If you have a loan secured against your home with Firstplus, you may be entitled to PPI compensation. Read on to find out more.

Payment Protection Insurance on Homeowner Loans

Firstplus is among the ranks of high street banks involved in the financial scandal of the decade, as millions of PPI customers continue to claim back their money. Payment Protection Insurance is a product attached to loans, mortgages, credit cards and other agreements designed to prevent purchasers falling behind on repayments due to illness or redundancy. However, many customers have been mis-sold the product and have seen their monthly outgoings increase due to insurance they may not have wanted, needed or even been eligible for. Firstplus homeowner loans are secured against your property and failure to meet repayments can end in the repossession of your home. If your outgoings include Payment Protection Insurance you may be able to make a claim against Firstplus for your money back.

Claiming your PPI Costs Back from Firstplus

Banks and lenders have been slow to act in many cases where PPI can be claimed. As the number of claimants increased, Firstplus and other organisations have set aside billions of pounds in reserve for mis-sold policies. The Financial Services Authority has secured a ruling in 2011 that banks should write to customers and inform them of PPI, but it is estimated that many customers are still unaware of their right to claim. Firstplus currently have a policy of making a PPI decision within forty days of claims being applied, and any dispute over this decision can be taken to the ombudsman for review within six months of their response.

What Can You Do About It?

Either pursue a claim directly in writing or, alternatively, use a claims management company to pursue your PPI claim on your behalf. You should always ensure any such company is licensed by the Ministry of Justice. Ensure you are clear on their fees at the outset as well.