First Direct PPI
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Laura&123
Posts: 6 Forumite
Hi,
I finally sent a letter to First Direct and yesterday I received copies of 4 loan agreements I had with them between 1996 and 1999, all with front loaded PPI. I haven't seen many First Direct claims on the forum so just wondered what my chances of success are? (had cover through employment and was told I had to have the ppi to be accepted for loan)
These were all consolidation loans - very shocking to see how much PPI plus interest for PPI policy was added. Each time I paid the loan off and took out another one extending the term. I was paying loans for nearly 4 years but ended owing more than double the original loan amount!! A big mess which got me into alot of debt. I also had an overdraft and credit cards need to check ppi on those too.... At the time I was very niave but eventually managed to pay them off.
1. April 1996 = loan over 36months £4000 + Interest £924 + ppi £540 + ppi interest £124.74
Monthly payment = £155.25
2. August 1996 = loan over 48months £5800 + interest £1658.80 + ppi £932.35 + ppi interest £265.98 Monthly payment = £180.31
3. January 1998 = loan over 54months £6400 + interest £2114.48 + ppi £1208.21 + ppi interest £396.46
Monthly payment = £187.24
4. June 1999 = loan over 84 months £8500 + interest £4205.97 + ppi £2062.18 + ppi interest £1019.33
Monthly payment = £187.93
Many thanks!
I finally sent a letter to First Direct and yesterday I received copies of 4 loan agreements I had with them between 1996 and 1999, all with front loaded PPI. I haven't seen many First Direct claims on the forum so just wondered what my chances of success are? (had cover through employment and was told I had to have the ppi to be accepted for loan)
These were all consolidation loans - very shocking to see how much PPI plus interest for PPI policy was added. Each time I paid the loan off and took out another one extending the term. I was paying loans for nearly 4 years but ended owing more than double the original loan amount!! A big mess which got me into alot of debt. I also had an overdraft and credit cards need to check ppi on those too.... At the time I was very niave but eventually managed to pay them off.
1. April 1996 = loan over 36months £4000 + Interest £924 + ppi £540 + ppi interest £124.74
Monthly payment = £155.25
2. August 1996 = loan over 48months £5800 + interest £1658.80 + ppi £932.35 + ppi interest £265.98 Monthly payment = £180.31
3. January 1998 = loan over 54months £6400 + interest £2114.48 + ppi £1208.21 + ppi interest £396.46
Monthly payment = £187.24
4. June 1999 = loan over 84 months £8500 + interest £4205.97 + ppi £2062.18 + ppi interest £1019.33
Monthly payment = £187.93
Many thanks!
0
Comments
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Single premium PPI should be enough to win you the case assuming nothing else bars it (like a time bar letter), feel free to mention other stuff but you'll find your work benefits weren't as good as you think and you can't prove the being told you had to have it.0
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This looks to be a definite uphold.These were all consolidation loans - very shocking to see how much PPI plus interest for PPI policy was added. Each time I paid the loan off and took out another one extending the term. I was paying loans for nearly 4 years but ended owing more than double the original loan amount!! A big mess which got me into alot of debt. I also had an overdraft and credit cards need to check ppi on those too.... At the time I was very niave but eventually managed to pay them off.
Forget the employment cover and being told it was compulsory and concentrate your complaint on the fact that you effectively took a loan on a loan to term end with huge additional interest. Every time you consolidated, the cost of the PPI (after rebate) from the previous loan was added to the new one.0 -
Letter received from First Direct today acknowledging my complaint which said they'll be in touch within 8 weeks....0
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I went through First Direct's online banking message service. Haven't had any thing in writing from them... but today have received a PPI refund of £400 straight into my account! What a lovely surprise as I'd forgotten all about it!0
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That's good news Biscuitgirl!
I registered my PPI complaint online on their website (11th April) and I'm still waiting to hear. I also sent £10 for a SAR about 3weeks ago as I had a credit card , bank account, overdraft, plus the 4 loans I've complained about. I've heard nothing yet..... They banked the cheque but I've since read SAR's are now free? Does anyone know?0 -
SARs are indeed free, why did you send a cheque without investigating this? They have 40 working days to respond (and refund your payment)
As to your actual complaint, four weeks on is not eight weeks, so no surprise that there has been no response yet.0 -
I had 2 payments from FD,credit cards,£2500, then 6 months later £5k for mortgage.
Was a pleasure to deal with there staff and still the best customer services in UK.0 -
Unfortunately I must have read old information online about sending £10 for SAR and I only found out it was free on another forum.
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Letter arrived today. PPI claim upheld refund £7348.43!!!
I hope it encourages others to make a claim with First Direct if they feel they too were mis-sold. My loans were over 20years ago and I was going to leave it but changed my mind, filled in the online form and receive a response within a few weeks.0
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