Thread: PPI on secured loans - mainly First Plus

Hello galaxygirl,

Hi, I'm a newbie and after reading tons of posts over the last week and the horror stories about PPI I got out all the loan details for a number of loans me and my partner have taken out over the last few years. We went through Ocean finance to get our first one which was through First National - (ppi charged £990), 2nd was through Endeavour (ppi charged £5k approx) and finally our present loan is with First Plus and ppi being charged is £14975. I've prepared and issued the 8wk letters for the first two and these were sent out with 3 others for unsecured loans on friday 9th jan. I've seen many other posts about First Plus and I'm just wondering how to go about this. I have all the paperwork but no telephone transcripts as we initially went through Ocean who my partner dealt with. He said that Ocean told him that if he didn't take up the insurance then we wouldn't get the loan. When he spoke to First Plus, they told him about this too good to be true offer of getting the ppi back after 5 years as long as we didn't make any claims during the 5 years. We took this loan out as we were between a rock and a hard place in 2006. It is only after reading the other posts over the weekend that my partner started recognising the blurb recited to other posters on the forum and said they said the same thing to him. We believe we have a case as we didn't realise about the ppi interest being for the whole length of the loan (15 years and around £13500) coupled with the threat we wouldn't get the loan unless we took the "insurance" as it was put to us and "protected payments" was another term used.
My questions are do we contact Ocean to get transcripts of our telephone calls with them as well as First Plus? Does anyone think we have a case?, I'm confident we do but haven't read much about brokers involvement in these cases and am interested to know your thoughts and any strategies. Thanks!

I would suggest you see these links before you make a considered decision on reclaiming PPI.

links

within this you have the following:

For claims before 2005 and the FSA ruling from which campaign
How to tell if you’ve been mis-sold PPI
Quick check: were you mis-sold? - How to tell if you’ve been mis-sold PPI

Another useful site to help you reclaim missold PPI UPDATED 16 JUN 08
Reclaim your PPI premiums - payment protection insurance | This is Money

This is a little snippet from the above link....

Can I reclaim on any PPI policy?
Your claim for compensation is dependent on when you took the insurance. PPI sales only came under the jurisdiction of the FSA on 14 January 2005. Any sales made before then are not covered by the latest rules.
However, it may still be worth complaining to your lender if you feel you have been mis-sold. If you bought before January 2005 it is likely that they will have been covered by a previous regime of rules. This means that the Financial Ombudsman Service will be able to consider these complaints. If you took PPI after January 2005, your claim is subject to the latest rules.

You will need to spend time browsing the rest of links to prepare with more info.
aa

Hello galaxygirl,

Hi Alanalana - We meet 3 out of the 5 mis-sold PPI for all instances - a couple of the loans were pre 2005 but I think they are worth a try. It is the brokers involvement that I am worried about and don't want to mess up regarding the first plus as the amounts involved are huge.

The best I can suggest here is read the threads there is something on the forum with reference to PPI and brokers but you will have to search for the information.

have a good look and post your concerns so CAG can respond

aa

hello GG,

ok - just got urgent update -

been basically told to get lost by Firstplus as we went through a Broker ie Ocean
Ocean have written back on the same day to say they are investigating this

What do we do now? surely the broker doesn't take responsibility and will not be able to amend our secured loan to "as if we never had PPI"


HELP!!!!!!!!!!!!

This is a big issue with PPI reclaimers the Loan company blame the broker and vice versa. IMHO it is the creditor making the loan and adding on the PPI to the loan who is responsible for the mis-selling and not the broker. They only use brokers to maximise the profit to themselves as the broker will provide the insurance to them at a knock down price to get some business.

Creditor gives loan with terms ie you have to have PPI etc etc
they give you their cost of PPI extortionate and probably in most cases difficult to make a claim on due to terms and exclusions.

Creditor includes a broker to provide the useless PPI but the creditor will be most likely paying the broker less than they are charging you for the PPI on your loan, credit card etc.

I would send all your letters to both the creditor (first plus) and the Broker (Ocean) telling them you will not rest until you have a satisfactory resolution and that their failure to agree will result in complaints to the fos, ICO, FSA, Trading Standards and the Office of fair trading. Also mention that if your complaint is not upheld by the FOS you will proceed to make a legal claim through the Local county court.

aa

Originally Posted by galaxygirl2009

ok - just got urgent update -

been basically told to get lost by Firstplus as we went through a Broker ie Ocean
Ocean have written back on the same day to say they are investigating this

What do we do now? surely the broker doesn't take responsibility and will not be able to amend our secured loan to "as if we never had PPI"


HELP!!!!!!!!!!!!

Is Ocean replying to the Firstplus loan it brokered or your very first loan?
If the first:


Please dont panic, if the broker is responsible and admits mis selling yes you will still have your loan amended. What year did you take out this loan with Ocean Finance , if it was in or after 2005 you should have the option to go to the fos if Ocean tell you to get lost.
You have done the right thing writing to both companies, now you must wait to see what Ocean come back with.

Originally Posted by galaxygirl2009

ok - just got urgent update -

been basically told to get lost by Firstplus as we went through a Broker ie Ocean
Ocean have written back on the same day to say they are investigating this

What do we do now? surely the broker doesn't take responsibility and will not be able to amend our secured loan to "as if we never had PPI"


HELP!!!!!!!!!!!!

Hello GG,

When you go via a broker (ocean finance) they arrange the loan via the lender (Firstplus)

Now you have to think why they do this Is it because they just picked their name out of yellow pages, no, the answer is because they received commission from first plus to sell you the loan. and of course if ppi is attached, mmmmm huge commission for ocean finance.

Now they both have to take responsibility for their actions. They both have made money from you.

Now do you have a copy of your credit agreement???????

Also there is information relating to secret commission payments somewhere on this thread.

I you are going to be successful in this claim, you have to look at all aspects of legislation covering every angle you can hit them with.

Secret commission
Multiple agreements

I will put up a link to a couple of threads, that will be of interest to you.

secret commisions

and the other

Multiple agreements falling within section 18 CCA 1974

Yes if you have been mis sold. You should have all the money back that you paid towards the PPI plus interest and the rest of the PPI taken off the loan.