Thread: PPI and FirstPlus - any one tried them?

Originally Posted by mr.d7777

Back in Oct. '05 took out secured loan for £51K with FirstPlus, just finished going back to Uni so lots of debts to consolidate, needed the money, usual story.

Over the phone was sold PPI on 2 points:
1. In my situation would need it to get loan, but don't worry as
2. Would get £12.5K (amount for PPI) back after 5 years (term of loan 25yrs).

Didn't tell me that it was a lump sum added at start of loan that I would pay interest on.

All the literature I received loan agreement, terms, etc. pointed this fact out, but by this time I was under the impression I would not get loan if I didn't take PPI out (in the literature they merely say they would recommend PPI - slightly different to what I was told over the phone).

Does this fall into the mis-sold type of PPI? Have looked in other threads but cannot find another case for FirstPlus.

Any help gratefully received.

Hello and welcome Mr d
These companies are all the same, so don't worry that nobody has taken them on before. We all have to do what is right!
I think the first step is the sent a Subject access request and obtain all information regarding your loan and that includes all correspondence including recorded conversations.

You will find this SAR in the Bank Templates, copy, paste and amend it to your on details. It costs £10, but that is the first step that you have to take.

Get your information, probably after a long fight and then reclaim your mis-sold ppi. I bet you it is a fair whack if the loan was £51.

If you need help just ask

Originally Posted by kaybrookes1

Hello

In the same mess as yourself. Had 50k loan in Feb 06 and we owe £9k in PPI. Have searched high and low for help so will advise if any comes my way.

Best of luck. Let me know if you have a break through?

KB

Hello Kaybrookes,

Welcome to our little ppi forum We are all here to help each other in this process of reclaiming mis-sold ppi. Have your read reidnet lovely little sticky about ppi It is very informative. PPI - Some Notes for Claimants You probably will have read it.
Anyway best start you own thread on the forum as you will get lost in this one :grin:

That is a nice tidy sum you can get back:grin: if it was mis-sold and they will of course deny it, they have too, because if they don't they have t give you it back.

Good luck and get ready for the fight:grin:

FIRSTPLUS.. I had a loan which was arranged through Purpleloans / GE Money. The loan has been settled in full with Firstplus, They charged me £150 admin fee.. Which I fought and got refund. They also charged me £750 early settlement fee, I of course fought that too (God I sound a right moaning faced Git..lol), they were not so quick to respond about the ESC.. They soon changed their Minds when they got summons.. They phoned me asked me to drop court action and they would refund in full plus interest. I said NO, you send me the cheque and once it has cleared I will drop the Action, I got the cheque a few days Later.

The fight over the PPI which went along with the loan was mis sold to me by Purpleloans / GE Money and that fight is ongoing and now basically in the hands of the court.

If you need contact Names, Phone Numbers etc for Firstplus give me a shout..

Ian

To be Honest i was Impressed with the response I got from Firstplus when I submitted my SAR, I got all that I needed and well within the Time limit.

Maybe now though they will have realised what people are up to and what is comming their way things may slow down..lol.

The payments Breakdown I got from them too never showed any breakdown for PPI payments, this is Understandable though as the PPI policy cost was added in full at the start of the loan and in effect increased the loan value to include the PPI cost, this then made the whole agreement a single loan agreement if you get where Im comming from.

When I settled my loan with them I got around £97 of a rebate on the PPI policy which cost £3388. Now I would consider that a pure Rip Off and this matter is far from closed in my case, In fact it is in the Hands of the District Judge at Wolverhampton at the Momment for Directions against GE Money who arranged the Loan etc.

Originally Posted by jackpalance

Hello,
I have PPI with First Plus and boy do i regret it, its £10K!
I don't think I have a case of being mis-sold as it was offered and I said yes, and of course there is the tiny tiny clause which explains about the 'significantly less' amount of money you would get back if cancelled.
I really want to cancel this insurance and drop the amount of the loan down, but all the letters seem to cover mis-selling
Do you think the FSA announcement would help with this?
Anyone else tried?

I'm not sure where I should start, perhaps a letter to them asking for a figure if I cancel?

An announcement last week by the FSA, the City watchdog, could open the floodgates. It said that people who had been sold single-premium policies, where the cost of the cover is paid upfront and often added to the loan, could now be eligible for refunds if they cancelled the loan part-way through the term.
In the past insurers pocketed the money. Now customers who have cancelled policies and got very little back are being urged to complain to their providers.

Originally Posted by jackpalance

Oh well, I'll start with a polite letter and see where I end up, as the only reason I have not cancelled it so far is because of the unfair charging

Hello,

Start your own thread on the PPI forum,

I hope in your polite letter, you are asking for a refund of the whole ppi, plus interest and demanding that it is now cancelled

Hi steve, my friend got her PPI refunded by firstplus - well she hasn't got it yet but they have agreed it was mis-sold. The thread is here:

http://www.consumeractiongroup.co.uk...i-reclaim.html

Go for it - best of luck