We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mppi
Comments
-
we think that we were missold, as at the time we had a Loan from First Plus, and they rang regarding this MPPI. we were put under pressure on the sales call to take this policy from FP.
so did you
a) apply for the loan, get the loan and then they called you and 'pursuaded' you to take out the PPI?
or did you
b) apply for the loan, get a call, was pursuaded to take out PPI and then get the loan?
situation (a) cannot be a missale as you had the loan before they sold you the PPI. Situation (b) would be a difficult one to judge as they could say "you applied for the loan without PPI so you knew it was optional".
Still to me based on the thread so far, it doesn't sound like a miss-saleWe've spent decades teaching people about their rights, but nothing about their responsibilities.0 -
Where Firstplus are concerned, you can apply for the loan and not tick any boxes for PPI (which we did) OR read anything about PPI which is also asked on the application whether you have read and understook it. Then when the agreement comes it is then typed in. You then ring them and say you did not want PPI adding and they then say "no PPI, no Loan". That is how they work. We had it applied this way and have the application to prove we did not want PPI adding. FIrstplus then tell you that a broker sold it often when its pre 2005 so that you have no comeback as lots of "their" brokers were unregulated. Firstplus SELL the policies. Point of sale is FIrstplus.
In fact I don't know of anyone that has a firstplus loan without PPI!!!0 -
we had the loan from FP which included the PPI. we then had a phone call from FP regarding MPPI which we were pressured to purchase.
this is the policy which i am trying to claim from FP for miss-sell.No. 83 in £365.00 in 365 days 17/365
Jan lunch to work days 10/200 -
So, the loan had single premium PPI and you bought regular premium MPPI?
Was the FP loan a second charge loan (where you have a separate mortgage) or was it a first charge loan (mortgage)?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
So the secured loan included PPI and then you had a seperate MPPI sold to you for your first mortgage also which I assume was with another firm. This was also sold by Firstplus. Is that what you mean?we had the loan from FP which included the PPI. we then had a phone call from FP regarding MPPI which we were pressured to purchase.
this is the policy which i am trying to claim from FP for miss-sell.
Have you got a complaint in for the secured loan PPI on the Firstplus Loan and also another complaint with them for the MPPI? Was the MPPI that Firstplus sold to you a single premium also?0 -
Marshallka appears to be thinking along the same lines as me. It is more likely that the first plus PPI is the one to complain about and not the MPPI which is set up correctly.
Although we still need clarification on the mortgage & secured loan position.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Only if the MPPI which was set up by Firstplus is actually set up correctly. I don't know that it is if it was another single premium perhaps????Marshallka appears to be thinking along the same lines as me. It is more likely that the first plus PPI is the one to complain about and not the MPPI which is set up correctly.
Although we still need clarification on the mortgage & secured loan position.0 -
I dont think First Plus would have set up a regular MPPI. That would probably be the broker if anyone. I would have thought First Plus would do single premium added to loan if they were doing it or it could be a broker that did the lot.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
-
PMSL :rotfl::rotfl::rotfl:magpiecottage wrote: »No but the fact that he told you it was a Ferrari does:
0 -
Firstplus DO set up PPI even when you use a broker. Its a known fact but they just tamper with their paperwork and when they know you could take them for it, they say an unregulated broker sold it. Loads of people have had it done to them dunstonh.I dont think First Plus would have set up a regular MPPI. That would probably be the broker if anyone. I would have thought First Plus would do single premium added to loan if they were doing it or it could be a broker that did the lot.
I would not put it past them selling an MPPI either.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601.1K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards