Firstplus 'PPP' - Any Help Welcome!!!

[Demtootief]

Hello

Can I ask a question first? Is Payment Protection Premium the same as 'PPI'?

That said.......I am in a quandary!!!!! I took a Secured Loan with Firstplus after being contacted over the phone, and was literally harrassed into taking out this Loan. All sorts of rules were broken, the guy kept calling me at all hours to try and get this loan finalised. There were issues regarding what I was earning and he actually told me what figures I should put in as my Working Tax Credit receipts to make the loan application look better. That said, I wanted the Loan at the time, and he was very aware of that and pushed all my 'buttons'.

Loan taken out on 23/10/04 over 10 years
The loan amount was for £28,500
(Optional) Payment Protection Premium was £5680.05. I was never told that this was optional, and was told that I needed to have the PPP to get the Loan.
The Credit Agreement totals the loan as £34180.05 (I asked for a resettlement figure in July 2007 and was quoted a figure of £36388.01) Shouldn't this figure have been minus the PPP?
APR was 10.9%

I have never been given a breakdown of the Loan amounts (i.e. what part of it is the Loan payment and what is the PPP payment per month).

The Barclays Credit Agreement that was sent to me by Firstplus, has neither mine nor Firstplus(Barclays)'s signature on it. It is not dated. All it has are the details of the Loan and PPP amounts, the APR and the Account number. To date it still has no signatures on!!!!

On speaking to an advisor at Firstplus today, I told her that the copy that I have has not been signed, she then informed me that she will be sending a copy of the one they have on file that has been signed and witnessed by me - did I talk too much? Surely this cannot be professional. Shouldn't a Secured Loan be signed in the presence of the Financial Institution, after it has been witnessed?

Can someone please help me to calculate what I should be reclaiming by way of PPP charges and interest? (if I have that right)

I know I have been a bit long-winded....but felt I needed to create a clear and true picture of things as they stand.

Thanks

[hellhasnofury]

Originally Posted by Demtootief

Hello

Can I ask a question first? Is Payment Protection Premium the same as 'PPI'?

That said.......I am in a quandary!!!!! I took a Secured Loan with Firstplus after being contacted over the phone, and was literally harrassed into taking out this Loan. All sorts of rules were broken, the guy kept calling me at all hours to try and get this loan finalised. There were issues regarding what I was earning and he actually told me what figures I should put in as my Working Tax Credit receipts to make the loan application look better. That said, I wanted the Loan at the time, and he was very aware of that and pushed all my 'buttons'.

Loan taken out on 23/10/04 over 10 years
The loan amount was for £28,500
(Optional) Payment Protection Premium was £5680.05. I was never told that this was optional, and was told that I needed to have the PPP to get the Loan.
The Credit Agreement totals the loan as £34180.05 (I asked for a resettlement figure in July 2007 and was quoted a figure of £36388.01) Shouldn't this figure have been minus the PPP?
APR was 10.9%

I have never been given a breakdown of the Loan amounts (i.e. what part of it is the Loan payment and what is the PPP payment per month).

The Barclays Credit Agreement that was sent to me by Firstplus, has neither mine nor Firstplus(Barclays)'s signature on it. It is not dated. All it has are the details of the Loan and PPP amounts, the APR and the Account number. To date it still has no signatures on!!!!

On speaking to an advisor at Firstplus today, I told her that the copy that I have has not been signed, she then informed me that she will be sending a copy of the one they have on file that has been signed and witnessed by me - did I talk too much? Surely this cannot be professional. Shouldn't a Secured Loan be signed in the presence of the Financial Institution, after it has been witnessed?

Can someone please help me to calculate what I should be reclaiming by way of PPP charges and interest? (if I have that right)

I know I have been a bit long-winded....but felt I needed to create a clear and true picture of things as they stand.

Thanks

Hello and welcome to the forum,

Now the first rule is never ever speak to them on the phone from now one all communication is done by letter, sending recorded delivery and retaining everything in a file.

Send Firstplus a full S.A.R - (Subject Access Request) you will find it in the stickies at the top of the forum, as soon as possible with your £10 and wait for the information to come.

Full S.A.R - (Subject Access Request) for ppi

The standard practice of taking out a loan is, the amount borrowed,the mis-sld ppi is added and this brings the amount borrowed, they then apply interest which is called the charge for credit. add them together and you get the total amount payable. This is then divided into monthly payments over a certain amount of months/years.

The lovely guy who organised this loan for you, would have received commission on a successful sell So it was within his interest for you to have ppi on the loan.

Possibly send them a legal request for a copy of your credit agreement you will find the template letter in the general debt stickies, you need letter N. It costs £1

Creditors and DCAs - Letter Templates & Budget Planner

[Jonny Insider]

You'll get a copy of your credit agreement anyway if you make a subject access request. You could have a number of claims here. Did you take out the loan directly with FIRSTPLUS or through a credit broker? The sales call will have been recorded so, if you were told that PPI was a requirement of the loan and to falsify your income, they should have a recording of this. Make sure you ask for recordings of the calls as part of your subject access request. Also if you ask for an account statement this should show all the interest you have paid on the loan and PPI.

[hellhasnofury]

When you send your S.A.R - (Subject Access Request) the information you receive from them, may or may not contain your credit agreement. Financial institutes can be a bit choosy with the information that they send with these official requests and you as a lay person would be non the wiser. It is not always to their advantage for you to know certain aspects of their business practices (call me cynical I know, but I have experience of these)

I would still send a section 77/78 request for a copy of your true credit agreement, because by law they have to comply or they breach the law

[RFC1872]

Originally Posted by hellhasnofury

When you send your S.A.R - (Subject Access Request) the information you receive from them, may or may not contain your credit agreement. Financial institutes can be a bit choosy with the information that they send with these official requests and you as a lay person would be non the wiser. It is not always to their advantage for you to know certain aspects of their business practices (call me cynical I know, but I have experience of these)

I would still send a section 77/78 request for a copy of your true credit agreement, because by law they have to comply or they breach the law

Experiences show that these companies are selective in what information is available, ie. what calls were and were not recorded. This begs the question if at the first call they say you must take xyz to get abc and then subsequent calls they go through their compliance script. So scenario is when anyone asks for a loan and they are told they must take the optional PPi or they will not be given the loan so this would mean they would call it optional PPI i future calls - now the loan company say they dont have the first call but are able to provide the later calls which then includes the compliance script - where does the burden of proof lie in terms of who is proves the content of the first telephone call?

Also should the company ascertain that the customer knows what optional means. IE I say hey your optional insurance is included - suggests the product is called optional and not that you do not need to have PPI included?

[hephalump]

Please Help,we have A PPP With Firstplus and we pay £155 A month plus Interest And Well On The Face Off It That Looks Quite Simple Except I Was Sold This Policy To Cover 60 Months Of A Longer Loan. Now I Am No Einstein But 155x60=9300 So Why On The Credit Agreement Is The Policy Costing Me £17000 Plus Interest. That Means Even If I Did Qualify For The Cashback As It Was Sold To Us, We Would Only Get Back Our Premiums And Still Leave Us Approx £8000 Plus Interest To Be Paid Back To Firstplus. Could Someone Advise Me If This Is As It Appears On Anyone Elses Loan Agreement. Has anybody ever queried the thought that it may be unlawful to be charged 2 lots of interest on the one item?

[Demtootief]

I have today received a letter offering me the PPP taken back off the Loan, and any instalments that I have paid to date refunded. They are also saying that this is their final correspondence on this matter, but if I am dissatisfied, I can contact the Ombudsman for a review.

Should I be accepting this offer?

[hephalump]

could someone tell me when they are selling you this ppp should they tell you this will form part of the loan i.e. over the full term of the agreement and when they send out samples of payments, cost of loan, monthly payments etc, it only quoted amount borrowed which was £70000 but no mention of the true cost of ppp, this lead us to believe that the policy's only cost was the premium paid monthly, it was not mentioned at anytime this was added on up front and would add £17000 on to the cost of the loan. On these grounds can we claim we were missold the product?

[RFC1872]

Originally Posted by hephalump

could someone tell me when they are selling you this ppp should they tell you this will form part of the loan i.e. over the full term of the agreement and when they send out samples of payments, cost of loan, monthly payments etc, it only quoted amount borrowed which was £70000 but no mention of the true cost of ppp, this lead us to believe that the policy's only cost was the premium paid monthly, it was not mentioned at anytime this was added on up front and would add £17000 on to the cost of the loan. On these grounds can we claim we were missold the product?

I think the questions need answering but you really should start your own thread.

[Demtootief]

Hello All,

Thanks for all your advice!!! I have had the PPI repaid on the Loan with interest and have recieved a cheque from Firstplus for £2091.03 for premiums paid to date. I would like to know how to update my Account with my 'Successes' to date.

Thanks Hell....really appreciate your help! LOL

[hellhasnofury]

Originally Posted by Demtootief

Hello All,

Thanks for all your advice!!! I have had the PPI repaid on the Loan with interest and have recieved a cheque from Firstplus for £2091.03 for premiums paid to date. I would like to know how to update my Account with my 'Successes' to date.

Thanks Hell....really appreciate your help! LOL

Hello Demtootief,

You are more than welcome

Excellent news another victory against Firstplus They are one of the most mentioned companies regarding mis-sold ppi. They need to be reported to the the Financial Services Authority, Office of Fair Trading and Trading Standards for their despicable conduct towards their customers.

As regarding posting on the success thread, you just need to add your add a post on it telling who you went after and how much you were refunded and anything else that will give other caggers confidence to go for it .

[alanalana]

Hello demtootief,

congratulations on your success

Regards

aa