Anyone dealt with First Direct?

rocks38

Hi there - very newbie... only just joined this morning so sorry if this is in the wrong place! I hope someone can give me some advice please.

I have tried to reclaim my PPI (or PPLP as they want to call it) from First Direct. I took out a personal loan with them over 66 months. I have just reached the 4 year mark. When I received my original agreement, over £5000 had been added as a single premium and I then noticed that only my fiance was covered. I wrote to them using the template letter using the route that I wasnt advised that I could get alternative insurance and that only one of us was covered. Needless to say they have written back saying that they are totally in the right, that as I applied for the loan online basically everything was set out on screen and that even though no advice or recommendation was given it was purely my own choice. Plus we both signed the original agreement and sent it back.

They were concerned to note that my letter "appears to be taken from a standard template available to consumers to assist with this type of complaint and may explain why it contained inaccurate information in relation to the reasons given to substantiate your complaint". Cheek!

They go on to say that as the policy is optional I can cancel at any time and would need to close the existing account and open a new one and would not charge me the usual penalty and give me the same rate as before. So I rang this morning and was told that they would refund me £268.44 on the "PPLP" which I dont think is much when I still have 18 months to go on the loan and pay £78 a month just for the insurance.

The next thing is I have just been made redundant and would probably not get another loan now as I am unemployed! So could anyone advise me what is the best way forward... should I still pursue the mis-sold route, in which case is there a way round the online application?

Thanks for any advice! :huh:

petermb_2

rocks38 wrote: »

Hi there - very newbie... only just joined this morning so sorry if this is in the wrong place! I hope someone can give me some advice please.

I have tried to reclaim my PPI (or PPLP as they want to call it) from First Direct. I took out a personal loan with them over 66 months. I have just reached the 4 year mark. When I received my original agreement, over £5000 had been added as a single premium and I then noticed that only my fiance was covered. I wrote to them using the template letter using the route that I wasnt advised that I could get alternative insurance and that only one of us was covered. Needless to say they have written back saying that they are totally in the right, that as I applied for the loan online basically everything was set out on screen and that even though no advice or recommendation was given it was purely my own choice. Plus we both signed the original agreement and sent it back.

They were concerned to note that my letter "appears to be taken from a standard template available to consumers to assist with this type of complaint and may explain why it contained inaccurate information in relation to the reasons given to substantiate your complaint". Cheek!

They go on to say that as the policy is optional I can cancel at any time and would need to close the existing account and open a new one and would not charge me the usual penalty and give me the same rate as before. So I rang this morning and was told that they would refund me £268.44 on the "PPLP" which I dont think is much when I still have 18 months to go on the loan and pay £78 a month just for the insurance.

The next thing is I have just been made redundant and would probably not get another loan now as I am unemployed! So could anyone advise me what is the best way forward... should I still pursue the mis-sold route, in which case is there a way round the online application?

Thanks for any advice! :huh:

OK first of all, if you have been made redundant you can claim on the ppi.
If you are unable to make a claim against the ppi for the unemployment then the policy is not for for the purpose.

The fact that you signed on line really makes little difference. There will be a number of issues surrounding the selling of these policies that are almost certain to result in a successful claim should you not be able to claim for unemployment on the policy itself.

rocks38

Thanks petermb - my fiance is the only one covered under the policy - also my redundancy is voluntary so I would not have been covered anyway I presume?

petermb_2

rocks38 wrote: »

Thanks petermb - my fiance is the only one covered under the policy - also my redundancy is voluntary so I would not have been covered anyway I presume?

No the chances are that you are not covered.
I would certainly seek compensation for the mis-selling and any other issue there may be.

rocks38

Thanks - for this and your PM - I will pursue it... wont let them get away with it! Wish me luck!

MandyLou66

Hello rocks38!

I have been successful in reclaiming my single payment policy back with First Direct.

As in your case the first letter recieved was very stern, they said that as the application was online I must have known that the PPL was requested and the onus was on me to ensure it suited my needs.

I thought that there was no way they were going to pay without it going to the ombudsman, however I reiterated my mis-selling points, (not aware I could purchase elsewhere or that it was optional) requested that they provide screenshots of the application as I could not recall the actual wording, crossed my fingers and hoped for the best!

They admitted no liability but offered full payment back, as I only have 4 payments left on the loan paid the full amount into my bank account and kept the payments the same, no need to re-do the loan. it was in my account in 10 days after signing the acceptance.

Don't be intimidated by them I think their bark is worse than their bite! Stand your ground! Good Luck!
ML

rocks38

Thanks MandyLou66!

Thats brilliant news that you got yours refunded, so definitely worth another go...have just done my letter to FD asking them to look at it again so fingers crossed!

Will keep you posted. Am trying with cahoot and Sainsburys Bank too...:T

rocks38

Another update! I have just returned from holiday to find a letter from First Direct still digging their heels in. I asked for screen shots of my application and they sent them... but they aren't mine! They are just copies of some random application... "a generic example of the process in place at the time you applied for the PPLP". So now I am so determined to carry this on. Should I just reiterate template letter No.2 and add that I am not prepared to accept the screenshots as they arent my application and to issue their final response? :huh:

Thanks for any advice.