First Plus PPI

CH27

A friend has a loan with First Plus.

She took PPI against her wishes.

After 18months she cancelled the PPI & her monthly payments were slightly reduced.

About two years ago she wrote to them asking them to refund it saying it has been mis sold. They wrote her a snotty letter saying they had the tapes of the conversation when she agreed to PPI & it wasn't mis sold.
She accepted their letter & forgot about it.

Can she try to reclaim the money again in light of the court ruling?

di3004

CH27 wrote: »

A friend has a loan with First Plus.

She took PPI against her wishes.

After 18months she cancelled the PPI & her monthly payments were slightly reduced.

About two years ago she wrote to them asking them to refund it saying it has been mis sold. They wrote her a snotty letter saying they had the tapes of the conversation when she agreed to PPI & it wasn't mis sold.
She accepted their letter & forgot about it.

Can she try to reclaim the money again in light of the court ruling?

Hi there

Did your friend ask them to send her a copy of the recording?
They will do on request, hopefully its not too late to ask, but recordings may have been a big help to her case.

It could be that they will contact her eventually but otherwise since the court ruling - she could maybe try again.

Was your friend given details of the Financial ombudsman service (FOS), this should have been enclosed with a final decision.
Was a final decision issued?

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

CH27

di3004 wrote: »

Hi there

Did your friend ask them to send her a copy of the recording?
They will do on request, hopefully its not too late to ask, but recordings may have been a big help to her case.

It could be that they will contact her eventually but otherwise since the court ruling - she could maybe try again.

Was your friend given details of the Financial ombudsman service (FOS), this should have been enclosed with a final decision.
Was a final decision issued?

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Thanks for replying.
I know she didn't ask for the voice recording.
From what she said, the letter told her if she didn't agree she could take it further but she didn't do so.
I'll ask her & she if she kept the paperwork.

src007

'Barclays Firstplus' would send a rejection letter to every PPI complaint regardless of merit, even though they were losing 99% at the Financial Ombudsman Service.

The good news is that this usually wasn't their 'final response'. This means she can write back and ask for a final response to the complaint.

Don't worry if they have the sales call or not because if they have it, it's more likely to do them harm than good and if not, questions would be raised as to why the call was lost (as 'Barclays FirstPlus' usually keep their sales calls).

If your friend's letter said it was their 'final response' it would make it much harder to claim back the PPI as she would no longer be able to use the Financial Ombudsman Service, although she may still be able to find a solicitor to take it on.

CH27

Thanks for replying.

So she really needs to find the refusal letter? I hope she hasn't shredded it.

CH27

My friend has shredded the letter.

As she still has an outstanding balance on the loan, would the PPI be refunded directly to her or paid off the loan balance?

Hales82

Hi

We sucessfully claimed back our PPI from FirstPlus in 2009.

The first thing we did was write a letter with a Subject Access Request and a cheque for £10. This SAR letter asks them to give you copies of EVERYTHING they hold about you on file. Including a CD recording of all telephone calls.

Once this came back we wrote another letter detailing the reasons why we felt we were missold the PPI. Not surprisingly, they denied it and refused our claim.

We then sent another letter after getting advice from a solicitor from another website saying that we'd seeked his advice and he felt we had a strong case. There was some other info on there too about the Financial Ombusdman (would need to dig out the template).

FirstPlus then did a complete u-turn and agreed to refund our PPI :eek: Surprised us how quickly they changed their minds. They refunded the PPI premium and returned the loan to a position as if it had never been taken out. We also had a cheque sent to us refunding the premiums we had paid. :T

If you want the template letters we used and a link to the site we had help from, send me a PM with your email address.

CH27

Thankyou for that information. I've PMd you.

src007

Its definitely worth writing again because it probably wasn't a Final Response.

If the loan is in arrears, 'Barclays FirstPlus' are allowed to use the refund to bring your friend, up to date with payments.

However, if she's up to date with the loan payments (and the complaint is successful), she would get back all the PPI payments already made as a cheque and the PPI would be completely removed going forwards.

amersall

Trust me, you wont get a recording saying

your loan is xxx and ppi is xxxx over 10 years.
But i have to tell you that the ppi only covers you for 5 years but will be on the loan to term end with interest.
Also after the 5 years you will have no ppi cover but you will still pay the ppi to term end with interest.
On a happier note!! you can after 5 years, if you have not made a claim on the ppi, get the total ppi as cashback, you will not get the ppi taken off the balance of your loan or the interest that you paid on the ppi for the 5 years and you will still pay the ppi to term end with interest.



Believe me FP will have no recordings on any of its thousands of customers that say the above.
All you have to do to get ppi back from FP is write a letter as follows.

We/I believe we were mis sold the ppi on the above account number.
1) were not told that the ppi was in effect another loan that was added to the original loan and was repayable over the loan term with interest.

2) were not told that the ppi only covered us for 5 years, but the ppi would still be on the loan to term end with interest.

3) were told that if we did not make a claim on the ppi ,after 5 years we would recieve the ppi as cashback, and to look on this as savings plan.. But were not told that the ppi would be on the loan to term end with interest and the cashback of ppi would not include the interest that we paid over the 5 years.

In line with the FOS recommendations it is requested that the overall situation be restored as if PPI had never been included. This will entail:
a) A refund of the monthly payments that have actually been paid towards the overall loan in excess of those that would have been needed, if the original loan had been sold without the PPI policy;
b) Restructuring of the loan going forward so that the amount owed, the monthly repayments, the term and the charges reflect those that would have applied, if the original loan had been sold without the PPI policy.
c) In addition, interest at the rate of 8% simple per annum to any excess payments made from the time each payment was made to the point that Firstplus pays them back to us. We/i believe we were not given enough information on this ppi to make an informed decision. Had we/i known the full cost of this ppi we would not have taken it.

Unless you can prove without doubt that this PPI policy was fair, reasonable and suitable for my/our circumstances we/i will require you to rearrange the loan as if PPI had never been included on the aforementioned loan.

This is all you have to do.

They sent a no to me, i sent it to FOS and lo and behold i had a refund, all it cost me was the price of 2 stamps, i did not even do recorded delivery.

CH27

Thanks everyone. I'll pass the info on.