PPI Barclays Secured Loan

amersall

debasur wrote: »

looked at my paperwork and the loan was with barclays and one letter states the insurance premium is paid up front and added to the loan amount. Insurance done by firstplus.

But the premium was paid up front and added on to the loan, so i would think its barclays who need to deal with this. Has any one had the same situation as this?
I am not sure where to go from here but obviously still awaiting firstplus response as barclays have passed the buck on to them.

Hi there, this is a mis sell, wait for the reply from fp and post it on here and we will take it from there. The insurance is barclays of dublin? and do you know fp will have recieved 70% comission for "selling" this?. Fp will deal with this and hopefully you will get good news.

debasur

On the letterheads the address is Barclaycard Pentwyn Cardiff ,and in the letter itself it says "welcome to your new loan from Barclaycard secured loans".

So, is the fact that the insurance premium was paid up front and added to the loan, thus accruing greater interest ,the reason it is a mis-sell ( as well as the fact i was told i had to have the insurance as part of the loan if i wanted to take the loan out).

This is all very confusing to me!!

amersall

debasur wrote: »

On the letterheads the address is Barclaycard Pentwyn Cardiff ,and in the letter itself it says "welcome to your new loan from Barclaycard secured loans".

So, is the fact that the insurance premium was paid up front and added to the loan, thus accruing greater interest ,the reason it is a mis-sell ( as well as the fact i was told i had to have the insurance as part of the loan if i wanted to take the loan out).

This is all very confusing to me!!

The reasons for mis sell are because this is what is termed as a front loaded policy, you are only covered for 5 years but continue to pay for the whole term of the loan with interest but have no cover after 5 years , so you are in effect paying for something you have not got.
The way this ppi was sold to you was, none of the above was explained to you and you were not able to make an informed decision.

debasur

UPDATE
Still have not heard anything from Firstplus.
Can some one confirm that it would be firstplus at fault/dealing with this.
If the loan was setup by Barclays and added onto the loan i would think its Barclays liable and that they are just passing the buck, maybe hoping i`ll go away.
I think if i do not hear anything by next week i will go down the ombudsman route against Barclays.

di3004

debasur wrote: »

UPDATE
Still have not heard anything from Firstplus.
Can some one confirm that it would be firstplus at fault/dealing with this.
If the loan was setup by Barclays and added onto the loan i would think its Barclays liable and that they are just passing the buck, maybe hoping i`ll go away.
I think if i do not hear anything by next week i will go down the ombudsman route against Barclays.

Hi there

So 8 weeks have passed then i take it?

Your correct in saying that whoever set up the policy is the ones you pursue.

Good luck with this, please keep us posted and fingers crossed.;)

debasur

thanks Di

so should i resend the info to barclays with a letter explaining that i hold them responsible- wait for the reply- or just go ahead now with the ombudsman?

debasur

I have just noticed that on the company address sticky on this forum, that the First plus company address is the same address on my headed letters from Barclaycard on all paperwork relating to the secured loan.
Thats a bit sneaky is`nt it?
I thought i was dealing with Barclays and really it`s First plus, why do the letters i have from this address all have barclaycard on them?

di3004

debasur wrote: »

thanks Di

so should i resend the info to barclays with a letter explaining that i hold them responsible- wait for the reply- or just go ahead now with the ombudsman?

Hi

Sorry for the delay in getting back to you.

If Barclays set this up, then I would write to them, but if you want to - first give the FOS a ring and see what they may suggest, just in case, good luck.
http://www.financial-ombudsman.org.uk/contact/index.html

debasur

Hi All
Had a letter 2 days ago from FoS stating First Plus are willing to make me an offer as a gesture of goodwill, with no admission of liability to settle my complaint.
Now, is this the normal response or are they trying to pay me off cheaper.
I am still waiting for the offer from First plus through the post but the FoS letter explains that the offer must be fair and in line with what the original sums were for.
Nearly there though woo hoo !!

debasur

Hi, can any body advise me on the response that first plus have given ie gesture of good will.

thanks