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I've been lurking here for a while, learning my way around so that I don't ask too many dumb newbie questions.
I've finally decided to take the plunge and tackle Firstplus regarding PPI, I've just sent off my SAR letter with a cheque for £10 and await their responses.
I've seen that Firstplus are among the more tenacious to beat, but while I haven't done the sums yet, I suspect that it will be worth the battle.
Their not that hard to beat, some people have had some quick results (me included ). They are a bit random on how they deal with their complaints, but you will win in the end. The sales tactics leave a lot to be desired and they know it - all they are try to do is drag out having to refund for mis-selling
We took the loan directly with firstplus about 4 years ago.
I was expecting the cashback next year and for the monthly payments to drop, I did not realise that the PPI was up front and the interest on the PPI for the life of the loan. I thought the PPI premiums were monthly like on a credit card balance. DOH!
Ah, the Single Premium PPI sale, which the FSA and the Competition Commission have discovered is the most mis-sold of all PPI products ... join the many of us, including me, who fell for that one!
The point is, that we are not properly informed or guided by the lenders and our lack of knowledge sadly leads us into being taken advantage of.
It may be a bit of a struggle, but right is on your side and I say go get 'em!!
Have you read this from the PPI in the Media section on the home page of this site? More...
'Fortune favours the brave.'
Any advice given is purely on the basis of my own views and opinions and offered in good faith.
Okay, time for an update, the SAR reply came the other day, lots of paperwork, but no transcripts or tapes. The PPI premium (on a £60k loan) was nearly £16k.
I squirted it through the interest calculator and have today sent them (recorded) my 'mis-sold' letter, based on several other letters on this site.
I will keep you all informed how things progress and will post my letters as further samples.
Frankly a refund of about £20k would come in VERY handy about now.
i am a newbie here and i am just about to start a battle with first plus we were sold exactly the same thing as you, our PPI was £18367.50, my husband assumed it would be a monthly thing and when we contacted them to tell them we wanted to pay the loan off he was in total shock when they told him he would have to pay the above amount. we are very angry about this and this was not explained to him properly but we needed the loan so he went ahead with it not realising. so i shall follow your case with interest.
PM Me if you want copies of my letters... I'll post them for wider use if I am successful. At the moment it's the involvement of loans.co.uk that have put a spanner in the works, but they've been fined by the FSA so should (in theory) roll over.
many thanks will pm you, i have just been reading through one of the "first plus letters" and this states that "payment protection premium has been forwarded direct to the insurers to purchase the 5 year payment protection policy" although husband still though this would be paid monthly.
so i have the feeling we will probably get the same reply as yourself.
Now this is a rather hefty fine and therefore it shows that they have been very very bad
Sorry I am a bit confused as to who was the broker and who was the loan company.
In my experience these broker/loan mis-sold ppi are not as straight forward as they will both deny any involvement and blame each other.
It would be mindful to rememeber that this sale of insurance would attract a rather large commission fee as an incentive. So they both have to take some responsibility in this matter.
Get ready to do your homework (there is a really valuable court case precident in the ppi court bundles sticky, think it is Hurstanger v and look at the legal arguements regarding broker/loan company involvement, so you are ready for them when they respond.
Please keep us posted
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
I was aware of the loans.co.uk fine, and I suspect that they're hurting a bit and we all know what cornered dogs are like.
Loans.co.uk were the broker, and the loan is with firstplus, at least that's who gets the dosh from me every month. Of course that explains why I didn't get audio tapes from firstplus. I figure I will wait until loans.co.uk respond to me with a bullsh*t letter and then hit them with a tenner and a full SAR letter.
I had a FirstPlus loan (Joint) which we entered into in 2004/2005. Shortly afterwards we sold our property and due to us not having a new property to buy, we moved into rented accommodation. We made £17K profit on the sale of our house and we were going to use that money to pay of some other debts and a deposit on a new property.
FirstPlus told us that since we sold our property and had not yet found a new one, our loan was therefore unsecure and they demanded that we paid in full. We assured them that we would be purchasing a new property with the profit we had made on the sale of our old property. When they discovered that we made £17K they made up place this with our Solicitor (on hold) for them until the sale of the property went through.
After the sale of our house, we released the £17K to FirstPlus. This caused a great problem to us as we were no longer in a position to buy a property, our other debts remained outstanding and we finally entered into a Trust Deed.
As you can imagine, we were a bit annoyed with loosing £17K. Our loan was conducted over the phone and I can not remember if we were charged a PPI and we never received a copy of our Credit Agreement to sign and return.
If I applied for a CCA and discovered that the credit agreement wasn't signed, do you think I would have a case against them - Even for the £17K?
Nope, heard nothing from loans.co.uk so wrote to them on Thursday last week, reiterating my views that the PPI had been mis-sold based on the information I'd received from Firstplus and my recollections of events.
I asked whether they were prepared to review this based on current information, or whether I would have to submit an SAR to them. I suspect it costs a lot more to respond to an SAR than the tenner they receive, so we shall see what their response is.
I don't expect them to roll over without a fight, but for the sake of a stamp I thought I'd give them a nudge.
I'll keep the board informed of any further developments.
I sent them a CCA and an SAR today, although I did speak with a chap on the phone last week about my PPI and he said that I wouldn't get the money back as they would just credit it to my loan amount
Lets see what happens. I look forward to hearing your updates.
Take care.
Provident - CCA Request - CCA Received, challenging report with CRA.
Experian - Removal of data request - 10/11/2008 ****** WON AGAINST EXPERIAN *****
Well, we got a letter back from loans.co.uk saying basically that they've done everything right etc etc and take us to the fos if you want to.
I have to say that if they're refunding back to firstplus and reducing payments as someone else has mentioned on this board, then I'm tempted to hold on until next year and claim the premium back!
Please remember you will only get the premium back , no interest so you will still be paying for this the length of the loan.
If you have a case for mis selling they have to make it as if you never had the PPI , return all payments made to the PPI plus 8% (if it goes to the fos or court) to you and the rest of the payments made are taken off the loan(which is now without PPI ) meaning less to pay off, smaller monthly payments or shorter term.
About to do battle with firstplus
, I've just sent off my SAR
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). They are a bit random on how they deal with their complaints, but you will win in the end. The sales tactics leave a lot to be desired and they know it - all they are try to do is drag out having to refund for 
Originally Posted by bobthequiz
