Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
The book is easy to understand and clearly explains the rights
a bailiff has, and also what they cannot do when collecting debts and repossessing goods etc.
After pulling out my First Plus paperwork yesterday to find out how details of our loan, (we are thinking og moving) I was horrified to find that the insurance we were sold was lumped on at the beginning and has to be paid off including interest over the whole 15 year period of the loan, even thought we are only covered for five years with benefits for 1 year.
Please could someone have a look at my reasons for claim mis-sold below and tell me if you think I have a case? I had no idea even though I signed the forms, which I obviously did in haste, that I was in effect being conned.
My husband says I rang him and said you get 5 years cover and at the end of it you get the money back, to which he agreed. I had NO IDEA that they were going to add 16k+ to the loan for this!
I haven't slept because I am so angry at my own stupidity.
· We do not believe that our policy was sold in our best interests
· We were not aware that a lump sum was paid in advance for this policy and then added to our original loan
· We were not aware that this policy only covered us for 5 years of a 15 year loan
· We were not aware that the payments and interest on this first lump sum advance would still be being paid throughout the whole of the 15 year period even though we were only covered for 5 years under the policy
· The person who sold me this insurance stated.. you pay the premium and if after five years you havent claimed you get your money back... at no point was it mentioned that we would be paying a monthly premium plus interest for the term of the loan!
Should I also add to this list that I am self-employed and was at the time of the loan? I don't even think I am covered.
we are in exactly the same boat as yourselves and are just drafting our first letter, my husband took out a loan with first plus and was told that we would be getting x amount of pounds after 5 years taking out PPI, husband thought this was monthly payments not one lump sum, and basically missold the policy, anyway we paid the load off only after 11 months and had to pay £18000 . husband has dragged his heals getting the letter done, i have been on at him for ages to do it and finally he is doing it as i type.
I'm no expert but you both need to send off a Subject access request to Firstplus (SAR's) enclosing a £10 fee. There is a template on this site. I would advise you to read up on this site and learn from the experiences of others, me included. I have sent my first letter to them following receipt of all the information they held regarding the sale of the loan and PPI. There are some experts on here who you will find more helpful. Alanalana, Paintball and Hellhasnofury.
Good luck
Mis Sold First Plus PPI?
over the whole 15 year period of the loan, even thought we are only covered for five years with benefits for 1 year.
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. husband has dragged his heals getting the letter done, i have been on at him for ages to do it and finally he is doing it as i type.