PPI companies that have now ceased trading.

aldridgebm

I took a secured loan out in Oct 2005 with Firstplus although it was through a company called Loanmakers Ltd. In 2007 I tried to make a claim on the insurance that was on the loan against sickness, I was off work for 7 months, only to be told that the polocy only cover the first named (My Husband) completely and as I was only the seconded name it only covered me against DEATH. I have just written to First Plus and they have informed me that as I took the policy out through Loanmakers that they can't investigate (Help) and that Loanmakers have now ceased trading. They advised that I contact the FSCS which I did only to be told that I have to send in an explanation letter, all doc's (photocopied),Name of lender ( First Plus) and last known address of Loanmakers. Once received they will investigate,this could take 6 months. Has anyone any ideas that can help this move along ?
Please help me
A fustrated Bry.

di3004

aldridgebm wrote: »

I took a secured loan out in Oct 2005 with Firstplus although it was through a company called Loanmakers Ltd. In 2007 I tried to make a claim on the insurance that was on the loan against sickness, I was off work for 7 months, only to be told that the polocy only cover the first named (My Husband) completely and as I was only the seconded name it only covered me against DEATH. I have just written to First Plus and they have informed me that as I took the policy out through Loanmakers that they can't investigate (Help) and that Loanmakers have now ceased trading. They advised that I contact the FSCS which I did only to be told that I have to send in an explanation letter, all doc's (photocopied),Name of lender ( First Plus) and last known address of Loanmakers. Once received they will investigate,this could take 6 months. Has anyone any ideas that can help this move along ?
Please help me
A fustrated Bry.

Hi there Bry,

So sorry to hear this, but have you tried contacting the Financial compensation scheme (FSCS)?

When companies go into liquidation, if registered then normally this is the route to take instead of the Financial ombudsman service (FOS).

Here are the contact details of FSCS:
http://www.fscs.org.uk/contacts/

Ring them and they will check if they are registered with them, I think someone may have said they were and they send you a form to complete.

Good luck and hope these can deal with this for you.;)
Don't give up on this yet.

petermb_2

aldridgebm wrote: »

I took a secured loan out in Oct 2005 with Firstplus although it was through a company called Loanmakers Ltd. In 2007 I tried to make a claim on the insurance that was on the loan against sickness, I was off work for 7 months, only to be told that the polocy only cover the first named (My Husband) completely and as I was only the seconded name it only covered me against DEATH. I have just written to First Plus and they have informed me that as I took the policy out through Loanmakers that they can't investigate (Help) and that Loanmakers have now ceased trading. They advised that I contact the FSCS which I did only to be told that I have to send in an explanation letter, all doc's (photocopied),Name of lender ( First Plus) and last known address of Loanmakers. Once received they will investigate,this could take 6 months. Has anyone any ideas that can help this move along ?
Please help me
A fustrated Bry.

This is a standard smoke screen put up by First Plus. They are, of course, responsible.

aldridgebm

In September I received an offer from FirstPlus explaining that the PPI that was taken out with the loan was due to expire in October 2010 and we could 'be eligible to receive a full refund of our original PPI premium'.
I contacted FirstPlus and enquired if this offer included the interest that we have been paying over the last 5 years and will carry on paying for the next 10 years, I was told NO, it was only the original premium price.
Can anyone advise what I can do to claim everything that we have shelled out for the past 5 years.

Unsure.

di3004

aldridgebm wrote: »

In September I received an offer from FirstPlus explaining that the PPI that was taken out with the loan was due to expire in October 2010 and we could 'be eligible to receive a full refund of our original PPI premium'.
I contacted FirstPlus and enquired if this offer included the interest that we have been paying over the last 5 years and will carry on paying for the next 10 years, I was told NO, it was only the original premium price.
Can anyone advise what I can do to claim everything that we have shelled out for the past 5 years.

Unsure.

Hi there

They are a right costly rip off these single policies and they have now stopped selling this type, so you do have a chance here of making a reclaim.

I take it they did not discuss the policy with you then?
Nor did they explain that after 5 years you will still be paying for the life of the loan, but then unprotected?

You need to mention all that applies to you on the reclaiming questionnaire.
Was it sold by FirstPlus?

You pursue whoever sold you the policy from the start.

The questionnaire you will find below on stage one, complete and sent to whoever responsible, and keep a copy for yourself in case you need to refer to this at some point.
They have 8 weeks, but may ask for more time to investigate.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim

Good luck with this.;)

HAVEFAITH

Hi, has anyone out there ever been successful reclaiming ppi from firstplus. Is there an address for firstplus to write to. I'm sure i payed ppi on a matured loan with this lot.

Thank you!

marshallka

HAVEFAITH wrote: »

Hi, has anyone out there ever been successful reclaiming ppi from firstplus. Is there an address for firstplus to write to. I'm sure i payed ppi on a matured loan with this lot.

Thank you!

Loads have tackled Firstplus and won. In fact FOS upholds (they do put up a fight and most probably will say "we sold it fairly - yeah right) MOST complaints against FP.

Just to be sure though that it was actually Firstplus that sold you the policy if you are thinking of making a complaint. Often with them you could have used a broker firstly and if this is the case then its the broker you make the complaint against. Another thing, when was it taken out?