Tweet
Hi
I am new to this forum and have spent many hours online seeking clarity on how to deal with claiming PPI on a loan that I took out with Firstplus in April 2004.
Situation
The loan amount was for £40,000 and the original agreement states that the PPI premium was an additional £9, 700.
I took the loan out with my husband and we have since separated (in October 2009) but not yet divorced. My husband remained in our marital home against which the FP loan was secured and agreed verbally to continue making the payments himself. I have recently found out that he has not made payments now for several months so I am currently engaged with FP re paying the arrears in instalments (£4, 600).
The matter has been passed to Eversheds Solicitors acting on behalf of FP and I wondered whether:
1. Am I eligible to claim back PPI as the account has fallen into arrears and was taken out before 2005 when I understand FP were governed by FSA?
2. If I am eligible, is it wise to attempt to claim back PPI at this stage whilst I am negotiating with FP re acceptable repayment of the arrears?
Also
My estranged husband and I are in the process of trying to sell the property against which FP currently hold the 2nd charge with this loan. The settlement figure quoted, despite having paid over 6 full years' payments (the term of the loan is 20 years) is more than the original loan amount and this means that the sale of the property will scarcely cover the amount due to our first mortgage lender and FP. I have read elsewhere on this forum that this is likely to be due to FP calculating their figures based on Rule 78 - am I able to appeal against this; if so, how should I set about doing so?
Any advice re the above matters would be much appreciated.
Thanks
I am new to this forum and have spent many hours online seeking clarity on how to deal with claiming PPI on a loan that I took out with Firstplus in April 2004.
Situation
The loan amount was for £40,000 and the original agreement states that the PPI premium was an additional £9, 700.
I took the loan out with my husband and we have since separated (in October 2009) but not yet divorced. My husband remained in our marital home against which the FP loan was secured and agreed verbally to continue making the payments himself. I have recently found out that he has not made payments now for several months so I am currently engaged with FP re paying the arrears in instalments (£4, 600).
The matter has been passed to Eversheds Solicitors acting on behalf of FP and I wondered whether:
1. Am I eligible to claim back PPI as the account has fallen into arrears and was taken out before 2005 when I understand FP were governed by FSA?
2. If I am eligible, is it wise to attempt to claim back PPI at this stage whilst I am negotiating with FP re acceptable repayment of the arrears?
Also
My estranged husband and I are in the process of trying to sell the property against which FP currently hold the 2nd charge with this loan. The settlement figure quoted, despite having paid over 6 full years' payments (the term of the loan is 20 years) is more than the original loan amount and this means that the sale of the property will scarcely cover the amount due to our first mortgage lender and FP. I have read elsewhere on this forum that this is likely to be due to FP calculating their figures based on Rule 78 - am I able to appeal against this; if so, how should I set about doing so?
Any advice re the above matters would be much appreciated.
Thanks
Comment