First Plus PPI claim help

amersall

spence73 wrote: »

Hi all,

I recently sent a PPI claim into FirstPlus but they replied to say that the insurance company responsible for the PPI (I don't have their name to hand) have ceased trading, my question is do I need to pursue FirstPlus who sold me the PPI or the now defunct insurance company?

Good luck with your claims!

Chris

What year was this loan taken out and did they use a broker?.
If FP are responsible they are paying out at the present time, for them to give you the answer they have this must be for a good reason.

alabasch

I have also just written to First Plus regarding PPI we had on a loan we took out with them in 2002 but they have written back saying there records show that we got our loan with them through loans.co.uk and that we should raise our complaint with them. Not great news as i believe Loans.co.uk have stopped trading so not sure what our chances are of getting anything back. First Plus gave me an address and phone number to contact for Loans.co.uk so i will start by sending them the Questionnaire and letter.
We had £42,000 loan that they added £8370 ppi too and we then paid interest on... we settled after 14 months ... feel we were mis-sold the policy as i already had several other insurances in place through my work that would have covered me if unable to work and if i had lost my job i would have received a redundancy package.

Has anyone else had any dealings with Loans.co.uk??

amersall

alabasch wrote: »

I have also just written to First Plus regarding PPI we had on a loan we took out with them in 2002 but they have written back saying there records show that we got our loan with them through loans.co.uk and that we should raise our complaint with them. Not great news as i believe Loans.co.uk have stopped trading so not sure what our chances are of getting anything back. First Plus gave me an address and phone number to contact for Loans.co.uk so i will start by sending them the Questionnaire and letter.
We had £42,000 loan that they added £8370 ppi too and we then paid interest on... we settled after 14 months ... feel we were mis-sold the policy as i already had several other insurances in place through my work that would have covered me if unable to work and if i had lost my job i would have received a redundancy package.

Has anyone else had any dealings with Loans.co.uk??

You need to contact FOS regarding this, you will waste time going for Loans.co.uk.

FOS may recommend the insurer route due to the year.

http://www.financial-ombudsman.org.uk/contact/index.html

Be prepared for the long haul though as the FOS are doing a test case for mis sell of PPI through the insurer/underwriter and it depends on the outcome of this as to if you will get redress or not.


If you can go the insurer route, this is what you use for the reasons for mis sell of this PPI.


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 receive the cashback of ppi but were not told 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 Barclays 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

skintmumofone

I have a question....I successfully claimed back my PPI + interest etc from Loans.co.uk with the help of the Financial Ombudsman.However..... I had sent several letters and emails to a contact I had at FP asking when and to let me know.... when they have restructured my loan and let me know what my new monthly repayments would be.I checked my paperwork from the loan and it said i should be paying £398 a month. I was and still am paying £562 a month, a big much some might say.... anyway FP informed me by letter, telephone and email that they could NOT restructure the loan until they had received the funds from Loans.co.UK? I said why this is NOT your money this is money i have paid and am entitled to take back... no wouldnt budge so I went back to the FOS who have been working on this since August 2011, I waited 2 and a half years for the PPI so its going to be a long wait.How can they do this ? My loan amount is still the same amount it was before my PPI was cancelled nothing has changed but my payments according to the FOS should be reduced? They tell me that I am not the only one who has this problem.Just wondering if anyone has experienced this and won and if so a few pointers would be useful as I am at the end of the line with these people or shower orf robbing *&*^&&*%&*^*'s.Cheers

skintmumofone

alabasch wrote: »

I have also just written to First Plus regarding PPI we had on a loan we took out with them in 2002 but they have written back saying there records show that we got our loan with them through loans.co.uk and that we should raise our complaint with them. Not great news as i believe Loans.co.uk have stopped trading so not sure what our chances are of getting anything back. First Plus gave me an address and phone number to contact for Loans.co.uk so i will start by sending them the Questionnaire and letter.
We had £42,000 loan that they added £8370 ppi too and we then paid interest on... we settled after 14 months ... feel we were mis-sold the policy as i already had several other insurances in place through my work that would have covered me if unable to work and if i had lost my job i would have received a redundancy package.

Has anyone else had any dealings with Loans.co.uk??

I am in the exact same position as you however, I have received my 5 year cashback in August last year and also the interest and 8% and premiums back in January go to the Financial Ombudsman and they will deal with it for you. Good Luck x

spence73

UPDATE - after posting to say that FP had sent me that letter regarding the loan company ceasing trading I received another letter from them saying that they have investigated my complaint and are not satisfied with the way that I was sold PPI and have upheld my complaint!

They have offered me a full refund of my PPI premium (> £13k) plus 8% interest on these payments -20% tax, so all in all compensation of almost £16k!!! The one thing that they haven't offered is statutory compensation, should I reject their offer and demand compensation or accept what's been put on the table?

[Deleted User]

spence73 wrote: »

The one thing that they haven't offered is statutory compensation, should I reject their offer and demand compensation or accept what's been put on the table?

You have been offered everything you are going to be offered. The 8% interest is your "compensation".

rapatula

Hi again

I said I would update once I got a reply from First Plus which I received today saying that they were not satisfied that the PPI was suitable for my needs or that it was adequately explained to me when I took out the policy and basically stating that my complaint had been upheld. Result!!!!!!!!!!!!

They offered me a full refund of the insurance premium together with interest incurred on the premium to date. Additionally they offered me 8% per annum simple interest on the payment made. I am hoping that amersall who is extremely helpful and also a lady!! will look at the offer and advise if this is a good offer - I have to say that I think it seems about right but I am not good with figures.

Offer as per letter:

Interest incurred due to PPI - £4823.57
8% per annum simple interest - £1720.66
8% per annum simple interest gross amount - £2150.82
Deduction made for income tax at 20% - £430.16
Net payment of 8% interest after tax - £1720.66
therefore total offer of £6544.23 (£4823.57 for payments made in respect of PPI insurance and £1720.66for the 8% per annum simple interest)

I have pasted in below the original loan that we took out plus the amount of cash back already received (as per my first post).

We originally took out a loan with First Plus in May 2005 amounts as follows:

Amount of Advance: £38,000 (ouch!!)
Optional PPI: £9,306.20
Total Loan: £47,306.20
Monthly Int: 0.639%
APR: 7.9%
Monthy repayments: 300
Monthly repayment: £354.77 - this did keep going up due to interest rises.
Settlement Figure paid on 8th July 2011: £45,452.39

We did receive the full amount of the PPI back after five years (£9,306.20).

Many thanks again for any help with this and all the best to everyone else who is pursuing First Plus, amersall is right, she said the next time I posted it would be to inform of a win, with the amazing help from people on this site noone needs to pay a third party, go for it. :T:T:T

beverley551

:j:j:j:j:j:j:j:j

Yeah Luv it I too got a win this week with first plus so many congratulations

I spoke to an advisor on wed, for firstplus I have to say he was the most helpful person I have ever spoke to over the years. Anyway he went through all the figures as to be honest I was expecting less and he advised me that it may actually be more because we still have a small amount to pay off the loan so another payment is due next wk. he explained they will take off what I owe the recalculate to reflect the payment nxt week. I did ask how long it will be for the cq to be sent and he said as soon as we recieve your acceptance letter back as the letter says within 4 weeks. This would take firstplus upto the 8 week time limit set

amersall

rapatula wrote: »

Hi again

I said I would update once I got a reply from First Plus which I received today saying that they were not satisfied that the PPI was suitable for my needs or that it was adequately explained to me when I took out the policy and basically stating that my complaint had been upheld. Result!!!!!!!!!!!!

They offered me a full refund of the insurance premium together with interest incurred on the premium to date. Additionally they offered me 8% per annum simple interest on the payment made. I am hoping that amersall who is extremely helpful and also a lady!! will look at the offer and advise if this is a good offer - I have to say that I think it seems about right but I am not good with figures.

Offer as per letter:

Interest incurred due to PPI - £4823.57
8% per annum simple interest - £1720.66
8% per annum simple interest gross amount - £2150.82
Deduction made for income tax at 20% - £430.16
Net payment of 8% interest after tax - £1720.66
therefore total offer of £6544.23 (£4823.57 for payments made in respect of PPI insurance and £1720.66for the 8% per annum simple interest)

I have pasted in below the original loan that we took out plus the amount of cash back already received (as per my first post).

We originally took out a loan with First Plus in May 2005 amounts as follows:

Amount of Advance: £38,000 (ouch!!)
Optional PPI: £9,306.20
Total Loan: £47,306.20
Monthly Int: 0.639%
APR: 7.9%
Monthy repayments: 300
Monthly repayment: £354.77 - this did keep going up due to interest rises.
Settlement Figure paid on 8th July 2011: £45,452.39

We did receive the full amount of the PPI back after five years (£9,306.20).

Many thanks again for any help with this and all the best to everyone else who is pursuing First Plus, amersall is right, she said the next time I posted it would be to inform of a win, with the amazing help from people on this site noone needs to pay a third party, go for it. :T:T:T

:p Told you so :p
This is brill :j:j:j love a win with this company :p

The redress is full redress, with the PPI cash back you had they have given you back in total £15,850.43p :T:T:T:T:T:T not bad for a couple of letters? :D:D and help from a baby monkey :rotfl::cool: