Firstplus/Loanmakers - help me get started?

BBJay246

Hello everybody,

This is my first post so go easy!

As I have recently been bombarded by phone calls from companies telling me I can reclaim PPI mis-sold to me on my loan I thoiught I would look into it myself first.

Back in August 2007 I took out a loan for £15,000 with Firstplus (through Loanmakers acting as broker) to be paid over 7 years.

I was made aware (by Loanbmakers) that I would receive my PPI back after 5 years if i had not claimed against (they used this as a major selling point for the PPI!!!) but it was not explained that I would not be covered for the remaining 2 years or that I would still be paying interest on the PPI during this period.

I therefore feel the PPI was mis-sold and am considering making a claim myself.

Would the first step be a SAR letter to Firstplus (as Loanmakers are no longer trading)? Should I call them first?

Your guidance is most appreciated.

Jay

di3004

BBJay246 wrote: »

Hello everybody,

This is my first post so go easy!

As I have recently been bombarded by phone calls from companies telling me I can reclaim PPI mis-sold to me on my loan I thoiught I would look into it myself first.

Back in August 2007 I took out a loan for £15,000 with Firstplus (through Loanmakers acting as broker) to be paid over 7 years.

I was made aware (by Loanbmakers) that I would receive my PPI back after 5 years if i had not claimed against (they used this as a major selling point for the PPI!!!) but it was not explained that I would not be covered for the remaining 2 years or that I would still be paying interest on the PPI during this period.

I therefore feel the PPI was mis-sold and am considering making a claim myself.

Would the first step be a SAR letter to Firstplus (as Loanmakers are no longer trading)? Should I call them first?

Your guidance is most appreciated.

Jay

Hi Jay and welcome.

Yes these policies are a rip off, and I don't blame you for having a go yourself either, with help from this site its all free, if you use a claims company they will of course charge you.

I am aware that the broker may have dissolved, I will check on this for you on the financial compensation service website, if this is the case then you have to make your reclaim through these, also known as the FSCS.

Give me a few mins to double check and I will be back.:D;)

Di

di3004

Hiya

Yes they are listed and already in default with the Financial compensation scheme (FSCS).
So contact these for a claim form, tell them you need to make a reclaim on the PPI, and are aware that the claims are being made through the FSCS.

http://www.fscs.org.uk/contact-us/

Loanmakers Limited defaulted on 16/09/2009.

Many of us have gone this direction with other companies as well, it may be of some interest to you.
https://forums.moneysavingexpert.com/discussion/1897143

Good luck with this, please keep us posted.:)

BBJay246

Wow, that was quick!!

Many Thanks Di, I have just called them and will post off the "initial Inquiry questionaire" as they have suggested.

I'll keep you informed how I geton.

Thanks for your kind help,


Jay

di3004

BBJay246 wrote: »

Wow, that was quick!!

Many Thanks Di, I have just called them and will post off the "initial Inquiry questionaire" as they have suggested.

I'll keep you informed how I geton.

Thanks for your kind help,


Jay

Hi Jay

Good one and your very welcome.;)

Hope all goes well for you, you will be fine, you have good reasons anyway, fingers crossed, we look forward to hearing from you.:)

Di

BBJay246

Update!!!

Back in February I received a letter from a company called Deloitte whom the FSCS were using to speed things up.

At the end of March I received a letter from the FSCS stating I was eligible for compensation and a cheque for £1163 was enclosed.

This compensation is for "The amount of interset the lender has already charged to date on the amount of the premium" plus a "reasonable rate of return" of £9.23.

It also states that "from the above calculation we have deducted a sum which represents the No Claims Bonus that you are potentially eligible for under this policy. As you may know, eligibity for this is only determined at the end of the term of 5 years (Aug 2012) and the eligibity benefit is 100% return of the premium paid (in the absence of any contradictory information) and have, therefoe, deducted 100% of the premium amount from any compensation payable by us.
If you choose to cancel your protection insurance within 90 days of this letter (dated 15th March) we may be able to refund to you the amount of the no claims bonus we have deducted.
Please be aware that in order for us to refund this sum to you we will require written evidence from the insurance company that you:

1 Have cancelled your policy
2.Are no longer eligible for a No claims Bonus
3. Have not yet received any pro-rated No Claims Bonus rebate or cancellation rebate from the insurer"

I have not cashed the cheque yet.

Should I : -
A) not cash the cheque, cancel the PPI policy and ask FCFS to claim my No Claim bonus or
cash the cheque and claim the premium when the 5 year term expires in Aug next year?

Is this a no brainer and option A is the only way to go?

By the way, thanks for all your help Di3004, your a star!!:T

BBJay246

Just a quick bump for this as I only have 11 days left to cancel my policy and ask the FSCS to persue the premium.


Help

marshallka

If you read through the Picture Finance/FSCS sticky there were loads in the same boat as you.

BBJay246

Thanks Marshalka,

I've just had a quick search through it now. It seems the best thing to do is cancel the PPI, ask FSCS to claim the NCB and have the money taken off the FirstPlus loan.


I'll give the FSCS a call now and start the ball rolling.

Thanks for your help:T