Thread: firstplus ppi can I claim

Originally Posted by varda

I have all of the paper work so I will check and I will also send the letter. I want to carry on with the loan without PPI though or take it to another company on a lower interest rate.

Hello Varda,

Welcome to the forum.

Please be mindful that even if they give you back the ppi premium, they will have made a lot of profit on the interest they charged you

Can you post up your figures for us to have a look at please before you send any letters

Yes when you go after them for mis-selling, your claim will be for the PPI premium, the interest they added to it.

The total amount will then attract either contractual interest, the rate of interest they applied to the loan. Or the statuatory interest the court of fos would allow.

Your figure please so we may assist you

Hi Varda

Yes, 40 days in the statutory maximum length of time allowed to the lender within the Data Protection Act 1998 to provide you with all information that they hold on you, the data subject, for all accounts that you hold or have held with them.

Enclose a cheque for £10 which is the maximum amount that is chargeable for provision of this information, and send your SAR by first class signed for delivery so that you can track its progress on the Royal Mail website. Don't forget to take a copy of your signed letter for your records and to make a note in your diary of when the 40 days is up.

Cheers

Originally Posted by varda

There was no broker involved. They only told me that I could get a refund of £14326.65 after 5 years they did not point out that the cover would then cease nor did they telll me that the PPI would be added to loan and that I would be charged interest on it full the full term of the loan.

You state here the key points of your case for mis-selling ...

Originally Posted by varda

I received a settlement quotation from Firstplus this morning figures show as follows:
Total payable under the agreement £111290.85
Less our rebate on early settlement -£44279.67
Plus administration charge £150.00
Total amount payable by you to settle, as at 2/12/08 £67161.18

There was a nice polite letter explaining that under most circumstances the loan is portable so if you are moving house it doesn't mean you'll have to repay the loan.
I have posted off the S.A.R - (Subject access request)'S but just wanted to know if I should cancel the PPI now and continue paying, but money is a bit tight for me at the moment could do with not paying it. Which is the best way to approach please.

I am still of the opinion that you have a very good case for mis-selling here as you have been mis-led, mis-informed and the lender has taken advantage of your lack of knowledge to sell you a product which, had you been armed with the full facts and true cost to you, you most likely would not have chosen to purchase.

My personal feeling is that you should pursue the claim, ie, that you are requesting the true cost of this product; all the payments made plus the interest added on top, and not go for the refund.

I imagine that if you were to accept the refund, the interest would still be charged for the duration of the loan ... this happened to me when I requested all the PPI back but the lender decided otherwise and I'm pursuing them for the full amount in my mis-selling claim. Offering you a partial refund would mean that the lender is still making a profit from you when you really could be getting the whole lot back via the fos or the courts.


Hope this helps ...

Originally Posted by varda

Can anyone tell me is it worth sending a letter to Firstplus now
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 sent my SARS letter but thought it would get things moving a bit quicker if I send a letter to them now. I could then add anything gained from the SARS information when I send LBA if they fail to refund on the first letter.
What is the best way forward as the loan is still outstanding and paid up to date although it's a struggle.
Sorry to sound a bit stupid but I just want to get it all in the correct order.

Hello Varda

Bob is quite right in pointing out that you should wait until the statutory 40 day period has elapsed before doing anything. I hadn't realised that you were trying to jump the gun when I replied above I appreciate that money is tight, but it really is best to follow the right process to get the result you want.

You must follow the process of letters as you need to allow the lender sufficient time to investigate your complaint and make their response. If you were to escalate your complaint to the fos or the courts, you will need to demonstate that you are a reasonable person and have followed the correct procedure and allowed the defendant time to investigate and provide evidence to counter your claim.

Please read this Bank templates library from the front page of this site. The process of letters and timescales is as follows:
1. SAR with 40 days;
2. Preliminary Request for Payment with 14 days;
3. letter before action with 7 days (or 14 if you prefer this).

Originally Posted by bobthequiz

I think it would be prudent to wait for the S.A.R - (Subject access request) response, it makes it look at least as if you're considering the situation.

They responded to my SAR pretty quickly, in a coupel of weeks.

They must be making a fortune in SAR tenners! Maybe not enough to pay Carol Voldemort, but plenty.

Absolutely!!