PPI Reclaiming Discussion part 4

di3004

ned_nederlander wrote: »

Hi Guys,

quick recap ...

I have a First Plus loan which incorporated a previous First Plus loan - I wrote to them last Thursday requesting repayment of the PPI paid on both loans and restructuring of the current loan to run as if PPI hadn't been included ..

I recieved my first response from First Plus this morning and would like some advice, the letter in it's entirety is as follows:

"Dear Mr ***,

I am sorry you have had to contact us regarding the sale of your payment protection insurance policy. Thank you for taking the time and trouble to do so.

However, I note from the account that the loan was brokered by 21st Direct Limited. As such we are unable to investigate the sale of the insurance policy. As 21st Direct Limited have ceased trading you may find it useful to contact the Financial Services Compensation Scheme (FSCS), 7th Floor, Loyds Chambers, 1 Portsoken Street, London, E1 8BN.

Please find enclosed a copy of the 21st Direct Limited application form originally completed by you for your records, if you require any information on how your claim will be handled please contact FSCS.

Yours sincerely etc."

Included is a photocopy of the paperwork we completed at the time of the original loan - £7500 with Single Cover PPI ticked !

This letter appears to be about the first, now consolidated, loan only.


What do I do now ?

Hi there

The FSCS is where you can make a claim through if the business are in default or going into default, so it looks like this have happened in your case.
I would give the FSCS a call and ask if the company is listed with them as you have a reclaim on the PPI.

They will then arrange to send you a form in the post.

Many of us have been in this situation and made successful reclaims through the FSCS.;)
http://www.fscs.org.uk/contact-us/

Hope this helps, good luck and please keep us posted, cheers. x:)

ned_nederlander

di3004 wrote: »

Hi there

The FSCS is where you can make a claim through if the business are in default or going into default, so it looks like this have happened in your case.
I would give the FSCS a call and ask if the company is listed with them as you have a reclaim on the PPI.

They will then arrange to send you a form in the post.

Many of us have been in this situation and made successful reclaims through the FSCS.;)


Hope this helps, good luck and please keep us posted, cheers. x:)

That's good to know and I'll phone them as soon as I've posted this -

it does muddy the waters a bit though - I have a current First Plus loan that incorporates the previous one, PPI included, and the letter I recieved does not refer to the current loan (PPI and then restructuring) at all !!??

aandrea

amersall wrote: »

Dont get defeatist yet!! wait and see what the insurer says when you put your complaint in,fingers crossed x.

I rang up FOS, and they are going to put in complaint to company catalogue people said they are with now ( they told me that insurance company had changed since took out catalogue twice) and FOS going to send me forms etc, worth a bash, nothing to lose.

di3004

ned_nederlander wrote: »

That's good to know and I'll phone them as soon as I've posted this -

it does muddy the waters a bit though - I have a current First Plus loan that incorporates the previous one, PPI included, and the letter I recieved does not refer to the current loan (PPI and then restructuring) at all !!??

Hiya

Good luck with this then.

If the business were regulated by the FSA when you taken out the loan, the FSCS are only able to do these claims for the ones regulated, so the other loan before that one maybe they were not regulated perhaps?
Sorry if I got this wrong, I take it you mean with the same broker who sold the other loan?

ned_nederlander

di3004 wrote: »

Hiya

Good luck with this then.

If the business were regulated by the FSA when you taken out the loan, the FSCS are only able to do these claims for the ones regulated, so the other loan before that one maybe they were not regulated perhaps?
Sorry if I got this wrong, I take it you mean with the same broker who sold the other loan?

I contacted FSCS who told me they could not help as the original loan was taken out in 2003 and they only handle loans as of 2005 ... he said he was unable to advise any further !


The situation is that I have a current 4 year old First Plus loan which incorporated a previous one - I have asked First Plus for repayment of all PPI and restructuring of the current loan as if PPI had never been sold,

Their first response is regarding the PPI on the previous loan which was taken out in 2003, which was covered by 21st Direct who have now ceased trading and the FSCS have now said they can't help us with !

Where does this leave me now ... I have a current loan, with PPI, which First Plus appear to have ignored in their letter ??

di3004

ned_nederlander wrote: »

I contacted FSCS who told me they could not help as the original loan was taken out in 2003 and they only handle loans as of 2005 ... he said he was unable to advise any further !


The situation is that I have a current 4 year old First Plus loan which incorporsted a previous one - I have asked First Plus for repayment of all PPI and restructuring of the current loan as if PPI had never been sold,

Their first response is regarding the PPI on the previous loan which was taken out in 2003, which was covered by 21st Direct who have now ceased trading and the FSCS have now said they can't help us with !

Where does this leave me now ... I have a current loan, with PPI, which First Plus appear to have ignored in their letter ??

Hiya

Right ok.

What you need to do here now then because of the problems of the regulation.
Contact the Financial ombudsman service (FOS).
Even though they will not be able to Adjudicate a complaint if again not covered by FSA or prior to these GISC, the FOS will possibly suggest another avenue as they have done with others, me also with one of mine.

So basically then FP was the lender and you can pursue these as they are still active, and in regards of the previous loan you pursue the broker (in your case they said the FSCS) and you just found out now that the FSCS are not able to because they were not regulated and its a pre 2005 loan.

First thing now here:

Write back to FP and make them aware you are making a complain on the current loan PPI, and you are dealing with the previous loan elswhere and you wish them to investigate the current loan.

In regards of the previous loan, contact the FOS, they will possibly suggest the Underwriter/insurer of the policy as another way of trying to get back your refund, and these would have part liabilities as well.
http://www.financial-ombudsman.org.uk/contact/index.html

I have been in the same situation and the FOS are investigating now on the underwriter, give them a call, explain the situation and let us know what they say, we can move this on from there.

ned_nederlander

di3004 wrote: »

Hiya

Right ok.

What you need to do here now then because of the problems of the regulation.
Contact the Financial ombudsman service (FOS).
Even though they will not be able to Adjudicate a complaint if again not covered by FSA or prior to these GISC, the FOS will possibly suggest another avenue as they have done with others, me also with one of mine.

So basically then FP was the lender and you can pursue these as they are still active, and in regards of the previous loan you pursue the broker (in your case they said the FSCS) and you just found out now that the FSCS are not able to because they were not regulated and its a pre 2005 loan.

First thing now here:

Write back to FP and make them aware you are making a complain on the current loan PPI, and you are dealing with the previous loan elswhere and you wish them to investigate the current loan.

In regards of the previous loan, contact the FOS, they will possibly suggest the Underwriter/insurer of the policy as another way of trying to get back your refund, and these would have part liabilities as well.


I have been in the same situation and the FOS are investigating now on the underwriter, give them a call, explain the situation and let us know what they say, we can move this on from there.

Thank you.

I contacted the FOS who will try to establish the underwriter of the previous loan's PPI, in addition they will persue the current loans PPI on our behalf sperately !!

di3004

ned_nederlander wrote: »

Thank you.

I contacted the FOS who will try to establish the underwriter of the previous loan's PPI, in addition they will persue the current loans PPI on our behalf sperately !!

That is fab, great work!:T
And please keep us posted, cheers x;)

smitchy73

irnbru74 wrote: »

Hi
Thanks for replying. Just looking at their demands and needs statement again and it says We need to ensure this policy is what you want, and that you understand when it may not be possible to claim under the policy. We have recommended that you take this insurance policy out as you are arranging a new finance agreement through us but have no existing insurance that would cover listed below.
This contradicts all the things my husband told them about sick pay/life insurance. I know that we should have paid more attention to it, but were naive to it.I don't know whether this is right but what about the fact they have recommended it?
There were 2 boxes - one for credit agreement and the other for PPI there is info about PPI on other side of page- not disputing that it was signed, but again my husband felt he was pressurised into taking cover - which is why he chose the cheapest!
I think I am going to phone them tomorrow and challenge them on a few things - Good idea??
Im still of the belief that they were really underhand in phoning my place of work, when I was on Mat leave or is it just me?

Anyway, thanks again its much appreciated.

I think this has proved that it was an advised sale, and they didn't take any notice of the fact that you both worked full time and were protected for sickness, redundancy and i'm assuming you have life assurance/insurance for other things, however, this isn't a reason(life ins) as it can be sourced elsewhere cheaper.
It's not that you were naive, I think almost everyone is on here as they didn't read the full paperwork in one way or another and if they did went on the words of sales people when saying you need to take the insurance to get the loan, even though the paperwork says the insurance is optional.
You're not in this alone!

I know they are entitled to phone your work to check with the details you gave them are correct, not sure about checking when you're coming back to work falls under that category, I would also be thinking about a data protection complaint to your employer, but thats one for an expert, are you in the union at work, if so speak to your rep about it, or even phone your HR dept.

As for phoning i'd be more inclined to put it in writing especially quoting FSA handbook sections relevant, as on the phone they might get you tongue tied or put words in your mouth etc, but of course you could be smarter than them and me in that format of communicating!:D

wilf55

hi all

my daughters boyfriend just about to turn 23 was a professional footballer aged 18 contract for 1 year

wages went from appretiship of £80 per week to £35,000 per year when he signed on the dotted line plus bonuses.

now all this went to his head aged 18 and he was offered a £10000 loan to buy a car back when he was 18 with lloyds tsb who basically rolled out red carpet for him etc etc Footballer, swooning etc you get the picture.

Now, he owes virtually the whole of the loan, but is not working, and hasnt done since he was realeased age 19 but he did take ppi out he has buried his head in the sand regarding his debts but now wants to sort them out

is he able to claim back the ppi he doesnt care if it swallowed by the loan that he still owes, but he would rather pay off smaller debts he has etc and tackle the loan seperatly

we all know he made silly mistakes but peer pressure essentially led him to be in the mess he was in then, along with being thrown loans etc left right and centre head out of the sand now but doesnt want to suddenly create whereby debts rear heads and hound him, although he does want to make headway into clearing them, essetially i dont want him to be scared off and bury head in sand again but take a realistic approach and work on reducing them
main question being

can he claim back the ppi even tho he has defaulted on the loan bigstyle

what would anyone suggest as the best way to deal with this

thanks in advance