Help Needed with FirstPlus via Bespoke

melwright

I've been looking through a variety of peoples previous posts and dug out all of my paperwork, after initially contacting FP about the PPI - they have batted it back to Bespoke Finance (I have nothing from Bespoke - no forms, correspondence etc) - however FP sent me a copy of the original form which has Freedom Finance/Karacus on it (hadn't noticed that until today).
To give you some background (apologies for boring info now, but I know this may save some questions in the long run).
So, we took out loan with FP in 2004 for £61600, with the PPI being 15085. We then moved in 2006 and had a new agreement with FP (directly - I called them & still have a copy of the change form faxed from there office which records their number etc) drawn up, this time for £54000 with the PPI being £13224.
Now, I do know that we took the 5 year payment in 2009.
I also know that the PPI was sold to us as a 'savings plan' - don't laugh.
So what I need help with is:
a) who should I be contacting/do I have any case
b) have I been fleeced twice with the PPI?
c) as the 2nd agreement was in 2006 - does that help with regulations - should I just go after that with FP directly?
d) anything else I've missed

We're a whisker away from clearing all the unsecured debts, which will leave 'just' this one and anything I can throw at this to help reduce it will be brilliant.

Thanks in advance for your help & non-judgement
PS - the money we got back, we used to pay off some of our other debts thinking we were doing a good thing - the irony!

amersall

Sadly the Freedom Finance one is a no go due to the year, unless you repaid the first loan with the second, did you?.

Re the second loan, go straight to FP and send 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
this would still be on the loan to term end with interest and We/I 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.


If you repaid the first loan with the second,ask for the remaining PPI after the rebate from the first loan to be given back to you, as you will have repaid PPI from the first loan with the new one.

As you had the cash back, they may give you 2 options, take the option that gets the whole PPI taken from the loan, this reduces the loan balance and the monthly payment by the PPI monthly amount.
If they only offer money, it is in your best interests to repay this off the loan, this will save you thousands over the remaining term in interest.

melwright

Thanks amersall.
We 'only' have the one loan with them, so the second will have paid the first off as it was only because we moved house. However, our reference number has remained the same throughout - will this make a difference?
I'll go to FP anyway and see what they say. If we are lucky to be offered anything, yes I will definately take it off what's owed.
I'm sure I'll be back asking more questions!
Thanks again.

amersall

Glad to help.
Try, regarding the PPI for the 1st loan, you never know.
Ask them about this as it was their loan sold through a broker, bet you repaid a hefty wack back to them for the 1st loan settlement including the remaining PPI? win win for FP AGAIN.
You may not get anywhere with this but you at least you will have tried.