Thread: Firstplus and PPI

Hi All, does anyone know whats happening with firstplus? i have a claim in at the moment with the FSA and have been told now that all claims against them are now being treated as one and they are looking at firstplus as a whole?? they have had my complaint for nearly 8 months!!

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Originally Posted by joski34

Hi All, does anyone know whats happening with firstplus? i have a claim in at the moment with the FSA

Sorry hun but do you mean the fos?? Financial Ombudsman Service? and can you elaborate on anything else they may have said?

Thanks!!

Sorry yes I mean the fos anyway they said that they are treating all claims for PPI against firstplus as one not on an individual basis because there are so many..so they said they are looking at the whole company. Im thinking then if they decide they misold policies between certain dates then they would be fined..dont know how long that takes but i suppose if they decide they sold them correctly all complaints to date would be thrown out...is that the way it works?

I think it would be fair to say at this stage.. that we have all really been sat waiting for this moment, when 'Firstplus' turn came with regards to being investigated for their ludicrous PPI policies eh? Their policies were a complete non starter and they knew it and their whole empire was built on their con tac-tics of the ppi 'Get Rich Quick Scheme'

I feel the real reason for their doors shutting on loans and the last straw for them was solely based on the fact that their big fat profit margin would be seriously damaged once they had their ppi security blanket whipped away from under them..

I bet they were squirming when these investigations was underway and then thought they'd duck out before they had their noses rubbed in it but Karma has finally arrived at their front door and not before time:grin:

Mark my words.. I think this will be the biggest fines we will have seen to date

Hi all,

Can anyone enlighten Me as to what is going on with First Plus and the FSA with regard to PPI claims.

We took our loan 2 years ago and are due our PPI rebate in 3 years time of around £9k, does anybody actually gey this rebate?

Our finnancial life is a little fragile at the moment to say the least, we are in a dmp with cccs. Is it possiple to reclaim this PPI rebate early? what is the best way to go about this? and has anybody had any success with this?

We are not in a situation to pay off our Loan with First Plus. How would a rebate affect our monthlly payments? are rebates sent as a payment in the form of a cheque or deducted from the current loan.

Some further advice would be really apreciated. Thanks for your experinces and advice on this.

Kind regards.

Sorry to interuped! thanks for advice.

Hi Guys, well Ive had a response back from the fos and Ive won!!! Ive been told today that they have ordered them to put me back to a position before taking the loan..I did actually settle this loan back in Feb 06. She also told me that they will have to pay 8% interest up until they actually settle..so what Im wondering is how much I should receive?

Figures are for the PPI:

Total Premium - 4384.60
Rebate when I settle 1491.36
Difference - 2893.24

So Im wondering how they would calculate the 8% from feb 06 to feb 09 any ideas guys?

My maths isnt so good

Bumpety bump

Well done Joski34 another well earned success.

Thanks Varda...can anyone help with my maths question??

Any maths experts out there?

Two things, I am at complaining to FP and the regulators re many things at the mo however am intrigued by any success. My loan was taken out pre 2005 and I have essentially been told that becuase there were no regs in place to cover me, it was not an "advised" sale and so no grounds to complain....what was your route to success?

Re the maths, dead easy.

I would do it monthly,

starting balance = x

monthly interest = 8 / 12, ie 8% per annum divided by 12 months = 0.66%

month one say it is 1000 then 1000 x 0.66% = month one interest, add this to the capital and you have starting balance for month 2 etc, then repeat as above, so month on month you are applying interest to the increasing ( or compounding amount)

Mail me privately I will put it on a spreadsheet for you, just give me amount and starting date.

See also "firstplus complaints" site, your PPI success will be welcome there too.

Hi Mark, I complained to FP and they sent me a letter offering me a refund of the PPI but with holding 22%, I asked them what that was for and they said admin. I complained to the fos and it has took 12 months but they have upheld the complaint and also asked them to pay an amount for unecessary stress so bingo...she advised me that they would have to pay 8% interest until they actually refund me the whole amount...Il send you over the figures so you can take a look.

Thanks Joanne

Let me know the amount and from what point the 8% is payable