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Firstplus response- advice needed!
sab_100
Posts: 50 Forumite
Hi there,
My husband and I took out a loan with FP back in 2002 for 45K to consolidate our debts. We took it out without being told that the insurance only covered us for 5 yrs, we were told however that after the first 5 yrs, if we had not claimed on the insurance we would be able to have our insurance premiums from the first 5 yrs back- just over 8900. But we still werent told that we were uninsured after that. Anyway we took to lump sum as we had things we needed to sort out ( car needed replacing) our repayments over this period had gone from 437 per month up to 547 per month and it was getting tough so we decided to sell our house and repay the debt. We asked for the settlememt figure which was a whopping 55k!! So even after 7 1/2 yrs of payments we were no further at all. I wrote to them asking to reclaim my ppi and the reasons why and eventually have had this response,
"In order to resolve your complaint as quickly possible, we would like to reach an agreement with you which will address the concerns that you have raised. We would therefore like to offer you a full refund of premiums of 8968.50 plus interst paid on the premium less the cashback already received of 8743.78. I would point out that this refund is purely a gesture of goodwill made without prejudice and with no admission of liabilty"
Can anyone tell me please if this is a correct figure as if just doesnt seem right! either that or it is just that the payments seemed to pay off nothing in the end!
many thanks for any help
My husband and I took out a loan with FP back in 2002 for 45K to consolidate our debts. We took it out without being told that the insurance only covered us for 5 yrs, we were told however that after the first 5 yrs, if we had not claimed on the insurance we would be able to have our insurance premiums from the first 5 yrs back- just over 8900. But we still werent told that we were uninsured after that. Anyway we took to lump sum as we had things we needed to sort out ( car needed replacing) our repayments over this period had gone from 437 per month up to 547 per month and it was getting tough so we decided to sell our house and repay the debt. We asked for the settlememt figure which was a whopping 55k!! So even after 7 1/2 yrs of payments we were no further at all. I wrote to them asking to reclaim my ppi and the reasons why and eventually have had this response,
"In order to resolve your complaint as quickly possible, we would like to reach an agreement with you which will address the concerns that you have raised. We would therefore like to offer you a full refund of premiums of 8968.50 plus interst paid on the premium less the cashback already received of 8743.78. I would point out that this refund is purely a gesture of goodwill made without prejudice and with no admission of liabilty"
Can anyone tell me please if this is a correct figure as if just doesnt seem right! either that or it is just that the payments seemed to pay off nothing in the end!
many thanks for any help
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Comments
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Hi there,
My husband and I took out a loan with FP back in 2002 for 45K to consolidate our debts. We took it out without being told that the insurance only covered us for 5 yrs, we were told however that after the first 5 yrs, if we had not claimed on the insurance we would be able to have our insurance premiums from the first 5 yrs back- just over 8900. But we still werent told that we were uninsured after that. Anyway we took to lump sum as we had things we needed to sort out ( car needed replacing) our repayments over this period had gone from 437 per month up to 547 per month and it was getting tough so we decided to sell our house and repay the debt. We asked for the settlememt figure which was a whopping 55k!! So even after 7 1/2 yrs of payments we were no further at all. I wrote to them asking to reclaim my ppi and the reasons why and eventually have had this response,
"In order to resolve your complaint as quickly possible, we would like to reach an agreement with you which will address the concerns that you have raised. We would therefore like to offer you a full refund of premiums of 8968.50 plus interst paid on the premium less the cashback already received of 8743.78. I would point out that this refund is purely a gesture of goodwill made without prejudice and with no admission of liabilty"
Can anyone tell me please if this is a correct figure as if just doesnt seem right! either that or it is just that the payments seemed to pay off nothing in the end!
many thanks for any help
Hi there
First of all well done to you.:beer:
These policies are very costly and a right rip off, the main of us in here have been there.
As its a goodwill offer then the chances are you would be refunded more back if they were to put you back in the position as if you did not have ppi in the first place.
For example, one of my PPI was just under £10K and we received back almost £13K, that with interest and 8% of what a court would award for being deprived of our money.
If this was not the final response, you have the rights to write back and request they accept liability due to your grounds of being mis sold, you have been out of pocket and expect to receive interest also the extra 8% as stated above, but its entirely up to you if you want to accept this or not.
Or you could just tell them to at least consider compensation the interest on top of that amount as more of a reasonable offer if you wanted to, so even though they may not accept liability they would still be refunding all owed to you more or less.
You can wait for other opinions on this if you want, but overall as an offer of goodwill its not a bad one really and not far off the amount they sold you with minus the interest.
Whatever you decide good luck and of course well done.:beer:The one and only "Dizzy Di"
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Oops sorry missed the cashback part of it that you received.
This is probably correct then, but please wait for other opinions on this as well if you want to.
Me reading too quick and on the phone the same time lol, sorry.:o;):beer:The one and only "Dizzy Di"0 -
Thanks di3004, it does say on the letter that this communication should be veiwed as our final response in relation to this matter, however id I remain dissatisfied I do have the option to ask the FOS to review my complaint.
Not sure what to do now as they have been a pain to deal with.0 -
Thanks di3004, it does say on the letter that this communication should be veiwed as our final response in relation to this matter, however id I remain dissatisfied I do have the option to ask the FOS to review my complaint.
Not sure what to do now as they have been a pain to deal with.
Sorry If I have got this wrong, so in other words by the time they reduce what you have received, the amount remaining to refund you would then be approx £224.72 then? this is with interest?
Did they give a finding on every reason you given them?
I know with mine although a different bank they sent both me and hubby an offer we were not happy with, and I noted they did not investigate all our reasons, they only given the one response, so I wrote back and told them I did not feel they looked into all the reasons, they also made mistakes on dates anc amounts etc, so due to this they agreed to take another look and another offer is on the way.
Not sure if FP would react the same though, but yes the FOS can take one heck of a long time.
I hope you receive some further opinions on this one hun.
But of course if your not happy and feel that FP will not look into this further, then move on to the FOS.;)The one and only "Dizzy Di"0 -
Sorry If I have got this wrong, so in other words by the time they reduce what you have received, the amount remaining to refund you would then be approx £224.72 then? this is with interest?
Did they give a finding on every reason you given them?
I know with mine although a different bank they sent both me and hubby an offer we were not happy with, and I noted they did not investigate all our reasons, they only given the one response, so I wrote back and told them I did not feel they looked into all the reasons, they also made mistakes on dates anc amounts etc, so due to this they agreed to take another look and another offer is on the way.
Not sure if FP would react the same though, but yes the FOS can take one heck of a long time.
I hope you receive some further opinions on this one hun.
But of course if your not happy and feel that FP will not look into this further, then move on to the FOS.;)
Yes that is the figure plus interst that they will give us. Just seems like we were paying for ages and nothing actuallly came off the amount, lesson learnt!
They have not given any reasons for the amount nor have they queried anything so it seems a bit strange to me.
Thanks for the advice though:)0 -
Yes that is the figure plus interst that they will give us. Just seems like we were paying for ages and nothing actuallly came off the amount, lesson learnt!
They have not given any reasons for the amount nor have they queried anything so it seems a bit strange to me.
Thanks for the advice though:)
I know before if a claim have been made it would have been more difficult to have made a reclaim, but the last few months or more people who have even made successful claims are requesting for refunds, with not knowing a great deals on how these rip off policies works etc.
It may be worth you just writing to them by giving them just 14 days to come back, even though they have sent the final decision to ask if they are prepared to reconsider, if you hear nothing by 14 days and still not happy then you know then to move on to the FOS for definate then.
If this was the only response you received and they did not give you that chance to forward further information prior to receiving this offer maybe this is something you could mention to.;)The one and only "Dizzy Di"0
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