Thread: PPI & FirstPlus

Hi Kaz,

Here is my letter is sent to First Plus, which may give you some pointers.....

Mr ………….

67 Some Road

Town

County

Post Code

FIRSTPLUS Financial Group Plc
The Avenue Business Park
Pentwyn
Cardiff
CF23 8FF

Date 2008

Formal Complaint – Request for Payment Protection Insurance Refund

Re: Accounts xxxxxx and xxxxxxxx


Dear Sir/Madam,

I have recently made a FULL Data Protection Act 1998 Subject access request for all my statements, correspondence and telephone transcripts/recordings that you hold on file in respect of the above account.

Having listened to the recordings of my conversations with your sales advisors during my loan applications, and the evidence within the information supplied by you in response to my S.A.R - (Subject access request) request and following the recent OFT and FSA investigations, I now realise, that you mis-sold me payment protection insurance on two occasions, which I did not want and did not need.

During both applications, your adviser does not clearly explain that this was a Single Premium Policy and although only lasting for five years, I would be paying for it and interest on it throughout the lifetime of the loan at the loan APR. Equally a lot of emphasis was put on the refund of premium offer at the end of the five years, but you failed to highlight the true cost of the policy.

Very little attempt was made to ascertain if the insurance was fit for purpose, suitable for my needs or if indeed if I really needed it at all. It was not explained to me that there were certain exclusions within the policy that could affect my eligibility.

It was not stated at any point during the setting up of the 2nd loan that the PPI from the 1st loan was added to that loan. I was never given a Breakdown of what was loan amount and PPI separately when it was added, and therefore had no idea that any PPI was included or how much. There was never any mention of this in any conversations or paperwork.

It was never made clear that the rebate you would receive if you cancelled early was not fairly proportionate. Also as these were sold to me as cash back policies and that is how I believed they worked. I would never have taken the PPI on either loan if I thought I could lose such a large amount of money.

Your adviser used very mis-leading sales techniques and the tape clearly shows the adviser pressured me into taking the PPI. At one point they implied that if I did not take the PPI when I topped up the loan, the settlement figure for the old loan would be higher.


Your responsibilities

I would draw your attention to the terms of the contract which you agreed to at the time that I opened our account. It is an implied term of that contract that you would conduct yourselves lawfully and in a manner which complies with UK law.


What I require

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 8.69% APR for agreement xxxxxxx and at 8.2% APR for agreement xxxxxxx, both of which you applied to the relevant loan at the time of inception, reflecting the principal of mutuality and reciprocity.


Insert your calculations here

The above figures are based on the data you have previously supplied me, and I therefore now require you to refund me a total of £6,000

If you feel that my figures are in-correct please revise and provide a detailed breakdown of your calculations.


My targets to resolve this matter

As the FSA has now stated ‘no refund’ terms are considered unfair, I would like my refund request to be met in full.

I hope that you will enter into a sincere dialogue with me about this matter and I am writing this letter to you on the assumption that you will prefer to do this than merely respond with standard letters and leaflets.

If I do not receive a favourable response from you I will pursue this claim through the Financial Ombudsman and indeed through the courts. I must advise you I have taken legal and financial advice on this matter.

I will give you 7 days to reply to me accepting, unconditionally, my refund request in principle and letting me know a date by which I will receive payment.

I look forward to hearing from you in the first instance of receipt.

Yours faithfully,

The thread for my victory against them is here: http://www.consumeractiongroup.co.uk...-plus-ppi.html

Good Luck!