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My question is that, as I am struggling to pay the monthly repayment on this loan (plus PPI etc), I am considering re mortgaging to settle the debt and reduce my monthly outgoings.
Would this invalidate any claim against Firstplus, or could I still pursue a claim for missold PPI?
From what I know when you ask for the settlement figure from FP, they will include PPI in this amount - it will probably be a lot higher than what you were expecting too - I don't think it will invalidate your ppi claim should you wish to pursue it perhaps someone else can comment?
The fact that you propose to consolidate the loan with another financial organization has no bearing in fact it should make your claim easier for you as this money will be refunded to you and not taking off what you owe FP.
Thanks so much for advice. I have now received SAR together with a CD of three recorded conversations from the first loan I took out with Firstplus. There appears to be no record of the conversations associated with the unfortunate and foolish further advance which I took out some months later.
Does the absence of any record of conversations about the second loan affect my chances of persuading them that PPI was mis-sold?
I have listened to the calls about the first loan and find that they did not attempt to explain the principle of front loading PPI and then applying interest to it. They also virtually ignored all my answers about Accident cover, life cover and other insurance. I feel that they were railroading me into changing my answers to make it seem the only logical conclusion was to take their PPI. I mentioned a few times the figure of #400 a month being available to a stand alone policy I had. The sales person chose to ignore that and lead me into agreeing that I dodn't have suitable cover. They may well have said it was not a condition of the loan, but I certainly felt at the time - and the tape tends to confirm - that I would not get the loan if I refused to take PPI.
They have already told me that they feel PPI was correctly sold. I understand that this is standard procedure.
Does anyone have any advice as to my next approach to Firstplus? Does the recent decision to ban the sale of PPI at the start of a loan affect my chances?
Does the absence of any record of conversations about the second loan affect my chances of persuading them that PPI was mis-sold? no not at all its for them to prove that it was not mis-sold.
They have already told me that they feel PPI was correctly sold. I understand that this is standard procedure. Yes their standard procedure keep at them now you have the information from FP its time to send in the preliminary request for payment this useless policy.
Does anyone have any advice as to my next approach to Firstplus? Does the recent decision to ban the sale of PPI at the start of a loan affect my chances? in theory it should make it easier for us but i dont think financial organizations will see it that way.
Have you got any letters from First Plus, if you have can you scan them and use photobucket to upload them to here but use the scanner software to scrub out any persoal details.
Once you have done that i will tailor a letter for you to send them.
All i need to know is what they said word for word.
Reclaiming PPI from FirstPlus
with a view to claiming back PPI
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