firstplus payment protection policy

nigel5983

i read with interest the posts regarding the Barclays FP interest rate inactivity, i too have complained by phone only to be given the short shrift. I am in the unfortunate position of being sold the PPI on the promise that all payments would be repaid after 5 years. when i looked at my agreement it showed they had charged £6500 for the priviledge at a monthly cost of £63. I thought if i cancel the PPI my loan would actually reduce by the £63 cost of the PPI, how wrong i was, i was offered a rebate of £723 to go to reduce the loan, which would decrease by only £9 per month. I am now in process of trying to reclaim the PPI as it was definitely mis sold and not as i was told. i would love to set up a website that solely pressurises Barclays FP and lets them know we mean business, if only i had the expertise. do you have any ideas on how we can become one voice and sort these immoral bankers out once and for all
regards nigel

di3004

Hi there

If anyone here feels they were mis sold on the PPI, please ask for help if required.

There is also a PPI Discussion thread for this, just click on loans first and then you will seen the PPI Reclaiming-Discussion thread on top of the page.;)

Di
x

Welshdresser

Please go to the link below and sign the petition:

http://www.ipetitions.com/petition/F...InterestRates/
Need 5000 signatures in order to submit to FSA, Government and Barclays.

Welshdresser

WOW has anyone seen the new Firstplus customers website - it is awesome!!!
http://www.firstpluscomplaints.co.uk
Check it out and sign up TODAY

grifteruk

Hi - just to let you know, I have today successfully had all my PP subs refunded, together with all the interest that has also been paid by me.

I telephoned them a few weeks ago, having requested a written quote of how much less I would have to pay if I discontinued the PP as I am having struggling with the repayments at the moment. They offered to reduce my monthly payments by some derisory sum which worked out at about £20 per month less, rather than the £200 I am currently paying. I let them have it over the phone a bit and called them every name under the sun, and to be fair their representative asked me if I felt I had been missold the PP scheme, to which I obviously replied "Yes". I said that the scheme had never been explained fully to me and that the rep at the time told me that I would have "loads of money at the end of it" and that it was "basically free and wouldn't be costing me anything as I would get a lump sum at the end of the term". The representative said he would lodge the complaint and that the matter would be investigated further. A few weeks later, I got a cheque for nearly £8k and my repayments were reduced by £200 per month.
Keep hassling them - they are obviously running scared that they missold these schemes, which in my case they most certainly had done.

di3004

grifteruk wrote: »

Hi - just to let you know, I have today successfully had all my PP subs refunded, together with all the interest that has also been paid by me.

I telephoned them a few weeks ago, having requested a written quote of how much less I would have to pay if I discontinued the PP as I am having struggling with the repayments at the moment. They offered to reduce my monthly payments by some derisory sum which worked out at about £20 per month less, rather than the £200 I am currently paying. I let them have it over the phone a bit and called them every name under the sun, and to be fair their representative asked me if I felt I had been missold the PP scheme, to which I obviously replied "Yes". I said that the scheme had never been explained fully to me and that the rep at the time told me that I would have "loads of money at the end of it" and that it was "basically free and wouldn't be costing me anything as I would get a lump sum at the end of the term". The representative said he would lodge the complaint and that the matter would be investigated further. A few weeks later, I got a cheque for nearly £8k and my repayments were reduced by £200 per month.
Keep hassling them - they are obviously running scared that they missold these schemes, which in my case they most certainly had done.

Well done to you, Congratulations, fantastic news.
:beer::T:beer:

pau1200

Im sorry for re-opening this thread but i need some advise regarding the payment protection. I took out a secured loan with barclays 5 years ago and was sold protection on the basis that it cost me nothing as i get the money back after 5 years via cashback. Well there about to give me the cashback but have advised that monthly sum will not go down. I didn't realise but on the credit agreement it does say that the ppi is to be spread over the full term of 12 years.
What she has said on the phone is that the cost of my ppi 90 per month over the 5 years which works out to be 5400 but there giving me 9736 back to cover the interest, does that mean that the cash back should cover the interest already paid and the remaing interest to be applied?
Im really confussed as to wether i have been conned or has the ppi really been free. I need to act quickly as if i havnt returned the cashback letter within 4 weeks i loose the cash back all together.
They also no longer sell ppi so i need to find some one else that does.

Any help or advice, but i dont think i have any right to complain, any advice will be greatly received.

di3004

pau1200 wrote: »

Im sorry for re-opening this thread but i need some advise regarding the payment protection. I took out a secured loan with barclays 5 years ago and was sold protection on the basis that it cost me nothing as i get the money back after 5 years via cashback. Well there about to give me the cashback but have advised that monthly sum will not go down. I didn't realise but on the credit agreement it does say that the ppi is to be spread over the full term of 12 years.
What she has said on the phone is that the cost of my ppi 90 per month over the 5 years which works out to be 5400 but there giving me 9736 back to cover the interest, does that mean that the cash back should cover the interest already paid and the remaing interest to be applied?
Im really confussed as to wether i have been conned or has the ppi really been free. I need to act quickly as if i havnt returned the cashback letter within 4 weeks i loose the cash back all together.
They also no longer sell ppi so i need to find some one else that does.

Any help or advice, but i dont think i have any right to complain, any advice will be greatly received.

Hi there

Hopefully someone will be along who have been through this with this business shortly.

With these Single policies they are added into the loan, and will only protect normally for 5 years, so whereas if you have made no claim you receive a % of the cashback, but then you still continue to pay for the cover even though its no longer protecting the loan.

You can still complain on this if you want to despite the payout, these are a rip off, and are frowned upon.

You can of course purchase a stand alone protection, for example through Pinnacle or others alike, if you click insurance above this should take you to Martin's advice on these matters of purchasing stand alone insurance protection.
But yet you will still be paying for the original ppi within the loan and more out again on another cover, yet its important as you know to be protected.

Lots have complained about these policies, if they did not explain this to you when you taken this out then personally I would complain, there are lots of other reasons as well, you will find out more info with guidelines of reclaiming on Martin's page here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Hope this helps and with a bit of luck someone else will post up with some useful advice for you, good luck.;)

Netty11

I was sold PPI with First Plus in 2006. They never explained that in the first 5 years, whilst you make monthly payments to reduce your loan, you are in fact not reducing your original loan agreement. After 5 years of having the loan / policy, I still owed them the full original loan amount. I had paid at least £21,000. This was never explained to me at the time of taking out the loan. I was told, that if anything should happen to me i.e. accident or sickness in the 1st 5 years of having the PPI I could put in a claim, and nothing else. They never asked to see proof of ID, mortgage or any other documentation to be considered for such a large loan.
I was never made aware that my repayments in the 1st 5 years would not contribute to reducing my loan, and I was only made aware of this when they were taking me to court in March 2009 when they had sent me a copy of what I owed. From this, I had then realised that I was summons to court for the full original loan amount, so when I thought I was reducing my loan, I was clearly paying their wages!!!

In 2009 I put in for a claim in the hope that PPI would protect me. I had made full payments towards my loan for 3 years.
The action they took was to provide me with a continuance claim form signed by my GP monthly, but in essence, they were shuffling paper work, and yes, I did not have to pay whilst they were shuffling! However, First Plus cleverly incorporated their plan with Barclay's Insurance Dublin, where both parties shuffled paper to make it appear they were making payments on my behalf.
I am furious that even now after 5 years, I am still no better off from lowering my payments with them. Such an on-going battle!!