firstplus payment protection policy

ANY_CHANCE

andybee321 wrote: »

:T :money: Hi All,
Just recieved an adjudication from The Financial Ombudsman. Won !!!!!!! 100% refund plus 8% interset, Thanks to the site. Why major finacial institutions such as Barclays who own First plus have to stoop to such scams to make money is beyond me. Another little gem is that the insurers who got the one off premium that I didnt know about is guess who ? Barclays Insurance Dublin. Win Win for Barclays at the consumers expence. I will never touch them again.

Wow i didnt know they were owned by Barclays thanks for that and well done for getting your money back

marshallka

I did not know they were owned by the barclays group. Another string to my bow to get them on.

Mabbles

Wish I had seen this sight before taking my loan out :mad:.
Having ppi with first plus is a joke after a serious road accident trying to claim of them is a uphill struggle. I will go into more details at a later date after I get a report of them. The main reason I have posted is to advise people thinking of taking a loan out with first plus not to do so because in my opinion I have never dealt with such a company with complete and utter disregard to their customers and with staff that I personally would not give the lowest paid or degrading job to as it still would be to good for the majority of them.
Again this is my opinion and I dare not say to much in case it sways any legal action.

Do Not Take A Loan From These People Please for your own sakes. !!!!!!

Pixie1811_2

We got a secured loan with first plus in October 2005 and they told us that if we took out their PPI we would get it all back after 5 years. We were advised to take the PPI out in my husbands name only but they never even spoke to him about it and he has high blood pressure and is on medication for life but they never asked me about any present or previous medical conditions for him. They did not advise us that if any payments were missed we would not get anything back anyway. They did not advise us that if we remortgaged it is likely that we would have to include this secured loan in the remortgage and would lose out on the PPI cash back anyway. We took the loan out through Capital One as brokers who had taken over HFS loans which have used before and were okay. Capital One did not explain things properly and all the paperwork relative to the PPI was sent out after the loan was signed for and taken out. We have a company trying to get this money back for us as we remortgaged a year last June (again through Capital One Mortgages) and we had to include this secured loan in our new mortgage. Capital One mortgages have written back and said that loan is finished, no money back blah blah but the company we have employed to get the money back have sent this to the Financial Ombudsman now and we are waiting to hear from them. We feel 100% conned out of nearly £7000.

marshallka

Pixie1811 wrote: »

We got a secured loan with first plus in October 2005 and they told us that if we took out their PPI we would get it all back after 5 years. We were advised to take the PPI out in my husbands name only but they never even spoke to him about it and he has high blood pressure and is on medication for life but they never asked me about any present or previous medical conditions for him. They did not advise us that if any payments were missed we would not get anything back anyway. They did not advise us that if we remortgaged it is likely that we would have to include this secured loan in the remortgage and would lose out on the PPI cash back anyway. We took the loan out through Capital One as brokers who had taken over HFS loans which have used before and were okay. Capital One did not explain things properly and all the paperwork relative to the PPI was sent out after the loan was signed for and taken out. We have a company trying to get this money back for us as we remortgaged a year last June (again through Capital One Mortgages) and we had to include this secured loan in our new mortgage. Capital One mortgages have written back and said that loan is finished, no money back blah blah but the company we have employed to get the money back have sent this to the Financial Ombudsman now and we are waiting to hear from them. We feel 100% conned out of nearly £7000.

This may be best on the PPI discussion thread. It may help others.

di3004

Yikes........:eek: don't go there.....:rolleyes: , they are all the same, offering cashback after 5 years if not made a claim, not to be trusted !!

Most of us here have learnt from this mistake, its a rip off they try to make it sound so good at the time of the sale, but to be honest I don't think these are sold in the interest of their customers......:rolleyes: .

Like Marshallka says above this issue would be better off in the reclaiming - discussion forums, there you will get more answers......:D .

Di.
x

mkleigh

I took out a secure loan with First Plus through Relax Finance and they also sold me the PPI.

I have sat there and worked out that they make a profit through it as they charge interest on it. The may refund the PPI after 5 years but for the 1st 5 years all you are doing is paying intrest on it and not the loan, they also only refund the quoted amount and not what they make.

The loan I took out was a negative equity loan which was not explained to me at the time. No one said I could not remorgage, change lenders. I am stuck with a variable rate and there is nothing I can do.

I also told Relax Finance to stop the application and I was going to do an IVA and the woman on the phone put the fear of god in me about them, but I have found out she should not have adviced me not to do it as they dont deal with them.

I complained and the reply I got back was so poor, they said it was all explained to me and that it was not a negative equity loan. But work it out I owed £116,000 borrowed £50,000 the flat is valued at £130,000. That says to me its negative equity and First Plus agree. The reply had bad grammer, the use of words that do not even exist and it has 2 lies which I can proove.

He said last December I had an excellent credit rating, which is not true as I have the report infront of me and it says poor. I could not even get a credit card or personal loan. He also said I got their top rate of 10.6% and I have also been told their best rate was 8%.

I invloved The Financial Ombudsman the whole time and Relax have asked for 1 more chance to look at my complaint which I am giving them.

If I dont get the reply I want I will send it to The Financial Ombudsman as I fully intend to proove the mis sold the loan and the PPI and lied in their reply to me.

chipbeck

marshallka wrote: »

I did not know they were owned by the barclays group. Another string to my bow to get them on.

Don't think they are any more.

marshallka

chipbeck wrote: »

Don't think they are any more.

No, I know and also they were never an appointed representative either so no comeback through the FOS for anyone wanting to use the Barclays Trading as Firstplus... Found that out from the FOS..

Welshdresser

Hi everyone...

I have a thread running in Moneysupermarket.com regarding FP's refusal to cut interest rates. There is a great member there who is using his financial expertise to see if we have a solid case to take to the OFT about their practices. He needs to have details from other FP customers about their interest rate changes over the last few years to compare and see their rate increases have been fair and consistent across all of their customers, or if they just tinker with individual customers as they feel like it - which is the perception I and other members have.

If anyone is prepared to back through their loan and list the date of every increase it would be really helpful. You could list them here or go to the other forum which is in: Moneysupermarket.com - go to forum - money & finance - loans - and the thread is 'interest on secured variable rate loan'. (Sorry i'm not great at posting a link).

My interest increases are as follows:
Sept 06 - agreement signed APR 7.7%
Dec 06 - increase to 8.2%
Feb 07 - increase to 8.5%
April 07 - increase to 9%
July 07 Increase to 9.3%
March 08 - decrease to 8.5%
August 08 - increase to 9.3%
Don't pay for the information, If you haven't got all the letters from FP, you may be able to see where your rates increased from your bank statements.

I really hope to hear from you all - there is strength in numbers!!
Aly

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