been rally sc***ed over by first plus

jaynemaria

Apologies if this is in the wrong place, im just so upset and ready to end it all.

Five years ago everythig was going along smoothly and we stupidly decided to take out a consolidation loan with first plus. We were talked into and by that I mean pressured into taking out more than we wanted too, but we could easily afford the payments then so thought why not we can do some improvements with the extra money.
We said we didnt want PPI and the gentleman selling it said we wouldnt be able to get the loan without it, he said you are taking out a loan for 25 years, you dont know what will happen in ten years time so it is a good investment for both you and us. I asked if it was for the term of the loan and he said yes of course, its the same as if you take out protection with normal loans.
We said we would think about it, anyway after numerous phone calls from him we agreed. When the paperwork came it said it was for 60 months, so I rang him and said we would cancel as we were told it was for the term and he assured us that it was something called a rolling insurance and that it was standard for the paperwork to say 60 months but it would just renew after this time automatically without any issues or problems.

Fast forward one year later and I became seriously ill with a degenrative illness so I have been claiming on the inusrance thinking what a godsend we took it out.

Received a letter today sayig that the insurance we were assured was for the loan term was actually for 5 years, I feel so stupid that we genuinely believed this man, and so worried and scared how we are now going to meet the payments.
I have spoken to first plus today and they said they would file a mis sold claim even though I said I had claimed but im sure that this will forfeit the mis sold part.

Would it be worth putting it all in writing to them or is it as I fear a complete waste of time and that we have been totally screwed over.

DrSqueeze

Based upon what you've said there, you have a definite case for misselling.

If the salesman had explained it correctly then you could have made other arrangements and not found yourself in this situation - so definitely complain. And if you don't get a satisfactory response, go to the Ombudsman.

smitchy73

Hi jayne,
sorry to hear about your illness first of all. Secondly with all the wonderful people on here we will help you make your complaint for mis-sale of the PPI. Have they started the claim over the phone? Some may send you out a form to fill in which should be like the FOS Consumer Questionnaire, familiarise yourself with this and your reason's for mis-sell, which are quite obvious, you were lied to about the length of the cover, and that it wouldn't cover you for the whole term etc etc.
The FSA guidance I think it is FSA10/12 has full guidance of the new regulations for dealing with a case just like your own and how they should cover redress to you when they find in favour of your complaint. In appendix 2 there are examples, example 1 sounds like yourself.
There's been a few on here with first plus and they may be able to come along with more help, in the mean time, good luck and keep us posted and if you need help or have any questions, just ask.

jaynemaria

Thankyou for the replies. She did say she was going to file a mis sold claim and that I would get a letter cofirming this within five days, and that it takes around 16 weeks for them to look at the claim.
She also said that they review the phone calls to base the claim on, but Im betting they dont have the numerous calls that he made to me on record if any.
Im sure people will think whats she moaning about she has claimed from them but im so angry with myself as well as them for being allowed to be pressured like I was and being so trusting!

smitchy73

jayne, it's not about having been able to make a claim, it's the fact that it was mis-sold in a pressurised way, which is unfair, he also mis-led you into believing that you would have a rolling 5 year cover over the 25 years of the loan, which was a lie, I do hope they find the details of the phone calls, the seller was obviously making a fair amount of commision off of the sale hence why he was pressurising you so much. Even if they don't find a recording you still have really good grounds, just read through the reasons for mis-sale, the more that apply to you the better.

Niggly_2

smitchy73 wrote: »

jayne, it's not about having been able to make a claim, it's the fact that it was mis-sold in a pressurised way, which is unfair, he also mis-led you into believing that you would have a rolling 5 year cover over the 25 years of the loan, which was a lie, I do hope they find the details of the phone calls, the seller was obviously making a fair amount of commision off of the sale hence why he was pressurising you so much. Even if they don't find a recording you still have really good grounds, just read through the reasons for mis-sale, the more that apply to you the better.

The commission paid, although not disclosed is 70% of the single premium ppi. So yes this greedy get will have only been interested in the sale.

To be honest this goes way beyond the mis-sale and return of PPI with interest. You belived the cover would last the duration of the policy. It is in the FOS power to force FP to set up the policy in accordance with this believe. Yes its going to cost them (the whole loan amount plus interest) but I would fight this all the way through the FOS and courts if ness. Its deplorable and they will have to pay
up. Your condition will not improve and you dont need the stress and worry now.

I will dig out the stuff on where the FOS have said that a suitable policy will have to be purchased to meet the expected demands of a customer. If you have legal aid on any home insurance or other policies I would be digging out the details. You need a specialist lawyer to guide you through this.

Yes its a mis-sale but its the whole loan you need compensation with here.

I will be back in touch soon. I have the ppi policy documents for FP as well if you need the small print along with the t and C.

n:mad::mad::mad::mad::mad:

jaynemaria

Well i have certainly learnt my lesson.


I have been going through all the paperwork with a fine tooth comb, after reading other threads on the matter, I know I know if only I had done that at the time, the rotten so and so who sold me the loan knew I had just recovered from a breakdown as I had told him I had only returned to work a few weeks before when were going through the wages so knew I could get confused easily didnt tell me the ppi was added to the loan, hence paying interest until the end of the term. Our loan went from what I thought we had taken out £45000, to a whopping £60000, £15000 of this being the ppi.

God I have been so so stupid, I swear if we lose our home because of these ba*****s I will ring every newspaper in the country about their bully boy tactics!!!!!!!

BargainMad_3

They are right to go down the mis-sold route even where there has been a claim under the PPI. I know it is difficult to keep the faith but your scenerio will be shared by others and cases like these WILL come under PPI mis-selling. It might not be as simple and straightforward as other PPI cases but that does not make it an impossible situation for them to rectify.

jaynemaria

Well First Plus promised me that they would send me a letter to confirm that I had put in a claim via phone ,by today and suprise suprise nothing.

Should I put my complaint in writing to them outlining all the things that lead me to thinking it was mis sold now, or wait for them to contact me?

TIA

amersall

Hi there, they will contact you,just hang on in there.

smitchy73

All my letters from Clydesdale bank have taken about 5/6 days to reach home, between their internal mail system and our ever wonderful Royal Mail it can take about that amount of time, something to remember about the ppi claiming is that it's not necessarily the quickest thing that will happen, but you just learn to be patient and keep notes of dates etc.

We're all here to help when you need it, have a good read through the successes and ppi discussion thread's for some more stories to keep you going in the meantime. Many of us have been through this and still going through it.