First Plus asking PPI misselling claimants to drop case...

[ncf355]

First Plus Complaints website is reporting that First Plus have started asking anyone that wants to claim back the "5 year refund" offer to put in writing they will drop any active misselling complaint they have!

Scandalous, would be interested to hear views on this one ?
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Nuts,

would a kind mod add a "T" to that title please?

[leclerc]

Re: Firs Plus asking PPI misselling claimants to drop case...

"This promised that if you did not make a claim then you would receive a full refund of the premium after 60 months, providing that you met all the requirements."

Just out of interest, where are they out of pocket if FirstPlus payout that cashback incentive in full?
For a change I think this is a reasonable demand or am I missing something?

[Amethyst]

Re: First Plus asking PPI misselling claimants to drop case...

A misselling claim would attract a payout of interest on top of the premium refund. That could add up a bit if you paid the premium over 5 years. I think that is where the customer would be losing out ?

I havent read the cashback offer terms and conditions but the basics sound as though it is just the premium and FirstPlus keep interest they have earnt on your money over the five year period.

I think anyone with a genuine missold PPI claim should be able to continue it AND reclaim the cashback (as a contractual obligation on the part of First Plus). If they reclaim the cashback before the misselling claim is settled, the amount of the cashback refunded should be subtracted from the total award made for misselling by the ombudsman/court etc.

The contractual obligation of refunding premiums if no claim after 5 years should not be affected by the miselling claims but the award should be adjusted appropriately.

I don't see why firstplus should end up with less resolved in the consumers favour complaints than other companies and I suspect thats their reason for doing it.

A copy of the letter they are sending out saying this should be sent to the FSA.

[Turboman]

Re: First Plus asking PPI misselling claimants to drop case...

I agree Ame---and we've seen successful claims after Cashback AND even after successful claims against the insurances itself---I can't rememember where---but Di probabably will

[ncf355]

Re: First Plus asking PPI misselling claimants to drop case...

Is it First Plus where the PPI stops paying out after 5 years anyway?

[Turboman]

Re: First Plus asking PPI misselling claimants to drop case...

Is it First Plus where the PPI stops paying out after 5 years anyway?

I think they all do ncf355