PPI Reclaiming discussion Part II

m.colak

marshallka wrote: »

Too late. Firstplus have just telephoned me about the rule of 78 and have told me that "it was totally a fair way of settling the loan." She never let me speak and everytime i argued the fact that we were not made aware of the rule of 78 at the time of the loan and did not know how this was applied she shut me up with "let me finish". She has told me to tell the FOS about this (knowing that i have not got a leg to stand on). I feel worse upset now than this morning. I have never spoken to anyone so rude and unhelpful in my life. She is sending me a letter to say that that is their final response and that the ppi claim is to do with Bespoke Finance now. What do i do now. I have spoken to FSA yesterday and they say to go about things the county court route if i feel that their settlement was wrong. I feel now at a loss and all the work i have put into this has been for nothing. I WANT something done. They should not be allowed to get away with this and the law should let you do something.

Don't dwell on the telephone call now lets just start looking at this from another angle. If you don't mind posting the details again i will try and help you where i can. Remember just because they are unwilling to assist doesn't mean that you have lost or you can't reclaim.:D

marshallka

m.colak wrote: »

Don't dwell on the telephone call now lets just start looking at this from another angle. If you don't mind posting the details again i will try and help you where i can. Remember just because they are unwilling to assist doesn't mean that you have lost or you can't reclaim.:D

Thanks for this

Took out a loan with Firstplus in Jan 2000 for £17,000
PPI single premium (missold) was added for £4163.00
Settled early in April 2003 and paid back £20,500 (about)

I sent my letter of complaint to Firstplus about the ppi and the settlement figure using the rule of 78

They replied with the thing that we used a broker called Freedom Finance. I was then told if i wanted to complain about the misselling then i needed to get in touch with Bespoke Finance based in Gibraltar. I replied i had not had dealings with Bespoke and she said i had through Freedom.

Then i have been told the rule of 78 complaint was a fair way of settling the loan and i replied it had now been abolished and was not fair. She said at the time that i took the loan out the rule of 78 was in the terms. She also said that they would not look at the ppi complaint as they did not sell this to me and that they had passed my details and complaint onto Bespoke and they would write to me today to tell me this in writing.

petermb_2

marshallka wrote: »

Thanks for this

Took out a loan with Firstplus in Jan 2000 for £17,000
PPI single premium (missold) was added for £4163.00
Settled early in April 2003 and paid back £20,500 (about)

I sent my letter of complaint to Firstplus about the ppi and the settlement figure using the rule of 78

They replied with the thing that we used a broker called Freedom Finance. I was then told if i wanted to complain about the misselling then i needed to get in touch with Bespoke Finance based in Gibraltar. I replied i had not had dealings with Bespoke and she said i had through Freedom.

Then i have been told the rule of 78 complaint was a fair way of settling the loan and i replied it had now been abolished and was not fair. She said at the time that i took the loan out the rule of 78 was in the terms. She also said that they would not look at the ppi complaint as they did not sell this to me and that they had passed my details and complaint onto Bespoke and they would write to me today to tell me this in writing.

The rule of 78 issue is in their terms and conditions and you will not be able to challenge this. however, the ppi is another issue altogether and you will certainly find success with this route. Do not seek to cliam for mis-selling as this is a hit and mis affair. There are issues surrounding ppi that are surefire and you wont miss. You will be able to challenge the loan itself with this issue.

m.colak

marshallka wrote: »

Thanks for this

Took out a loan with Firstplus in Jan 2000 for £17,000
PPI single premium (missold) was added for £4163.00
Settled early in April 2003 and paid back £20,500 (about)

I sent my letter of complaint to Firstplus about the ppi and the settlement figure using the rule of 78

They replied with the thing that we used a broker called Freedom Finance. I was then told if i wanted to complain about the misselling then i needed to get in touch with Bespoke Finance based in Gibraltar. I replied i had not had dealings with Bespoke and she said i had through Freedom.

Then i have been told the rule of 78 complaint was a fair way of settling the loan and i replied it had now been abolished and was not fair. She said at the time that i took the loan out the rule of 78 was in the terms. She also said that they would not look at the ppi complaint as they did not sell this to me and that they had passed my details and complaint onto Bespoke and they would write to me today to tell me this in writing.

Hi have just found something for you:

http://www.oft.gov.uk/shared_oft/reports/consumer_credit/oft192v2.pdf

what you are looking at in paragraph 57 on page 18 and then remember that this was actually published 1997

http://www.fisa.co.uk/downloads/CCA%201974.pdf

paragraphs 94 & 95

If First Plus claim not to be part of the FOS for regulatory purpose ask whom they were regulated by. If they weren't regulated then the top link is your cooky otherwise we'll have to look further.

niemowle

thanks to m.colak
on Tuesday i posted a long thread, a letter to Barclays, saying basicly that i do not agree with them, i just want to say thank you to you m.colak, for taking your time and reading it, i sent it to Barclays on Wednesday. I am pretty much sure they will say no, but hey i don't really care at this point as i have decided that i will take it to FO ANYWAY, IT WAS A GREAT FEELING TO TELL THEM HOW I SEE THINGS, i will not let them get away with it even if i lose it in the end, i still believe thay have mis-sold me The PPI, ANYWAY THANKS FOR ALL YOUR ADVICE

marshallka

m.colak wrote: »

Hi have just found something for you:

http://www.oft.gov.uk/shared_oft/reports/consumer_credit/oft192v2.pdf

what you are looking at in paragraph 57 on page 18 and then remember that this was actually published 1997

http://www.fisa.co.uk/downloads/CCA%201974.pdf

paragraphs 94 & 95

If First Plus claim not to be part of the FOS for regulatory purpose ask whom they were regulated by. If they weren't regulated then the top link is your cooky otherwise we'll have to look further.

From what i can tell from the FSA firstplus only became regulated in 2005 and before that they were not. They came under the comsumer credit act 1974. What should i be looking at now. ALso what is this saying. I can't quite understand.

m.colak

marshallka wrote: »

From what i can tell from the FSA firstplus only became regulated in 2005 and before that they were not. They came under the comsumer credit act 1974. What should i be looking at now. ALso what is this saying. I can't quite understand.

Basically it saying that the OFT told all unregulated lenders to stop using the rule 78 in 1997 and therefore this is what you should quote in your next letter.

marshallka

m.colak wrote: »

Basically it saying that the OFT told all unregulated lenders to stop using the rule 78 in 1997 and therefore this is what you should quote in your next letter.

Do i ask for my SAR from Firstplus or the broker who was freedom finance for this. I have not actually requested it yet. I will write again saying the above too. thanks again

m.colak

marshallka wrote: »

Do i ask for my SAR from Firstplus or the broker who was freedom finance for this. I have not actually requested it yet. I will write again saying the above too. thanks again

The SAR comes from Firstplus

Laini

doingmybest wrote: »

Hi guys sorry in advance for the length of this but I'm looking for some advice as to how to proceed. I took out a loan with egg in 2003 for £15000 to which they added £1203 PPI. The loan was supposed to run for 6 years. two years later I took out a consolidation loan with them, which should have been for £30K but they had to divide it into two loans as it would have taken me over what I could borrow and what they as responsible lenders should be lending me, ESPECIALLY AS THEY WERE GOING TO ADD PPI TO IT. So two loans of £17564 which included of course £2850 PPI on each loan. So they sold me two lots of PPI running concurrently, I have no idea how that would have worked if it hadn't been misold to me. I consolidated the loans 2 years later with a Barclays loan. I complained to them telling them that I was misold on all 3 policies and that I never received a fair rebate when the loans were consolidated. I also told them that I felt pressured into taking out the PPI. They have now written back and told me to go away and have given me a list of their findings:

• They can't find any of the telephone calls (so how can they be sure it wasn't missold)
• in April 2003 they were only req'd to give customers basic info around PPI because they would be sending the full info in the post to be read before the decision to take on the loan was made by me signing and returning the forms.
• In 2005 they say that I would have ghad a full discussion re: my financies for the loan application to be considered. also discussed what policies were in place through work and privately should I need to make a claim.
• I would have recieved a pack of documents
• A cover letter which i should have read carefully which would have included policy documents and I could have called back if I wasn't sure.
• I signed and returned the loanagreement which indicated that I agreed with everything.
• 30 day cooling of period.

With that they don't accept my complaint. I feel that i have a strong case that all three PPI's were misold as I didn't need them and also when all the loans were settled early I didn't receive a fair rebate. Also as they were misold in my opinion, should they now take of the PPI, and recalculate what I did pay of the loans and refund me, because due to the PPI being attached I might have paid way over the odds. I know that I have to do the second letter, but does anyone have any ideas as to how to argue the points that they raised. Thanks in advance.

I would send a SAR just to see what the account/loans say so you have all the figures and any other relevant information.
I will pm you with a letter

Laini xx:j