Firstplus PPI Question

Piglet48

Hi all.

My husband and I have a Firstplus loan with PPI, which we took out in October '08. I am redundant and have just enquired about making a claim, only to be told we can't as I'm only covered for life being the second name on the policy which is standard (ie they do not offer joint redundancy or unemployment cover)! Is this a case for reclaiming?
I have requested copies of the paperwork which will take 2 weeks. What do you suggest we do in the mean time?

Further to not getting your cashback after 5 years if you make a claim, I've been told by FP that if we have 2 "strikes" against us for late payments etc we are not eligible for the cashback!!

di3004

Piglet48 wrote: »

Hi all.

My husband and I have a Firstplus loan with PPI, which we took out in October '08. I am redundant and have just enquired about making a claim, only to be told we can't as I'm only covered for life being the second name on the policy which is standard (ie they do not offer joint redundancy or unemployment cover)! Is this a case for reclaiming?
I have requested copies of the paperwork which will take 2 weeks. What do you suggest we do in the mean time?

Further to not getting your cashback after 5 years if you make a claim, I've been told by FP that if we have 2 "strikes" against us for late payments etc we are not eligible for the cashback!!

Hello and welcome.;)

You will find that browsing these threads, there are tremendous amounts who have complaints via FirstPlus.
However, may I ask if it was FirstPlus that sold you the loan?
Or did you use the broker?

You would have to write to the ones who arranged and sold you the finance.


A total rip off these policies and very costly indeed.

I think you have a great case here, so give it a go.
I would also as well if you can try to get some sort of protection, maybe as a stand alone cover that you will find far cheaper than these single policies, if you require more info on this please post up, as this site will have some recommenations, as posted by Martin.;)

More on reclaiming on this link below, you will come across the guidelines of reclaiming, a checklist of mis selling reasons and template letters, follow the guide and you can use the templates if you want to or as a guide with your own words.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

So sorry to hear of your redundancy as well.

Good luck with this and post your letter by recorded delivery, this is your proof of posting, please keep us posted and ask for help when required.

sela

Hi piglet48. The same thing happend to us last week, the difference is they paid on my wifes behalf until i found paperwork of the broker loans.co.uk, which states that ( as you said ) that only first applicent is coverd.
When i phoned fp Dublin they stated that fp in cardiff changed the terms of my policy.Without informing me.

Just in the process of seeking legal action.

So sorry to hear you lost your job, hope another job comes soon.
Sela

Piglet48

Thanks guys
Firstly, I'm pretty sure hubby applied online so probably through a broker so I'll need to chase that up.
Still getting used to the site, there's so much info here it's mind boggling, I keep getting side tracked onto another issue then can't remember where I started - it's a senior thing, I think!!!
These policies seem ridiculous in that they demand joint accountabilty but not joint benefits. That's like paying for joint breakdown cover to find that only one of you can claim - an absolute con!!
Thanks again for your support I'll keep you posted on our progress.

Piglet48

Thanks for the support.

Sela, my sympathies!! Talk about shifting the goal posts!! Good luck with the legal action.

Di
I've found our original paperwork and the loan was taken out in March '08 with e-loanshop.com, I don't think they exist anymore although the letterhead states that "e-loanshop.com is the online trading style of The Personal Loan Express Ltd" Any info if they are still going? Can we still claim and if so who do we claim from??

We've also had the cancellation enquiry letter saying "we are prepared to make a refund of £3053.22 in respect of the premium paid and this would be credited to your loan account".
I'm not sure how they get this figure, the t&c list the proportion of loan term expired against the % of premium to be refunded ie 12 mths = 25%, 24 mths = 14%, 36 mths = 6% and 48 mths = 2%.
If we do cancel, do we need to take out some sort of standalone or similar cover, beit life, health etc? Any advice would be much appreciated, fyi we're 50 -55, non smokers in reasonable health but up to running a marathon tomorrow!!:D
The PPI is costing us just under £163 a month and the loan is for 22 years from march '08.

Thanks a lot

di3004

Piglet48 wrote: »

Thanks for the support.

Sela, my sympathies!! Talk about shifting the goal posts!! Good luck with the legal action.

Di
I've found our original paperwork and the loan was taken out in March '08 with e-loanshop.com, I don't think they exist anymore although the letterhead states that "e-loanshop.com is the online trading style of The Personal Loan Express Ltd" Any info if they are still going? Can we still claim and if so who do we claim from??

We've also had the cancellation enquiry letter saying "we are prepared to make a refund of £3053.22 in respect of the premium paid and this would be credited to your loan account".
I'm not sure how they get this figure, the t&c list the proportion of loan term expired against the % of premium to be refunded ie 12 mths = 25%, 24 mths = 14%, 36 mths = 6% and 48 mths = 2%.
If we do cancel, do we need to take out some sort of standalone or similar cover, beit life, health etc? Any advice would be much appreciated, fyi we're 50 -55, non smokers in reasonable health but up to running a marathon tomorrow!!:D
The PPI is costing us just under £163 a month and the loan is for 22 years from march '08.

Thanks a lot

Brilliant glad you found them, give me a few mins, gonna do some checking up on these now for you.;)

Piglet48

OOPS!! Meant to say NOT up to running in a marathon tomorrow or any time soon!!! LOL

di3004

Right okay according to Companies House on Company search they dissolved, details here:

Name & Registered Office:
ELOAN SHOP.COM LIMITED
24 LANGLOOK CRESCENT
20 DARNLEY STREET
GLASGOW
G53 7NR
Company No. SC333243


Status: Dissolved 08/05/2009
Date of Incorporation: 01/11/2007

Country of Origin: United Kingdom...............................................................................


To save me going right back on posts, please could you remind me when you taken this out?
Is the loan still active or settled?

The reason why I ask is depending if they are listed with the Financial compensation scheme (FSCS) or not you could try contacting them to check if they are, if they are then you may be able to make a claim through them, sometimes it does now show on the FSCS website.
Ring the FSCS here to rule this out:
http://www.fscs.org.uk/contacts/



The other way basically is to contact the trading style company as you stated above.I would assume it would be these you write to anyway.

Details here and it shows they are still active:
Name & Registered Office:
THE PERSONAL LOAN EXPRESS LTD.
c/o BDO STOY HAYWARD LLP
4 ATLANTIC QUAY
70 YORK STREET
GLASGOW
G2 8JX
Company No. SC226904


Status: Active
Date of Incorporation: 11/01/2002

Country of Origin: United Kingdom
................................................................................................


Calculation wise, I am useless - sorry........:o, but sure someone will be able to look at them for you on here for when your ready, you could actually post about the calculations on the above ppi reclaiming discussion thread and maybe ask Tiggrae or Marshallka to take a look for you.;)

I would suggest though to be protected and yes you can protect your loan with sickness and unemployment etc by purchasing a stand alone cover, Martin has some useful info and some insurance for stand alone protection on this link here:
http://www.moneysavingexpert.com/insurance/cheap-loan-insurance
The cheapest PPI provider, check on the above link - further down the page.

And then in regards of reclaiming, more info here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
You will come across the guidelines of reclaiming, template letters, a checklist of mis selling reasons and so on.

Hope this helps you, please yell for more help on this if required.;)

di3004

Piglet48 wrote: »

OOPS!! Meant to say NOT up to running in a marathon tomorrow or any time soon!!! LOL

lmao :rotfl::rotfl::D.

Well hope the above info is of some help to you.:D:j:j

isy1011

Just be aware that unless they take the interest off your loan from the PPI then your monthly repayments are not going to reduce by much. Its best to pursue the complaint than to cancel. When I asked to cancel the PPI they said the same. When I asked what my monthly repayment would reduce to it only reduced by about £20! Instead of £80 which it has now.