First plus response to claim

putty71

Hi All
I am new to this reclaiming lark and have started off with First Plus (trust me I have several to go yet)!!

I wrote to them in August giving them a month to respond, got the usaul letter saying they would respond by 18 /09 and today got a response saying that they have downloaded the relevant telephone calls but have yet to complete a full review and they will reply by 16/10.

I am tempted to write back saying this level of service is not quick enough, but the thing that concerns me is the calls- is this there usaul practice and has anyone else sucessfully claimed after receiving a similar letter? By the way the loan was taken out in Feb 2007.

Any advice would be gratefully received.

Thanks

Putty

di3004

putty71 wrote: »

Hi All
I am new to this reclaiming lark and have started off with First Plus (trust me I have several to go yet)!!
Hello and welcome.;) Cool, well lets get winning them for you then lol

I wrote to them in August giving them a month to respond, got the usaul letter saying they would respond by 18 /09 and today got a response saying that they have downloaded the relevant telephone calls but have yet to complete a full review and they will reply by 16/10.
As you know they have 8 weeks in full to respond, so if you hear nothing you are entitled to take your case to the financial ombudsman service (FOS) to ask them to investigate for you.

I am tempted to write back saying this level of service is not quick enough, but the thing that concerns me is the calls- is this there usaul practice and has anyone else sucessfully claimed after receiving a similar letter? By the way the loan was taken out in Feb 2007.
As said above you can continue to take this to the FOS just as long as they have had the 8 weeks they are entitled to - to respond.
There are loads on here that have complained of these, some have been successful on the first letter, or maybe the 2nd if they have been given the opportunity to write back with further information, if not the FOS.

Any advice would be gratefully received.

Thanks

Putty

We wish you luck with these Putty, to what I know of First Plus are one of the highest that have complaints, so keep at them, keep going until they resolve, if not then take them to the FOS, fingers crossed for you.;)

Di

marshallka

99% of complaints against FP are being upheld so it says something about them. Even if they produce a phone call accepting this PPI then it is not 100% that it was not missold. They sometimes sell it saying about the "getting it back after 5 years" but forget to tell you that you only get the premium back and not the interest charged on the premium that is actually payable over the full term of the loan. Also this PPI single premium costs so much in the long run and only covers the first 5 years of the loan by which time you would have to take out another PPI if you wanted it to cover the full term. Do not let them scare you or manipulate you into giving up.

Good luck

putty71

Thanks for that. I was starting to get worried, but that has put a whole new slant on things. I now have the confidence to keep on at them.

Cheers
Putty

a-and-k

Hi Putty

Congratulations on the first step with FP.

Just to re-assure you I too had similar letters from first plus. It would appear from the dates that I was given and you have also been given, they take the full 8 weeks to let you know the outcome. The response to my claim came just 2 days before the 8 weeks were up.

I'm glad to say I was successful but I will point out it took them almost a further 3 weeks to send my payment.

Good luck and I hope you are successful. I'm just about to start with loan number 2 with FP.

Adele :j

isy1011

Well this is very interesting. I am also complaining to Firstplus and have also had my interest rates increased this last week!
Are we being penalised for complaining?
Can Martin take this up as it seems we are!!
They have also stalled and have written to me today saying it is going to be 22nd Oct before I get a reply as they are checking telephone records.

putty71

I have now asked them on 3 occassions to cancel the PPI insurance, yet they still continue to charge it. I will report them to the FOS if this is not resolved soon and I may even seek furthe publicity from Watchdog if they are interested.
Martin - can we stop them hiking up the costs???????????

putty71

marshallka

putty71 wrote: »

I have now asked them on 3 occassions to cancel the PPI insurance, yet they still continue to charge it. I will report them to the FOS if this is not resolved soon and I may even seek furthe publicity from Watchdog if they are interested.
Martin - can we stop them hiking up the costs???????????

putty71

Have you actually written to them about this and have proof (ie recorded delivery)? Is it over 5 years since you took out your loan perhaps as the insurance only lasts for 5 years but you pay the loan and interest on it for the whole term.

putty71

Hi All

I really need soem help with this. Today I received a letter from FP and have repeated the bulk of it here-

Thank you for your recent enquiry regarding cancellation (note I do not believe this to be a response to my request to claim back PPI).
This is a single premium policy with the amount being debited to the loan account and paid to the insurer at the inception of the loan. The premium is incorporated into the balance of the loan and is repaid over the full term.
The insurance runs for a period of 5 years at which time , subject to certain provisions there is the possibility of obtaining a refund of the premium known as a rebate. If at the end of 5 years you are eligible to reclaim the premium.

Cancellation of the policy before its normal expiry date does not entitle the customer to a refund on a pro rata basis. However refunds are paid at the discretion of the insurer and are calculated by them on the balance of the premium left after the deduction of the non refundable elements of the premium. A greater proportion of the premium is allocated to the early part of the 5 year term by the insurers to reflect the higher risk presented at the beginning of the policy than the end and it is for this reason that the rebate paid to you in the event of cancellation is not made on a pro rata basis.

If you wish to cancel the insurance we are prepared to make a refund of £847.59 in respect of the premium paid and this would be credited to your loan account . The current monthly repayment to your loan is £414.46 and the effect of this reduction in the balance would be to reduce your monthly payments to £406.96. These figures are valid for the current month only and would alter when your next payment becomes due on 21/10.

It then goes on to say about both parties signing to cancel.

Help please.

I am totally confused and feel as though I am being stiched up. So far I have paid about 31 installments believing that the the loan was around the £300 mark and the rest was the ppi.

Can anyone answer the follwoing for me and advise what I must do next-

1) Should the monthly installment drop by around a £100 ish?
2)I believe I am entiled to a greater payout - is this correct?
3) Can I request the money be paid to me by cheque?
4)I am just confused- please someone explain in plain english what they are trying to do and if I need to continue my claim?

Right now I could really do with the money so please please help

Thanks

Putty

di3004

Hi Putty, just left a post for you on your other thread.;)

Hopefully though someone else will post with their own opinions on this for you as well, good luck.

putty71

Sorry but I must be real thick as I am struggling to understand.

Why does the insurance premium only go down by a small amount? Please explain in idoit terms for me!!!!!!!!!!!

I mean, if so many are claiming back, is it worth doing as after 5 years I will get around 9k (assuming I don't claim for anything), but if I cancel now I will get a reduced amount yet still have to pay for the insirance for the rest of the loan. I thought the whole purpose of claiming was to get back what you paid so far and the monthly payment was then reduced for the loan only??????????

Please excuse my ignorance but someone must have been in the same position who can explain.

Thanks

Putty