PPI arranged by Norton Finance

[dfr200764]

Hi everyone,

 

I took out a secured loan for £40,000 on 28 October 2004 with First Plus, which was arranged by Norton Finance. Apparently they also added PPI to the loan, amounting to £ 9790. It was my understanding at the time that I had to have the PPI - indeed, the loan was to consolidate previous debt and I was desperate to get this sorted. A couple of years later, I was advised by another broker (who has since gone bust) to remortgage and so I did and as part of the remortgage the above loan was redeemed on 19 October 2006 (original term was ten years). Now, I have been told Norton Finance who arranged the loan have gone into administration but there are still web sites up and running ? I also filed a complaint to Firstplus who basically said that the broker was no longer trading and that the loan was taken out before the golden date, 15 January 2005, when the FSA started to regulate the finance industry. However, I have heard that people have one claims for PPI taken out before then. Also, my question still remains unanswered: Can you lender themselves (i.e. Firstplus) still be held liable for the sale of the PPI, as it was added to the Loan, and so could be regarded as part of the loan product they were providing?

Shouldn't the lender themselves have checked that PPI was required ? also, because the loan was redeemed within two years, I never knowingly received any rebate of the PPI as it was suppose to cover the first 5 years of the loan term. £9790 is quite a lot of money to wave good bye to and I am determined to put up a fight before I am told to just forget it - as everybody has been saying so far. Any advice on this would be helpful. I am about to make a subject access request to Firstplus but if its not worth it, please let me know before I waste a tenner ! thanks. Dean