Help on first plus PPI reclaim please

Dr_C_3

Hi,

Newbie poster here and been reading much of the good advice that people have offered and would like to post my details and see if anyone can help with some wisdom so that I can proceed with my claim against FP.
I recently sent off letter and cheque for my Subject Access Request and have now received back today and although most of the paperwork are just sceen prints from computers showing how my interest rates increase, I also received a cd with telephone calls on it.
My loan is a joint one with my wife and was for £54k, with c£13k PPI which would be paid to me after 5 years. The loan breakdown would be £456 loan and £111 PPI over 240 months. This started in Sept 06.
I did have a previous loan with them with PPI that was about 1.5 years old for c£32k over 10 years which was paid off with the new loan but they haven't sent that information through to me at all even though I requested all details they held about me.
Anyway - hope that's enough background and not to waffly.

I'm looking to claim the PPI back due to the following:

1. I stated I had comprehensive cover through my work for sickness and redundancy but this was just glossed over/ignored.
2. Stated I had seperate life cover in addition to my mortgage cover.
3. I was never asked about any pre medical conditions.
4. No mention the premiums were over 20 years and not the 5, I was told that I would receive a full refund of the PPi after 5 years (c£13k) but didn't mention about the interest they'd charge. ( I calculate it to be another c£13k!)
5. I wasn't told on the phone that the insurance stops after 5 years she just states it's for an initial 5 years, several times.
6. I was not told I could purchase insurance elsewhere.

I think that's it really, it was all completed at 100 mile an hour but do I have a case? I do have a couple of further questions if you feel I should now write to them stating the above points, any enhancements/advice appreciated.

• How much should I be looking to reclaim, is it for the PPI already paid, eg. 27 mnths x £111 = £2997 (I appreciate my PPI payments have increased due to my APR being at over 10% now so willhave to calculate carefully)
• Add interest to this figure as additional at 8%?
• Ask for all future payments to be cancelled and offset against the loan or should I be asking for this back as a cheque as well, this would then see my future monthly payments drop?
• The lady on the phone keeps saying 8.4% APR, the documents receive call it AIR, what is the difference?
• First payment was Nov, then jumped to 8.9% straight away then increases all the way apart from 1 slight decrease in 2008. Can this be right?

That's all for now, sorry to go on so much with so many questions but I want to get this right, should I consider hanging it out for 2 years to get a £13k payout?

Thanks

Dr C.

di3004

Dr_C wrote: »

Hi,

Newbie poster here and been reading much of the good advice that people have offered and would like to post my details and see if anyone can help with some wisdom so that I can proceed with my claim against FP.
I recently sent off letter and cheque for my Subject Access Request and have now received back today and although most of the paperwork are just sceen prints from computers showing how my interest rates increase, I also received a cd with telephone calls on it.
My loan is a joint one with my wife and was for £54k, with c£13k PPI which would be paid to me after 5 years. The loan breakdown would be £456 loan and £111 PPI over 240 months. This started in Sept 06.
I did have a previous loan with them with PPI that was about 1.5 years old for c£32k over 10 years which was paid off with the new loan but they haven't sent that information through to me at all even though I requested all details they held about me.
Anyway - hope that's enough background and not to waffly.

I'm looking to claim the PPI back due to the following:

1. I stated I had comprehensive cover through my work for sickness and redundancy but this was just glossed over/ignored.
2. Stated I had seperate life cover in addition to my mortgage cover.
3. I was never asked about any pre medical conditions.
4. No mention the premiums were over 20 years and not the 5, I was told that I would receive a full refund of the PPi after 5 years (c£13k) but didn't mention about the interest they'd charge. ( I calculate it to be another c£13k!)
5. I wasn't told on the phone that the insurance stops after 5 years she just states it's for an initial 5 years, several times.
6. I was not told I could purchase insurance elsewhere.

I think that's it really, it was all completed at 100 mile an hour but do I have a case? I do have a couple of further questions if you feel I should now write to them stating the above points, any enhancements/advice appreciated.

• How much should I be looking to reclaim, is it for the PPI already paid, eg. 27 mnths x £111 = £2997 (I appreciate my PPI payments have increased due to my APR being at over 10% now so willhave to calculate carefully)
• Add interest to this figure as additional at 8%?
• Ask for all future payments to be cancelled and offset against the loan or should I be asking for this back as a cheque as well, this would then see my future monthly payments drop?
• The lady on the phone keeps saying 8.4% APR, the documents receive call it AIR, what is the difference?
• First payment was Nov, then jumped to 8.9% straight away then increases all the way apart from 1 slight decrease in 2008. Can this be right?

That's all for now, sorry to go on so much with so many questions but I want to get this right, should I consider hanging it out for 2 years to get a £13k payout?

Thanks

Dr C.

Hi there

Also to say there is an Actual PPI Reclaiming-discussion thread for this as well if you require further help and opinions from others, you can then post your calculations on that thread where they will be looked at for you.

However, please check this out here while I'm here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

There is some useful PPI info on there and a reclaim template letter to help you through this, however, try to add as much info as you can to support your case here and your own reason on why you feel you have a complaint here of the PPI.;)

They have 8 weeks to respond in full, if you let us know the outcome if this we can help move on to the next step from here if required, as another letter maybe required.
Post by recorded delivery.

Just a few questions:

When did you take out the loan? (year)

Was if actually arranged by First Plus?

You write to the ones who arranged this loan for you, who sold the insurance etc.

An example of one of my loans.

I had a secured loan of £54K, PPI of over £10K, I settled this loan very early as it was also for 25 years, although it did go as far as the financial ombudsman to deal with, it was resolved by the FOS and we were repaid just under £13K, this was also including Contractual interest and 8% of what a court would award, they also sent £250 for the inconvenience and the distress caused.

Hope this help, but as I said above, post on that actual thread where others will also chip in with their opinions to help you through this as well.;)

All you do is Click on loans first then at the top of the page you will see:
PPI Reclaiming-discussion thread, hope to see you there.

Di
x