PPI Reclaiming discussion Part II

Tron_ess

TheClarks wrote: »

Hi Everyone,

I hope you can help...... my wife and I found out today that we maybe able to re-claim our PPI back from First Plus as we have an existing loan from them that we took out about 2 years ago.

The total borrowed was £50k but checking the paperwork today it would seem that the £12.5k PPI premium was added to this total too :eek:

Now we have read through the claim section and downloaded part 1 of the claim process/letter and created our points for a claim but we are unsure if we should add all three of the following or just the first 2 (hope that makes sense:rolleyes: ).

· This is due to the fact that I was not given the correct information when the policy was sold to me, as

• Your salesperson did not tell me that the policy was optional
• Your salesperson did not give me full information on what the policy would and would not cover for example that the loan only covers the first five years of my loan term.
• Your saleperson did not explain that the premium would be added to our loan.

what are your thoughts?

All help appreciated

Michael and Deb

To save some time - i'd just confirm it was FP that actually sold you the loan. If you went through a broker, and they sold the loan and insurance then you'll just be wasting time waiting for FP to send you a response bascially stating you need to complaint to the Broker who sold the policy.

Tron_ess

busbyh wrote: »

I agree, re word it to suit your situation.
On my original document it only stated the amount of the PPI- Total of PPI £8732 inc £209.58 IPT-no mention of the amount it could cost ,yet on a copy I requested from Picture it stated The single premium payable is £9980 including premium tax (IPT) of £239.52,then goes on to say it could potentially cost £16,155 over the period of the loan. I requested a copy of my original document as I had mis laid it. Fortunately for me, I came across the original and scrutinised the two. I am just keeping fingers crossed we have them on this part alone. There are other areas e.g It was an advised policy, it states on my copy 'We recommend you purchase the PPI.' Also pre-existing medical conditions, were not asked about.

busby
Strikes me there may have been some tinkering! Has the copy from Picture got your signature on it?

On a seperate note - a lot is made of this pre-exsiting medical conidition. Please bare in mind that for most PPI policies this is merely an exclusion and not something that effects your eligbility for the PPI itself (as you could still claim for other conditions etc...) The important thing is whether they clearly advised you of this exclusion. Many firms wont bother asking specificly whether you have pre-existing, cause even if you do, they just advise that wont be covered but anything else would be. Trust this makes sense.

busbyh

di3004 wrote: »

Cool, because the FSCS have already confirmed they have gone into default.

Will keep it all crossed.

I am still waiting to hear if the loan company Eloan have been confirmed into default yet by the FSCS, although they have been good enough so far keeping me dated by email.;)

Application form went into the FSCS a few weeks ago, but I know its only been the last few months that they have liquidized.

Good luck hun !
Di.
x

Thanks for the support

Tron_ess

marshallka wrote: »

What is your opinion on this thing of unenforcable agreements???

I Don't mind paying money back i have wanted/needed and that bit does not bother me (except using rule 78 in settlement does:mad: ) but do not like the fact that at time when i was in debt i was induced to more debt that was needless and probably worthless to me and also more than most likely sold to me purely for the profits of the banks etc and certainly not in utmost good faith.

Marshallka

Different issues to consider. Their ability to enforce normally has little to do with whether they sold you a loan you actually needed. If they are FSA Regulated for lending - then always can try recourse in that they should have Responsible Lending processes is place - but very difficult to prove either way. If not FSA regulated for lending, then more difficlut as OFT have only recently jumped on the Responsible Lending bandwagon! (They are in process of consultation to decide scope for a full responsible lending review). The problem is that their penalty is more likely to be threat of revoking CCA license. Unfortuntetly where the loan is concerned is certainly still the case a caveat emptour - buyer beware - so-to-speak.

The enforecability or otherwise comes more from the fact that they excute the agreement in the correct manner.

Tron_ess

marshallka wrote: »

I wonder why they have connections with GIB. VAT/TAX comes to mind here.:D

Oh ye ... and as you indicated before ... diffcilut to get enforcement against their liabilities because of jurisdictional issues! :mad:

marshallka

Tron_ess wrote: »

Marshallka

Different issues to consider. Their ability to enforce normally has little to do with whether they sold you a loan you actually needed. If they are FSA Regulated for lending - then always can try recourse in that they should have Responsible Lending processes is place - but very difficult to prove either way. If not FSA regulated for lending, then more difficlut as OFT have only recently jumped on the Responsible Lending bandwagon! (They are in process of consultation to decide scope for a full responsible lending review). The problem is that their penalty is more likely to be threat of revoking CCA license. Unfortuntetly where the loan is concerned is certainly still the case a caveat emptour - buyer beware - so-to-speak.

The enforecability or otherwise comes more from the fact that they excute the agreement in the correct manner.

Meaning correct prescribed terms I guess???

Tron_ess

tiggrae wrote: »

What you need to add on is that as this was just added to the loan without your knowledge or request you were never offered a cheaper monthly alternative - and is therefore contary to the FSA's COB 4.3.6 (now ICOB 5.3.2)

Agree with all - but please bare in mind that the ICOBS 5.3.2 thing re cheaper alternative will only normally matter if the firm in question sells or advises on alternative products.
I may be wrong but pretty sure FP only sell the one PPI product.

marshallka

Tron_ess wrote: »

Oh ye ... and as you indicated before ... diffcilut to get enforcement against their liabilities because of jurisdictional issues! :mad:

So they get away with it then - and money earned over here really is then sent over there and all tax and vat free. Who allows this??? Who gives these their licences??

Why are directors of one company allowed to dissolve the company and then walk away from their liabilities and then open a new fresh company and still be directors and get away with it??

marshallka

Tron_ess wrote: »

Agree with all - but please bare in mind that the ICOBS 5.3.2 thing re cheaper alternative will only normally matter if the firm in question sells or advises on alternative products.
I may be wrong but pretty sure FP only sell the one PPI product.

But i thought that a seller had to offer you an alternative product or no product. This is where FIrstplus are sooo wrong. They don't ask, they just force them on you - no PPI, no loan and then they sell it with thing of "you have to think of this as a savings plan in that you get it back after 5 years" but forget to tell you that its a loan thats front loaded and you will get very little back if you cancel and also it does not cover the full term of the loan and also you are going to pay interest on it for the full term of the loan. (and often we will use rule 78 to calculate your early settlement on the PPI as well).:mad:

Loulou1513

di3004 wrote: »

If you want to hun, write a draft letter, add it on here and it can be tweaked.;)
Do not add your personal details on here though hunni, as you know.;)

I am hopeless with letters hun, but we need to be strong, and I have added them on here - the help I have received with the tweaking from others on here, such as Tiggrae, Marshallka, Sarah etc, they have been wonderful.:A .

Just do your best and be strong, add here if you want to okay hun ?;)

Di.
x

Thanks for all the great advice. But I seriously dont know how to word it. I am helping my son and his girlfriend at the moment as they've just got a house together. And I'm so tired with helping them clean and stripping the walls I cant even think straight at the minute.
I think I'll have to wait till I'm doing less at their house then I can think more clearly.
Thanks guys. XX