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First Plus PPI Claim

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Hi, All, after some advice please on PPI, this is a tricky one.

 

Originally took a loan out with First Plus via a broker called DialaLoan in 2002 with all the PPI etc added.

 

In 2005 to pay off some more debts, I then cleared the loan by taking out a new loan direct with First Plus, the new loan obviously had PPI added again.

 

In 2007, the worst possible scenario happened,

 

My partner lost her main job and we fell behind on mortgage payments and First Plus loan payments as we couldn't afford to pay both,

We Eventually lost the house as it was reposseed by the main lender.

 

From the Sale of the house, the first mortgage was paid off and the remaining equity of £40K was obviously given to First Plus against my outstanding loan amount of £80K.

 

There is a shortfall of £40K owing on the account which they have never chased me for in the past 5 years.

 

Myself and my partner are in a better position now and want to start paying this amount off,

however we would like advice on how to do a PPI reclaim to help reduce the amount we owe.

 

Would they entertain a claim beings we owe them money still ??

 

What are our first steps ??

 

Any advice would be appreciated.

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First off...what are the reasons you will use for the mis-selling?


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1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

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ims21 - Thanks for the reply:-

 

Initial thoughts are the PPI was sold with pressure, the loan being front loaded, only covering for 5 years but now realising it was added to the full 20 year term, hence 20 years of interest !

No questions on existing illnesses or existing life insurance i had etc

 

Regards

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Ok the problem you may have is that if you start rattling their cage about the PPI they will almost certainly start to get aggressive on this shortfall.

 

The PPI refund is unlikely to cover it all.

 

I'm going to ask some others what they think.

 

Do you know why you haven't been chased for the shortfall? Do they know where you are for example?


If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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wonder if the rollover of PPI would inflate it lots as we are talking several £1k's of PPI here - twice.

 

i know you are saying that they have never chased you

but i'm also wondering if any more was owed?

 

you would have got quite a sum off when you paid the 40k

 

no statements or anything after the pay off?

 

have you p'haps looked at a cra file to see if its there?

 

dx


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Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

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The CAG Interest Tutorial Read Here

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Ims / dx - Thanks for the input

 

No idea why they havent chased me,

 

about two months after the house got repossessed, they traced me to my new rented accommodation,

 

I received one letter of a debt company saying that i owed First Plus £43K and that I had 14 days to pay it,

obviously i wasn't in a position to pay it, so ignored the letter,

 

one more letter sent about a month later asking to make an arrangement, nothing ever received since.

 

I stayed in that property for another four years and moved last year,

no more letters ever received, If they want to trace me im sure they can as my new address is on my CRF.

 

As for my CRF.

the loan is still showing in there as in default (being updated monthly) ,

strange thing is,

it says i still owe £80K even though i know £40K from the house sale was paid of it,

this figure has not been updated since i was living in the original property,

 

I would love to get this info corrected, but they then might start chasing for an unreasonable repayment plan if i make contact ?

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