Mis-sold loan PPI

[rwn999]

I believe I have been mis-sold a loan by FirstPlus. In May 2005 I took out a loan over a 7 year period. At the same time I took out PPI, primarily because they told me that after 5 years the policy would mature and the payment I would receive would cover the outstanding balance of the loan (bar a few hundred pounds). In Feb 2009 I telephoned them again to ask about the progress and was again informed the payment would allow me to almost pay off the loan. The policy has now matured and I have received the payment, however the refund only covers about half of the remaining £10k and will in no way allow me to repay the loan.
Has anyone experienced this or have any advice on a way ahead.

[di30]

Re: Mis-sold loan PPI

Hi there

Did you check the policy details on this?
It may have been so much percent of what you paid in of ppi, but not really sure.

However, being sold these costly single policies are a complaint in itself, it may be worth you still having a go on the reclaiming with your reasons, but if this was not explained to you at the point of sale you need to mention that and all that applies to you.

There is no harm in giving it a go and see what happens.
Good luck.

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