PPI and FirstPlus - any one tried them?

mr.d7777 · 2nd April 2007, 13:38

Back in Oct. '05 took out secured loan for £51K with FirstPlus, just finished going back to Uni so lots of debts to consolidate, needed the money, usual story.

Over the phone was sold PPI on 2 points:
1. In my situation would need it to get loan, but don't worry as
2. Would get £12.5K (amount for PPI) back after 5 years (term of loan 25yrs).

Didn't tell me that it was a lump sum added at start of loan that I would pay interest on.

All the literature I received loan agreement, terms, etc. pointed this fact out, but by this time I was under the impression I would not get loan if I didn't take PPI out (in the literature they merely say they would recommend PPI - slightly different to what I was told over the phone).

Does this fall into the mis-sold type of PPI? Have looked in other threads but cannot find another case for FirstPlus.

Any help gratefully received.

hellhasnofury · 2nd April 2007, 19:32

Quote:

Originally Posted by mr.d7777

Back in Oct. '05 took out secured loan for £51K with FirstPlus, just finished going back to Uni so lots of debts to consolidate, needed the money, usual story.

Over the phone was sold PPI on 2 points:
1. In my situation would need it to get loan, but don't worry as
2. Would get £12.5K (amount for PPI) back after 5 years (term of loan 25yrs).

Didn't tell me that it was a lump sum added at start of loan that I would pay interest on.

All the literature I received loan agreement, terms, etc. pointed this fact out, but by this time I was under the impression I would not get loan if I didn't take PPI out (in the literature they merely say they would recommend PPI - slightly different to what I was told over the phone).

Does this fall into the mis-sold type of PPI? Have looked in other threads but cannot find another case for FirstPlus.

Any help gratefully received.

Hello and welcome Mr d
These companies are all the same, so don't worry that nobody has taken them on before. We all have to do what is right!

I think the first step is the sent a Subject Access Request and obtain all information regarding your loan and that includes all correspondence including recorded conversations.

You will find this Subject Access Request in the Bank Templates, copy, paste and amend it to your on details. It costs £10, but that is the first step that you have to take.

Get your information, probably after a long fight and then reclaim your mis-sold ppi. I bet you it is a fair whack if the loan was £51.

If you need help just ask

mr.d7777 · 3rd April 2007, 18:04

Thanks for the reply sandbro, will get the Subject Access Request sorted this week and take it from there.

mr.d

kaybrookes1 · 5th April 2007, 17:52

Hello

In the same mess as yourself. Had 50k loan in Feb 06 and we owe £9k in ppi. Have searched high and low for help so will advise if any comes my way.

Best of luck. Let me know if you have a break through?

KB

hellhasnofury · 5th April 2007, 20:37

Quote:

Originally Posted by kaybrookes1

Hello

In the same mess as yourself. Had 50k loan in Feb 06 and we owe £9k in ppi. Have searched high and low for help so will advise if any comes my way.

Best of luck. Let me know if you have a break through?

KB

Hello Kaybrookes,

Welcome to our little ppi forum We are all here to help each other in this process of reclaiming mis-sold ppi. Have your read reidnet lovely little sticky about ppi It is very informative. PPI - Some Notes for Claimants You probably will have read it.
Anyway best start you own thread on the forum as you will get lost in this one

That is a nice tidy sum you can get back

if it was mis-sold and they will of course deny it, they have too, because if they don't they have t give you it back.

Good luck and get ready for the fight

reidnet · 5th April 2007, 21:28

FIRSTPLUS.. I had a loan which was arranged through Purpleloans / GE Money. The loan has been settled in full with Firstplus, They charged me £150 Admin fee.. Which I fought and got refund. They also charged me £750 early settlement fee, I of course fought that too (God I sound a right moaning faced Git..lol), they were not so quick to respond about the ESC.. They soon changed their Minds when they got summons.. They phoned me asked me to drop court action and they would refund in full plus Interest. I said NO, you send me the cheque and once it has cleared I will drop the Action, I got the cheque a few days Later.

The fight over the PPI which went along with the loan was mis sold to me by Purpleloans / GE Money and that fight is ongoing and now basically in the hands of the court.

If you need contact Names, Phone Numbers etc for Firstplus give me a shout..

Ian

kaybrookes1 · 6th April 2007, 17:30

Thanks Ian really helpful, I am about to take them on so will get back to you with any news.

Thanks again

Kay

Turfy · 7th April 2007, 08:18

I was not told several key facts by Firstplus

1 That the PPI they sold me was for 5 years, that it was a front loaded policy and was virtually impossible to cancel when no longer needed without losing almost all of the premiums.
This, in itself, must surely be covered in the Unfair Terms in Consumer Contracts legislation
2 That the cashback offer is subject to 2 very specific conditions, that you don't miss more than two payments and that you have to apply for it
3 The Credit Agreement was sent to me for signing two weeks before any printed info regarding the PPI.

I also think it's unfair to add PPI payment to a loan over a 10 year period when it's only a 5 year policy. This makes it impossible in many cases for a client to take out any cover when that 5 tear term ends.

I'll keep an eye on your progress mr d good luck

Turfy · 7th April 2007, 08:21

Mr d. Did Firstplus send you the Credit Agreemnt to sign for the loan before they sent you any documentation regarding the terms of the PPI?

mr.d7777 · 17th April 2007, 21:33

Sorry, Turfy, it's taken so long to get back but have not been well. Have had a look at all the literature I have fromm 1stPlus and all the credit agreement stuff is dated the 13/10/05 and was signed and sent away by me on the 15/10/05. However, all the dated stuff I have about the PPI is dated the 19/10/05 when my actual loan started, I can only assume (and would stand up in court and swear to this) that all the undated info i have on the PPI didn't turn up until the 19th as well.

Turfy · 18th April 2007, 07:56

Send a S.A.R. to firstplus and get copies of all documents and recordings of any conversations that you had with them. I did this and there are no references to PPI payments on any payment transactions I have made to them, just loan payment amounts.
I'm about to ask them why they have'nt sent any PPI information regarding premiums paid and a brekdown of those payments.
The more you look into it, the more it stinks

reidnet · 18th April 2007, 09:56

To be Honest i was Impressed with the response I got from Firstplus when I submitted my Subject Access Request, I got all that I needed and well within the Time limit.

Maybe now though they will have realised what people are up to and what is comming their way things may slow down..lol.

The payments breakdown I got from them too never showed any breakdown for PPI payments, this is Understandable though as the PPI policy cost was added in full at the start of the loan and in effect increased the loan value to include the PPI cost, this then made the whole agreement a single loan agreement if you get where Im comming from.

When I settled my loan with them I got around £97 of a rebate on the PPI policy which cost £3388. Now I would consider that a pure Rip Off and this matter is far from closed in my case, In fact it is in the Hands of the District Judge at Wolverhampton at the Momment for Directions against GE Money who arranged the Loan etc.

jackpalance · 18th April 2007, 16:20

Hello,
I have PPI with First Plus and boy do i regret it, its £10K!
I don't think I have a case of being mis-sold as it was offered and I said yes, and of course there is the tiny tiny clause which explains about the 'significantly less' amount of money you would get back if cancelled.
I really want to cancel this insurance and drop the amount of the loan down, but all the letters seem to cover mis-selling
Do you think the FSA announcement would help with this?
Anyone else tried?

I'm not sure where I should start, perhaps a letter to them asking for a figure if I cancel?

hellhasnofury · 18th April 2007, 22:58

Quote:

Originally Posted by jackpalance

Hello,
I have PPI with First Plus and boy do i regret it, its £10K!
I don't think I have a case of being mis-sold as it was offered and I said yes, and of course there is the tiny tiny clause which explains about the 'significantly less' amount of money you would get back if cancelled.
I really want to cancel this insurance and drop the amount of the loan down, but all the letters seem to cover mis-selling
Do you think the FSA announcement would help with this?
Anyone else tried?

I'm not sure where I should start, perhaps a letter to them asking for a figure if I cancel?

An announcement last week by the FSA, the City watchdog, could open the floodgates. It said that people who had been sold single-premium policies, where the cost of the cover is paid upfront and often added to the loan, could now be eligible for refunds if they cancelled the loan part-way through the term.
In the past insurers pocketed the money. Now customers who have cancelled policies and got very little back are being urged to complain to their providers.

jackpalance · 18th April 2007, 23:06

Oh well, I'll start with a polite letter and see where I end up, as the only reason I have not cancelled it so far is because of the unfair charging

hellhasnofury · 18th April 2007, 23:27

Quote:

Originally Posted by jackpalance

Oh well, I'll start with a polite letter and see where I end up, as the only reason I have not cancelled it so far is because of the unfair charging

Hello,

Start your own thread on the ppi forum,

I hope in your polite letter, you are asking for a refund of the whole ppi, plus interest and demanding that it is now cancelled

stevemallinson · 25th March 2008, 17:26

Hi there. My wife and I are in the process of writing to first plus. after reading this forum i think we will request a Subject Access Request initially. I would greatly appreciate any background info on first plus which may improve my chances of getting a refund. any advice would be greatly appreciated.
SM

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