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After 2 initial letters and subsequent fob offs from Bespoke finance, I have been advised on the Money Savings Expert forum to proceed with the claim using the unfair rebate recieved when cancelling my policy.
I assume that by going down this route, my claim has to now switch to the insurance provider, which if First Plus? Can anyone confirm this please? My loan was set up by Freedom Finance who brokered it for Bespoke finance with insurance from First Plus.
I feel that I am at the stage of threatening court action. I have outlined the details of my loan and the figures worked out for me below, so if anyone can give me anymore pointers of what to put in my letter that would be great.
Total amount of loan is 56751.14 made up of balance at settlement £34756.93 plus £21994.21 remaining interest, less rebate on early settlement figure £21501 includes £807.58 insurance policy rebate & £20693.58 remaining interest calculated using rule of 78 formula plus £150 admin charge giving my settlement figure of £35299.98.
Our initial loan was for £30000 plus £7347 PPI with 8.7% APR. We paid £540.47 a month from 12/8/01 and settled on 6/12/02.
ok this is just a rough calculation but I've worked out the PPI to be approximate 20% of the £540.47 or £108. -So 108 x 120 months = £12690.
You paid the loan + ppi for 17 months (108 x 17) which is £1836 + 807.58 rebate on early redemption = £2643.58
What is owed then is 12960 - 2643.58 = £10316.42 and because you've been unlawfully deprived of money the 8% interest from 6/12/02 works out to be a wopping £4297.90 totalling £14613.90
PPI is not not one of my strong points, I imagine you have read though this 'sticky' by Zootscoot ? http://www.consumeractiongroup.co.uk...formation.html
If not , it will be a good place to start while your waiting for someone with more experience than me to come along.
Good luck
Lex
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Advice & opinions given by me are personal, are not endorsed by the Consumer Action Group or the Bank Action Group. Should you be in any doubt, you are advised to seek the opinion of a qualified professional.
Hi Paul,
If you were making a claim for mis sold PPI then the Broker is the one that you would have to go after.
If it is simply the amount of the rebate you got when you settled the loan, then Its Firstplus you Want to go after.
Being Firstplus Insurance, did it have the Cashback feature attached to it ?, If it did there is some info about the big rip off of these type of policies, especially if you settle your loan early.
I released a Press Release to My Press agent this week relating to this particular type of Policy, So we will see which of the Nationals pick up on it.. I know for sure that the Sunday Herald are running a story on PPI this weekend, I have Photographer comming tomorrow Morning...
The press release I did was simply to highlight even with the Advertised CASHBACK (Get all your Premiums back) type of Advertising the policy can cost you up to 2 and a half times as much as ones provided by Independant Providers, Or as in my case if settled early it was in the region of 13 Times more expensive.
If you need contact names etc for Firstplus drop me a PM..
Ian
Lloyds TSB -PPI - Full refund . 05/09/06 (As Seen on TV)
Halifax settled in Full.. 22/09/06
TSB First Claim SETTLED IN FULL 19/10/06
Second Claim to Lloyds TSB - Settled in Full
Firstplus - early settlement interest charges - Challenged the use of the rule of 78 - SETTLED IN FULL 12/1/07
PPI - GE Money / Purpleloans / Firstplus - Now Settled after 1 year long hard fight.
If my post has helped you, please click the scales! :grin:
Anything said is my opinion and how I understand the law, always consult professional legal advice before taking something to court.
It was indeed the cashback deal. If you could point me in the direction of the info that would be great, and keep me updated if any articles get printed.
I have a detailed knowledge of FIRSTPLUS loans and it looks to me like you've got a number of potential claims here. I see you were charged interest using the Rule of 78 on settlement so I presume your loan was taken out before June 2005 as FIRSTPLUS stopped using this method after that date. You could claim that the use of this method breaches the Unfair Terms in Consumer Contract Regulations because it is an unfair penalty - this is the view taken by the Financial Ombudsman. You could also claim the same re the low rebate on the PPI. I would pursue both of these with FIRSTPLUS and threaten to go to the Financial Ombudsman if they don't make you an offer. That should concentrate their minds as FIRSTPLUS will know there is every chance the Financial Ombudsman (fos) would support you. Going to FOS costs you nothing.
Am I able to go to the Financial Ombudsman, as I read in a previous post that they are only able to deal with complaints about sales before 14 January 2005, if, for example the policy was sold by a high street bank or the firm was a member of the General Insurance Standards Council (GISC). Do you know if they were a member?
FIRSTPLUS joined GISC, from memory, some time in 2001 so you may well be able to go to the Ombudsman. It's certainly worth a try - fos will tell you if they think it's outside their jurisdiction.
First Plus PPI Claim
, less rebate on early settlement figure £21501 includes £807.58 insurance policy rebate & £20693.58 remaining interest calculated using rule of 78 formula plus £150 admin
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(As Seen on TV) 