Thread: firstplus upolding my claim

Hi all,

First of all I am dyslexic so please bear with me whilst I am writing this.firstplus are upholding my claim for PPI. I am writing this letter as it was sent to me and I would be grateful if you could give me some advice as to wether or not it is an acceptable offer.

I have completed a review of the investigation into your complaintregarding the sale of your payment protection policy.

The conclusion of my review is that I am upholding your complaint as I am not now satisfied that the details of the insurance were explained to you correctly.
I now propose to make the necessary adjustments to your loan account to put it in the position as if the payment protection insurance policy had not been taken.

This will mean a full refund of the insurance premium of £3,587.40 plus interest paid on the premium to dateof £507.91, and returning the part of your monthly payments made
towards the payment protection insurance premium to you. The monthly payments due will then be rescheduled accordingly.

we undetstand that we will also receive a refund of our monthly payments paid towards the insurance policy ( £682.60 ) and our loan account will be rescheduled to take these amendments into account

i am sending a copy of this letter to the financail Ombudsman service so that they are aware of our change of decision


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If you dont mind me asking what were your reasons for mis selling?

And very well done by the way

hi pinknico
miss-sold for not giving me all the information on the loan and being forcefull

Brilliant ,well done , I had heard they were very hard to admit a claim.

Hello bakerman,

Hi all,

First of all I am dyslexic so please bear with me whilst I am writing this.firstplus are upholding my claim for PPI. I am writing this letter as it was sent to me and I would be grateful if you could give me some advice as to wether or not it is an acceptable offer.

I have completed a review of the investigation into your complaintregarding the sale of your payment protection policy.

The conclusion of my review is that I am upholding your complaint as I am not now satisfied that the details of the insurance were explained to you correctly.
I now propose to make the necessary adjustments to your loan account to put it in the position as if the payment protection insurance policy had not been taken.

This will mean a full refund of the insurance premium of £3,587.40 plus interest paid on the premium to dateof £507.91, and returning the part of your monthly payments made
towards the payment protection insurance premium to you. The monthly payments due will then be rescheduled accordingly.

we undetstand that we will also receive a refund of our monthly payments paid towards the insurance policy ( £682.60 ) and our loan account will be rescheduled to take these amendments into account

i am sending a copy of this letter to the financail Ombudsman service so that they are aware of our change of decision

Classic result and very well done

Don't forget to post in the PPI successes in the stickies when you get your cheque in the post.

aa

hi
is this offer allright, to take would like your in put
thank you for all your help from this site.

Hello bakerman,

hi
is this offer allright, to take would like your in put
thank you for all your help from this site

You have posted no details posted on the full extent of any loan or the PPI added to it with Apr and any other costs so it is difficult to say if this is a reasonable settlement or not.

Caggers would need more information on costs, including loan and PPI costs plus length of loan, interest rates etc.

You could post more information and ask for advice but the main point is you have an offer and are you happy to accept or to refuse and face a longer road. The Choice is yours

Good luck with whatever you decide.

I would await input from others before a final decision is taken.

Please do not rely upon my advice alone as I am no legal expert in these matters.

aa



aa

Like aa above I am no legal expert, but if you will be put back in the position you would have been with your loan without PPI this is good as you will no longer be paying interest on the PPI lump sum.

They should return all the PPI payments already made plus interest.

If they have to reschedule a loan it cannot be at a higher interst rate.

If you have any figures a cleverer person than me will know what to do.

the only bit i dont understand is this:

we undetstand that we will also receive a refund of our monthly payments paid towards the insurance policy ( £682.60 ) and our loan account will be rescheduled to take these amendments into account

Since when has firstplus ever paid towards a clients PPI

Well done, you give hope to all of us who are battling with FirstPlus.

That actually sounds like a sensible approach.

I think I'd be happy with a resolution like that.

hi all

this is my agreement

cash loan ppp total

amount of credit £18,000,00 £3,587,40 £21,587,40

monthly repayments-
variably where interset
rate charges £173,43 £43,57 £208,00

number of repayments 180

minimum duration 180

apr 8.4%

other financial information
cash loan ppp loan

total charge for credit (assuming no
changes in interest rates and all
payments made in full when due): £13,217,40 £2,635,20

interest rates (variable-see condition 8
overleaf for circumstances 8.136%pa

first payment was taken out on the 26/03/2007 hope this will help some-one, and again thank you for all your help

bakerman

I am abou to go down the same route as you and for the same reasons, could you tell me what letters you used, were they the templates on this site?