First Plus - Capital One

essvana

Hello,

We had a loan with First Plus going back about 8 years ago which we paid off. We have now been told to claim back PPI it must go though Capital One? has anyone successfully got their money back in this situation? be great to know if anyone has had their money back from First Plus even if it was though a broker.

amersall

Send the claim to Cap one, use this

We/I were mis sold the PPI on the above loan account number and
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

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.

This is a win, let me know what response you get.

dazza12

I'm sure that First Plus were run by Central Capital.

Don't send it to Capital One, they're nothing to do with First Plus.

amersall

Capital one did sell loans for FP, I have helped a few people regarding these loans, think the op needs to get clarification from FP as you could be right re Central Capital.

essvana

Thank you Amersall will let you know how we get on.

essvana

Amersall can I just ask, how much did the people get back on average from First Plus / Capital One? the reason I ask is they nearly ruined us with their interest rates, & we ended up selling our house so we could pay them off.

amersall

As the loan is cleared you will get all the PPI amount and the interest associated with this plus the 8%, a nice little windfall?, most people with these loans are trapped due to the unfair interest rates, they raise them on a whim,because it is prudent for their business, the Libor has gone up and sometimes just because they can, the way the interest rate is worded on the agreement gives them carte blanche to do as they please.

Is this Cap One or Central Capital as dazza said?.

amersall

If it is Central Capital, they have ceased trading, you will need to make a claim to the FSCS, they will compensate for the PPI.
http://www.fscs.org.uk/contact-us/

essvana

Thanks guys I really appreciate your replies, it was though Capital One, I have had a email from them today to say they are sending a final response to me on Friday, do you know if this means an offer?

essvana

Sorry Amersall I seem to be using you as my financial advisor!! can I just ask you another question? my husband had a store card with G E Capital but I cant seem to find out if they are still trading under that name it was paid off Feb 03, do you know how I would go about claiming the PPI on this one? Thank you so much

amersall

essvana wrote: »

Thanks guys I really appreciate your replies, it was though Capital One, I have had a email from them today to say they are sending a final response to me on Friday, do you know if this means an offer?

It should be, if not, post up their response and we will take it from there.