Firstplus Finance Case Study
Mr C was sold a loan for £75,000 by Firstplus in 2003. Firstplus added £18,300 to the loan as a Payment Protection Premium. This did not look so much in monthly installments. The loan was topped up in 2005 and another PPP was added to the loan. Mr C received a small PPP rebate when settling his 2003 loan.
Mr C got in touch with Northern Ireland Claims in June 2009. After initial discussions with Mr C, we were satisfied that there was a valid complaint and launched a claim against Firsplus for mis-sold Payment Protection Insurance (PPI).
Mr C believed he had no option but to take out the PPI policy and took it out in good faith. Northern Ireland Claims was not satisfied with the sales approach offered to Mr C and we were confident that the policy was not suitable for his needs at the time. Further investigation established that the policy lasted only five years against a loan of 300 months. Mr C had been charged interest on the cost of the policy and had not been advised properly on the terms of the policy he was buying. There were many other reasons to believe that the policy was mis-sold and we raised all reasons with First Plus.
In September 2009, we recovered in excess of £18,000 for Mr C.
Mr C also has a current loan and had been sold a further PPI policy. We have issued a complaint on behalf of Mr C on this separate case also.
Ultimately, Firstplus accepted that the PPI policy, which covered Mr C for only five years was mis-sold. The outcome of the complaint was that we recovered the PPI premiums Mr C had paid to date, plus interest. Mr C’s loan was also re-negotiated with the PPI policy being removed. This resulted in his monthly repayment being reduced for the remainder of the term – ultimately saving Mr C over £20,000!
What to do next?
To find out if you qualify for a PPI refund just complete our easy Application Form or call our Northern Ireland PPI claims department on 0289 002 0425.