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First Plus PPI reclaim for my friends **WON**


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I have been working on this one for a while, but thought I would start a thread for it. I will post the proposed letter which explains the situation but I have just realised to my horror that had they not been missold the PPI in the first place they would have not been £2K in arrears as their monthly payments were £110 extra because of the PPI - a total of £4K overpaid. As they have a suspended possession order I am hoping to be able to go back to the court and get it revoked on the basis that if the PPI had never existed they would not have been in arrears. Does that sound like a plan? Assuming we succeed in the reclaim that is.

 

Anyway, proposed letter. Constructive criticism welcome - not done one of these before:-o

 

26 January 2008

 

 

Firstplus Financial Group PLC

The Avenue Business Park

Pentwyn

Cardiff

CF23 8FF

 

 

Dear Sirs

 

Account Number:

 

I am writing on behalf of my clients to request that the Payment Protection Insurance sold at the time the above loan was taken out be refunded in full to the account, and that interest which has accrued to date be similarly refunded. The amount of the insurance amounts to £13K, the interest charged to date amounts to £4.5K

 

The reasons for reclaiming are:

 

At no time were my clients told that PPI could be purchased elsewhere to cover the loan

 

It was not made clear that the insurance was only valid for the first five years of the loan - in fact the first time this became apparent was on receipt of the information requested about the account under the Data Protection Act.

 

My clients were led to believe that Payment Protection Insurance was compulsory and indeed were misled into thinking that they would stand more chance of getting the loan if they took the Payment Protection Insurance

 

It was not explained to them that there were certain exclusions within the policy that could affect them. The Payment Protection Insurance was added to the loan balance at the outset and at no time was it explained that there were PPI policies where one could pay monthly for substantially lower premiums and which would cover my clients for the whole term of the loan.

 

The terms & conditions of the insurance were not fully explained - from the tapes received the insurance has been mentioned in passing but no detailed explanation of what was being taken on was given. Additionally the calls where the matter was mentioned were made while both parties were at work and unable to discuss such private matters in any detail.

 

As we do not have any further information about the insurance we are still unable to successfully review the policy, however it seems clear that the policy was not sold fairly, reasonably and within my clients’ best interests so we require you to cancel this policy with immediate effect and to ensure a full refund of the premium and associated interest is made to my clients’ account with yourselves as soon as possible.

 

Additionally, from the documents received it would appear that the loan in xx was mainly used to settle a previous loan with First Plus. However there is no further information regarding this earlier loan other than the outstanding balance of £47K shown on your letter dated xx. As this earlier loan is obviously connected with the current loan I would have expected to have received details of this with the information received under my clients' request for information. As it would seem highly probable that this loan also includes PPI I therefore require full information regarding the original date of the loan, full statements and details of any PPI sold at its inception.

 

If we do not receive a favourable response from you we will pursue this claim through the Financial Ombudsman and indeed through the courts.

 

I enclose a signed authority from my clients authorising me to deal with this matter on their behalf.

 

I look forward to your considered response.

 

Yours faithfully

 

 

 

Goldlady

 

I haven't mentioned the fact that they sent someone else's data with the SAR yet - still wondering what to do about that:o

BANK CHARGES

Nat West Bus Acct £1750 reclaim - WON

 

LTSB Bus Acct £1650 charges w/o against o/s balance - WON

 

Halifax Pers Acct £1650 charges taken from benefits - WON

 

Others

 

GE Money sec loan - £1900 in charges - settlement agreed

GE Money sec loan - ERC of £2.5K valid for 15 years - on standby

FirstPlus - missold PPI of £20K for friends - WON

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Hi Goldlady.

 

I'm a former industry insider and have a detailed knowledge of secured lenders. There are a number of lines you could take on this. When were the loans taken out? When the first loan was paid off to take out the second loan, your customers would have incurred early settlement interest charges as well as a low rebate on the PPI. These costs would effectively have been added to the new loan, thus increasing the debt. I would suggest that you add that the implications of this were not made clear, nor were the effects of this on the customer's entitlement to the "cashback" element of the PPI arrangement ie this is deferred for another 5 years.

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Hi Jonny - thanks for that. I am wondering whether I should ask for the information on the first loan before I start claiming as if you are right then I really need all the facts and figures first. My friends don't remember there being a first loan :confused: but the tapes and the loan agreement both indicate that there was.

BANK CHARGES

Nat West Bus Acct £1750 reclaim - WON

 

LTSB Bus Acct £1650 charges w/o against o/s balance - WON

 

Halifax Pers Acct £1650 charges taken from benefits - WON

 

Others

 

GE Money sec loan - £1900 in charges - settlement agreed

GE Money sec loan - ERC of £2.5K valid for 15 years - on standby

FirstPlus - missold PPI of £20K for friends - WON

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You definitely need to check that out. Contact FIRSTPLUS and ask for copies of all papers related to all loans for your customers - if they have had a previous loan, I suspect there is more that they could claim because of the settlement charges effectively being added to the new loan and further interest then being charged on them! I very much doubt that this would have been made clear. Taking out the new loan would have meant cashing in any existing PPI (with the consequent low rebate) and the deferrment of the "cashback" entitlement under the PPI for another 5 years. Go get 'em. Happy to provide any help I can.

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  • 3 weeks later...

Hi, have had the information about the earlier loan and the PPI charged and refunded on it. The first loan was only for 3 months. Have put it all into a spreadsheet and so far (need interest rate changes from 2005 onwards which will be in the SAR pile somewhere) the total to reclaim is over £19K. Well - to refund to their loan balance anyway;)

BANK CHARGES

Nat West Bus Acct £1750 reclaim - WON

 

LTSB Bus Acct £1650 charges w/o against o/s balance - WON

 

Halifax Pers Acct £1650 charges taken from benefits - WON

 

Others

 

GE Money sec loan - £1900 in charges - settlement agreed

GE Money sec loan - ERC of £2.5K valid for 15 years - on standby

FirstPlus - missold PPI of £20K for friends - WON

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Share on other sites

16 February 2008

 

 

Firstplus Financial Group PLC

The Avenue Business Park

Pentwyn

Cardiff

CF23 8FF

 

 

Dear Sirs

 

Account Number:

 

Thank you for forwarding details of the original loan as requested.

 

I now writing on behalf of my mates to request that the Payment Protection Insurance sold at the time the above loan was taken out be refunded in full to the account, and that interest which has accrued to date be similarly refunded. I have attached a spreadsheet which details the amounts of PPI involved, both with the initial loan and the subsequent one.

 

The amount of the insurance on the first loan amounts to £11250 plus interest added at an APR of 9.4% for the period December 2003 to March 2004 when the second loan was taken out, amounting to £270, less the refunded amount of £10500, leaving a total of £1020.

 

For the second loan the PPI amounts to £12750, the interest charged to 31 May 2007 amounts to £5300; we do not have information about the interest rate applied since 31 May however have calculated it at the rate of 9.4% until August 2005 and then at 11.5% APR for the remaining term, making the total amount of interest applicable to this second loan £6900

 

The total amount of the reclaim requested is therefore £20,660

 

The reasons for reclaiming are:

 

At no time were my clients told that PPI could be purchased elsewhere to cover the loan

 

It was not made clear that the insurance was only valid for the first five years of the loan - in fact the first time this became apparent was on receipt of the information requested about the account under the Data Protection Act.

 

My clients were led to believe that Payment Protection Insurance was compulsory and indeed were misled into thinking that they would stand more chance of getting the loan if they took the Payment Protection Insurance

 

It was not explained to them that there were certain exclusions within the policy that could affect them. The Payment Protection Insurance was added to the loan balance at the outset and at no time was it explained that there were PPI policies where one could pay monthly for substantially lower premiums and which would cover my clients for the whole term of the loan.

 

The terms & conditions of the insurance were not fully explained - from the tapes received the insurance has been mentioned in passing but no detailed explanation of what was being taken on was given. Additionally the calls where the matter was mentioned were made while both parties were at work and unable to discuss such private matters in any detail.

 

As we do not have any further information about the insurance we are still unable to successfully review the policy, however it seems clear that the policy was not sold fairly, reasonably and within my clients’ best interests so we require you to cancel this policy with immediate effect and to ensure a full refund of the premium and associated interest is made to my clients’ account with yourselves as soon as possible.

 

If we do not receive a favourable response from you we will pursue this claim through the Financial Ombudsman and indeed through the courts.

 

I look forward to your considered response.

 

Yours faithfully

 

 

 

Goldlady, LLB (Hons) (Open)

 

Will this do for a start?

 

 

 

 

 

BANK CHARGES

Nat West Bus Acct £1750 reclaim - WON

 

LTSB Bus Acct £1650 charges w/o against o/s balance - WON

 

Halifax Pers Acct £1650 charges taken from benefits - WON

 

Others

 

GE Money sec loan - £1900 in charges - settlement agreed

GE Money sec loan - ERC of £2.5K valid for 15 years - on standby

FirstPlus - missold PPI of £20K for friends - WON

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  • 3 weeks later...

Aaaargh

 

I have had a reply from the broker who set up the PPI in the first place. It is truly amazing.

 

They have gone out of their way to tell us that they were not covered by any regulations at the time the PPI was mis-sold (2003) and then openly admitted that they did not tell my friends there were other options, did not discuss the features/benefits of the PPI with them, and indeed that they could have done anything they bloody well liked and my friends have no comeback whatsoever!!!!!!!!!!

 

I suspect they are wrong:mad:

 

They have said that if we approach the FOS they will not consider it as it was before PPI was regulated.

 

I have a strong suspicion that whilst they may not have been regulated that the UTCCR has some bearing here. Help!!!

 

Thanks

 

Goldlady

BANK CHARGES

Nat West Bus Acct £1750 reclaim - WON

 

LTSB Bus Acct £1650 charges w/o against o/s balance - WON

 

Halifax Pers Acct £1650 charges taken from benefits - WON

 

Others

 

GE Money sec loan - £1900 in charges - settlement agreed

GE Money sec loan - ERC of £2.5K valid for 15 years - on standby

FirstPlus - missold PPI of £20K for friends - WON

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Can anyone help me on this one?

 

Thanks

 

Goldlady

BANK CHARGES

Nat West Bus Acct £1750 reclaim - WON

 

LTSB Bus Acct £1650 charges w/o against o/s balance - WON

 

Halifax Pers Acct £1650 charges taken from benefits - WON

 

Others

 

GE Money sec loan - £1900 in charges - settlement agreed

GE Money sec loan - ERC of £2.5K valid for 15 years - on standby

FirstPlus - missold PPI of £20K for friends - WON

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Aaaargh

 

I have had a reply from the broker who set up the PPI in the first place. It is truly amazing.

 

They have gone out of their way to tell us that they were not covered by any regulations at the time the PPI was mis-sold (2003) and then openly admitted that they did not tell my friends there were other options, did not discuss the features/benefits of the PPI with them, and indeed that they could have done anything they bloody well liked and my friends have no comeback whatsoever!!!!!!!!!!

 

I suspect they are wrong:mad:

 

They have said that if we approach the FOS they will not consider it as it was before PPI was regulated.

 

I have a strong suspicion that whilst they may not have been regulated that the UTCCR has some bearing here. Help!!!

 

Thanks

 

Goldlady

 

Hello Goldlady,

 

When they state they were unregulated, what do they mean, were they loan sharks, they surely had to be regulated by someone:eek: What about the financial leasing association.

 

Do they just mean that the loan was taken out before the FSA came to power and that is why the fos will not look at it. This is a ploy that some companies use to appear untouchable and to put people off, but there is always court. This sale would have been commission based so therefore a financial incentive to sell it.

 

Sorry to be unhelpful, but maybe ring the Oft, Fsa and trading standards to see if they can shed any light on the regulated matter.

 

Good luck

If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW

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RESULT RESULT RESULT :D

 

My friends have just rung me to say that First Plus have agreed to refund all the premiums charged on both loans, plus all the interest and the payments made towards the PPI.

 

Now I think it might be time to go back to the court and get the suspended possession order removed;)

BANK CHARGES

Nat West Bus Acct £1750 reclaim - WON

 

LTSB Bus Acct £1650 charges w/o against o/s balance - WON

 

Halifax Pers Acct £1650 charges taken from benefits - WON

 

Others

 

GE Money sec loan - £1900 in charges - settlement agreed

GE Money sec loan - ERC of £2.5K valid for 15 years - on standby

FirstPlus - missold PPI of £20K for friends - WON

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RESULT RESULT RESULT :D

 

My friends have just rung me to say that First Plus have agreed to refund all the premiums charged on both loans, plus all the interest and the payments made towards the PPI.

 

Now I think it might be time to go back to the court and get the suspended possession order removed;)

:grin: :grin: :grin:

If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW

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th_Congratulations.gif

 

Well done....:D

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Excellent, Goldlady, well done!

 

Thread title changed.:D

 

Els

BANK CHARGES CAMPAIGN CONTINUES - PLEASE SIGN THIS PETITION

 

Aktiv Kapital £300.00 SETTLED IN FULL

Capital One £741.47 SETTLED IN FULL

Citi Cards £1221.00 SETTLED IN FULL

LTSB(personal) £3854.28 SETTLED IN FULL

LTSB(business) £7487.97 SETTLED IN FULL

 

What poor education I have received has been gained in the University of Life

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  • 3 weeks later...

Just bumping this thread up as there seem to be a lot of people on First Plus's case and hopefully this will give some help:p

BANK CHARGES

Nat West Bus Acct £1750 reclaim - WON

 

LTSB Bus Acct £1650 charges w/o against o/s balance - WON

 

Halifax Pers Acct £1650 charges taken from benefits - WON

 

Others

 

GE Money sec loan - £1900 in charges - settlement agreed

GE Money sec loan - ERC of £2.5K valid for 15 years - on standby

FirstPlus - missold PPI of £20K for friends - WON

Link to post
Share on other sites

Well done on your win Goldlady,

just another bump up the ladder to help others in the battle against First Plus.....any help to my case would be appreciated...... thank you

aa

I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner.

------------------------------------------------

Bank charge successes:

Halifax - Full settlement incl interest.

HSBC - Settlement, goodwill no admission of liability about 75% of claim.

RBS - Settlement, goodwill no admission of liability about 70% of claim.

2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did :mad:

PPI Successes

PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.

2 claims settled in full with LV without FOS involvement.

2 claims settled in full with HSBC without FOS involvement

 

PPI Claims ongoing with:

Cap one Now with the FOS

Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.

LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc

 

1 Complaint not upheld by FOS they said it was ICO issue. Complaint upheld by ICO. See this..

Post 290 from

***RBS PPI Claim Long fight but, WON***

 

Please do not PM me for advice as it may be sometime before I can respond.

 

Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.

 

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RESULT RESULT RESULT :D

 

My friends have just rung me to say that First Plus have agreed to refund all the premiums charged on both loans, plus all the interest and the payments made towards the PPI.

 

Now I think it might be time to go back to the court and get the suspended possession order removed;)

 

Hi Goldlady,

 

I have only just come across your thread and 'sweet victory'. I have a very similar case to your friends but additionally when listening to my tape it is also clear that the representative encouraged me to borrow more than I needed and re-adjusted my debt so that it would by-pass their credit council....! I am owed in the region of £44,000 - £50,000 from First Plus (£20,000 PPI and at least £24,000 in monthly payments should come off my loan that's without any interest being worked out), they have so far after 2 letters offered me £7,000!!!!!!

 

I'll go away and work out what they owe me and tell them I will not accept anything less than a full refund. I have copied everything to the FOS and will update the site with any further information.

 

Cheers,

Sooze

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  • 3 weeks later...

Update - my friends got a letter yesterday saying their monthly payment had reduced by £300 following the recalculation and tonight my friend rang me in a state of panic demanding that I go to her house! I thought there was something dreadful going on and when I got there she put a glass of wine in my hand and then showed me the refund cheque:D. I don't think she will sleep tonight. Party tomorrow.....

BANK CHARGES

Nat West Bus Acct £1750 reclaim - WON

 

LTSB Bus Acct £1650 charges w/o against o/s balance - WON

 

Halifax Pers Acct £1650 charges taken from benefits - WON

 

Others

 

GE Money sec loan - £1900 in charges - settlement agreed

GE Money sec loan - ERC of £2.5K valid for 15 years - on standby

FirstPlus - missold PPI of £20K for friends - WON

Link to post
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Update - my friends got a letter yesterday saying their monthly payment had reduced by £300 following the recalculation and tonight my friend rang me in a state of panic demanding that I go to her house! I thought there was something dreadful going on and when I got there she put a glass of wine in my hand and then showed me the refund cheque:D. I don't think she will sleep tonight. Party tomorrow.....

 

Hello Goldlady,

 

This thread is a great inspiration for other, especially anybody dealing with firstplus, could not have happened to a better company:lol:

 

You should feel very proud of yourself:grin:

 

Again congradulations in order and I do hope your friend has a clear head this morning to go and spend some dosh:lol:

If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW

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  • 3 weeks later...

Hi all!

I am in need of help PLEASE...filling in my N1 form to hand in to my local court tomorrow, dont know if I have all the calculations correct, do they need to be absolutely correct ?

Maybe someone can help me?

my ppi was £2021.33

the interest paid to date i am told is £1819.77

So a total of £3841.10

I was told to take this total and divide by 60 to get the "monthly premium" I would have been charged, ok ...so this works out at £64.01

I have then put this through the bank charges calculator which gives me....a charge value of £4416.69, 8% interest at £1026.93 and a total of £5443.62.

And a daly int rate of £1.19, is that right?

Does this sound right ?????

Any advice most welcome, really dont want to get it wrong!

And need to get the forms in TOMORROW :eek:

PLEASE PLEASE HELP!!!!

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no worries we are all here to help.

 

if you can tell me when the loan was taken out and what the interest rates have been over the period I can work it out my way and see if it is about right, assuming that you haven't already got this sorted out.

BANK CHARGES

Nat West Bus Acct £1750 reclaim - WON

 

LTSB Bus Acct £1650 charges w/o against o/s balance - WON

 

Halifax Pers Acct £1650 charges taken from benefits - WON

 

Others

 

GE Money sec loan - £1900 in charges - settlement agreed

GE Money sec loan - ERC of £2.5K valid for 15 years - on standby

FirstPlus - missold PPI of £20K for friends - WON

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Goldlady, thanks , youre a star!

the loan was taken out in July 2002, the ppi premium was £2021.33, the interest from start of loan to present day is £1819.77 ( I phoned lender to ask for ths info ), so then someone told me to divide by 60 to get what would "work out as" the monthly sum I'd have paid....ie £64.01.

so.am i right in thinking i then put this through the calculator from the first payment date to present day.

The rate has been variable started at 8.5% and currently 12.9% (written on top of the statement).

Many thanks for your reply x

Very much appreciated x

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We could do with knowing when the interest rate went up. At 8.5% over the whole term I calculate the interest you have been charged to be £1270. But if it was at 12.9% the interest would be £2209. So it sounds as if the amount they have told you is probably about right, due to changes in the interest rate.

 

BTW if they have worked out the interest on the PPI I would suggest they are considering settling;)

BANK CHARGES

Nat West Bus Acct £1750 reclaim - WON

 

LTSB Bus Acct £1650 charges w/o against o/s balance - WON

 

Halifax Pers Acct £1650 charges taken from benefits - WON

 

Others

 

GE Money sec loan - £1900 in charges - settlement agreed

GE Money sec loan - ERC of £2.5K valid for 15 years - on standby

FirstPlus - missold PPI of £20K for friends - WON

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  • 3 weeks later...

There was never any mention of the Rule of 78 so I think the answer to your question is No. I have heard of the R of 78 but need to read up about it. Their loan commenced in 2004 so whether this has any bearing I don't know.

 

 

I have just discovered that whilst FP have restructured the loan internally the CRA records still show it in arrears, and indeed their own 'front of house' computer records do too - letter on its way;)

BANK CHARGES

Nat West Bus Acct £1750 reclaim - WON

 

LTSB Bus Acct £1650 charges w/o against o/s balance - WON

 

Halifax Pers Acct £1650 charges taken from benefits - WON

 

Others

 

GE Money sec loan - £1900 in charges - settlement agreed

GE Money sec loan - ERC of £2.5K valid for 15 years - on standby

FirstPlus - missold PPI of £20K for friends - WON

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