PPI Reclaiming Discussion part 4

amersall

Meeely3 wrote: »

I am popping my MSE Forum cherry here, so be gentle with me.

In December 2005 I/We took out a 40K secured First Plus loan, and I stupidly took out their PPI too. I did not get the "you must have this or you won't be accepted line" but I do remember saying "oh right, so it's like a savings pot? I pay in x every month and if I don't claim in 5 years I get nearly 10k back" "well, madam, we are not allowed to call it that, but in effect yes" she says. At no point was I told that I would be effectively borrowing nearly £50k and paying interest on all of it. I stupidly assumed that out of my £460 odd a month, £300 ish was paying the £40k off and £160 was going into my little 'pot'. 4 years on and I am a year away from getting my 'pot' back, but by that time I will not have paid any of the initial £40k that I borrowed off, so I will just had to give them my pot back to even make a dent in the loan.

My question is, was I missold, or was I just an idiot who didn't read the small print.

It just annoys me because after 4 years I was totally unaware that I wasn't paying my loan off and I still owe £5k more than I borrowed. We are in a pretty pickle right now and I'm not sure which way to turn - claiming the PPI back would be a start - but what happens about the £10k that I have effectively borrowed to pay for 5 years of PPI up front? If I stopped the policy I would owe them an early repayment fee too - surely this can't be right?

Any help or advice regarding first plus would be gratefully received....

Thanks

Emily

if you were an idiot then so were hundreds of other people, me included:mad::mad::mad: i hate first plus:mad::mad::mad::mad::mad::mad::mad: anyway rant over:rolleyes::rolleyes::rolleyes::rolleyes: hello there and welcome, do as di says and go for it, i won and it was the best thing i ever did, if you need any help dont hesitate to ask xx take a look at this website firstpluscomplaints.co.uk that will open your eyes, you go for it and good luck

amersall

Meeely3 wrote: »

Thank you Di - I have actually contacted Brunel Franklin (as recommended on the PPI pages), as I'm not sure I have the confidence and staying power to go it alone. Have you all managed a successful claim of this nature simply using the templates provided? I have no legal back ground whatsoever, so not sure I could decipher the legal jargon thats bound to get spouted at me when they reject my initial claim.

If anyone is willing to hand hold while I go through this process I would be more than grateful - not sure I want to give up 25% of my compensation amount in fees!

thats ok meeely.di will help you for 10%:D:D:D no only joking,( i will do it for5%) :rotfl::rotfl::rotfl:you will get all the help you need on here, dont pay anyone to do something that you can do on your own, its no so daunting and the guys on here will be with you every step of the way, good luck x

pinknico

Agree with amersall 100%, do not pay, the legal jargon means nothing, you were probably mis sold, end of story. We are very good at hand holding here.

amersall

pinknico wrote: »

Agree with amersall 100%, do not pay, the legal jargon means nothing, you were probably mis sold, end of story. We are very good at hand holding here.

yes i can vouch for that, i have gained a lot of knowledge through the lovely people on here, they are like an extended family, you know you are not alone. and without a doubt with first crap you were mis sold!!!!

Meeely3

Just downloaded the T & C's for the First Plus PPI, and I feel like a right idiot - it does say clear as day,

"Your premium is calculated as a percentage of your loan. You pay the premium as a one-off
payment on the start date and this amount is added to your loan. Details of your premium
and the related loan are provided in the agreement that you signed with FIRSTPLUS

Financial Group PLC and is inclusive of Insurance Premium Tax (IPT)."

Surely I should have read that and queried it BEFORE I signed my life away - if I had read that then they have no 'misled' me really. Admittedly the lady on the phone didn't say anything about it being added to my loan, but I should have read ALL the paperwork before I signed - do I really have a case?

pinknico

Yes, the loan and PPI should have been explained thouroughly.
Most of us who have won were in the position you are now.

So just write to First Plus, if they sold you the loan and say you were mis sold and why. Feel free to post up your letter if you want help.

amersall

Meeely3 wrote: »

Just downloaded the T & C's for the First Plus PPI, and I feel like a right idiot - it does say clear as day,

"Your premium is calculated as a percentage of your loan. You pay the premium as a one-off
payment on the start date and this amount is added to your loan. Details of your premium
and the related loan are provided in the agreement that you signed with FIRSTPLUS

Financial Group PLC and is inclusive of Insurance Premium Tax (IPT)."

Surely I should have read that and queried it BEFORE I signed my life away - if I had read that then they have no 'misled' me really. Admittedly the lady on the phone didn't say anything about it being added to my loan, but I should have read ALL the paperwork before I signed - do I really have a case?

and the sales person said " this policy only covers you for 5 years and you will continue to pay us the monthly amount for the remaining term of the loan and at the end of your loan you will have paid in total double what the original ppi was and by the way you will in effect be paying for a ppi you have not got after the 5 years" if this is what you were told then you have no claim, and i know for a fact no one said this to you so yes you have a claim so GO FOR IT use the reasons i have stated here, fp are not the fos fave group at the moment and are upholding front loaded ppi claims, they are not fit for purpose

marshallka

Meeely3 wrote: »

Just downloaded the T & C's for the First Plus PPI, and I feel like a right idiot - it does say clear as day,

"Your premium is calculated as a percentage of your loan. You pay the premium as a one-off
payment on the start date and this amount is added to your loan. Details of your premium
and the related loan are provided in the agreement that you signed with FIRSTPLUS

Financial Group PLC and is inclusive of Insurance Premium Tax (IPT)."

Surely I should have read that and queried it BEFORE I signed my life away - if I had read that then they have no 'misled' me really. Admittedly the lady on the phone didn't say anything about it being added to my loan, but I should have read ALL the paperwork before I signed - do I really have a case?

But what it does not say above is that it is actually a loan to pay for the ppi premium one off payment that is payable with interest for the full term of your loan but only actually covers you for the first 5 years of it.

FOS upholds 99% of complaints against Firstplus and that has to say something here.

Was it Firstplus that actually sold you the loan and PPI or did you use a broker. As you took this in December 2005 this complaint can go to FOS if needed.

Just another thing, FP are known for offering to cancel the PPI and then for you to have an enhanced rebate against it of 78%. This sounds good but its only 78% of the premium and not the premium and interest so do not accept if you are going for misselling. ALso you would be entitled to 8% statutory interest on top of the premium and interest paid. You usually get back all the PPI you have paid to date and interest and 8% statutory interest on top as a cheque and then the rest of the due PPI and interest if taken off the loan and a new loan drawn up without it. Good luck

finatra26

Meeely3 - even iof you were an octupus you wouldn't have enough hands for the amount of handholding you will get on here. These guys probably know more than any claims company & really care about whether you win or not cos they have all been in the same position & know whats it like (the sleepless nights , the waiting, the highs, the lows) everyone on this site will support & help you 100% - I know - they did it for me. Spend days reading as many posts as you can & you will see what I mean.

amersall

marshallka wrote: »

But what it does not say above is that it is actually a loan to pay for the ppi premium one off payment that is payable with interest for the full term of your loan but only actually covers you for the first 5 years of it.

FOS upholds 99% of complaints against Firstplus and that has to say something here.

Was it Firstplus that actually sold you the loan and PPI or did you use a broker. As you took this in December 2005 this complaint can go to FOS if needed.

Just another thing, FP are known for offering to cancel the PPI and then for you to have an enhanced rebate against it of 78%. This sounds good but its only 78% of the premium and not the premium and interest so do not accept if you are going for misselling. ALso you would be entitled to 8% statutory interest on top of the premium and interest paid. You usually get back all the PPI you have paid to date and interest and 8% statutory interest on top as a cheque and then the rest of the due PPI and interest if taken off the loan and a new loan drawn up without it. Good luck

:mad::mad::mad: FIRST CRAP :mad::mad: dont you just luv em!!!!:mad::mad: