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Over the past few weeks I've been reading various posts regarding claiming back a single premium policy. I have all of my S.A.R - (Subject access request) data (Including tape, which IMO helps my claim :grin: ) back from First Plus and I'm now at the stage where I've compiled my re-claim letter.
But I'm a bit stuck with the formula to work out what I'm owed. In the past I have seen a couple of realy good posts which explained it, but despite lots of searching today I can't find them.
Can someone point me in the right direction please
I assume it's along the following lines:
1. Full premium less any rebate given when loan settled, plus interest (On full premium for full loan term at loadn Apr?? )
2. Premiums paid to date plus intrest (@ 8% or loan Apr?)
I'll keep you all updated on how I get on an once I've finished my letter, I will post it here to assit others.
I've had another search and I think I've cracked it using hellhasnofury's calculations in Kanecole's thread (Thanks guys ), but need someone just to confirm what I have done.
Sorry about the quality - Not sure how to post a spreadsheet, so I attached it as an image - if you require me to PM the spreadsheet I can.
2006 Loan still current (but due to be settled soon), so I'm not sure how affects the figures.
If I have got this right (or it needs a little tweaking), I'm hame to upload the spreadsheet for others to use.
I've had another search and I think I've cracked it using hellhasnofury's calculations in Kanecole's thread (Thanks guys ), but need someone just to confirm what I have done.
Sorry about the quality - Not sure how to post a spreadsheet, so I attached it as an image - if you require me to PM the spreadsheet I can.
2006 Loan still current (but due to be settled soon), so I'm not sure how affects the figures.
If I have got this right (or it needs a little tweaking), I'm hame to upload the spreadsheet for others to use.
Hope this makes sense.
Hello Bog,
If my calculations are correct, you are going to have a lovely holiday
Isn't it amazing how when you work out the actual interest they do charge you especially in the 2nd loan
Send them your preliminary letter asking for it back, and if you have the figures on a spreadsheet, work out the stat 8% interest on top and also work out the contractual interest especially the 9+% loan,
Good luck and keep us posted:grin:
Firstplus deserve it:grin:
If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW
One thing I did not mention is that these are not 3 seperate loans, the 06 settled the 05 and the 05 settled the 04, if you get what I mean.
What I can't get my head around is what do they actually owe me? as I have not paid the 'Total PPIinterest' or have I. The 04 & 05 loans did not run the full term, so do I just have to work out the interest on the months I paid?
Also, can you explain a bit more about the the stat interest and also work the contractual interest and give me an example of how to work it out.
Hi, on the one I did for my friends against firstplus I had all the information from firstplus about how much the PPI on the first loan was and how much was refunded when the second loan was taken out etc. I did a very simple spreadsheet, charging the interest to the PPI amount on a monthly basis and refunding it when they refunded part of the premiums.
In my friends case Firstplus are recalculating the entire loan on the basis that the PPI never existed. I would suggest that as long as you are near enough in your calculations they will do the difficult bit when they agree it was mis-sold
BANK CHARGES
Nat West Bus Acct £1750 reclaim - WON
LTSB Bus Acct £1650 charges w/o against o/s balance - WON
Halifax Pers Acct £1650 charges taken from benefits - WON
LTSB Pers Acct - £2K charges, £1K o/d - Rob Way latest DCA
DCAs
Lowells/Capital One - no CCA - gone away £1500
Lowells/MBNA - no CCA - gone away £10K
Abbey - no CCA - £3.5K
CL Finance - 3 court claims re GE storecards 2 withdrawn, 1 hanging by a thread
Hillesden/DLC re Barclaycard - ongoing battle re validity of CCA - £3.5K
Clydesdale - charges more than balance - valid CCA:o - onto 4th DCA so far
LTSB card - £7K - no CCA - destroyed after 6 years! - latest DCA - AIC
Others
GE Money sec loan - £1900 in charges - settlement agreed
GE Money sec loan - ERC of £2.5K valid for 15 years - on standby
FirstPlus - missold PPI of £20K for friends - WON
Could you post your spreadsheet somewhere so I can see if I can make any sense of mine with First Plus.
Thanks Sally (KaneCole)
Will do
I'm at work at the moment, but I'll try and attach it tonight.
As for the SAR, yes I did get it back, but I'm starting to think it's incomplete - I will decide how I pursue that after their response to my refund request.
To be honest, I think FP deliberatly provided the least amount of detail in attempt to hide the true cost of their products/services. The play on peoples times of need!
On the figures you calculated will you also be asking for 8% statutory interest on top ? or just the interest rate charged by First Plus. I notice a lot of the standard template letters say to claim it because you beleive you have been deprived of your money and that is what a court would award. But is that in addition to the interest already charged ? Is it better just to try to claim back what you have lost originally ? Or do you think we should add on this at the beginning and then see what they offer ?
On the figures you calculated will you also be asking for 8% statutory interest on top ? or just the interest rate charged by First Plus. I notice a lot of the standard template letters say to claim it because you beleive you have been deprived of your money and that is what a court would award. But is that in addition to the interest already charged ? Is it better just to try to claim back what you have lost originally ? Or do you think we should add on this at the beginning and then see what they offer ?
Sally
Yes, I will be asking for 8% statutory interest on top, in fact I'm going to ask for contractual interest instead as it's higher than the 8% (8.59% and 9.2%). This is what the have charged me, therefore it's only right they pay the same. I'm going to use the following text in the letter:
I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect contractual interest.
I have calculated the contractual interest at 8.59% APR for agreement xxxxxx and at 9.2% APR for agreement xxxxxx, both of which you applied to the relevant loan at the time of inception, reflecting the principal of mutuality and reciprocity.
Hope this helps.... The problem is that it is really complicated to work out what we are owed (Just the way First Plus want it ), but as Goldlady says, if we get the figures close, Frist Plus can work out the detail for us.
I sent my request for refund letter on Monday and I received a response today.
Not happy with it though, as they have refered the first loan to Norton Finance and are saying they (First Plus) will respond by the 6th May - in over three weeks!
This is the response I'm sending....
Dear xxxx,
Thank for your letter dated 9th April 2008, I appreciate your quick response to my letter dated 7th April 2008.
However, I do not agree with your referral of my complaint relating to agreement xxxxx to Norton Finance. Norton Finance are an intermediary and whilst they recommended First Plus to me, they did not sell the payment protection policy to me.
First Plus is responsible for the mis-selling of the payment protection policy as commission is paid for the sale of said policy (Please refer to this case law precedent - Decision in Hurstanger v Wilson [2007] EWCA Civ 299).
Also, the tape you sent under my Data Protection S.A.R - (Subject access request) request clearly shows it was an advisor from First Plus that sold the insurance policy to me.
In addition, I do not accept your proposed timescale for your response to my complaint. I am fully aware this a stalling tactic and it is wholly unacceptable. I will not wait for over three weeks for a resolution.
Upon taking legal advice, I will give you until 21st April for you to respond in witting, as I believe 14 days is more than enough time for a large organisation to investigate a complaint. I am sure if it was the other way around and First Plus believe I owed it money, you would expect a quick response from me!
To be absolutely clear and as stated in my previous letter, If I do not receive a favourable response from you by the 21st April, I will pursue this claim through the Financial Ombudsman and indeed through the courts.
I sent my request for refund letter on Monday and I received a response today.
Not happy with it though, as they have refered the first loan to Norton Finance and are saying they (First Plus) will respond by the 6th May - in over three weeks!
This is the response I'm sending....
Is this OK, any comments?
Excellet letter Bog, Tells them that you know what your talking about
If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW
Despite my letter, FP has written back still insisting Norton Finance are responsible for the sale of the PPI. I've never had a discussion with Norton regarding PPI, but FP has enclosed a form filled in by Norton and sent to FP, with a PPI box ticked.
What I'm not sure about is...... Does FP pay the single premium to Norton, but keep the interest that is lumped on the main loan or do they pay the insurer direct?
Have they completely ignored (or failed to understand) the above ruling/precedent or is it another stalling tactic?
Either way, I have never received a policy document from FP, Norton or the actual insurer and they are all complicit in mis-selling the policy as they have deliberately provided the least amount of info possible!
When I write back with my lba, how should I tackle them with the Norton issue. Is worth making that point and stating I don't care who is to blame and ultimately FP provided the loan, and when they called me it was them that went through the demands and needs, and subsequently taken the premiums!
Afternoon Bog.
Thanks for your support with my claim.
Looking at the query you have concerning the Norton issue, I would suggest the following point of contention.
When you took out the loan, including the premium for your PPI, was this completed over the phone with a single party, namely Firstplus? Assuming your telephone conversation with Firstplus included the Loan and PPI, and payment was made prior to you receiving any PPI policy, then your claim is with Firstplus as they are the party who sold you the policy.
Similar to purchasing a Television from Comet, the fact that it is a Sony is irrelevant, you bought it from Comet, they are the people your contract is with.
I think the Norton thing is a smokescreen as we had a similar letter saying that the broker/intermediary was not regulated blah blah. Before I had even started to draft the reply First Plus wrote again offering the refund.
BTW my friends' refund cheque arrived today - their monthly payments have gone down by £300 and we are having a party tomorrow
BANK CHARGES
Nat West Bus Acct £1750 reclaim - WON
LTSB Bus Acct £1650 charges w/o against o/s balance - WON
Halifax Pers Acct £1650 charges taken from benefits - WON
LTSB Pers Acct - £2K charges, £1K o/d - Rob Way latest DCA
DCAs
Lowells/Capital One - no CCA - gone away £1500
Lowells/MBNA - no CCA - gone away £10K
Abbey - no CCA - £3.5K
CL Finance - 3 court claims re GE storecards 2 withdrawn, 1 hanging by a thread
Hillesden/DLC re Barclaycard - ongoing battle re validity of CCA - £3.5K
Clydesdale - charges more than balance - valid CCA:o - onto 4th DCA so far
LTSB card - £7K - no CCA - destroyed after 6 years! - latest DCA - AIC
Others
GE Money sec loan - £1900 in charges - settlement agreed
GE Money sec loan - ERC of £2.5K valid for 15 years - on standby
FirstPlus - missold PPI of £20K for friends - WON
I've received a letter today from the complaints exec who has, so far, been respoding to my letters.
He say's that he has just downloaded the conversations, but not yet listened to them and that he needs more time..... and that he will respond by the 4th June !!!!!
How long does it take to listen to a tape!
FP are definatly stalling (or they don't read the letters properly!) My lba gave them until the 14th May.
I'm not going to play their games. If I do do recieve a response by 14th May (LBA 14 days), I will comence court action and report them to the fos, FSA & OFT.
Perhaps they think I will go away (and if anyone at FP is reading this - I won't and nor will the others on this forum)
Just got a letter from First Plus stating they have listened to the call transcripts and they are not happy with the way the PPI was sold and therefore up holding my complaint. They will be refund the premium and all interest paid to date!
This is for my second loan, they (FP) refered the first loan to Norton finance (The broker who introduced me to FP) when I first complained.
Norton wrote and said they would investigate, but I've not heard anything so far. I think they have to give in and refund the PPI as FP descision makes their position untenable .
Just got a letter from First Plus stating they have listened to the call transcripts and they are not happy with the way the PPI was sold and therefore up holding my complaint. They will be refund the premium and all interest paid to date!
This is for my second loan, they (FP) refered the first loan to Norton finance (The broker who introduced me to FP) when I first complained.
Norton wrote and said they would investigate, but I've not heard anything so far. I think they have to give in and refund the PPI as FP descision makes their position untenable .
Hello Bog,
Excellent news and very well done.
Keep at them regarding the first loan, there would have obviously been selling on a commission basis, so they are both as guilty as each other, They do like to line each others pockets to make large sums of profit from unsuspecting customers
Have a look in the ppi bundle sticky, there is a court case precedent regarding this matter Hurstang v This is about the responsibily off commission based selling
If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW
Bog vs First Plus PPI ** WON **
) data (Including tape, which IMO helps my claim :grin: ) back from First Plus and I'm now at the stage where I've compiled my re-claim letter.
Reply With Quote
Originally Posted by Bog
), but as Goldlady says, if we get the figures close, Frist Plus can work out the detail for us.
They do like to line each others pockets to make large sums of profit from unsuspecting customers