus and am now looking in to the possibility that the entire loan was missold.
I recently wrote to them outlining my issues, which were:
• The mortgage was not suitable for me.
• The adviser did not properly establish my attitude to risk.
• I was not advised that there were other options, such as a DMP, that I could have pursued.
•Your adviser did not give me examples of the cost of a Capital and Repayment mortgage compared to the lower costs of an Interest Only mortgage.
•When remortgaging to consolidate my debts I was not advised that it would be cheaper for me to put all of my loans, credit cards and finance onto my existing mortgage rather than remortgaging.
•I was not advised that by remortgaging I was exchanging my short term debts for a long term debt by adding it to my mortgage. It was not explained to me that although I would be lowering my monthly outgoings initially, I may well be lengthening the term of my debt and vastly increasing the amount of interest that I would be paying.
Loan was originally for £51K over 25 years.
I then received a phonecall from FirstPLus asking to reiterate my concerns, only to be told that based on my concerns and as my loan had be through a broker I needed to contact them (Compass), if they were still trading?!, to resolve my issue.
When I successfully reclaimed all my PPI, which was brokered at the same time as the loan, I went straight to Firstplus who dealt with it directly.
This all sounds a bit smoke and mirrors to me, so would appreciate any advice/info you could give.