Posted: Tue Dec 11, 2007 5:42 pm
Hi there. Thought I would post a forum expert's thoughts on the First Plus Payment Protection Insurance Premiums.
"Having read through the terms and conditions of the cash back clause it seems you will be entitled to a maximum of £[however much your insurance premium is] minus insurance premium tax as long as you meet all the clause conditions. There is no mention in your conditions of only paying 50% back and I assume it is the same clause for the previous poster that started this discussion.
Having spoken to my insurance advisors, it seems that this is in fact, 'a pretty fair deal' as it also includes life cover and is for the term of the loan.Their only detrimental comments are regarding the method of sale whereas the premium is a single front loaded payment.
You need to ensure that you mark your colander to make sure you make the claim within 30 days of the end of your loan agreement and make sure you send the request by registered mail.
Remember; if you settle the loan early, or make a claim against the insurance, or fail to claim the refund within 30 days from the end of your loan agreement, or fall in arrears of three months with your loan repayments you will not be entitles to the refund of premiums."
Hope this helps all those who have a First Plus secured loan.
Regards
Liz
"Having read through the terms and conditions of the cash back clause it seems you will be entitled to a maximum of £[however much your insurance premium is] minus insurance premium tax as long as you meet all the clause conditions. There is no mention in your conditions of only paying 50% back and I assume it is the same clause for the previous poster that started this discussion.
Having spoken to my insurance advisors, it seems that this is in fact, 'a pretty fair deal' as it also includes life cover and is for the term of the loan.Their only detrimental comments are regarding the method of sale whereas the premium is a single front loaded payment.
You need to ensure that you mark your colander to make sure you make the claim within 30 days of the end of your loan agreement and make sure you send the request by registered mail.
Remember; if you settle the loan early, or make a claim against the insurance, or fail to claim the refund within 30 days from the end of your loan agreement, or fall in arrears of three months with your loan repayments you will not be entitles to the refund of premiums."
Hope this helps all those who have a First Plus secured loan.
Regards
Liz