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First Plus and ppi pre 2005
Advice4sue
Posts: 49 Forumite
Hi, I suspect I've no chance with this from what I've seen on other posts but this is just a bit different so hoping someone may be able to help.
In March 1999 me and my ex husband took out a stupid secured loan with FIrstplus with their now infamous 5 year ppi which they said you would get back in cash after 5 years as long as no claims were made.
It was very hard sell indeed and front loaded onto our loan of £25,000. It was certainly never explained how the interest was loaded for the entire length of the loan.
I finally decided to try and complain a few weeks ago. Yes I know rather late!! But as if was pre 2005 I thought I wouldn't be able to.
Anyway Barclays who now own FIrstplus say it was bought through a broker so will be rejecting it.
Since putting in the claim i came across more paperwork and I remembered that we actually moved in 2000 and couldn't pay it off so moved the loan with us.
I found the second credit agreement which strangely was for the whole £25,000 again plus the ppi. We had signed it again in July 2000. However It did gave the same account number as the first one which perhaps could be an issue. But it's definitely a different agreement and we even had s different witness.
This was directly through FIrstplus.
Does anyone know if this would put a different light on it? I mean in the sense it was not via the broker at this stage? Yes it was prior 2005 but FIrstplus was then part of the Woolwich and I have heard of ppi refunds being done at that time.
It was completely paid off in 2003 after divorce and house sale.
Any thoughts would be appreciated
Thanks
In March 1999 me and my ex husband took out a stupid secured loan with FIrstplus with their now infamous 5 year ppi which they said you would get back in cash after 5 years as long as no claims were made.
It was very hard sell indeed and front loaded onto our loan of £25,000. It was certainly never explained how the interest was loaded for the entire length of the loan.
I finally decided to try and complain a few weeks ago. Yes I know rather late!! But as if was pre 2005 I thought I wouldn't be able to.
Anyway Barclays who now own FIrstplus say it was bought through a broker so will be rejecting it.
Since putting in the claim i came across more paperwork and I remembered that we actually moved in 2000 and couldn't pay it off so moved the loan with us.
I found the second credit agreement which strangely was for the whole £25,000 again plus the ppi. We had signed it again in July 2000. However It did gave the same account number as the first one which perhaps could be an issue. But it's definitely a different agreement and we even had s different witness.
This was directly through FIrstplus.
Does anyone know if this would put a different light on it? I mean in the sense it was not via the broker at this stage? Yes it was prior 2005 but FIrstplus was then part of the Woolwich and I have heard of ppi refunds being done at that time.
It was completely paid off in 2003 after divorce and house sale.
Any thoughts would be appreciated
Thanks
0
Comments
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Unfortunately the whole debacle took place pre-regulation.
Your "second" Agreement has the same account number as the first, so it's just a continuation of the original finance.
You've already been rejected, I'm afraid, so the new documentation you've found cannot form the basis of any new complaint.0 -
I thought probably the case. Although the rejection has only just happened, would that still mean I couldn't go back at this stage? Or am I just wasting time? The whole thing was appal0
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Sorry last post sent too soon. I was going to say appalling!!0
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Go back and say what? The "new" documentation you have found is the same finance which has already been rejected. It is all pre-regulationAdvice4sue wrote: »Although the rejection has only just happened, would that still mean I couldn't go back at this stage?
You have no access to the Ombudsman either.0 -
Advice4sue wrote: »I thought probably the case. Although the rejection has only just happened, would that still mean I couldn't go back at this stage? Or am I just wasting time? The whole thing was appal
Barlays dont have liability as it was broker sold and it was pre-regulation. So, its a dead duck.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thanks folks. I guess that's it! I. I guess I've looked a bit stupid with this!! Although if I had any recollection it was initially taken out via broker I wouldn't have approached Barclays but I must accept what they say.
I was just genuinely confused at finding a further later credit agreement.
Anyway that's the end of the whole sorry saga.0 -
You can try complaining to the underwriter but that is again a shot in the dark.Non me fac calcitrare tuum culi0
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Go for the underwriter/s a member on this site did (di3004) for a loan before 97 and won.
are you harley on legal beagles?. Your post seems very familiar.0 -
Hi, thanks for your reply ��yes I went on there as well. I just wanted to explore more options.0
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Sorry my reply above had question marks! Wasn't supposed to. Doing it on my iPhone and typos are so easy.0
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