FirstPLUS

alfie2012

me and my Oh had a loan with firstplus back in 2000. I rang first plus as i have read on here that the ppi on their loans was front loaded. First plus have sent a letter back saying this loan and insurance was sold to us by loans.co.uk. FP gave contact number i have contacted Loans.co who asked me to email my complaint. We settled the loan early in 2002. The loan amount was £12000 and the ppi £2938. FP have told me that loans.co now belongs to Bank of America. My reasons for mis sell is 1,we were not made aware that ppi is optional it was just part of the loan and 2, i now know the ppi was front loaded.

What do you think our chances are of a success a FP say that the product was sold through a broker, and does it make a difference because we settled early?

nutty_nat

alfie2012 wrote: »

me and my Oh had a loan with firstplus back in 2000. I rang first plus as i have read on here that the ppi on their loans was front loaded. First plus have sent a letter back saying this loan and insurance was sold to us by loans.co.uk. FP gave contact number i have contacted Loans.co who asked me to email my complaint. We settled the loan early in 2002. The loan amount was £12000 and the ppi £2938. FP have told me that loans.co now belongs to Bank of America. My reasons for mis sell is 1,we were not made aware that ppi is optional it was just part of the loan and 2, i now know the ppi was front loaded.

What do you think our chances are of a success a FP say that the product was sold through a broker, and does it make a difference because we settled early?

Morning
We had a loan which was brokered through Central Trust plc with Firstplus, we have just won the this ppi back with the FOS, so don't give up hope. We settled our loan early. Another reason I would add to your missale points are that you were not made aware that you would be paying for the ppi for the loan term with interest added. Amersall will hopefully be on later she is a Firstplus expert.

Ian_Arm

Hi Alfie,

Here is my story. I took out a loan with Firstplus back in May 2005 for 43K. I had the PPI and the total premium was 11K. I kept up all payments and in May 2010 received all of my PPI back.

In Feb of this year I sold my house and settled the loan in full. It was such a relief not having the Firstplus millstone around my neck.

I kept getting calls from PPI claim companies (as I am sure everone else does) and always hung up on them but one time I decided to see if such a company could help. After explaining the circumstances I was told that I could not make a claim and the PPI claim company could offer no help as I had received all of my premiums back.

Anyhoo I had some time on my hands so decided just for the sake of it to write to Firstpus with a complaint. I downloaded the claim form from this site (make a copy before sending). Filled it in as best as I could stating that I did not want or need PPI when it was sold to me, explained that I was told at the time of application that this was and I quote "a fully protected" loan which is not the case as it only lasts for 5 years. complained that the PPI premium was front loaded onto the loan amount so that interest was also charged on the PPI and whenever the rates went up it made the monthly repayment higher because of the PPI.

So I waited for a response and it came within 2 weeks. Firstplus stated that there was no grounds for a claim, there was nothing that they could do and this was their final and full response (typical Firstplus).

Now here is a tip: Make a copy of your original claim form and copy the response from Firstplus. Send these with a very brief covering letter to the Ombudsman. Mine simply read please see my claim and totally unsatisfactory response from Firstplus. I would be very grateful if you could investigate this and let me know any outcomes.

3 weeks later I received a letter from Firstplus stating that they were willing to send me a cheque for £7,892 Great British Pounds. I sent off the acceptance last week and am now waiting for my cheque. Basically it is because of the interest that is charged on the PPI.

So in conclusion: Even if you received your PPI premiums back and you have completely settled the loan Firstplus still owes you money. Do not be put off by their first response but go to the Ombudsman.

So for the cost of 2 first class stamps I now have nearly 8 grand.

Yours

Ian A

Ian_Arm

Forgot to mention that my loan was sold through a broker and this is what FP stated in their first response to my complaint. Just ignore this, it is a tactic used by FP to make you think that you have to go chasing another company. This is not the case. FP is responsible.

Good luck

Ian A

If you want the wording or form that I used PM me. This goes for anyone reading this thread

alfie2012

hi Ian Arm,
Thank you for your reply (really appreciate it)can you please post the wording you used re your FPlus. or the form, i can start this process even though i have emailed the broker as FP suggested. thank you again.

Ian_Arm

alfie2012 wrote: »

hi Ian Arm,
Thank you for your reply (really appreciate it)can you please post the wording you used re your FPlus. or the form, i can start this process even though i have emailed the broker as FP suggested. thank you again.

Hi Alfie,

I have sent you a PM with the wording that I used.

Best of luck.

amersall

alfie2012 wrote: »

hi Ian Arm,
Thank you for your reply (really appreciate it)can you please post the wording you used re your FPlus. or the form, i can start this process even though i have emailed the broker as FP suggested. thank you again.

Your loan is out of FOS jurisdiction due to the year as it was before they were regulated, they were regulated from 14th Jan 05, you have to take this to FOS and ask if you can go the insurer route, you will waste time with FP due to the year, the insurer is your only route.

amersall

Ian_Arm wrote: »

Forgot to mention that my loan was sold through a broker and this is what FP stated in their first response to my complaint. Just ignore this, it is a tactic used by FP to make you think that you have to go chasing another company. This is not the case. FP is responsible.

Good luck

Ian A

If you want the wording or form that I used PM me. This goes for anyone reading this thread

Would you post this wording on the site so that other members may have the use of it? any help that gets people what they are owed is a great benefit, people may not post on this site for a while and will not see this post of yours about the PM whereby if it is on the forum we can go back to it and bring it to the front of the thread.
Thanks.

alfie2012

amersall wrote: »

Would you post this wording on the site so that other members may have the use of it? any help that gets people what they are owed is a great benefit, people may not post on this site for a while and will not see this post of yours about the PM whereby if it is on the forum we can go back to it and bring it to the front of the thread.
Thanks.

Hi amersall, I have just Pmd you the wording. I have took your advised and pt my ppi re FP to loans.co.uk. :T

needhelpplz

Hi Alfie 2012
is it possible you can tell me the email address that you used to email loans.co.uk

alfie2012

needhelpplz wrote: »

Hi Alfie 2012
is it possible you can tell me the email address that you used to email loans.co.uk

Hi needhelpplz,
The email address for Loans.co.uk is: loans.co.uk_customercorrespondence@bankofamerica.com their phone number is : 01244576251 and fax number 01244673085.

Good luck.