FirstPlus miss selling PPI

Martinf

Hi
I have been trying to reclaim my PPI from FirstPlus for months now, there first reply was, They are unable to investigate as it was brokered by another who has ceased trading, funny that all the brockers have ceased trading.
I took some advice and sent for a SAR which i recieved and have looked at and replyed, this is firstPlus loan which was sold to me by a FirstPlus employee on commision basis, but finding it hard to prove it.:mad:
Martinf

amersall

What year was this loan taken out, is it still running and did you get the cash back?.
Does the paperwork show a third party involvement?.

Martinf

Loan was taken out 18/9/02

Amout £26000
PPI £6367.40
Interest 0.944%
Months 180
Monthly payment £374.58
Also secured
Settled Loan 16/2/2004 costing us £32094.49

There exscuse is it was brokered by another company who have ceased trading, they have all ceased trading.
SO FirstPlus are smarter than all the major banks, i don't thik so!!!!!!!!!

Martinf

amersall

It is possible that you can go the Insure/underwriter route with this, contact FOS and ask.

http://www.financial-ombudsman.org.uk/contact/index.html
This may not work but you can ask.

Martinf

Have already contacted FOS regarding my claim a long time ago, when i stated that FirstPlus are saying it was brokered by another company he replied there's not a lot we can do, he sugested to get in contact with FSCS to see if they would pay, that was a no, they don't go back as far as 2002.
I felt so let down after going through these organisations who are there to help, i think the ministry of justice have failed some members of public when making the decissions regarding PPI repayments allowing firstplus to say they didn't broker the loan.
Our signitures are on a FirstPlus agreement they lent us the money and we paid monthly installments to them and settled with them.
Martinf

amersall

You are right here, the broker is not taking the PPI money from you the Insurer is, the regulators I am afraid are rubbish, this PPI was mis sold and you are left to pay the price.

Do you know who the Insurer was? it may not help but you could put the mis sell claim into them, after all they are taking your money for this PPI that is so unfair in terms of interest and the fact it only covers you for 5 years but the loan has to be repaid for years to come in some cases and with interest.

If the broker was not subscribed to the GISC code and the Insurer was then if you make the claim to them and they say no then the FOS may be able to help you.

They may not, but you have nothing to lose at this point do you?.
If you do put the claim in against the insurer then make it clear that the PPI is theirs and they have taken the full premium from you and with this being a Single premium PPI it was most definitely sold.

It baffles me why the Insurer can take a premium in full and then not be accountable for this, I know they did not sell you this PPI but they seem to get away with murder.

PPISUCKS_2

Contact First Plus and ask who the underwriter of the insurance is...more than likely Pinnacle or Genworth. Send the complaint to them and then once you receive a final response from them (they will reject it) send to the FOS and they will be able to look into the claim. It may take a while though, but just hang on in there.

They shouldn't just be able to get away with it just because it was sold pre 2005 and companies weren't registered! So frustrating!:mad:

magpiecottage

amersall wrote: »

If the broker was not subscribed to the GISC code and the Insurer was then if you make the claim to them and they say no then the FOS may be able to help you.

You are getting the hang of this aren't you amersall?

The point is that the GISC operated a closed shop. Insurers that subscribed could not accept business from intermediaries that did not. So if the insurer subscribed at the time but the intermediary did not then the insurer was in breach of the code.

Outside of that they do not have a liability because the intermediary is deemed to have been independent and acted for you in ensuring that you only purchased a product that was suitable for you.

Martinf

Hi
Have any of you checked out the web site FirstPlus Complaints Consumer Action, they seem positive that these are firstPlus policies.
I have just registered so i can have a look.

Martinf

Hi
Not much on that site.
Have been going through my doc's and trying to google former employees of FirstPlus, came accross a unique name who worked for the customer care team during 2004, have googled this name and found her E-Mail address, i have carefully worded an E-Mail to see if she did work there and if she can help, just need a source. The Sun had a source in article below
TIM HEMING
Sun Money
Published: 29 May 2009
a source who worked at the company at the time of the original sale, said: “It’s no surprise. When I worked there the incentives to sell payment protection insurance were huge in relation to basic salaries.
Its a shame the sun can't help the rest of us againts FirstPlus

amersall

You are getting the hang of this aren't you amersall?

But of course, I have a good teacher who happens to post on here and is a Financial Adviser you may have read their posts?