FirstPlus PPI Reclaim - confused

Roedeer

Hello,

I am after some advice or help.

I took out a secured loan with FP through Central Capital in March 2006 for £28,000, with PPI on top of £6,857.20, with the dangling carrot of £5,000 cashback after 5 years. (£257.05 total payment per month) After around 12-13 months I re-mortgaged and made early settlement on the FP secured loan. I know the settlement figure, but did'nt receive a breakdown at the time, so have no idea what wen't towards the loan or PPI element.

I recently submitted a complaint for mis-sell on the PPI. Cental Capital have come back and partially up-held the complaint. Complaints on other matters were all dis-missed. Partial up-held is based on their investigation that I purchased a single premium policy which did not offer a pro rata rebate in the event of early cancellation. The letter carries on to state that they don't have access to the status of the loan account and will need to obtain the information (presumably from FP). It then advises that if the policy has been cancelled during the term and you have received a non-pro rata rebate, we will enhance the rebate you have already received to a pro rate rebate. We will then add 8% statutory interest on top of this amount calculated up until the date we will make our redress payment.

Little confused by it all. If anyone has a view on what I should be looking to get back that would be appreciated. My understanding is that they should put things back as if there had been no PPI, in the case of a PPI complaint being upheld, but I would welcome clarification as not sure this will be the case?

Thanks in advance

Roedeer

[Deleted User]

:mad:

hadtic wrote: »

For more info on ppi claims visit I want 30% of your redress.com as they will help you further and give "free" advice on the matter.

Spam.:mad:

Roedeer

Still confused!

amersall

This is a load of crap........

If they do a partial refund the whole PPI is still on the loan to term end with interest unless they can get FP to reset the loan, this may be very unlikely.

Did you get the cashback?.

Send this back to them.


We/i reject your reasons for not upholding My/Our claim for PPI mis sell for loan number (s) xxxxxx, We/I do not accept the partial refund as these policies were mis sold because of the reasons below and ask you to reconsider the offer or We/i will pass this to the FOS for a second opinion.

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.


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 trem 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 and would no longer have cover.

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 or that the PPI would still be on the loan to term end with interest.

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 Central Capital 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.

Roedeer

amersall wrote: »

This is a load of crap........

If they do a partial refund the whole PPI is still on the loan to term end with interest unless they can get FP to reset the loan, this may be very unlikely.

Did you get the cashback?.

Thankyou for the advice, to clarify, I may not have made it 100% clear in the initial post, I took the FP secured loan out on the house, but after 12-13 months re-mortgaged the lot with a different lender and basically settled early with FP, severing all ties / links with them. I know the settlement figure, though have no idea how much went to the loan or towards the PPI. Just not sure where I now stand, and what I should be looking at getting back, as I don't wan't to be fobbed off, which I get the feeling I am.

No cashback when we settled early, though in the telephone recordings this is made clear. What is nt made clear is that the PPI wouldve been on til term end.

src007

Roedeer wrote: »

Hello,

I am after some advice or help.

I recently submitted a complaint for mis-sell on the PPI. Cental Capital have come back and partially up-held the complaint. Complaints on other matters were all dis-missed. Partial up-held is based on their investigation that I purchased a single premium policy which did not offer a pro rata rebate in the event of early cancellation. The letter carries on to state that they don't have access to the status of the loan account and will need to obtain the information (presumably from FP). It then advises that if the policy has been cancelled during the term and you have received a non-pro rata rebate, we will enhance the rebate you have already received to a pro rate rebate. We will then add 8% statutory interest on top of this amount calculated up until the date we will make our redress payment.

Little confused by it all. If anyone has a view on what I should be looking to get back that would be appreciated. My understanding is that they should put things back as if there had been no PPI, in the case of a PPI complaint being upheld, but I would welcome clarification as not sure this will be the case?

Thanks in advance

Roedeer

This is certainly a low offer. But not only this, the scumbags at Central Capital are deliberately trying to trick you out of the redress that you're due.

Offers of ''enhanced rebates'' are as bad as the inital mis-selling because there's no way that the consumer is going to understand their contrived 'financial speak' - This is because it was invented as a con-trick.

Complaints about the sale of FirstPlus policies almost always get upheld at the FOS because the practice is indefensible. I would consider whether you wish to accept very carefully. If you continue to the FOS you would face a very, very long wait. This is because Central Capital appeal most decisions against them (and they lose the vast majority of them!) leading to a 2-3 year wait for an outcome.

The fact that you settled the loan early suggest you had a need for a flexible policy (FirstPlus PPI isn't right for this purpose) and that's a strong point in your favour.

if successful you would get back all the PPI payments you made withI 8% interest on top. 8% interest in this day and age isn't too bad!

amersall

Roedeer wrote: »

Thankyou for the advice, to clarify, I may not have made it 100% clear in the initial post, I took the FP secured loan out on the house, but after 12-13 months re-mortgaged the lot with a different lender and basically settled early with FP, severing all ties / links with them. I know the settlement figure, though have no idea how much went to the loan or towards the PPI. Just not sure where I now stand, and what I should be looking at getting back, as I don't wan't to be fobbed off, which I get the feeling I am.

No cashback when we settled early, though in the telephone recordings this is made clear. What is nt made clear is that the PPI wouldve been on til term end.

You need to claim mis sell from whoever sold you the original FP loan, I presume this is CT?, even though the loan is settled you need all the PPI redressed to the settlement date and not just a "partial upheld" of the PPI.

Send them the letter and reject the paltry offer, you need full redress as you paid most of the whole PPI amount back in the settlement figure, see what they come back with and do not accept anything other than full redress.

The rebate they gave you of the PPI when you settled the loan ( this will not have been much) would have left the remaining PPI on the loan that you paid back with the settlement figure, you need the full redress back less the rebate when you settled this loan.

My understanding is that they should put things back as if there had been no PPI, in the case of a PPI complaint being upheld,

This is correct but you have not won mis sell they are making you a small offer in the hopes you accept this and let them get away with this, you need full mis sell upheld, get back to them.

Roedeer

Thankyou for the advice. Yes loan was brokered or sold by Central Capital, now under Central Trust. Loan provider was Firstplus. I now have a better understanding and grasp on the situation. Letter has already been sent. Will post / follow up with the outcomes.

amersall

Fingers crossed.

nutty_nat

Hi
Sorry I have just seen your post , I was in the same boat as you 12 months ago. Central Trust offered me a partial offer last year. I guess this is what they try and get away with!!!!!!!!!!!
I had to take my case to the FOS and the adjudicator three weeks ago upheld my case I had £10,000 of ppi with them, Central Trust then agreed with the FOS that my case should be upheld for the full amount. Three weeks later I am still waiting for Central Trust to contact me, I don't think they will rush :eek:. I have to allow them eight weeks, and I am counting the days.

Good luck and if you get no joy with them take your case to the FOS.

amersall

I wonder how many people have accepted these partial offers? there must be thousands who do not know that they are being hoodwinked by these companies, it was the same with the goodwill gestures for this extortionate PPI, in both cases the PPI total is still on the loan to term end with interest, it makes my blood boil to think of all the money that has not been returned to consumers because they are using "get out" reasons and even then they are not telling customers that the PPI is still on the loan.