Starting a claim: Click/First Plus

Niggly_2

• Click Financial Limited
  
  Declared in default 21st April 2011

http://www.fscs.org.uk/what-we-cover/search-for-companies-in-default/

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jimowl

Thanks folks. I've called the FSCS and they've taken my details and will pass it to a team who 'will decide if i'm eligible to receive an initial application form' (but he was 'fairly confident' i would be) which they'll send me.

Assuming I get said form will they basically do whatever Click should've done? ie assess my claim on the basis of whether it was mis-sold. If they find in my favour would they then compensate me in exactly the same way? can they get the loan restructured?

what are forum members experiences with the FSCS like?

ta!

di3004

jimowl wrote: »

Thanks folks. I've called the FSCS and they've taken my details and will pass it to a team who 'will decide if i'm eligible to receive an initial application form' (but he was 'fairly confident' i would be) which they'll send me.

Assuming I get said form will they basically do whatever Click should've done? ie assess my claim on the basis of whether it was mis-sold. If they find in my favour would they then compensate me in exactly the same way? can they get the loan restructured?

what are forum members experiences with the FSCS like?

ta!

Hi

you will be fine, with being sold one of these front loaded policies is a complaint in itself and the FSCS look at it that way as well.

The click business that I went with (as you may be aware, they have so many) dissolved in 2006 and were not regulated when I taken mine out in 2004, you will be ok though as the FSCS will cover these.

Have you also checked the thread I posted up some time ago, of companies in default claims made through the FSCS?
Here.......

https://forums.moneysavingexpert.com/discussion/1897143

I have though as well made a successful claim through them as well over a year ago in regards of another business in default, check the above thread to read of everyone elses experience.

Good luck with yours too.;)

amersall

jimowl wrote: »

Thanks folks. I've called the FSCS and they've taken my details and will pass it to a team who 'will decide if i'm eligible to receive an initial application form' (but he was 'fairly confident' i would be) which they'll send me.

Assuming I get said form will they basically do whatever Click should've done? ie assess my claim on the basis of whether it was mis-sold. If they find in my favour would they then compensate me in exactly the same way? can they get the loan restructured?

what are forum members experiences with the FSCS like?

ta!

You will get 90% of compensation from FSCS,the loan will not be reset though.
On a more happy note,you could enquire later on about cancelling the ppi and i believe if you do this,you get the whole ppi premium back to you as this is done through the FSCS.

This has happened to others on here with claims with FSCS,Welcome is one of them.
If you can do this,then when you cancel and get the ppi back,you should have this taken off the loan and this will save you thousands in interest over the remaining term.

amersall

kaz310 wrote: »

Hi

In 2008 my husband and I took out a loan from First Plus with PPI. They told us that if we did not make a claim in 5 years we would get half of the PPi money back, which will be about £7,500. Has anyone else come across this. I don't want to start a claim if this will jeopardise us getting half the money back. Having checked our paperwork it states we will get "upto" £7500 back. Where do we go from here???

You will be better off going mis sell with this, you will get the cashback after 5 years but the whole ppi will still be on your loan to term end with interest,with a mis sell win,the loan will be reset and the whole ppi taken off the balance,your monthly payment will reduce by the monthly ppi amount and you will get back to you the ppi you have paid to date with interest.
This will save you thousands in interest over the remaining term,and when the BOE raises its rates this will put your payments up too,so best to reduce the monthly payment with the mis sell.

jimowl

[won't let me quote your post - i'm too new apparently and may 'clog up the website':o


Thanks Di - i have that thread open in a separate tab (all 466 pages of it:rotfl:) - mainly about Picture? Tbh, there's so much in there it's difficult to take in! I was reading as far back to when clains to the FSCS were taking a long time but then some were sorted inside a month once the FSCS decided Picture were 'in default'.

It seems that Click Financial were put 'in default' in april 11 by the FSCS so hopefully that would speed things along.

I gather Picture were doing a NCB scheme at different intervals? Click use the fact that we can reclaim all of our premium back if we have made no claim after 5 years as a selling point!

I'm still unsure exactly what the FSCS do though. DO they refund what you paid for the PPI part of your loan (100% up to £2k then 90%)? But this would leave us still paying for the PPI over the rest of the loan period (20 years)? If the FSCS find for us do i then have to cancel the PPI (the policy and actual loan seem to be with first plus but everything was done through click)? Does a compensation decision from the FSCS have ANY effect on the actual loan and policy? I see with Picture that the policy actually seemed to remain in place and people were still receiving NCB's? So if we got compo from the FSCS but the loan/policy were unchanged would we ALSO get all the premiums back after 5 years (nov 2012)? Or do I cancel the policy via First Plus and get the loan restructured?

so confused:o

amersall

I'm still unsure exactly what the FSCS do though. DO they refund what you paid for the PPI part of your loan (100% up to £2k then 90%)? But this would leave us still paying for the PPI over the rest of the loan period (20 years)? If the FSCS find for us do i then have to cancel the PPI (the policy and actual loan seem to be with first plus but everything was done through click)? Does a compensation decision from the FSCS have ANY effect on the actual loan and policy? I see with Picture that the policy actually seemed to remain in place and people were still receiving NCB's? So if we got compo from the FSCS but the loan/policy were unchanged would we ALSO get all the premiums back after 5 years (nov 2012)? Or do I cancel the policy via First Plus and get the loan restructured?

Hi there,You are correct in that the FSCS only compensate for mis sell,they do not rule a mis sell,or restructure the loan,so the loan will still have ppi on to the end of the term with interest.
You should be able to (when the FSCS have paid you, you will have to contact them and ask about this) cancel the ppi with FP and get the whole ppi returned to you,if this happens,then Ring FP and ask them if they will take this off the loan thereby reducing your balance,this will save you thousands in interest over the loan term,you could also ask if they will take the ppi monthly payment of the loan,they may not do this as you did not win mis sell but you can only ask.
The loan will not automatically be reset.
Does this help?,i am the PA
of Di :Aand have her authority to help people who have asked her a question when she has popped out of the office :rotfl::rotfl:

amersall

breaking news!!! Someone tried to get rupert murdoch with shaving foam on a plate pity he missed lol
know this is not the place to post but hey oh lol

di3004

LOL amersall :rotfl::rotfl::rotfl:

Anyway jimowl, just as amersall says.;)

With mine via Twopart ltd, the reason why I received the payout directly to me was because it was a settled loan, no longer active.

Yes that link I posted is a long one, sorry I should have warned you about that :D lol.

All the best on this and please keep us posted, cheers.

Di
x

Niggly_2

jimowl wrote: »

Hello all
My wife and i took a secured loan through Click in 2007. In order to get it the person we dealt with (i would say salesman) said we needed PPI. I recall saying we didn't but we were told that without it we would not get the loan (though of course none of that is in writing). The loan and PPI were actually provided via First Plus. We agreed after he sold us on the premise that if we didn't make a claim in the first 5 years we'd get all of our premiums back.

The loan was over 20 years (240 months) but the PPI appears to only be for the first 5 years and actually provides unemployment and sickness cover for my wife and life cover for both of us.

According to the documentation the PPP (as they call it) loan was for £14,204.20 and is payable for all 240 months at £147.28 (which i've just calculated comes to £35,347.20_pale_). The total loan is £58,000 + £14,204.20 = £ 72,204.20

Are we in a position to reclaim? Who from (Click or First Plus) and how much do we ask for? We've paid on time every month since the loan started 12/07.

If the answer is 'Yes, reclaim' then some advice on how would be great. And how long do these things take?

Restructured loan does this for you

£147.28 x 44months = £6480 refunded to you
£147.28 x 44 months @ 8% per contribution £690 refunded to you
£14204.20 taken off the loan
£147.28 x 196 months left = £28866.88 saved in future interest payments.

N;)