First Plus/Freedom Finance pre 2005

tasha1978

I'm new to this so bear with me :S Any advice will be very helpful!

In 2003 We obtained a secured loan with first Plus for £12,500. We were sold PPI of around £3000, which we were unaware of until we settled the loan in 2004. We repaid the full amount as well as the full PPI, we argued why we need to pay the PPI if we no longer had the loan with them, we never got an answer and paid up without questioning further! (bad choice I now realise )

After reading about the recent claims I decided to look into it. After speaking to First Plus, they wrote back saying that the loan and insurance was actually sold by Freedom Finance ltd.

When i contacted Freedom Finance they said they can do nothing and passed me on to the FFCS. As Freedom Finance went into Administration in 2009 there is nothing we can do!!! as the loan was settled before 2005?

Can anyone help me with this? Is there nothing I can do?

shellleyb1

tasha1978 wrote: »

I'm new to this so bear with me :S Any advice will be very helpful!

In 2003 We obtained a secured loan with first Plus for £12,500. We were sold PPI of around £3000, which we were unaware of until we settled the loan in 2004. We repaid the full amount as well as the full PPI, we argued why we need to pay the PPI if we no longer had the loan with them, we never got an answer and paid up without questioning further! (bad choice I now realise )

After reading about the recent claims I decided to look into it. After speaking to First Plus, they wrote back saying that the loan and insurance was actually sold by Freedom Finance ltd.

When i contacted Freedom Finance they said they can do nothing and passed me on to the FFCS. As Freedom Finance went into Administration in 2009 there is nothing we can do!!! as the loan was settled before 2005?

Can anyone help me with this? Is there nothing I can do?

Hi, we currently have two out standing claims with FF. The biggest with First Plus/FF is with the FSCS, all FF are currently on hold (I think), but its been with them since the beginning of Nov last year. With the other claim I spoke to the FOS first who said that I needed to try to claim the money through the underwriter in this case CGU. So thats what I did and I am awaiting a response from Santander who cover CGU.
FSCS will look at your claim and if they agree that you were mis sold you can get 90% of the amount returned to you. What have you got to lose?

tasha999

Thank you Shelleyb1. I spoke to the FFCS who said they can't do anything because it is pre 2005.

I don't see how Freedom Finance are even involved! I've got the paperwork and they're not mentioned on any of it!

Its confusing, who ever i speak to just fobs me off saying I need to speak to someone else!

First Plus now say that FF sold us the PPI.

I know others have reclaimed theirselves, but i'm considering using a claims specialist Probably best as I've not got a clue!

amersall

tasha999 wrote: »

Thank you Shelleyb1. I spoke to the FFCS who said they can't do anything because it is pre 2005.

I don't see how Freedom Finance are even involved! I've got the paperwork and they're not mentioned on any of it!

Its confusing, who ever i speak to just fobs me off saying I need to speak to someone else!

First Plus now say that FF sold us the PPI.

I know others have reclaimed theirselves, but i'm considering using a claims specialist Probably best as I've not got a clue!

Do not use a claims co,with a loan like this you could end up owing the claims co and they keep all the redress,they take a % plus vat on the whole ppi and not just the redress you get back to you.And you chase the underwriter.

Find out who the insurer was and put a claim into them for mis sell,then when you get a response,take it from there.

These are reasons for mis sell with this loan.



We/I believe we were mis sold the ppi on the above account number,and would like recordings,if any to the contrary of my/our reasons for mis sell set out below.

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 told that the ppi was a 5 year policy, but not told 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,or go into arrears on the ppi ,after 5 years we would recive the cashback of ppi but this would not include the interest made on these payments 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 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.

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.



Please have a go yourself,you have nothing to lose and a lot to gain,you will get all the help you need on here for free.

tasha1978

amersall wrote: »

Do not use a claims co,with a loan like this you could end up owing the claims co and they keep all the redress,they take a % plus vat on the whole ppi and not just the redress you get back to you.And you chase the underwriter.

Find out who the insurer was and put a claim into them for mis sell,then when you get a response,take it from there.

These are reasons for mis sell with this loan.



We/I believe we were mis sold the ppi on the above account number,and would like recordings,if any to the contrary of my/our reasons for mis sell set out below.

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 told that the ppi was a 5 year policy, but not told 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,or go into arrears on the ppi ,after 5 years we would recive the cashback of ppi but this would not include the interest made on these payments 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 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.

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.



Please have a go yourself,you have nothing to lose and a lot to gain,you will get all the help you need on here for free.

Doesn't sound good!

I've spoke to First Plus who say that Freedom Finance sold us the PPI. I just don't know where to start with this myself as freedom Finance gave me the number for FFCS.

Who do I claim from? The FFCS can't help me as its too old! Any advice is greatly appreciated x

miserableindebt

Tasha I am in exactly same positition. I have no recollection of using Freedom Finance either. How did you get on? Did you pursue it further?

di3004

Wonder why they are still showing as active on the Companies house company search?

http://wck2.companieshouse.gov.uk/e402ffc3f1613e51f550ce13079fc301/compdetails

I take it they are the same ones, but check the company number, but I would contact them direct if you can.

miserableindebt

Hi Di, as you know I checked with Freedom Finance today and they say they are not same company just bought the name. Would really know how far Tasha got with this.