First Plus PPP Loan

PPI_Technichal_Expert

sallysp wrote: »

Thanks for all your responses! Have been reading the small print and am annoyed at myself that at the time I didn't take more notice of this.
The 5 year PPI period was not made clear to me at the time by the person I spoke to although looking at the small print it is hidden in Point 19 out of 21 in the T&Cs. I was under the impression that I had been dealing with First Plus but the letter from the person I spoke to is from Central Capital who I'm assuming are some kind of brokers?
I'm wondering how I can try and get them on the 'you never told me' angle when they have done, but its just well hidden.

Hi. Check the terms and conditions about what happens if u pay off the loan early. It should say that u were entitled to either a pro rata or non pro rata rebate. If it says u would not get a pro rata rebate but one inline with the rule of 78 and the policy was sold on a recommended basis then that is a strong mis sale point provided that u had a need for flexibility I.e you were consolidating debt. Is that what the loan was for? Also, which element of the policy did u feel was the most relevant for ur circumstances? Because if u check ur policy info u probably only get 12 months unemployment cover. If you were taking the policy because of possible concerns over employment or felt that this was the most important element then 12 months cover on such a long loan would not have been suitable.

src007

sallysp wrote: »

The employee I spoke to even wanted me to meet him in a service station on the M1 to sign the papers and hand them over to him!

They really wanted to bag the commission on the PPI! :rotfl::rotfl:

There was a court case where Blackhorse sold a £10'200 policy and the commission was almost £9'000.

http://www.investorschronicle.co.uk/Columnists/NoFreeLunch/article/20101215/ba560244-0828-11e0-97b0-00144f2af8e8/The-scandal-of-PPI.jsp

Shocking.

'Barlcays Firstplus' don't want you to know the PPI commission figures they were paying to brokers. It seems likely to me that they were high.

But surely an upstanding institution like Barclays would never be involved in this kind of scam? :rotfl:

amersall

src007 wrote: »

They really wanted to bag the commission on the PPI! :rotfl::rotfl:

There was a court case where Blackhorse sold a £10'200 policy and the commission was almost £9'000.

http://www.investorschronicle.co.uk/Columnists/NoFreeLunch/article/20101215/ba560244-0828-11e0-97b0-00144f2af8e8/The-scandal-of-PPI.jsp

Shocking.

'Barlcays Firstplus' don't want you to know the PPI commission figures they were paying to brokers. It seems likely to me that they were high.

But surely an upstanding institution like Barclays would never be involved in this kind of scam? :rotfl:

FP commission was 70% this is fact!!!, been there done that bought the t shirt:D
I got nearly 30000 back for mis sell of ppi, the actual ppi
(wont tell you how much that was,
too early in the day for a heart attack:rotfl:)
was taken off the loan and that reduced the monthly interest over the remaining term and my monthly payment went down by the monthly ppi amount.

src007

amersall wrote: »

FP commission was 70% this is fact!!!.

Thanks for this amersall! Do you know if it was 70% just in your case, or for others as well?

FirstPlus PPI could get up to 24-25 thousand (before interest)!

sallysp

Hi, just thought I'd update my case... We sent a letter of complaint to First Plus and the brokers Central Capital about 6-8 weeks ago. First Plus replied saying it was nothing to do with them as the Payment Protection was arranged through Central Capital so they were passing it to them.
We received a further questionnaire from Central Capital shortly after this asking specific questions about our complaint, most of which were addressed in the original letter. So today.... we received an 8 page letter from Central Capital. The letter was quite aggressive in tone and basically said that everything regarding our complaint about the PPI was explained in the terms and conditions and as we had signed that we couldn't say we had been missold. We also received a CD of phone conversations which I had with them. We now have to contact them for the password to access the CD (delaying tactic I think, can't be that worried about security or it would have been sent more securely than 2nd class ordinary mail!) To be honest I was ready to concede defeat as I found the whole tone of the letter quite harsh. My husband on the other hand was annoyed with it and has decided we will contact the Ombudsman. So we will see what happens!

sallysp

Just re reading the thread, src007 hit the nail on the head with talk of lengthy rejection letters etc..

amersall

sallysp wrote: »

Hi, just thought I'd update my case... We sent a letter of complaint to First Plus and the brokers Central Capital about 6-8 weeks ago. First Plus replied saying it was nothing to do with them as the Payment Protection was arranged through Central Capital so they were passing it to them.
We received a further questionnaire from Central Capital shortly after this asking specific questions about our complaint, most of which were addressed in the original letter. So today.... we received an 8 page letter from Central Capital. The letter was quite aggressive in tone and basically said that everything regarding our complaint about the PPI was explained in the terms and conditions and as we had signed that we couldn't say we had been missold. We also received a CD of phone conversations which I had with them. We now have to contact them for the password to access the CD (delaying tactic I think, can't be that worried about security or it would have been sent more securely than 2nd class ordinary mail!) To be honest I was ready to concede defeat as I found the whole tone of the letter quite harsh. My husband on the other hand was annoyed with it and has decided we will contact the Ombudsman. So we will see what happens!

You need to listen to the recording.

I will make you a bet right now the recording will not have these words on it..
" the loan is £xxx a month with the ppi on it will be £xxxx.
The ppi will be on your account for the whole loan term with interest.
If you do not make a claim on the ppi in the first 5 years, you can get the ppi back.. but you do not get the interest that you paid on this for 5 years and the ppi will still be on the loan to term end with interest"

A recording that says this does not exist.
The FOS will take a long time so be prepared to wait at least a year! but you will have a win.
Get the code and listen, that will give me time to compose something for you to send back to them, you may not have to go to FOS hopefully.

amersall

Sally, what did you put in your complaint about the mis sell, did you use the letter i put on here?.