First Plus in default of FSA ppi agreement

rcms26

Thanks Amersall, i think i follow now. i will get the original paperwork out and check that the PPI monthly amount is what they are reducing the loan by. i will send off the acceptance letter and then begin the wait for my 8% cheque. a victory at least!! thank you so much for your help.

amersall

rcms26 wrote: »

Thanks Amersall, i think i follow now. i will get the original paperwork out and check that the PPI monthly amount is what they are reducing the loan by. i will send off the acceptance letter and then begin the wait for my 8% cheque. a victory at least!! thank you so much for your help.

You are very welcome ;) love a win with FP:D

zoe1234_2

Hi All,

Hope you had a nice xmas and wishing you a Happy New Year. I had a call from First Plus saying about my email and they said they would chase it up. Apparently my cheques were sent to my old address where I lived 5 years ago!!!!! However they said they would send out again which I am still waiting for.

On another note, I had a reply from Barclays about another loan and they have declined it. They have said that after investigation my case isnt strong enough as they have listened to the telephone call made 4 years ago (dont know if that is true) and said that the advisor did not pressure me into the sale of the PPI. Where do I stand on this? I def remember them saying I needed to take the loan out. Would they really have a copy of the call made as far back as then???

Would be grateful for help.

Z

amersall

Hi Zoe,contact them and ask for a copy of this recording as you need this to take to take to FOS, as you believe you were mis sold this ppi and will ask the FOS to look at your claim.

shellysimmo24

I got my cheques!!!! However they were £1,600 short compared to the figures quoted on the acceptance form.

I rang the call center which has quite clearly been set up to handle the large call volumes, the staff are polite yet clueless. I was told to send them back for this to be investigated.

I have sent two written complaints and eventually got a letter back saying the cheques where correct!!! Have they issued them back to me NO!!! I have been told even though it's their error they can't push me forward ........put to the back of the queue!!!

" We are really sorry but an automated calculator works out the amount and it can sometimes get it wrong"

You would think a company which is part or Barclays would have invested a little more in its calculator and staff.

Two months have now passed since I sent the cheques back and still no joy.:mad:

nutty_nat

shellysimmo24 wrote: »

I got my cheques!!!! However they were £1,600 short compared to the figures quoted on the acceptance form.

I rang the call center which has quite clearly been set up to handle the large call volumes, the staff are polite yet clueless. I was told to send them back for this to be investigated.

I have sent two written complaints and eventually got a letter back saying the cheques where correct!!! Have they issued them back to me NO!!! I have been told even though it's their error they can't push me forward ........put to the back of the queue!!!

" We are really sorry but an automated calculator works out the amount and it can sometimes get it wrong"

You would think a company which is part or Barclays would have invested a little more in its calculator and staff.

Two months have now passed since I sent the cheques back and still no joy.:mad:

So sorry to hear your news send an e-mail to robert diamond and tell him what has happened to you.

clearchoice

I'm so pleased to have found this forum. I am at boiling point with First Plus!!

I complained about mis-selling in June, and had an offer of £9k in October. We were thrilled after being furious with ourselves for ever getting a high interest loan with this company.

I called FP in the first wk of January to ask where my cheques were to be told that they had been sent out in November to my old address. FUMING!

They cancelled those cheques and 2 weeks later we received new cheques, sent to our old address again (but thankfully we were going there daily to check), and this time written out to my maiden name, despite the first batch of cheques being written to my married name. I wasn't allowed to bank the cheques because of the amounts. FUMING!

I asked for new cheques to be sent which would take another 10 working days. I insisted on talking to the Cardiff office as I live locally and could pick up the cheques instead of them being sent from Cardiff office to Liverpool office to me.

Spoke to someone at Cardiff who agreed to pay by bank transfer if I sent a letter confirming the bank details, signed by myself and my husband. I sent this promptly and called back a few days later to see if they had received it. No one had any idea what I was talking about as the letter wasn't on my file, neither were any notes to confirm the conversation had ever happened. "No, we don't do bank transfers" they said. No, I bet you don't. You want to keep hold of your money as long as possible don't you?! FUMING!

So new cheques were raised and I have received 1 cheque on Wednesday. For some strange reason, the other cheque for the 8% has been raised but not sent even though the last 2 times they have been sent together. I've spoken to them every day since Wednesday insisting it gets sent immediately and as of this morning, it still hasn't been sent and no one has given me any reason why not. "It might just be a mistake". OH YES, one very big mistake!!!

I am furious and have complained to the FO, however nothing has yet helped my situation.

Has anyone claimed for more interest because of delays?

Thank you for listening to my rant!!

amersall

Hi,you need to claim from FP the 8% to the date you bank the total redress.
Contact them.

clearchoice

I will, thank you very much for the advice.

gravyboat1

Hi everyone im just after some help with numbers first plus have given me.Firstly can i just say a big thank you to all on MSE though ive successfully had my PPI claim upheld by first plus which i was going to complain about through one of those tv companies you see all the time but after reading many threads on here decided to do it myself using amersall's generic letter of complaint and today (after only 2 weeks of sending of letter)i received a letter confirming that my complaint was upheld and giving me the figures which im not sure about.Could somone please explain .

Firstly the original ppi amount added to my loan was £4898 and i am just 2 months short of my 5 year anniversary in which i would of recieved my premium back,and i was paying £39.38 towards the ppi loan but 60 monthly payments of £39.38 doesnt add up to £4898 over 5 years which the cover lasts for.Any way full figures are below could somone explain them to me please,thankyou.

A - refund of payments made for PPI £2287.64
B - 8% per annum simple interest £355.32
C - total refund A + B £2642.96

D - original ppi policy £4898
E - interest incurred due to ppi £1723.75
f - less any claims £0
g - total value of loan reduction for ppi premium £6621.75
and interest (=d+e-f)

H - outstanding balance(protected loan) £22031.57
i - revised loan blance without ppi but i get refund £17697.46
(=H-G)+A
i - revised loan balance without ppi but apply refund £15409.82
to loan (=H-G)

I dont get how the original ppi was £4898 yet after 5 years (the term of the cover)ive only paid £2642 even with the other interest it only adds up to £4366 i just dont get it please help.