PPI through First Plus

[kermie]

Hi everyone, I'm a newbie to the forum and hope to find the knowledge to help me work out the best way forward.

 

I have a secured loan from First Plus which was taken out to consolidate debt at a point when I was pretty low and not thinking properly.

 

I cannot remember exactly what was said to me at the time of taking the loan out but I was told it was worth paying PPI because I would get all my contributions towards that paid back in the form of cash back after 5 years. I've seen a few threads mentioning SAR but I'm not sure what that is.

 

I did get cash back but I have seen a few people talking about claiming for a refund of their PPI so I am wondering if this is something I should be considering.

 

I also have issues with the huge settlement figure provided to me this week - after 9 years I still owe more than I borrowed.....from a quick browse that seems to be normal but surely it is not ethical? Is there a section of the forum where I can raise that issue separately rather than going totally off topic in here?

[dx100uk]

get all the statements first

 

hold and click the black sar

 

dx

[kermie]

Thank you. I can get that sorted

Regarding the statements, I see from their website that they charge £3.50 per sheet or are they by some miracle included within the SAR?

 

We've never had any statement from them which may in itself be against the terms of the credit regulations or maybe I can ask for them in electronic form to reduce the cost

[dx100uk]

sar is £10 for EVERYTHING they hold on you

 

dx

[Surfer01]

We did a SAR with them and cost was £10. I would imagine that you would get back a fair whack if you are successful. I think PPI for us would have been about £120 per month on our loan. Luckily we never went down that route.

I am not sure, but if they refund the PPI surely they would need to re-calculate the whole loan amount from day one. We sold up but were still left with a shortfall of £5700 in Feb 2006. Although we have paid £70 a month ever since with the exception of the first 3 months, we still owe £4500!