First plus loan ppi - sheer greed

sharonlouise

I have already posted this on the Reclaim Forum and some fantastic people (Marshallka, Di, infact all of them) suggested I post this on here as people here are really helpful, so I hope you can help.

Many thanks
Sharon

I am paying a First Plus loan solely (even though this in joint names with ex), which is costing me £708 per month including a PPI. I was out of work for 3 months from Aug 08 – Nov 08 and when I went to claim off of the insurance, they said that I was not able to because I had been contracting, I therefore wrote a letter of complaint in November saying that I had been mis-sold the policy because for one, I was never made aware of this, to take the loan, you automatically had to take the policy and three was never given the opportunity to look elsewhere. Had I have known this, I would never agreed to it. Hence, I received a letter back saying that they had not mis-sold it.

Because this policy did not pay out, as I though it would, over a thousand pounds in arrears accumulated , which they have over the past few months been hounding me and threatening me for. I have continuously paid them £708 per month for the past 11 months and when asked if I could pay towards the arrears and explaining to them the reason I got the arrears (because the PPI did not pay out) I requested a cancellation of this policy, which then I could put towards these arrears. I found out that I was actually paying £128.00 per month for a policy that is absolutely useless to me (I nearly fell over).. They are still hounding me for the arrears, but will not let me cancel this policy. I have been looking at the financial websites and it seems that I do have a case and might be able to get my money back? This policy was taken out in 2004 and still ongoing. I cannot pay them anymore and £128.00 per month is astronomical, the bad thing is, I didn't even realise!! I really am getting deeper and deeper in debt and would benefit from any information or advice.

I would really appreciate your thoughts on this and if you think I am entitled to money back and/or just cancelling the damn thing.

I look forward to hearing from.

Sharon Louise

stoocake

Very sorry to hear this! I think it's shocking the way you've been treated and I hope that at the very least you can cancel the PPI. £128 is utterly ridiculous for any PPI, even moreso this one has such strict conditions of when it pays out (what situations DOES it pay out under?)

Hopefully someone will be able to provide more information on how strong a case you have against them

Tixy

That is terrible and shocking - I don't have any useful advice except to say I am certain you are allowed to cancel the policy as its useless - you definatley need to report them. It does sound like your would have a case about it being mis-sold but I don't know much about these things to advise - I think GeorgeUK has more knowledge in this area - so hopefully he'll see you thread today.

GeorgeUK

I don't really know much about reclaiming PPI, but i've read enough to know that they probably state this about any PPI complaint they get.

MSE has a section that goes into detail on the process for reclaiming and it looks like you need to contact the FOS for them to give the bank a kick. Even the FOS have made complaints about the banks practices. Did they state that you couldn't cancel the policy in writing even though they had been advised that you were not actually covered by the policy?

You should write a letter of complaint indicating your intent to inform the FOS of this misselling. If that doesn't work then you need to contact the FOS and make a complaint through them.

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim

The only problem might be that they state the PPI may not have covered you, but it would have covered your ex. If you were told you needed the PPI when the loan was taken then this is misselling - don't let them railroad you into thinking otherwise.

Tixy

Sorry George - thought you knew about PPI mis-selling as you always remember to ask people if they have any they can claim or to look if it was mis-sold - and I usually forget to.
Cheers