Firstplus PPI claim after receiving cashback

amersall

Agree with Taff, get the complaint in again asap.
Let us know what they say.

24759947

Am I better contacting them directly?and what about asking for the cash back option?

amersall

Forget the cash back, you have lost this, the full mis sell will be better for you as the whole PPI is taken off the loan, the monthly payment will reduce by the monthly PPI amount, you get all the premiums paid to date back and the 8%, this will save you thousands in interest over the remaining term.

Send this to FP

Having accepted an offer on .....for the mis sell of the PPI on my/our account, I have realised, due to recent media coverage of the mis sell of PPI that this was not a full refund and the loan reset to put me/us in the position that We/I would have been had We/I not taken the PPI, We/I am/are still paying the PPI on the loan with interest and no cover, We/I would like you to take another look at my account and redress accordingly or I will take this to the FOS for consideration.

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/I would receive the cash back 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.

4) We/I were not notified at the 5 year point regarding the cash back and so this was not taken.

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.

24759947

Super will do exactly this and will keep you posted.
Many thanks for your assistance

amersall

You are very welcome.

2013

Hi, I have just joined the forum and wondered if anyone can give any advice?

We took out a loan with First Plus in 2005 through loans.co.uk. (We received cashback for the ppi after 5 years.) We have had a letter from loans.co.uk upholding our mis-sold ppi complaint. so far so good!

I called them today to check they received our authorisation to approach FP about our loan details. I said that a few months after taking out the loan for 144 months our circumstances changed and we extended the term to 240 months. He said that in that case loans.co.uk are only responsible for the first few months as when we changed the term we effectively re-negotiated a new loan with ppi directly with FP so we should pursue a mis-sold claim from them. Does that sound odd to anybody?

We didnt cancel the old loan and take out a new one, we just changed the number of months, there was no mention of the ppi policy when we did that.

They've admitted they mis-sold but seem to be trying to get out of paying what we think we're due. They initially mis sold us the policy so I cant see why it matters if we changed the term, any comments anyone?

amersall

You need to get the paperwork when the loan was redone with FP to see if they put a new PPI on or kept the old PPI and transferred it, if there is PPI on the redone loan, you need to claim from FP if they did a new PPI for this loan, if they did not and they just kept the original PPI going, then you need to claim it all from Loans.co.uk.

Extending the months may have increased the PPI so it falls to FP for the extra months they put on.

mrsbunny1979

In my earlier post, I explained that we had had an offer from First Plus that I wasn't happy with. I spoke to FP again and was told that they had made an error in calculations and would be resending an offer to me. The new offer totally corrects the loan and is now set up as if we had never had the PPI. They have reduced our monthly payments by £115 per month (the amount the PPI cost us) and are refunding to PPI to us (minus the cashback we have already received).
This means that we will receive £1500 from them for the 8% interest they owe and they have reduced the monthly payments!!
Absolutely thrilled!!!
Anyone pursuing a claim with FP, check you have received the right calculations. I only found out on the off chance. I rang them to question the offer and was told it was wrong. Don't think they would have let me know if I hadn't rung them!! :T

Thanks to Amersall for your advice :beer:

amersall

mrsbunny1979 wrote: »

In my earlier post, I explained that we had had an offer from First Plus that I wasn't happy with. I spoke to FP again and was told that they had made an error in calculations and would be resending an offer to me. The new offer totally corrects the loan and is now set up as if we had never had the PPI. They have reduced our monthly payments by £115 per month (the amount the PPI cost us) and are refunding to PPI to us (minus the cashback we have already received).
This means that we will receive £1500 from them for the 8% interest they owe and they have reduced the monthly payments!!
Absolutely thrilled!!!
Anyone pursuing a claim with FP, check you have received the right calculations. I only found out on the off chance. I rang them to question the offer and was told it was wrong. Don't think they would have let me know if I hadn't rung them!! :T



Thanks to Amersall for your advice :beer:

:D You are very welcome, love a win with FP :D

Mikey_b_2

Good luck!. You will eventually win. But firstplus are really terrible,legally according to fos guidelines they should make an offer within 8weeks to settle a claim, it took me9months... And I had to register the claim 3 times,keep notes of dates times and people you spoke with, send recorded mail...even when I had a letter from firstplus there ppi claim team still denied I had ever registered, but keep all communication, finally on 5th march 2013 I played hardball with evidence I had I gave firstplus a last chance, and informed I would give them 28days to rectify otherwise I would involve the financial ombudsman, now on 11th march I have a settlement offer from them,I have agreed,I haven't yet the cheque but expect that will be easier. FYI I received cash back at 5years of 9000 grand,... You will only get back from firstplus what u ask for,remember you want loan to be as if you had never taken out ppi,u want interest at 8 percent per annum to be paid to u, I got a further 13000 grand and monthly reductions off my loan... Red Martin Lewis blog it's. good advice I actually used and modified his letter, overall I got 9000 grand cashback, although to date I had officially only paid 4500 back for ppi ur remember your paying interest on interest they actually gave u ppi as a loan... In short make sure you ask for ppi to be stopped,and lower monthly payments, you want loan to be shown as if u never took out loan and u want interest to be paid back to u at 8 percent , I also had arrears on main loan,but still won, firstplus ppi paid off my arrears of 3000grand as well, and still will send me a cheque for 1500... Stick with t and good luck......