First Plus - 2nd bite of the cherry???

heathy_2

I successfully claimed back PPI from First Plus 2 years ago. They offered to repay £5000 as a 'goodwill gesture' and to be completely honest I was so desperate for the money I accepted their offer.

However with all the stories in the news recently about Barclays repaying PPI 'no questions asked', I'm now wondering if I could make another claim for the balance of £3000 (total PPI was £8000).

Are you able to make another claim for a complaint that's already settled? As already stated, my financial situation dictated and their letter stated full and final offer so I felt I had no choice but to accept.

Many thanks in advance for any advice

dilus

heathy wrote: »

I successfully claimed back PPI from First Plus 2 years ago. They offered to repay £5000 as a 'goodwill gesture' and to be completely honest I was so desperate for the money I accepted their offer.

However with all the stories in the news recently about Barclays repaying PPI 'no questions asked', I'm now wondering if I could make another claim for the balance of £3000 (total PPI was £8000).

Are you able to make another claim for a complaint that's already settled? As already stated, my financial situation dictated and their letter stated full and final offer so I felt I had no choice but to accept.

Many thanks in advance for any advice

I honestly think you will get no where with this, you would have signed an acceptance for the FULL and FINAL offer at the time, you didn't dispute it at the time and accepted the £5000, if you were not happy with it at the time you would have had 6 months to take it to the FOS, you didn't and two years have passed. It sounds like the bank fobbed you off with what they thought they could get away with and you went with it Well done on the success at the time though

heathy_2

Many thanks for your comments and advice.

Are there any more First Plus customers out there who settled, and have tried again since the Barclays announcement?????

Advice much appreciated, thanks again

amersall

heathy wrote: »

Many thanks for your comments and advice.

Are there any more First Plus customers out there who settled, and have tried again since the Barclays announcement?????

Advice much appreciated, thanks again

Hi there, all is not lost!!!!. This is the most upheld of ppi mis sells there is.
We won a mis sell with FP after we complained twice regarding the ppi and was offered two rebates of this ppi as full and final that we signed for.

I then became aware that the ppi was mis sold and put a claim in for this,i had to take this to FOS and won,give it a try you have nothing to lose.

Put that you were not aware of the true cost of this ppi when you accepted the goodwill gesture but have since become aware through media etc that this ppi is frontloaded and is still on the loan to term end with interest.
Also write this.

We/I believe we were mis sold the ppi on the above account number.
1)We/I were not told that the ppi was in effect another loan that was added to the original loan and was repayable over the loan term with interest.

2) We/I were not told that the ppi only covered us for 5 years, but the ppi would still be on the loan to term end with interest.

3) We/I were told that if we did not make a claim on the ppi ,after 5 years we would recieve the ppi as cashback, and to look on this as savings plan.. But were not told that the ppi would be on the loan to term end with interest and the cashback of ppi would not include the interest that we paid over the 5 years.

In line with the FOS recommendations it is requested that the overall situation be restored as if PPI had never been included. This will entail:
a) A refund of the monthly payments that have actually been paid towards the overall loan in excess of those that would have been needed, if the original loan had been sold without the PPI policy;
b) Restructuring of the loan going forward so that the amount owed, the monthly repayments, the term and the charges reflect those that would have applied, if the original loan had been sold without the PPI policy.
c) In addition, interest at the rate of 8% simple per annum to any excess payments made from the time each payment was made to the point that Firstplus pays them back to us. We/i believe we were not given enough information on this ppi to make an informed decision. Had we/i known the full cost of this ppi we would not have taken it.

Unless you can prove without doubt that this PPI policy was fair, reasonable and suitable for my/our circumstances we/I will require you to rearrange the loan as if PPI had never been included on the above loan.

What you have been given so far will be taken off any redress they give,the total ppi you have will be taken off the loan and this will reduce your balance and the monthy payment will go down by the monthly ppi amount,you will get the ppi monthly payments you have made to date back with 8%,you will save thousands of pounds in interest on this over the rest of the term.

stonecold_2

Yes you can open another complaint. If you were miss sold the PPI they will just deduct what they have already given you from the amount of the refund.

dilus

Apologies for misleading you Heathy, very best of luck with it and keep us informed

amersall

dilus wrote: »

I honestly think you will get no where with this, you would have signed an acceptance for the FULL and FINAL offer at the time, you didn't dispute it at the time and accepted the £5000, if you were not happy with it at the time you would have had 6 months to take it to the FOS, you didn't and two years have passed. It sounds like the bank fobbed you off with what they thought they could get away with and you went with it Well done on the success at the time though

Hi dilus,you have nothing to apologise for,most loans in "full and final" are just that.
With a frontloaded ppi like this FP one
(and the ppi is staggering without the interest,and you are only covered for 5 years,but this ppi is still on the loan to term end with interest!!!)
The consumer is mislead when they are offered a settlement of a claim for mis sell,the banks hope the customer is too "daft" to see they are being "robbed".
Thankfully this site and the posters on here have made consumers savvy,we will not be tricked again.:D

dilus

amersall wrote: »

Thankfully this site and the posters on here have made consukmers savvy,we will not be tricked again.:D

I'll second that, I'm certainly much more savvy since being a member

shellleyb1

Hello,

Just wanted to say we are currently going through similar. PPI sold thorugh Freedom Finance in 2007 and fully paid off by us in 2008. We were originally offered £1000 then they improved the offer to £2000 we accepted because we really beleived that we had been reimbursed the whole amount and the remainder was a rebate. We realised this summer that they had done us for about £10k minus the rebate!! I have taken it further to the FSCS and its being 'looked into'. I'm not holding my breath but its always worth a shot - go for it and good luck. I will post any progress good or bad on here.

amersall

shellleyb1 wrote: »

Hello,

Just wanted to say we are currently going through similar. PPI sold thorugh Freedom Finance in 2007 and fully paid off by us in 2008. We were originally offered £1000 then they improved the offer to £2000 we accepted because we really beleived that we had been reimbursed the whole amount and the remainder was a rebate. We realised this summer that they had done us for about £10k minus the rebate!! I have taken it further to the FSCS and its being 'looked into'. I'm not holding my breath but its always worth a shot - go for it and good luck. I will post any progress good or bad on here.

Good for you

heathy_2

Many, many thanks to all for the advice and positive comments - we've decided to go for it, nothing ventured nothing gained!!!