How long before we can expect the money?

SCOTT488

HI,

First of all thanks to everyone who has contributed to this forum. After a lot of reading we finally decided to complain about PPI that we had on a First Plus loan.

After a bit of letter writing and emails we now are in possession of a letter stating that the company have upheld our complaint and are offering us£2600.

If we accept this, how long can we be expected to wait before the money turns up in the bank? I have seen somewhere 20 working days but they say it will be paid on or around the 12th March!

Scott

di3004

SCOTT488 wrote: »

HI,

First of all thanks to everyone who has contributed to this forum. After a lot of reading we finally decided to complain about PPI that we had on a First Plus loan.

After a bit of letter writing and emails we now are in possession of a letter stating that the company have upheld our complaint and are offering us£2600.

If we accept this, how long can we be expected to wait before the money turns up in the bank? I have seen somewhere 20 working days but they say it will be paid on or around the 12th March!

Scott

Hi Scott and well done on your success!:beer:

Right this can vary from one bank to another, but as soon as they receive your acceptance back from you, give it a month, if you receive nothing by then, call them.
Good luck.;)

System

We to have had sucess against 1st plus , it says in our letter we will get our money 6 wks after they recieve the acceptance letter.

amersall

SCOTT488 wrote: »

HI,

First of all thanks to everyone who has contributed to this forum. After a lot of reading we finally decided to complain about PPI that we had on a First Plus loan.

After a bit of letter writing and emails we now are in possession of a letter stating that the company have upheld our complaint and are offering us£2600.

If we accept this, how long can we be expected to wait before the money turns up in the bank? I have seen somewhere 20 working days but they say it will be paid on or around the 12th March!

Scott

What was the total ppi on your loan, what were the monthly payments for the ppi, how long did you pay this before you won mis sell?. Do not trust fp unless you know the calcs are exact.You need to know if your loan will be reset and your monthly payment lowered, if it is still running.
:j:jWell done on your win :T:T:T:T:T

SCOTT488

The loan was paid off by another one from First Plus (yeah I know....suckers for punishement, but we are also looking at the ppi on that one!)

We have been provided with a breakdown of the offer and it seems about right, they also included the 8% interest.

Still, it seems an awful long time for them to repay.

Scott

amersall

SCOTT488 wrote: »

The loan was paid off by another one from First Plus (yeah I know....suckers for punishement, but we are also looking at the ppi on that one!)

We have been provided with a breakdown of the offer and it seems about right, they also included the 8% interest.

Still, it seems an awful long time for them to repay.

Scott

I got mine 2 weeks after the acceptance letter, they give you a time scale so you dont keep phoning up and asking where it is, you may not wait too long.

SCOTT488

Here's what they say:

Due to the recent and unprecedented media interest in PPI policies, announcements from the FSA and action by members of the British Banking Association, we have recently experienced a significant increase in redress acceptances from customers that we need to process.

This increase has become particularly noticeable since some major banks and finance companies stated that they were not going to be paying out redress in the near future. This is because they are awaiting the outcome of a legal challenge to the new FSA rules on complaint handling and redress.

Whilst we are currently committed to paying redress, we regret that, due to the matters referred to a moment ago, we now have a considerable backlog of acceptances which are waiting to be processed in order of receipt.

We anticipate, however, that, subject to there being no change in the current position you will be paid the redress amount detailed on your acceptance form on or around the 15th March 2011

We hope that you will appreciate that, to ensure all customers are treated fairly and equally, it is not possible to speed up your payment, nor to prioritise it over others that have already been processed and allocated payment dates.

How long does it really take them to process a payment? Takes me minutes when I have to pay a bill!

di3004

SCOTT488 wrote: »

Here's what they say:

Due to the recent and unprecedented media interest in PPI policies, announcements from the FSA and action by members of the British Banking Association, we have recently experienced a significant increase in redress acceptances from customers that we need to process.

This increase has become particularly noticeable since some major banks and finance companies stated that they were not going to be paying out redress in the near future. This is because they are awaiting the outcome of a legal challenge to the new FSA rules on complaint handling and redress.

Whilst we are currently committed to paying redress, we regret that, due to the matters referred to amoment ago, we now have a considerable backlog of acceptances which are waiting to be processed in order of receipt.

We anticipate, however, that, subject to there being no change in the current position you will be paid the redress amount detailed on your acceptance form on or around the 15th March 2011

We hope that you will appreciate that, to ensure all customers are treated fairly and equally, it is not possible to speed up your payment, nor to prioritise it over others that have already been processed and allocated payment dates.

How long does it really take them to process a payment? Takes me minutes when I have to pay a bill!

Hi Scott

I can understand this must be very frustrating for you.

Seems then all customers will be receiving the same letters in query to the refunds who have been successful.

Well done on your success anyway.:beer:

MUM40

hi scott,
thats great news, we also have a second loan with first plus and received cashback on both loans. Did you have cashback on yours?
as i am now thinking that we should also complain about the PPI, but not sure with us getting the cash back on them.
second loan, paid off first loan plus more.
any help and ideas would be great

amersall

I dont understand this, did this go to fos? as that will be a delay, if you just went through fp, then they can pay you out faster than they are saying. The first hearing for the judicial review is 24th jan, so dont see how they can use this as an excuse if they are paying out around 15th jan.As you say you can pay a bill online instantly, they need to get some more staff onto this and start paying out pronto!!!. But, this is what we come to expect from the beloved barclays first plus.

amersall

MUM40 wrote: »

hi scott,
thats great news, we also have a second loan with first plus and received cashback on both loans. Did you have cashback on yours?
as i am now thinking that we should also complain about the PPI, but not sure with us getting the cash back on them.
second loan, paid off first loan plus more.
any help and ideas would be great

You can put a mis sell claim even if you have had the cashback. They just calculate the redress, less cashback and interest, although this will take more time (according to the letter scott posted!! as this will take even longer to calculate!:rotfl:) If you have not already, please join the fpccomplaintswebsite there is something going on big time that we need all fp customers to participate.