confused with load paper work

confused_loans

Hello,

I was wondering if any one can help me as i find the PPI reclaiming very confusing (guess thats what the loan company want!!).

I have car finance with First Response as my credit history wasn't great and desperatley needed a new car (i know i should have saved money but i was running out of time). I spoke to a person at First Response Finance on the phone at the dealer ship and to be honest i can't remember the conversation very well. For starters is it worth me requesting the recording of the telephone conversation so i can review this?

Any way after seeing all the fuss about reclaiming PPI i thought i was worth reviewing. I have looked at my paper work and i will pay a total of £1,035.30 over the period of my loan (12 months left) which is clearly a lot of money.

Before i go ahead with this as i am not very clear on it all i thought this would be the best place to come and ask for advise .

Looking through all the paper work i have recieved (after i took out the finance) i have something called a statement of price this states:

The following marked "yes" if a summary of the costs of the optional insurance products you have chosen. The premium for each product is fixed and will not be subject to review during the term of agreement. You will therefore be protected from any general rise in insurance premium rates over the period of the loan.

PPP- YES
Payment Protection Insurance (Type Taken - Proposal LASU) the premium is **** which with interest of **** makes a total amount of *** payable by 42 monthly installments of ****.

GAP - YES
Financial Shortfall Protection (GAP) Insurance premium is *** which with interest of **** makes a total amount of **** payable by 42 monthly instalments of ****.


It then states Payment protection Insurance is cancellable after the statory 30 day cancellationn period etc etc..

The part of this document which made me question this is under recommendation, this states:

Having assessed your demands and needs, i recommend that you take the following optional insurances marked yes to cover the risks i have identified.

Life, accident, sickness and if appropriate unemployment protection (LASU) to provide cover for yourself and your dependants against the financial hardships that would be caused by your death, losing your job or being unable to work due to accident or sickness.

Existing Insurance
You told me during our discussions that you may have existing protection but were unable to provide me with details. in accordance with Financial Services Authority guidless i have not taken this protection into account when making my recommendation. The recommendation may therefore change if you provide full details of the cover and i assess that you are adequatley protected.

When speaking with First Response on the phone i had informed them that i have worked for my employer for over three years and confirmed that i have up to 21 paid sick days before i need a note from my doctor and that as long as i can provide a note from my doctor after the 21 days i am still entitled to full pay. I also explained (after their questioning) that if i was made redundent i would have a substansial payout and i would always have enough support to ensure any bills i have are covered.

I also informed them i have full health insurance etc through my Dad.

After looking through the documents i feel that i was mis-sold and possible pushed into paying the PPI. Maybe this is just me trying to look on the bright side.

Any comments would be very much apreciated as if i do have a strong cash to reclaim (and won) this would dramitily lower my remaining loan.

Thank you for your time reading this (and for your response if you do respond )

di3004

Hi there

There is no harm in requesting for a copy of the phone calls, if this was sold after Jan 2005 they may still have details of the call, but if not by disc - they may do by written transcripts.

You can "optionally" request for a Subject Access Request (SAR) where they have 40 calendar days to comply and send all data they hold on the account, this may only go back to the last 6 years, yet some still hold details going back even earlier, not always.
You enclose a cheque or postal order payment of £10 for this request.
SAR template letter below.
https://forums.moneysavingexpert.com/discussion/1475553

To make a reclaim, you just complete the reclaim questionnaire as on step 3 below, send and keep a copy for yourself.
They should keep you informed of the progress of your complaint, good luck.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step3