Thread: First plus and the initial stage where do I start help please!!!!

Hello All,

I logged on to a web site regarding the mis selling of PPI insurance and entered in my details. The company called me back some two days ago and said that I have an excellent chance of claiming the PPI contributions back.

They did some calculations and said that I would get £6,200 pound back, and save £8400 in future interest payments thats with them taking back 25% and the additional cost of £200 which is on a no win no fee basis. After mulling it over I have decided that I am going to do it myself, it cant be that hard (she says).

I am at the end of my five years and First Plus stated that at the end of my five years which will be in November this year I will be entitled to a cash back sum of £5,000. If the company could get me back £6,200 (after their 25%) then there is something not right isnt there.

The details of the loan are as follows:

Amount of Advance £21,000.00
Optional Payment protection premium £4,185.30
(Although I was told if I did not have this
Then I might not get the loan.

Total Loan amount £25,185.30
Monthly interest rate 0.716%
APR 8.9%

Estimates monthly repayments 300
monthly repayment £204.36

The monthly repayments has since gone up to £234.00

And the loan was taken out 26/11/04

Please help what is my first stage?

First stage is do not use a reclaim company you will pay upfront and also have to pay 20% of your settlement. If you use CAG you can get assistance claim back yourself with no upfront fee and no percentage of any settlement that is agreed to.

There have been instances of people putting up a deposit never to hear from the company again

Firstly read up and get the information on the mis-selling of PPI.

there are links in the stickies at the top of the forum which should help. Some are containing more links on the subject of PPI, complaints to the regulatory bodies, advice from law companies etc.

Here are a couple to get you started.

PPI - Some Notes for Claimants..

Mis-sold PPI? Want your money back? use these links to help

Once you are ready to proceed post up and the next step would IMO be to send a Subject access request.

There is more on SAR in the stickies but please post up before you send one off.

aa

Originally Posted by 2me2u2

Okay not a good start.

Should I send off my subject access form first or my prelim letter???

anxious to get this ball rolling as I would like it in time for christmas.

2me2u2

Yes I was successful and recovered over £10k

you should start with a Subject access request fee £10 template letters here......Full SAR for ppi

and also here....Data Protection Act 1998 - Subject access request

You can be specific with what data you request although the Subject Access Request is really asking for everything. The Statutory fee is £10.00 Postal Order is fine but keep the details of the number for future reference. The post office will be able to confirm when it was encashed (just call 01246 542091 they will even send written confirmation if you request it) Send all correspondence by at least recorded to be signed for so you can track delivery through Royal Mail

You should request the following documents:

A true copy of your Consumer Credit Agreement with the terms and conditions that were applicable at the time you took the loan/card/mortgage.

Copies of all statements applicable to the loan/card/mortgage.

Copies of all correspondence that apply to you as a data subject ie letters, emails, faxes etc.

Copies of all recorded telephone calls or transcripts of the recordings.

Copies of any notes made by bank/loan company staff in their dealings with you as a data subject.

Do not be fobbed off by them citing issues such as relevant filing systems.

If they have any records/data on you as a data subject and it is held under your name, address, post code, account number/s or any other system where the data is identifiable to you then it is a relevant filing system. Even if it is a specific serial number on microfiche records and the serial number is applicable to you.

Please see also this

THIS LINK IS IMPORTANT TO YOU ON RECLAIMING IT IS FROM 2001 FROM THE fos
loan payment protection insurance and a quote from this link...

Quote:
When determining whether a policy is suitable, a seller – whether a lender or an agent for the insurer – must obviously take into consideration any information the prospective policyholder volunteers. However, we do not consider the seller’s duty is limited simply to recording what the borrower discloses. It is only by asking questions that the seller can properly determine suitability. These questions cannot cover every aspect of a borrower’s personal position and should not be expected to do so. To paraphrase the ABI Statement, only those matters deemed to be relevant by the insurer should be the subject of questions.


For legal issues relating to Data Protection check this link...Lots of very useful info in understandable terms.
Data Protection | OUT-LAW.COM

it includes the following and much much more
Negotiating with the Data Subject (This should be important to Banks)

At this stage, it is advisable to negotiate with the data subject. The location information the data subject will have already given will give a clue as to what it is the data subject really wants to have information about. The benefit of the Data Protection Act 1998 is that it allows data controllers to negotiate with data subjects to get the data subject to specify the exact information he or she wishes to receive.

The data controller is entitled to ask for a fee of £10 and two further pieces of information. Firstly, the data controller must satisfy himself that the person making the request is, in fact, the data subject. The use of a subject access request form is advised, since the greatest breach of a data controller's security is for the data controller to satisfy a subject access request made by a person impersonating the data subject. The use of the form goes towards proving that the data controller has adequate identification and verification procedures in place. Secondly, the data controller is entitled to ask the data subject for further information to enable the data controller to locate the information which that person seeks.

When the last of these three pieces of information has been obtained, the forty day period starts to run. It is advisable to put procedures in place to ensure that the receipt of the request and the further information is correctly dated so that an organisation knows how long it has to satisfy the subject access request.

However, if the data subject is adamant that he or she wishes to receive a copy of everything the data controller holds on him or her, then there is very little the data controller can do about this, and a completely exhaustive search of the computerised and manually held data in the organisation will be required. (nice to know what you see in the Act is what you get)

The above is included in earlier links provided.

aa

We received an incomplete SAR response from First Plus and are waiting for our complaint to work its way through the ICO, but will hope to start the reclaiming process soon.

Best wishes.

Originally Posted by 2me2u2

aa

Thank you once again for your help, Going to send it off tomorrow.

Once again thank you so much

2me2u2

Any update on this you should see the latest news.

Two more links on the Financial Services Authority instructing the financial industry to review rejected PPI claims.

FSA demands firms re-open 185,000 rejected PPI complaints - IFAonline

FSA unveils tough measures to protect PPI consumers

Posted up by citizenB and cerberusalert. Thank you

and on the same subject more links from Pompeyfaith

BBC NEWS | Business | FSA orders insurance compensation

http://www.fsa.gov.uk/pages/Library/...09/09_23.shtml


aa

Hi,
Ahh A First Plus PPI with Cashback single premium policy.. I have had a lot of dealings with this outfit and their policies. I got stung with one of these via a subsiduary company of GE Money (ring any bells..lol)

The Cashback option is a pure rip off too, as you have stated that you have missed a couple of loan payments you will not recieve the cashback at the end of the 5 years. This is in the terms and conditions of the Cashback, another sneaky one in their Cashback is that you have to claim the cashback within a certain time after the 5 years is up, I think it is 30 days or so..they put that in and hope that you fail to claim it within time.

As you stated you were told at the time of the loan application that the loan would not be given without the PPI, I think that should be your main issue, PPI cannot be made a condition of the loan, it should be optional.

Good luck and if you need any help just ask..

Ian

Originally Posted by 2me2u2

Thank you for your response I cant believe that I was conned into it but at the time I was desperate and now surprise surprise I recieved a letter this morning stating that my PPI has now run out and I will have to make my own arrangements!!!

Question is it normal to have to wait nearly three months for them to download a telephone call??

I find that to be a long time???


2me2u2

Did you submit a SAR to them ? If so they have to provide the information within 30 Days (if my memory is correct), as they have failed to I would remind them of their obligations under the Data Protection Act 1980 and I would also put in a Complaint to the ICO regarding the with holding of Information.

Ian

Originally Posted by 2me2u2

Hello again everyone,

Okay I requested my SARs in August but didnt get it. So I asked for it again and still no answer. Anyway as I had a copy of the original loan agreement I decided to proceed with it anyway. I sent a letter in August asking for a refund in my PPI (the amount shown above) and was told that they were looking into it and I should recieve a reply before the 28th September (Surprise surprise) no response came. I then sent another letter requesting a refund and still no response.

Angry, I called the person yesterday who said that she would get back to me and was told that I would have to wait 8 weeks for them to investigate the matter. I informed her that the 8 weeks were up that day (yesterday).

Imagine my frustration this morning when I recieved a letter stating that they are waiting to download the original phone made in 2004 and that I should receive a reply by the 20th November 2009 that will make it twelve weeks in total. Two months to date to download a phone call!!!

I am even more angry because when I took the original loan out I was told that if I had not made a claim I would be reinbursed £5,000, I have now been told that since I had missed a few payments (even though I am paying off the arrears at £40.00 per month) I am not entitled to receive the £5,000 even if I bring the account up to date, surely this is wrong.

Please please help!!!!

2me2u2

First plus are taking the mickey.

From the date they received your SAR with the appropriate £10.00 fee they had 40 calendar days to provide you with all the data applicable to you as a Data subject.

Timescales now exceeded by a wide margin

Deal with them only in writing, keep copies of all correspondence and the next step is to submit a formal complaint to the Information Commissioners Office about their failure to comply with the Data Protection Act 1998 which is a legal statute that they are bound by law to adhere to.

Send the ICO copies of all correspondence both ways..

ICO information in here...Complaints - Information Commissioners Office

They now state the PPI has run out!! if the loan is still active and they have cancelled your cover without you making any claim on the PPI then this is even more evidence of mis-selling.

I would also start to claim your money back by submitting a complaint to the Financial Ombudsman Service.....our complaints procedure and how to complain

Please also read the stickies at the top of the forum they should assist.

Please have a look at this link posted by angrycat.
FTAdviser.com - The FSA has made a dog's dinner of PPI

Hi,
The refund for the Mis-Sold PPI is your money, you have the right to choose how you want to use the refund, Ie Cash or go to lower your outstanding loan. Lloyds tried that line with me and surprise surprise they ended up sending me the refund by cheque.

One thing to check with them is how they have calculated out the interest owed to you for the PPI, No doubt the APR on your loan will be variable.

Ian