HELP What is my next step PPI & FirstPlus

[KaneCole]

Hi Hellhasnofury.

 

I have received another letter today from FirstPlus, this time in respect of the 1st loan. Exactly the same vein as with the 2nd loan. They are offering me an enhanced rebate of £1404.47 and apparantly they say they gave me a £1078.81 rebate when the first loan was amalgamated into the 2nd loan. Although I still havent received the SAR but they have now cashed my cheque so it should be forthcoming.

 

I am going to go back again and send a rejection letter but accepting this amount as part settlement. Can you help me with how to use the spreadsheet to work out the contractual interest. Is contractual interest 8% ? and what columns in the advance spreadsheet do i use ?

 

You kindly worked out for me that I should ask for back the PPI of £3673.50 plus £2815.28 interest = £6488.78 less their rebate which equals £5409.97. What figures do I enter into the spreadsheet, and is it the date that payments were made, ie each monthly payment and then the final settlement figure ?

 

I am stuck.

 

Thanks Sally

[hellhasnofury]

Hi Hellhasnofury.

 

I have received another letter today from FirstPlus, this time in respect of the 1st loan. Exactly the same vein as with the 2nd loan. They are offering me an enhanced rebate of £1404.47 and apparantly they say they gave me a £1078.81 rebate when the first loan was amalgamated into the 2nd loan. Although I still havent received the S.A.R - (Subject Access Request) but they have now cashed my cheque so it should be forthcoming.

 

I am going to go back again and send a rejection letter but accepting this amount as part settlement. Can you help me with how to use the spreadsheet to work out the contractual interest. Is contractual interest 8% ? and what columns in the advance spreadsheet do i use ?

 

You kindly worked out for me that I should ask for back the PPI of £3673.50 plus £2815.28 interest = £6488.78 less their rebate which equals £5409.97. What figures do I enter into the spreadsheet, and is it the date that payments were made, ie each monthly payment and then the final settlement figure ?

 

I am stuck.

 

Thanks Sally

 

Hello Sally,

 

They are being a bit helpful informing you of the rebates:-D

 

If you use the advanced excel or advanced word, depends which software you have on your computor. You will find these spreadsheets in the bank template letters sticky on the main page of the forum.

 

When you click on the spreadsheet it opens showing the front page (there are 3)

 

If you look down to the left hand bottom corner you will see 3 tabs, notes, charges and interest and 8 interest.

 

Fill in the front notes page with the details of the account

 

Click on the charges and interest tab, this opens up the actual spreadsheet.

 

In the first column type in the date using this format example 02/01/1000 not 2nd June 2003

 

Use your rt arrow to move you to the next column, enter ppi and interest, again use the rt arrow to move you to the next column put in the amount,(do not use commas) use your rt arrow to the next column and it should enter the amount automatically. Make sure the details are correct.

 

Click on the 8%interest tab and this should have automatically worked out the interest for you.

 

Now regarding how much interest you are after, I can't remember the interest rates they charged you on the first loan, if it was above 8% then go for the contractual rate they charged you,

 

The difference between the rates are, if this case went to court, the judge would allow you 8% interest. It is called statutory, because the law has decided you can claim it back from the lender, as you have been deprived of the money.

 

The contractual rate of interest is they rate they charged you. So it the interest rate was 15% you can try and claim it back at that rate.

 

I think on your second loan the interest rate only went above the 8% for a couple of payments, so it would be easier just to round it up and ask for the 8%.

 

 

Have a bash, and let me know how you get on:-D

[KaneCole]

Hi Hellhasnofury

 

I have sent letters rejecting their offers saying I will accept the amounts offered as part settlement. Havent heard anything yet but generally would they pay out what they have offered first and then let me carry on to the ombudsman for the rest or is it likely that they would withdraw their first offer totally as I have rejected it as full and final settlement ?

 

Sally

[hellhasnofury]

Hi Hellhasnofury

 

I have sent letters rejecting their offers saying I will accept the amounts offered as part settlement. Havent heard anything yet but generally would they pay out what they have offered first and then let me carry on to the ombudsman for the rest or is it likely that they would withdraw their first offer totally as I have rejected it as full and final settlement ?

 

Sally

 

Hello Sally,

 

If you have sent a letter accepting their offer in part settlement. I am unsure if they will pay you any monies until the complaint is resolved:roll:

 

They may come back with a further offer, time will tell, if not to the FOS you go:grin: These companies have to pay a hefty fee if the fos gets involved:-D

[Bog]

Hello Sally,

 

If you have sent a letter accepting their offer in part settlement. I am unsure if they will pay you any monies until the complaint is resolved:roll:

 

They may come back with a further offer, time will tell, if not to the FOS you go:grin: These companies have to pay a hefty fee if the fos gets involved:-D

 

Morning all,

 

I'm bit confused......

 

Who is it best to complain to, the FOS or the FSA (or both). What one would be most effective (or should I say cause the most pain/cost to a finacial institution:D )

[hellhasnofury]

Morning all,

 

I'm bit confused......

 

Who is it best to complain to, the FOS or the FSA (or both). What one would be most effective (or should I say cause the most pain/cost to a finacial institution:D )

 

Hello Bog,

 

Yes things can get a bit confused, I am in a state of total confusion for most of the time:lol:

 

The FOS is the Financial Ombudsman Service, this authority is the one that you complain to regarding any complaints that companies will not resolve ie ppi. They will investigate the complaint, once a company have issued their final response, for free for the complainant and charge the company a heftly fee if found to be in the wrong. The can set right the wrongs on behalf of the customer.

 

Now the FSA The Financial Services Authority was formulated in I think Jan 05 and they are the financial watchdog who regulate the activities of credit licence holders to control their practices and I am sure other things to ensure they have good business practices. If you complain to them, they will not investigate individual complaints about companies, but will file and note the complaints and if enough complaints are logged to a certain company, they will investigate their practices and if found to be dodgy they will fine them heavily. Example HFC fined £1,000's for their mis-selling of ppi. So it is important to always report you complaint to the FSA so they keep a log of complaints of different companies. The more the merrier:grin: and the quicker these companies get their comupence.

 

It is also important to report these disputes to the Office of Fair Trading again they will investigate if they get enough complaints about a company and have the right to revoke the companies credit licence:grin:

 

Hope this makes it clearer for you:-D

[Bog]

Thanks for the answer 'H'

 

So in a way, it's best to report them to ALL three - FOS, FSA & OFT

[hellhasnofury]

Thanks for the answer 'H'

 

So in a way, it's best to report them to ALL three - FOS, FSA & OFT

 

 

Yes:grin: , Mmmhh and maybe Trading standards just to be sure:grin:

[KaneCole]

Hi Hellhasnofury & Bog

 

Just to let you know received a letter from FirstPlus this morning regarding the 2nd loan and my letter re part settlement. It says that they would like to confirm that is is their final response offering the £2500 as a gesture of goodwill,

 

How do I now go about going to FOS FSA & OFT ? I have had my SAR today but we are going away for a week from tomorrow so wont have time to look through it before. Do I just check through what has been sent then send them copies of my complaint and any supporting documentation ? Should I copy FirstPlus what I send ?

 

Thanks Sally

[KaneCole]

Hi Hellhasnofury.

 

We have just come back from a lovely relaxing holiday and now ready to do battle again.

 

The situation at present is that First Plus have come back with final offers of £2500 for the 2nd loan and £1400 for the first which i sent part settlement offer letters back and they basically told me no chance.

 

I have now reviewed all the documents and the tape they sent me from the SAR and it is apparant that conversations are missing or cut short so I am going to send a non compliance letter.

 

The conversations on the tape show i beleive that we were missold on both PPIs. Should I go back with my non compliance letter and also I wanted to spell out to them what I have found from the tape before I go to the ombudsman / FSA / OFT. Or should I send everything to them at the same time ?

 

Thanks Sally

[alanalana]

Hello kanecole,

 

I see hell has been helping you a lot.

 

We took our a loan with you in April 2005 for £15000. A PPI policy for £3673.5 was added to this loan. We do not beleive this policy was sold to us with best advice. It was not made clear that we didn't need this policy and cover could be obtained from elsewhere. Also my husband was in employment and was covered by his employer. We did not receive a breakdown of our monthly payments showing the loan amount & PPI seperately.

 

Then 8 months later we required further borrowings so approached you to to increase the existing loan to £28,500. It is only now that we are looking into this matter that we realise that the figure of £16767 shown on the breakdown of the revised borrowing was the original loan plus the PPI.

 

The FSA made made a ruling on PPI and the misselling issue on 14 Jan 2005 so your loans and the PPI attached should have been subject to this ruling.

FSA crackdown on PPI rules | This is Money

 

FSA determined to see better practice in PPI sales

 

quote]

They are offering me an enhanced rebate of £1404.47 and apparantly they say they gave me a £1078.81 rebate when the first loan was amalgamated into the 2nd loan. Although I still havent received the S.A.R - (Subject Access Request) but they have now cashed my cheque so it should be forthcoming.

 

 

Please make sure you get everything you asked for in your S.A.R - (Subject Access Request)!

 

Did this sum include PPI? or was it only Loan rebate? this is where they get you!!!

 

Be very wary I have four refinanced loans into my current one when I got statements of settlement on three of them there was just one figure on early settlement rebate. So I am unable to say how much was the main loan settlement and how much (if anything) was the PPI settlement. It was just one figure so I am assuming it was main loan and nothing for the PPI.

 

Hence I will be claiming the lot back and it is turning out to be a fight.

 

Good luck.

 

aa

Edited May 11, 2008 by alanalana
links added

[KaneCole]

Hi alanalana

 

Thanks for your message it was really helpful. There is definately phone conversations missing from the tape so I have sent a non compliance letter.

 

FirstPlus again have confirmed that there offers on both PPI is their final so i am now going to go tothe Ombudsman, FSA and OFT. I have found the form I need to complete for the FOS, do you know where I write to for the FSA and OFT. Or should I wait until the FOS investigate ?

 

Thanks Sally

[alanalana]

Hi KC,

 

FSA...

The Financial Services Authority,

25 The North Colonnade,

Canary Wharf,

London

E14 5HS

 

OFT...

The Office of Fair Trading,

OFT Enquiries,

Fleetbank House,

2-6 Salisbury Square,

London,

EC4Y 8JX

I have had a response from FOS and FSA.

The FOS (Ombudsman) is the one who can take action the FSA cannot rule against anyone they regulate (Please see post 74 on my thread)

I have not had a reply from the OFT yet.

I would let the FOS deal with the complaint I have not yet started to reclaim PPI. My letters have been complaints about the failure to provide information under the Data Protection Act 1998.

You should find more in here about the various organisations....links

Hope this help

aa

[KaneCole]

Hi

 

Can anyone tell me where I find a template letter for when the company doesnt provide the SAR within the 40 day time limit ? I have a separate smaller complaint with the Halifax for PPI and i sent the SAR to them on the 27th March and haven't received anything.

 

Thanks KC

[hellhasnofury]

Hi

 

Can anyone tell me where I find a template letter for when the company doesnt provide the S.A.R - (Subject Access Request) within the 40 day time limit ? I have a separate smaller complaint with the Halifax for PPI and i sent the SAR to them on the 27th March and haven't received anything.

 

Thanks KC

 

hello kc,

 

you will find the non-compliance letter in the bank template letters on the nain page of the forum:D

[RFC1872]

hello kc,

 

you will find the non-compliance letter in the bank template letters on the nain page of the forum:D

 

Very frustrating, why do threads on this site seem to mostly have no conclusion. Has there been no further activity since may 08? I know in my posts when mine have stopped it is because I have had no further activity, is this the case for this thread?

[hellhasnofury]

Very frustrating, why do threads on this site seem to mostly have no conclusion. Has there been no further activity since may 08? I know in my posts when mine have stopped it is because I have had no further activity, is this the case for this thread?

 

Hello rfc,

 

I am sure that KC will update their thread, I do believe this complaint is being investigate by the FOS, so there may be nothing to update, until they have concluded their investigation and as they been bombarded with complaints of this nature, it takes time.

[KaneCole]

Hi RFC

 

HHNF is right. These two PPI compaints with FirstPlus were sent to the Ombudsman in May 08 and there has been no further developments. I have received 2 letters from the FOS to say sorry but they are so snowed under with PPI complaints that it hasnt even been allocated an adjudicator yet. Telephoned them last week to get an update and was told they have now been allocated to a team but no adjudicator is still available and not likely to be for a least another couple of months. Just have to sit it out and wait.

 

KaneCole

[KaneCole]

Hi All.

 

We have received a letter from the FOS stating that they have still not allocated adjudicator beacuse of the large number of PPI complaints and will be in touch again within 2 months to update us on progress.

 

This has now been with them since may and because we had to remortgage for a much higher amount last year as a result of this PPI complaing we are are now into an arrears situaition with our mortgage.

 

It says in the FOS letter that if we are experiencing exceptional financial hardship because of cirumstances connected to our complaint we should tell them, We are only about £1500 in arrears and are slowly paying it back but should we tell FOS this and is it likely to push our complaint up the line ?

 

Any advice from anyone who has a similar experience would be greatly appreciated.

 

Still fighting

 

Kanecole

[alanalana]

Hello KC,

 

Hi All.

 

We have received a letter from the FOS stating that they have still not allocated adjudicator beacuse of the large number of PPI complaints and will be in touch again within 2 months to update us on progress.

 

This has now been with them since may and because we had to remortgage for a much higher amount last year as a result of this PPI complaing we are are now into an arrears situaition with our mortgage.

 

It says in the FOS letter that if we are experiencing exceptional financial hardship because of cirumstances connected to our complaint we should tell them, We are only about £1500 in arrears and are slowly paying it back but should we tell FOS this and is it likely to push our complaint up the line ? IMO Most definately tell them of this situation and I would suggest by letter, with the evidence of any arrears. You should not be in this situation because of their Mis-selling practices. It may help to get your complaint with the FOS passed on to an adjudicator more quickly.

 

Any advice from anyone who has a similar experience would be greatly appreciated. I have not had to face this problem thankfully

 

Remember to use Recorded delivery to keep a track.

 

aa

[hellhasnofury]

Hello KC

 

Glad to see you are still fighting the good fight:grin: but sorry to hear of your financial postion.

 

I totally agree with AA, inform the FOS of any changes and effects of this mis-selling ppi is having on you.

 

Good luck and keep us posted:-D

[KaneCole]

Hi All

 

Just to update you. I spoke with the FOS this week and they advised me that although they are now looking at FirstPlus as a whole, individual claims will also still be investigated. They have been completely inundated with PPI claims which is why it is taking so long (if you look at their website they had something in the region of 1600 claims last year but it is now already up to nearly 11000 this year). Will let you know when I hear something.

 

Good Luck to you all in reclaiming what is yours.

 

KaneCole.

[alanalana]

Hello KC,

 

and good luck to you too.

 

I have one success against RBS through FOS , two pending and a little victory as the ICO state they are in breach of the Data Protection Act 1998 and After many months I may get to see all the information as requested in my SAR in January.

 

Keep on the fight and keep us posted;)

 

aa

[pompeyfaith]

Hiya KC

 

Makes you wonder if the FOS will take these claims to high court being as they are getting inundated to try to get some law passed on what can be refunded and what cant to try to stop financial institutions from passing the buck etc.

 

Regards

 

Leon

[alanalana]

Hey Leon,

 

nice result for your team today well done:D

 

aa

Edited November 8, 2008 by alanalana