First PPI claim help and advice please

smiffy01uk

Hi all and congratulations to all the successful claimants so far. :T:T:T
This is my first time reclaiming mis-sold ppi although i have done the charges on my credit cards with success.

I took out a loan through loans.co.uk in January 2006 for £10000 and ppi was added onto the loan at £2499, the loan was set up with Firstplus.
The PPI payments were £38.89 a month
We moved in April 2008 and settled the loan, Settlement figure £9415.50

1. Am i correct in thinking this is a single premium policy?
2. I read that Loans.co.uk have been fined by the FSA, does this give me a better chance of reclaiming?
3. I was never told that the insurance didnt last the term of the loan, only highlighted enthusiastically that i would get all the premiums paid back after 5 years if no claims made.
Who do i send the letter to? Firstplus or Loans.co.uk? If Loans .co .uk does anyone have their address.

Is this letter ok to send given the above information.

Sorry for so many Questions but want to make sure i get everything right.

Heres the letter ready to send.

[FONT=&quot]I purchased the above policy from you in 31/01/06 but now believe that I was mis-sold [/FONT][FONT=&quot]Payment Protection Insurance[/FONT][FONT=&quot] for the following reasons:[/FONT]

• [FONT=&quot]This is due to the fact that you have been fined by the FSA for failing to treat your customers fairly when selling Payment Protection Insurance and I do not believe that my policy was sold in my best interests.[/FONT]

• [FONT=&quot]This is due to the fact that I paid a single premium for my policy but did not see it through to the end of its initial term after paying back my loan earlier than planned on the 19/04/2008.[/FONT]

• [FONT=&quot]This is due to the fact that I was not given the correct information when the policy was sold to me, as your salesperson did not give me full information on what the policy would and would not cover for example that the loan only covered the first five years of my loan term[/FONT]

• [FONT=&quot]I am concerned the sales assistant that sold me the policy has no financial background and the policy was not sold in my best interests.[/FONT]

[FONT=&quot]Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made. [/FONT]

[FONT=&quot]I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.[/FONT]

[FONT=&quot]Yours faithfully,[/FONT]

di3004

smiffy01uk wrote: »

Hi all and congratulations to all the successful claimants so far. :T:T:T
This is my first time reclaiming mis-sold ppi although i have done the charges on my credit cards with success.

I took out a loan through loans.co.uk in January 2006 for £10000 and ppi was added onto the loan at £2499, the loan was set up with Firstplus.
The PPI payments were £38.89 a month
We moved in April 2008 and settled the loan, Settlement figure £9415.50

1. Am i correct in thinking this is a single premium policy?
2. I read that Loans.co.uk have been fined by the FSA, does this give me a better chance of reclaiming?
3. I was never told that the insurance didnt last the term of the loan, only highlighted enthusiastically that i would get all the premiums paid back after 5 years if no claims made.
Who do i send the letter to? Firstplus or Loans.co.uk? If Loans .co .uk does anyone have their address.

Is this letter ok to send given the above information.

Sorry for so many Questions but want to make sure i get everything right.

Heres the letter ready to send.

[FONT=&quot]I purchased the above policy from you in 31/01/06 but now believe that I was mis-sold [/FONT][FONT=&quot]Payment Protection Insurance[/FONT][FONT=&quot] for the following reasons:[/FONT]

• [FONT=&quot]This is due to the fact that you have been fined by the FSA for failing to treat your customers fairly when selling Payment Protection Insurance and I do not believe that my policy was sold in my best interests.[/FONT]

• [FONT=&quot]This is due to the fact that I paid a single premium for my policy but did not see it through to the end of its initial term after paying back my loan earlier than planned on the 19/04/2008.[/FONT]

• [FONT=&quot]This is due to the fact that I was not given the correct information when the policy was sold to me, as your salesperson did not give me full information on what the policy would and would not cover for example that the loan only covered the first five years of my loan term[/FONT]

• [FONT=&quot]I am concerned the sales assistant that sold me the policy has no financial background and the policy was not sold in my best interests.[/FONT]

[FONT=&quot]Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made. [/FONT]

[FONT=&quot]I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.[/FONT]

[FONT=&quot]Yours faithfully,[/FONT]

Hi there

Good luck with this and yes a "Single premium policy".
Yes they were fined believe sales from Jan 2005 are confirmed.
This seems to be the issue here on loans over that period of time, where you would still be paying ppi for the life of the loan and interest.
And you write to the ones who arranged this loan for you.

Great letter, get it sent off and post by recorded delivery for your proof of posting.
Please keep us posted and keep on at them.;)

smiffy01uk

Anyone know the address to post to loans.co.uk?

Have tried searching the web but even https://www.loans.co.uk doesnt open.:rolleyes:

di3004

smiffy01uk wrote: »

Anyone know the address to post to loans.co.uk?

Have tried searching the web but even www.loans.co.uk doesnt open.:rolleyes:

Hiya

Found this on Companies House website on "Companies Search", if you have any docs at all from them check the company number as well, to make sure its the correct one:;)

Name & Registered Office:
LOANS.CO.UK LIMITED
STANSFIELD HOUSE
CHESTER BUSINESS PARK
CHESTER
CH2 9QQ
Company No. 03391635

Was it these who arranged the finance for you?

Telephone number here as well, hope it works if you want to ring them to make sure on the address : 01244 672 326

Credit-Crunched

I can see the basis of your complaint however i would stick to fact and not your opinion as it has little bearing on the validity of the sale, focus on what you were not told etc

• [FONT=&quot]This is due to the fact that you have been fined by the FSA for failing to treat your customers fairly when selling Payment Protection Insurance and I do not believe that my policy was sold in my best interests. Not relevent as your case may ahve been sold compliantly
  [/FONT]

• [FONT=&quot]This is due to the fact that I paid a single premium for my policy but did not see it through to the end of its initial term after paying back my loan earlier than planned on the 19/04/2008. Valid if not advised to you at point of sale
  [/FONT]

• [FONT=&quot]This is due to the fact that I was not given the correct information when the policy was sold to me, as your salesperson did not give me full information on what the policy would and would not cover for example that the loan only covered the first five years of my loan term[/FONT]

• [FONT=&quot]I am concerned the sales assistant that sold me the policy has no financial background and the policy was not sold in my best interests. Opinion and your knowledge of the sales person qualifications and experience is unsubstantiated, they are selling a product under a company regulation of sale of insurance.
  [/FONT]

[FONT=&quot]
[/FONT]

smiffy01uk

di3004 wrote: »

Hiya

Found this on Companies House website on "Companies Search", if you have any docs at all from them check the company number as well, to make sure its the correct one:;)

Name & Registered Office:
LOANS.CO.UK LIMITED
STANSFIELD HOUSE
CHESTER BUSINESS PARK
CHESTER
CH2 9QQ
Company No. 03391635

Was it these who arranged the finance for you?

Telephone number here as well, hope it works if you want to ring them to make sure on the address : 01244 672 326

Thankyou di3004, i will phone the number Monday morning to confirm

di3004

smiffy01uk wrote: »

Thankyou di3004, i will phone the number Monday morning to confirm

Your very welcome smiffy, hope its the correct details and good luck.;)

smiffy01uk

Credit-Crunched wrote: »

I can see the basis of your complaint however i would stick to fact and not your opinion as it has little bearing on the validity of the sale, focus on what you were not told etc

• [FONT=&quot]This is due to the fact that you have been fined by the FSA for failing to treat your customers fairly when selling Payment Protection Insurance and I do not believe that my policy was sold in my best interests. Not relevent as your case may ahve been sold compliantly
  [/FONT]

• [FONT=&quot]This is due to the fact that I paid a single premium for my policy but did not see it through to the end of its initial term after paying back my loan earlier than planned on the 19/04/2008. Valid if not advised to you at point of sale
  [/FONT]

• [FONT=&quot]This is due to the fact that I was not given the correct information when the policy was sold to me, as your salesperson did not give me full information on what the policy would and would not cover for example that the loan only covered the first five years of my loan term[/FONT]

• [FONT=&quot]I am concerned the sales assistant that sold me the policy has no financial background and the policy was not sold in my best interests. Opinion and your knowledge of the sales person qualifications and experience is unsubstantiated, they are selling a product under a company regulation of sale of insurance.
  [/FONT]

[FONT=&quot]
[/FONT]

Thankyou for replying,

So do you think its worth editing the letter highlighting just points 2 and 3.
Regarding point 2, I recall no info being given of the outcome of early repayment.

Do you think point 3 is a valid reason to pursue this in itself?

One last point, I dont recall the salesman ever mentioning the fact that alternative cover was available independently, maybe scrub the points 1,2 and 4 but include this instead.

Thanks for all the help so far everyone.

Just want to make sure i get things right from the start!

Credit-Crunched

smiffy01uk wrote: »

Thankyou for replying,

So do you think its worth editing the letter highlighting just points 2 and 3.
Regarding point 2, I recall no info being given of the outcome of early repayment.

Do you think point 3 is a valid reason to pursue this in itself?

One last point, I dont recall the salesman ever mentioning the fact that alternative cover was available independently, maybe scrub the points 1,2 and 4 but include this instead.

Thanks for all the help so far everyone.

Just want to make sure i get things right from the start!

I would - just focus on facts not speculation. The main thing here is you were paying for waht you beleived to be a full policy cover not a 5 year term, this is ground for a mis-sell. Not advising you of other cover is not mandatory but just good practice.

So i would focus on what was NOT told to you i.e interest paid for premim over full term, only a five year policy etc...

good luck

Bluemoon

I have recived a final responce from first plus and they are telling me i only have 6 months to go to FOS is this true because for a few reasons many family problems i have not taken it further but would like to now

di3004

Bluemoon wrote: »

I have recived a final responce from first plus and they are telling me i only have 6 months to go to FOS is this true because for a few reasons many family problems i have not taken it further but would like to now

Hi there

Yes its true, after the final response, it is that of 6 months.

So are they saying its too late then?