Firstplus PPI Question

owe2much

Hi first post but have been reading the boards for ages,

I sent my 1st letter to firstplus on the 28/08/09 using the templates available stating that I wanted the sale of the PPI investigating. I have finally had a letter back saying they have investigated and found that it was not missold!

Should I continue with my 2nd letter? My reasons for claiming were that the sales person imo was pushy and that the ppi wasn't fully explained as they told me if I didn't claim on it in 5 years I would get it back and it would not then have cost me anything! but it does as the interest as I understand is spread out over the whole 300 months of the loan??

I also raised my concern about the sales assistant and the fact that sold me the policy having no financial background and the policy and also that the ppi was not sold to me in my best interests. As if I had known I could have got ppi from else where for cheaper that would have covered the whole term f the loan!

Regards

Owe2much

pinknico

The fact you only got cover for 5 years on a 25 year loan is reason enough for a mis sell. Send the second letter. If no joy, contact the FOS.

owe2much

thx for that pinknico!

its good to have ppl just to give you a push along when your doubting yourself!

thx

owe2much

marshallka

owe2much wrote: »

Hi first post but have been reading the boards for ages,

I sent my 1st letter to firstplus on the 28/08/09 using the templates available stating that I wanted the sale of the PPI investigating. I have finally had a letter back saying they have investigated and found that it was not missold!

Should I continue with my 2nd letter? My reasons for claiming were that the sales person imo was pushy and that the ppi wasn't fully explained as they told me if I didn't claim on it in 5 years I would get it back and it would not then have cost me anything! but it does as the interest as I understand is spread out over the whole 300 months of the loan??

I also raised my concern about the sales assistant and the fact that sold me the policy having no financial background and the policy and also that the ppi was not sold to me in my best interests. As if I had known I could have got ppi from else where for cheaper that would have covered the whole term f the loan!

Regards

Owe2much

Hi, when was your loan taken out?

owe2much

marshallka

Loan was taken out in may 2005 so were due to get the cash back in may 2010? haven't claimed or been in arrears...

regards

Owe2much

sunnygirls

owe2much wrote: »

Hi first post but have been reading the boards for ages,

I sent my 1st letter to firstplus on the 28/08/09 using the templates available stating that I wanted the sale of the PPI investigating. I have finally had a letter back saying they have investigated and found that it was not missold!

Should I continue with my 2nd letter? My reasons for claiming were that the sales person imo was pushy and that the ppi wasn't fully explained as they told me if I didn't claim on it in 5 years I would get it back and it would not then have cost me anything! but it does as the interest as I understand is spread out over the whole 300 months of the loan??

I also raised my concern about the sales assistant and the fact that sold me the policy having no financial background and the policy and also that the ppi was not sold to me in my best interests. As if I had known I could have got ppi from else where for cheaper that would have covered the whole term f the loan!

Regards

Owe2much

I have had the same letter denying it was missold but ive sent second letter and if that gets no joy i'll go to fos cause i know it was missold
Good Luck Sunny

marshallka

owe2much wrote: »

marshallka

Loan was taken out in may 2005 so were due to get the cash back in may 2010? haven't claimed or been in arrears...

regards

Owe2much

Great, its certainly "fos sible" then;)

owe2much

just another quick one, i've read some where that if you put a claim in for mis sold ppi and it doesn't come back favorable then you aren't entitled to your cash back at the end of the 5 years?? is that right??

Regards

owe2much

di3004

owe2much wrote: »

just another quick one, i've read some where that if you put a claim in for mis sold ppi and it doesn't come back favorable then you aren't entitled to your cash back at the end of the 5 years?? is that right??

Regards

owe2much

Hi there

Not too sure on that, but I am aware that if successful claim have been made within the first 5 years, for example, sickness/unemployment, then your not eligible for the 5 year cashback, these policies are a total rip off and very costly indeed, and they do not tell you that for instance if your loan is for example over 25 years, the cover would not cover for that long.

So basically your still paying out on the PPI for the life of the loan, where you would not be protected after 5 years, these policies are frowned upon, and thank goodness they no longer to my knowledge selling these types anymore.

owe2much

di3004 wrote: »

Hi there

Not too sure on that, but I am aware that if successful claim have been made within the first 5 years, for example, sickness/unemployment, then your not eligible for the 5 year cashback, these policies are a total rip off and very costly indeed, and they do not tell you that for instance if your loan is for example over 25 years, the cover would not cover for that long.

So basically your still paying out on the PPI for the life of the loan, where you would not be protected after 5 years, these policies are frowned upon, and thank goodness they no longer to my knowledge selling these types anymore.

what policies are being sold with them now then?? do you actually get sold a policy thats runs the full length of the loan?

Thx

owe2much

marshallka

owe2much wrote: »

what policies are being sold with them now then?? do you actually get sold a policy thats runs the full length of the loan?

Thx

owe2much

None cause Firstplus have stopped selling loans to new customers last year.