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First Plus - 2nd bite of the cherry???
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we are complaining through the ombudsman.we claimed for missold PPI and got 5 of the 13 k back.at the time thought we'd better accept as we wouldnt get anymore.But since the PPI thing started we wrote to them to claim the rest back.we are still paying for 7k with no insurance and interest on top....why should we? as usual they refused so we are going through the ombudsman...at the moment first plus have refused to take the 7k off the loan....but the ombudsman are looking at it individually so hopefully we might get somewhere.Julie:p0
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normally you would not have a second chance but in this case you can say the firm calculated the figures incorrectly and you had assumed, when you accepted their offer, that their figures were correct and as per FOS guidelines. Now you have found out the bank acted negligently.0
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Agree 110% with Tifo,good luck.
You "won" last time,but they did not give you full redress,you want the whole ppi off the loan and the ppi you paid to date back to you.0 -
I'm in pretty much the same position. I was awarded a "good will gesture" a few years back which I accepted as I felt given the state of the law on PPI back then it was the best I could do. FP were a total pain in the back side then are I was lucky to get a penny from them.
However, since the wonderful judicial ruling on PPI I thought I'd try my luck again. This time I didn't bother with a claim company and simply wrote them a letter stating that the PPI was mis-sold and I'd like all premiums, all interest on those premiums and the simple interest of 8% back. This time FP were simply wonderful and exactly 8 weeks after posting my letter I received an offer of every single penny I'd asked for. So ask for your money back, they seem to be much better now with repaying it.0 -
scotthayes wrote: »I'm in pretty much the same position. I was awarded a "good will gesture" a few years back which I accepted as I felt given the state of the law on PPI back then it was the best I could do. FP were a total pain in the back side then are I was lucky to get a penny from them.
However, since the wonderful judicial ruling on PPI I thought I'd try my luck again. This time I didn't bother with a claim company and simply wrote them a letter stating that the PPI was mis-sold and I'd like all premiums, all interest on those premiums and the simple interest of 8% back. This time FP were simply wonderful and exactly 8 weeks after posting my letter I received an offer of every single penny I'd asked for. So ask for your money back, they seem to be much better now with repaying it.
:jBrill :j
If the loan is still running,make sure they take the whole ppi off the loan and your monthly payment decreases by the monthly ppi amount.
Glad you did not use a company this time,they would have taken a % on the whole initial ppi amount!!! and not just what you got back.0 -
:jBrill :j
If the loan is still running,make sure they take the whole ppi off the loan and your monthly payment decreases by the monthly ppi amount.
Glad you did not use a company this time,they would have taken a % on the whole initial ppi amount!!! and not just what you got back.
Thanks, have to say, they were excellent with their updates. Soon as the cheques arrive I'll be on easy street. Thankfully the loan with them was paid off some years ago so all the money is coming back to me. The claim company I used last time took 20% which would have been a huge sum this time around. Just hope the OP has the same luck I did.0 -
Hi there, all is not lost!!!!. This is the most upheld of ppi mis sells there is.
We won a mis sell with FP after we complained twice regarding the ppi and was offered two rebates of this ppi as full and final that we signed for.
I then became aware that the ppi was mis sold and put a claim in for this,i had to take this to FOS and won,give it a try you have nothing to lose.
Put that you were not aware of the true cost of this ppi when you accepted the goodwill gesture but have since become aware through media etc that this ppi is frontloaded and is still on the loan to term end with interest.
Also write this.
We/I believe we were mis sold the ppi on the above account number.
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 loan term with interest.
2) We/I were not told that the ppi only covered us for 5 years, but the ppi would still be on the loan to term end with interest.
3) We/I were told that if we did not make a claim on the ppi ,after 5 years we would recieve the ppi as cashback, and to look on this as savings plan.. But were not told that the ppi would be on the loan to term end with interest and the cashback of ppi would not include the interest that we paid over the 5 years.
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) 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;
b) Restructuring of the loan going forward so that the amount owed, the monthly repayments, the term and the charges reflect those that would have applied, if the original loan had been sold without the PPI policy.
c) 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 Firstplus pays them 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 on the above loan.
What you have been given so far will be taken off any redress they give,the total ppi you have will be taken off the loan and this will reduce your balance and the monthy payment will go down by the monthly ppi amount,you will get the ppi monthly payments you have made to date back with 8%,you will save thousands of pounds in interest on this over the rest of the term.
Sorry to invade your post Heathy.
I have just received a rejection letter from FSCS regarding our claim from Freedom Finance/First Plus. Briefly we claimed £2K back from FF in 2008 we thought this was the full amount and accepted they say as full and final. Recently we realised that they had taken well over £10k. So we applied for the remainder from the FSCS as FF are now no more. It went off to Delloittes and it seemed positive but today we got a shocker from FSCS saying that
'our claim relates to the alleged mis-selling of a PPI...' Our claim never related to mis selling as FF had already returned part payment we just believed it was the full amount when it wasn't.
'we have been informed by the firms liquidators that you have received full and final payment in respect of mis selling . As you have already received payment you are not eligible for compensation,
They seem to have totally mis read our application. The first para graph of our letter clearly states that we had already claimed and had part reimbursment but that we were not happy that we had not received the full amount. It was never about the mis sell.
I feel devastated. Is this the final decision could we do anything else??
Ps
This was a front loaded loan which was taken out to cover a previous front loaded loan (which we can't even get that back either) I am so fed up:(:(:(
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Oh Shelly,sorry to hear this.
Write back to Deloittes and the FSCS.
Tell them in no uncertain terms,that you were mis sold this ppi originally,this was front loaded ppi,a loan upon a loan that was to term end with the interest associated with this.
You put a complaint into FF regarding this and were given the goodwill gesture of £2000,the original ppi was £xx with no interest,this would be added over the remaining term.
Fast forward to the "mis sell saga" and you realised this ppi would be on the loan to term end with interest,and the amount they offered in the "good will" gesture,pailed into insignificance,had you known at the time that this was how frontloaded ppi worked,and had it been explained to you at the point of sale,you would have rejected this offer and taken this to FOS.
Had you won mis sell ,(FOS would have upheld this,as front loaded ppi is the most mis sold of all ppi.)
You would have had the whole ppi amount removed from the loan,the loan reset without ppi and the monthly payment reduced by the ppi amount.
The ppi you had paid to date would have been given back to you.
The removal of the ppi would have been the most benefit to you,as the interest that this would have accrued over the term would have been astronomical.
All you are asking for is the difference between the "goodwill gesture" and the ppi mis sold amount.
Put you felt you were very misled at the point of sale,you do not believe you were given enough information regarding this ppi to make an informed decision,had you had the full facts at point of sale you would not have taken this ppi.
When you settled the loan,you repaid £xx of the ppi in the settlement,so you have in effect paid even more ppi back.
Ask them to please consider these points and look at your claim again.
Had FF not gone bust,then you would have taken (at this point) your complaint to FOS,as this avenue is no longer open,you feel you have been very disadvantaged by accepting the gesture and for not being told the full cost of this ppi in the first instance.
This may work,fingers crossed,but you wont know until you try.0 -
Many, many thanks Amersall. I'll defnitely give this a go. I'll let you know:(0
keep us posted. 
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