PPI Reclaiming discussion Part III

ruthie70

I wonder if anyone can help. I took out a loan with Firstplus to consolidate our debts (wish we hadn't but can't turn back the clock!) and at the time it was implied that to get the loan we should take out the single premium PPI. I am always wary of PPI but hubby assured me we get all the premiums back after 5 years - £12,735. We were in dire straits at the time and vulnerable so went for it. The amount of £12,735 was added to our £52,000 cash loan and the PPI element of the monthly payment was £111 per month. It has since gone up due to interest rates but based on the £111 figure we are paying at least £33,000 for PPI that only covers 5 years, even if we do get the £12,735 refund of premiums after 5 years we are still paying for another 20 years for PPI we don't have.

I believed we were mis-sold and FirstPlus passed it on to Central Capital who had sold the loan to us and while they believed it was not mis-sold they offered us a "goodwill" payment of £2,995. As we were still in financial difficulties we took it in full and final settlement :mad:

My issue now is that I want to cancel the policy with Firstplus -not having to pay the PPI element of the loan would be a great saving and also a refund of some of the premium's paid would be very useful at this time. However, Firstplus have said that if cancelling I can have a refund of £1101.87 in respect of the premium paid and this would be credited to our account and therefore reduce our monthly payments by about £10. What I am not happy with is that although we would have cancelled the policy we are still paying for it for the next 22+ years and Firstplus are laughing all the way to the bank. Surely cancelling means something is cancelled and stops being charged for - not according to Firstplus. Where do I go from here - it makes me sick to think they are getting all that money from me.

di3004

ruthie70 wrote: »

I wonder if anyone can help. I took out a loan with Firstplus to consolidate our debts (wish we hadn't but can't turn back the clock!) and at the time it was implied that to get the loan we should take out the single premium PPI. I am always wary of PPI but hubby assured me we get all the premiums back after 5 years - £12,735. We were in dire straits at the time and vulnerable so went for it. The amount of £12,735 was added to our £52,000 cash loan and the PPI element of the monthly payment was £111 per month. It has since gone up due to interest rates but based on the £111 figure we are paying at least £33,000 for PPI that only covers 5 years, even if we do get the £12,735 refund of premiums after 5 years we are still paying for another 20 years for PPI we don't have.

I believed we were mis-sold and FirstPlus passed it on to Central Capital who had sold the loan to us and while they believed it was not mis-sold they offered us a "goodwill" payment of £2,995. As we were still in financial difficulties we took it in full and final settlement :mad:

My issue now is that I want to cancel the policy with Firstplus -not having to pay the PPI element of the loan would be a great saving and also a refund of some of the premium's paid would be very useful at this time. However, Firstplus have said that if cancelling I can have a refund of £1101.87 in respect of the premium paid and this would be credited to our account and therefore reduce our monthly payments by about £10. What I am not happy with is that although we would have cancelled the policy we are still paying for it for the next 22+ years and Firstplus are laughing all the way to the bank. Surely cancelling means something is cancelled and stops being charged for - not according to Firstplus. Where do I go from here - it makes me sick to think they are getting all that money from me.

Hi there.

You may note there are many having complaints with FP, however you state your loan was sold to you by Central Capital, so it would be them you would complain and reclaim from for mis selling the ppi to you.

I know its an extortionate amount and needs putting right.
May I ask when you had taken out this loan hun?

di3004

Laini wrote: »

I originally complained when we settled the loan in dec 2006 but was told tough!! we were given 1400 rebate at the time.(just lost my dad so didnt have any fight in me and put it down to experience)
so when I found out off this site to go to the FOS I did - feb 2008
it has now been through 2 ajudicators and an ombudsman -phew!!

ppi = 9652.50
approx ppi payments 5 x 82.00
+ 8%

I used martin calculator to do this and it comes out with approx 12000.00

I will post up correct figure when I do them:beer:

Hi there hunni and WOW......:D , your more than likely to be right, my ppi was almost £11K and I was paid back just under £13K from Nemo, so hun be prepared for a lovely surprise..........:T :beer: . xxxx

marshallka

Di, we might be surprised with these unfair rebates as I worked them out on the original loans and the original loans included the amount of the PPI in full. But then the settlement was calculated on the amount left to pay including the interest. I think until we get an expert on here telling us how these work we will never know. I aren't bothered about writing the wrong amount. Whatever the amount was I was unfair rebated in my eyes and that is it. Charged £4163 for 39 months of PPI and then got a rebate of £94 and this is not right. To only cover one of us and for a measly loan of £17K. Its extortinate. I only pay around £40 per month to cover our entire mortgage??

I hope we both get them sorted...

I know that rule 78 was definately used in my rebate and I know I was charged the excess PPI interest at the end of the loan and that is what that figure of £1400 is added right on the end...

Also the where I worked the interest it was interest paid on the PPI as well !!!

marshallka

Have emailed the adjudicator about the Co-op ones now too. I want to know what they say about the other two loans???:D

They have had a week...

di3004

marshallka wrote: »

Di, we might be surprised with these unfair rebates as I worked them out on the original loans and the original loans included the amount of the PPI in full. But then the settlement was calculated on the amount left to pay including the interest. I think until we get an expert on here telling us how these work we will never know. I aren't bothered about writing the wrong amount. Whatever the amount was I was unfair rebated in my eyes and that is it. Charged £4163 for 39 months of PPI and then got a rebate of £94 and this is not right. To only cover one of us and for a measly loan of £17K. Its extortinate. I only pay around £40 per month to cover our entire mortgage??

I hope we both get them sorted...

I know that rule 78 was definately used in my rebate and I know I was charged the excess PPI interest at the end of the loan and that is what that figure of £1400 is added right on the end...

Also the where I worked the interest it was interest paid on the PPI as well !!!

That is the annoying thing isn't it, only the one covered which would be the earner I know but still ! The only cover I have had on my own is my credit card which would not cover me....... nothing else covered though only for hubby - like yourself.

Fingers crossed hun.;)

di3004

marshallka wrote: »

Have emailed the adjudicator about the Co-op ones now too. I want to know what they say about the other two loans???:D

They have had a week...

Cool, hope they have some good news for you.:D
When did the adjudicator say the deadline was for the other side to get back?

sue149

hi can anyone help approx last yr i cancelled my ppl on my cc as i was paying too much but was never offered any refund should i off been and can i still claim for mis selling

di3004

sue149 wrote: »

hi can anyone help approx last yr i cancelled my ppl on my cc as i was paying too much but was never offered any refund should i off been and can i still claim for mis selling

Hi there
If you think you were mis sold yes you can still try to reclaim on what has been paid into this.

Check this out here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

You will come across some useful info and a template to help you reclaim, but add your own reasons for why you believe you were mis sold.

They have 8 weeks to respond, and if not successful another letter can be sent in order for them to reconsider, until you receive a final decision.

Post by recorded post to keep an eye on this for dates etc.

And please post up when you receive a reply so we can help with the next step.;)

Who was the credit card taken out with?
And when?
Cheers.

Di

di3004

Marshalllka

Any feedback from the adjudicator yet hun ?:D
Good luck ! x