Starting a claim: Click/First Plus

jimowl

cheers Di. the loan is still active and no rebate has been given. hopefully FP respond quickly.

meanwhile i'm still paying £147 per month for a useless policy. It'd be nice to get all the premiums i've paid back and have the whole loan restructured as if the PPI were never there.

jimowl

Well blimey! Deloittes actually rang us!!! I was working away so the mrs handled the call. They still hadn't had any joy getting the info they needed from FP so they suggested they would listen in silently on a call between the mrs and FP (assuming she was happy with that - she was!). FP confirmed the info that Deloittes needed to hear on the phone to the mrs and after FP were off the line the lady from Deloittes said she was now done with the file but now had to pass it on to a different department who (wifes recollection) 'would decide if you have a claim' and that it would take '4-6 weeks'.

I'm surprised they've gone to the grief of checking ncb/rebates if they haven't yet decided if we actually have a claim. So i guess we continue to sit tight and wait and see what happens.

I assume after we are done with the FSCS i've still got to go through lots more grief directly with FP in getting the PPI removed from the loan so we don't pay interest for the next 15 years (and premiums back? i'm still unclear what any money we MIGHT get from FSCS is for? actual premium rebates or just a compensatory 'sorry' leaving us still in a position to try and recalim actual monies paid to FP?)!

jimowl

Update: We got a 'decision' from FSCS before xmas and a nice cheque (less 10%) which covered the interest we'd paid so far. They mentioned that they'd 'withheld' our original premium of £14,202 as it is possible for us to receive it back as a ncb at the end of 60 months. They did say that if we cancelled the policy they 'may be able to refund this amount'.

I've since spoken to them for further advice and they told me to contact First Plus telling them what had happened and that we wanted the loan rewriting as if the PPI was never there ( to avoid £147 per month interest for the next 15 YEARS) and our premium refunding.

This I have done and First Plus have effectively said 'sod off'. They've offered to cancel the policy and refund £136!! And make ZERO adjustment to our premium for the next 15 years.

Going back to the FSCS they have said that if we do cancel and receive the £136 they'll pay the balance (£14,076) LESS their usual 10%.

Obviously this would be good but not great. First we lose the 10% (£1400 is a lot of money. we already lost over £700 due to this rule at FSCS). Second, and most important, we'll still be paying c£147 per month for the next 180 months (£26,460!!!!) for a policy we didn't want and which would no longer be in existence!

Can any of you lovely people advise the best next move? If we hang on until the 60months of the policy are up (november this year) will we get the whole lot back from First Plus or are they likely to charge 'admin' fees etc? If so I may as well take the 90% from FSCS?

Most important, how do I not pay interest on this bogus policy over the next 15 years?

amersall

Going back to the FSCS they have said that if we do cancel and receive the £136 they'll pay the balance (£14,076) LESS their usual 10%.

You could take this and ask FP to take this off the loan,this will save you thousands in interest over the remaining term,in effect the ppi is gone.

Can any of you lovely people advise the best next move? If we hang on until the 60months of the policy are up (november this year) will we get the whole lot back from First Plus or are they likely to charge 'admin' fees etc? If so I may as well take the 90% from FSCS?

You will still have to take this off the balance of the loan to not incur interest over the remaining term,and with this option you have to pay 10 more months of interest.


Having said all of the above,you could choose either of the options,and then ask FP to take this as the ppi paid and reduce your monthly payment by the ppi monthly amount.
They may not do this but you wont know until you ask.