FirstPLUS

kazmoz

Hi all,

I too have a loan with first plus that we took out in 2007 we still have another year to go.

Honestly I do not know if the loan had ppi applied as we cannot find the paperwork however do have the account number. So earlier this week I called them and asked if the loan had had ppi applied to which I was told no, should I believe them or send them a letter to request the credit agreement that was arranged by freedom finance?

Should I accept what they told me?

Thank you very much

amersall

kazmoz wrote: »

Hi all,

I too have a loan with first plus that we took out in 2007 we still have another year to go.

Honestly I do not know if the loan had ppi applied as we cannot find the paperwork however do have the account number. So earlier this week I called them and asked if the loan had had ppi applied to which I was told no, should I believe them or send them a letter to request the credit agreement that was arranged by freedom finance?

Should I accept what they told me?

Thank you very much

Ask them for a copy of the agreement, it is possible for the short term you had this there is no or very little PPI, make sure though.

bingus71

I have a loan with FP, originally I was sold the loan to pay off some windows, they never mentioned it was a secured loan, they also never informed me I didnt have to take the PPI. the last bit was that they said the loan could be repaid in 3 years, I found out down the line that it was actually a 10 year loan. do i have a case for the loan being mis-sold and the PPI? or would it be better to just claim for PPI?

amersall

bingus71 wrote: »

I have a loan with FP, originally I was sold the loan to pay off some windows, they never mentioned it was a secured loan, they also never informed me I didnt have to take the PPI. the last bit was that they said the loan could be repaid in 3 years, I found out down the line that it was actually a 10 year loan. do i have a case for the loan being mis-sold and the PPI? or would it be better to just claim for PPI?

You make the claim with the company that sold you the windows, the PPI was Single Premium and mis sold but you will not get far with the loan mis sell unless it was unsecured and they have it down as secured and you did not sign the order for them to do the charge on the property.

Depending on the terms of your PPI, send the letter I posted on page one to the window company, edit the cash back if you were not entitled to this.

As this was a secured loan they will have a charge on your property, make sure that you did not sign the documents for them to do this, gather info for this loan, contact FP and make sure that you did not sign for secured,(ask for all paperwork, unless you have this) if you did not then make a complaint to them about this and tell them you will go to the FOS if they don't sort this.

gmiddle

alfie2012 wrote: »

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

Can you please PM me a copy of the wording as this is also relevant to me.

Thanks

amersall

Hi, send this, if it was broker and not FP then change the name of the company, if you did not have cashback offer with the loan then take that out as well..

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 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 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 had the PPI not been added.

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.

Woodpeckers_2

Hi Guys

I am a little confused regarding dates and claiming back missold PPI. I have read on here that there is no limit to claiming this back. However I have also read that regulation only began in 2005. Does this mean I can or can't attempt to claim back missold PPI before this date.

We had a £32k Loan with almost £8k PPI added taken out in Dec 1999. We received the premiums back in 2004 and settled the loan in July 2005. I was missold this mainly due to the fact I was fully covered through work and was actually told i should treat the PPI as a savings plan!!! There was no mention of this being a loan and that i would have to pay interest on this. Thanks to the excellent advice on here I have filled out and sent off the forms and have received a confirmation letter saying they will get back to me by Dec 21st.

I am just confused as this falls before 2005 but elsewhere on here I have read there is no time limits on claiming back PPI.

Thanks so much for any insight anyone can provide.

Kind Regards

MXdude

MXdude wrote: »

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 Amersall

Hi there!

Just thought I would give an update after sometime backwards and forwards to the FOS and got a letter to say The FOS has decided that they can investigate my claim and a adjudicator is looking into my complaint.

I hope this is good news as this came through 20 Aug 2013 and still not heard anything more do you need to keep chasing or just sit tight?

Cheers

-taff

Don't hold your breath. A normal complaint can take up to 18 months. With yours, they will be trying to find a link between the insurer and the seller [there is no guarantee they will be able to do this] which could take time.

MXdude

Crumbs as I have had this complaint going since March 2012 with Loan Link...
Just hope I get something out of this whole painstaking issue with First Plus.