PPI for First Plus Loan

[caraf]

Hi
We have a First Plus Secured loan (worst thing we every did) which we pay PPI at approx 125.00 per month. Does anyone know if we can cancel this insurance and make a saving.
Or it also says you can claim back the cost of your PPI after 5 years has anyone done this succesfully ? but I asmume you still continue to pay for the balance for the term of the load ?? another rip off.
Has anyone claim from First Plus for mis selling PPI

Please could I have your comments and thoughts
Cheers
carol
x

[indebtforever]

hi caraf read this article i cant offer much advice good luck

http://www.thisismoney.co.uk/campaigns/ ... =&ito=1565

[hillsy]

Hi Caraf,

I totally sympathise with you regarding First Plus Loan. Worst thing we ever did as well.We asked to canel our PPI, after about three years of paying, it was a total waste of time for the pitance they were offering, so we carried on paying for it in the end. Unfortunately the loan was what took us down in the end. We had to sell our house. We borrowed 40.000 over 25 years paid nearly four years of payment, we had to pay them back 52.000 which was a total rip off. Where did all that money go we had paid. It worked out to nearly twenty thousand pounds, on top of the 52.000 we paid back from sale of house. These companies are a total nightmare. I hope all works out ok for you.

[size5]

I think John Tegg posted on this a while ago, and I am aware that there have been massive fines for some lenders as regards mis-selling of PPI, so it is certainly something worth looking at and taking the relevant advice on.

Regards.

[kallis3]

I've never had PPI insurance in my life, heard too many bad things about it

[size5]

The product itself is fine and well worthwhile in many cases, the issues seem to be that stand alone PPI is in most cases very much cheaper than the PPI provided or arranged by the lender, and also that lenders may have provided the insurance when they can see that it is not suitable for the client. There are too many examples of that to list here I'm afraid.

Just like bank charges though, it won't hurt to at least have a look at it.

Regards.

[vad921]

Hi
We have a First Plus Secured loan (worst thing we every did) which we pay PPI at approx 125.00 per month. Does anyone know if we can cancel this insurance and make a saving.
Or it also says you can claim back the cost of your PPI after 5 years has anyone done this succesfully ? but I asmume you still continue to pay for the balance for the term of the load ?? another rip off.
Has anyone claim from First Plus for mis selling PPI

Please could I have your comments and thoughts
Cheers
carol
x

Hi Caraf,

My wife and I are in exactly the same situation with First Plus and PPI. I tried to cancel about 4 months in but not a chance. I found out later you can cancel only within the first 30 days. We are currently paying in excess of £200 a month on the PPI and it is a huge extra debt. What makes it even more unmanageable is the way that First Plus continue to increase the interest rate on the secured loan. First Plus have killed us financially.

I currently have a complaint in with the Financial Ombudsman service regarding the mis-selling of the PPI. Unfortunately, 6 or 7 months later I'm still getting letters from them explaining that a case workers has yet to be appointed due to the overwhelming demand!

I would recommend that route. You have nothing to lose.

[CoverItAll]

Please contact us directly, we will be happy AT NO COST TO YOU, to investigate whether or not this was missold, and if it was then to assist you with recovering your premiums. Hurry though, because I think I read earlier today that First Plus are about to stop taking on new business.

On May 27th, on the advice of their Independent Financial Adviser, an Estate Agent in Cornwall bought PPI from us. To date they have paid four premiums of £35.92. On Friday of this week their job is being made redundant.

30 days later, on September 14th, we shall start making claim payments of £958.33 per month, and in the present financial climate particularly in Cornwall, I shall be very surprised if we do not eventually make 12 payments, a total of £11,499.56.

Last year our scheme paid out in claims 98.5% of the insurer premium collected. Our schemes pay out, and provide excellent value for money.

This misselling you keep reading about is almost always the work of a Lender.