We're looking into taking an IVA out and as well as our mortgage we have a secured loan with first plus.
Assuming we don't make a claim we can reclaim the PPI in about 2 1/2 years.
My questions are - would this be taken into account in the IVA? - would I have to give all of it to my creditors? would it count as a windfall (therefore would I get half)?
I'm pretty sure if it were a windfall there would be enough for a F & F settlement.
I read somewhere that claims against First Plus for misselling of PPI were pretty near 100%, but you have to be very careful about which company you use to help reclaim these charges, I think Which magazine help people through their website.
The First Plus PPI is usually repaid after 5 years provided no claims have been made on the policy. This is a windfall but unfortunately windfalls are covered in their entirety and you do not get half. However, if you try and get the PPI policy cancelled for misselling then the total owing to First Plus will reduce and this will help you personally as it could shorten the term and move you into a better equity situation.
spent too much wrote:
We're looking into taking an IVA out and as well as our mortgage we have a secured loan with first plus.
Assuming we don't make a claim we can reclaim the PPI in about 2 1/2 years.
My questions are - would this be taken into account in the IVA? - would I have to give all of it to my creditors? would it count as a windfall (therefore would I get half)?
I'm pretty sure if it were a windfall there would be enough for a F & F settlement.
Or would it be better to claim as a mis-sold ppi?
Thanks
Spent too much. If you haven't already seen it can I recommend the following website http://www.firstpluscomplaints.co.uk/.
It is basically a group of First Plus customers with tons of issues. You will find loads of help all for free. Just visit and register and you will find lots of guidance and they may be able to help with free legal advice. They helped me win my PPI missell claim and have my loan restated and I did it all myself. Cost me absolutely nothing It's got to worth a visit.
Michael Peoples wrote:
The First Plus PPI is usually repaid after 5 years provided no claims have been made on the policy. This is a windfall but unfortunately windfalls are covered in their entirety and you do not get half. However, if you try and get the PPI policy cancelled for misselling then the total owing to First Plus will reduce and this will help you personally as it could shorten the term and move you into a better equity situation.
Sorry but there is no windfall. Great you get the premium back but it's a single premium PPI added to the loan upfront. So you pay interest on the full amount for however may years the loan runs up to 25 years fr some but the cover lasts only 5 years. If you reclaim and win the loan is restated as if the PPI were never purchased.
Visit http://www.firstpluscomplaints.co.uk/ for the full story about First Plus PPI, secret comissions and unfair t&c's
And from the experience of a number of my clients, it is a fairly easy process to get FirstPlus to revisit their former lending practices and pay up! One of my clients has recently had a return of £78,000 from a missold policy.
we have just started to claim against First Plus for misselling ofg the PPI it appears they change interest on the policy or something, anyhow it is a free service to find out and if successful we pay 25% of something we wern't expecting. First Plus should be investigated by the govermnent, as since the financial crash 18 months ago all they do is collect money, the make no loans, or additional funding, and in that 18 months have NOT DROPPED THE INTEREST RATES ONCE!!!!!!!!
Are you really surprised that they haven't dropped the rates?
We have a secured loan with Black Horse and they have never dropped the rates either.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Because they can charge what they like, and usually do.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
The reclaim process is pretty simple - and First Plus generally will accept a mis-selling claim if it is proven that you did not require or ask for the PPI. Personally I would ditch the claims company and keep that 25% for either yourself or your creditors. Their services are probably not necessary.
i'll just leave them to it, i don't think there will be a lot in it, as we paid the ppi for 5 years then got the cash back as promised as we had not claimed, that was years ago, but if they did heap the cost on the interest i may be surprized
