We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
FirstPLUS
Comments
-
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.
Hi amersall,
I am new to this site as found it when searching for complaints with Firstplus. I took out a loan with Firstplus and also took the PPI in the first 5 years a number of times I called firstplus to ask for a settlement figure but each time they said I would lose my cashback of 15K. When the five years was up was horrified to only get £12000 as fees and admin etc.. anyway reason I cam on here is just read you say we cant claim as it was taken out before Jan 05 is this correct as I tried to claim baack as has been rejected or Fobbed off to LoanLink who also wrote back saying sale of this loan was prior to current Financial Services Ombudsman Services, as the complaint does not fall under thier jurisdiction. Does this mean I can't claim???:( ..Thanks in advance for any info.0 -
Give the FOS a ring and ask what you can do, the insurer may have been a member of GISC and if they were the FOS may be able to help you.
You will need to find out first from loanlink, who the insurer was.
http://www.financial-ombudsman.org.uk/contact/index.html0 -
In thier letter back to me they have stated they were a member of the (GISC) at the time. Is this good news??0
-
It is, find out who the insurer was and send the complaint in, let me know what they say, send this.
We/I would like proof to the contrary of my/our reasons for mis sell of the above PPI .
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 they are paid 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.0 -
Thanks for your help on this...
Just a quick update I have emailed the FOS and have had an email back to say they have recieved this email and have allocated it a ref number and logged my complaint on thier system and should hear from them shortly..
The reason I went the email route as I am hearing impaired.
Will keep you posted when I hear anything more.
Thanks Amersall0 -
You are very welcome xx fingers crossed.0
-
I took out a loan in 1998 with FirstPlus through Ocean Finance with PPI cashback, we did everything to the letter with regards to claiming our premiums back after 5 years but received nothing, seem to recall the company at the address to which we were instructed to send correspondence no longer existed, consequently received nothing back and basically put it down to experience. The problem I have is that Ocean tell me that it wasn't the all new squeaky clean "Ocean Finance" that sold me this and that I have to write to Paul Newey at some PO Box or take the matter up with FirstPlus as it isn't technically a mis sold PPI policy, simply that FirstPlus failed to pay the cashback, problem is I guess it falls into two categories, one mis sold PPI and then not receiving the cashback, at the moment they are just playing one off against the other and I am getting nowhere. Anyone have any experience of this that coils point me in the right direction0
-
Give the FOS a call and ask them, you should have had the cash back at the 5 years and it is FP that gives you this, the mis sell is hard due to the year, again, ask FOS, they will guide you.
You need the cash back so don't let this drop.0 -
Hi Ian,
I am amazed at the information available both on this siteand firstpluscomplaints.co.uk regarding reclaiming PPI
I need some advice regarding a claim for mis-selling PPIthat has been rejected by the FOS. The loan including a single premium PPI wasoriginally made with First Plus in 2002 following a tv advert for First Plus.The sale was made at our home by a representative from First Plus and the loanagreement signed the same day in his presence. We were therefore under theimpression that we were dealing with First Plus. Our loan agreement and allother correspondence is from First Plus. The loan was settled after only 19months.
However, following a letter from First Plus stating “I notefrom our records that the loan and PPI were actually sold to you byLoans.co.uk” I proceeded to pursue this with Loans.co.ukonly to end up with the standard letter stating that they could find noindication that I was pressured by Loans.co.uk into taking out the PPI. At thispoint I took it up with the FOS against Loans.co.uk which after 4 years theyhave made a Final Decision and rejected my claim.
Having read your thread
07-06-2012, 9:29 AM
MoneySaving NewbieJoin Date: Jun 2012
Posts: 4
Thanked 4 Times in 2 PostsForgot 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 luckIan AIf you want the wording or form that I used PM me. This goes for anyone reading this thread
Could you forward me a copy of this so I can pursue thematter further.
O far it looks as though I have wasted 4 years following misleadinginformation from First Plus – Is there any further action you could recommendme taking - Should I start again with First Plus, do I need to send them an SARrequest before I proceed to take it back to the FOS as a claim against FirstPlus?
At the time of making the complaint I hadn.t even heard ofSAR’s.
As the PPI value is in the region of £8000 I do not want togive up easily with this and I now certainly will push for the 8% interest.
Any help or advice will me most welcome .0 -
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
Hi, I have had exactly the same problem and response. Can you please PM me a copy of the form that you sent.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.1K Work, Benefits & Business
- 600.7K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards