angling_man/ Firstplus PPI reclaim***won***

[alanalana]

Hello angling man,

 

I think the catch is that I have to apply for the Cashback within 30 days of it expiring. I bet loads of people get caught by that because they forget about it after 5 years!

 

Yes you will undoubtedly be 100% correct in this. I would suggest after you have confirmation of the cashback that when you come to claim, If it is by post send it special delivery or better still if you can deliver by hand and ask for a written receipt on the spot. The thing is to ensure proof of delivery within the 30 day timescale as they may well try and deny getting the claim:eek:

 

aa

[alanalana]

Hello angling man,

 

If you hit problems getting your cash this is the link that may help get some money back.

 

FSCS - Financial Services Compensation Scheme    

 

have a look and put the link in your favourites so it is available if you need it.

 

Best ever fish was 20lb salmon scotland.

 

aa

[alanalana]

Hello angling man,

 

I just spoke to FirstPlus and they've confirmed I will receive the full £7,972 PPI premium as cashback next year.

 

AM

 

PS. Best fish is a 19lb 8oz Common Carp.

 

Remember to post when you get written confirmation and/or your cheque.

 

I would actually suggest you get that in writing now and not accept a phone call as confirmation. Best in black and white methinks;)

 

And well done on a quality Carp.

 

aa

[alanalana]

Hello am,

 

I had a good look at your proposed letter. I have copied an old letter of mine cobbled your points into it just to flesh it out a bit more. Perhaps you could have a look it needs a bit of tidying up due to pasting and copying but if you can use it, if it suits, please do.

 

Para deleted after post from goldlady below

 

 

A PPI policy was attached to a secured loan obtained from you in August 2004,

I took out a £40,000 secured loan with you over the telephone.

This loan included a payment protection insurance policy costing £7,972, the premium for which was added to the loan amount.

 

I am now convinced that I was mis-sold this PPI policy for the following reasons:

 

I was not asked if I wanted payment protection insurance, it was automatically included.

 

I was not told the payment protection insurance could be paid monthly.

 

The payment protection insurance was inappropriate for my needs as it only covers the first 5 years of the loans 20 year term.

Underwriting a Policy of Insurance: When the details of a loan were discussed, Your sales advisor failed to check my personal circumstances at the time of the sale, which they are under obligation to do when underwriting a Policy of Insurance. If they had done so, they would have realised that the PPI policy was useless to me. At no time was any attempt made to ascertain if the product provided was fit for purpose, suitable for my needs or if indeed it was required at all.

 

Significant Policy Exclusions: I was most definitely not informed that the PPI policy could contain certain exclusions which could affect me and my ability to claim on the policy if I should need to.

 

Widespread PPI Mis-Selling: I have recently become aware of the widespread mis-selling of PPI by some financial institutions, following recent media coverage and recent OFT and FSA investigations regarding the mis-selling of PPI. I believe this is borne out by the Paragraph covering Significant Policy Exclusions above. I am also aware that the question of PPI cover is the subject of an ongoing inquiry by the Competition Commissioner.

 

Alternative Insurance Cover:

Your sales advisors in each case failed to ask me if I had any alternative arrangements for insurance cover. My employer provided a generous illness and redundancy package.

Wholly Inappropriate PPI Selling Bonuses: I understand that some employees are paid higher bonuses if they get prospective creditors to take out PPI with loans. How can the best interests of the customer possibly be met, if there is a clear conflict of interest between your responsibilities to me, and the drive of your employees to sell Payment Protection Insurance whether it is suitable or not in order to receive bonuses?

 

True Nature of Single Premium PPI Not Explained: No explanation was forthcoming from any advisor on any occasion on the full extent of single premium PPI policies, or the fact that they would offer little or no refund if the loan was settled early or if the insurance was cancelled.

I now believe that the single premium PPI policy attached to the loan account was extremely unfair, totally unreasonable and of very limited protection value. I am therefore requesting a full refund of all costs including all single PPI premiums that have been paid, the interest added to these premiums and the payments, that I have paid to date.

 

Furthermore, as I believe I have been unlawfully deprived of this money, I also expect the repayment of the interest at the Statutory Interest rate of 8%.

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

 

This is only for your consideration If you want to send your letter than I think it would be ok.

 

aa

Edited October 13, 2008 by alanalana
Paragraph and text removed after goldlady post 30

[alanalana]

That's a fair point goldlady,

 

AA - just a thought but if AM cancels it and they then refuse to refund it, or worse go bust before that, he is then signing away his right to at least getting the premiums back which he would still get if the worst happened as presumably that would be underwritten in some way.

 

Yes I tend to agree if there is a risk of administration then I believe you are right at least he could approach the Financial Services Compensation Scheme for a claim of refund.

 

I will edit the post above. Thank you.

 

aa

[alanalana]

Hello AM,

 

Keep on with the payments to get your refund when it is due. In the meantime if you can claim mis-selling and get the premium and interest refunded then that will be a result.

 

At least you know you will get the refund but I would still press for written confirmation at this moment in time. It could be useful if firstplus try it on later.

 

aa

[alanalana]

hello am

 

 

 

 

Thanks for all your advice. Been a bit busy this week, but finally updated my letter. This is what I'll be posting to them tomorrow (recorded of course) - unless someone spots any further improvments of course...

 

 

A Payment Protection Insurance policy was attached to a £40,000 secured loan I took out with you over the telephone in August 2004. The premium of £7,972 for the Payment Protection Insurance policy was added to the loan amount.

 

I am now convinced that I was mis-sold this Payment Protection Insurance policy for the following reasons:

 

 

 

 

 

 

 

 

 

 

• I was not asked if I wanted Payment Protection Insurance, it was automatically included. (without my consent)
  
• I was not told the Payment Protection Insurance could be paid monthly.
  
• The Payment Protection Insurance was inappropriate for my needs as it only covers the first 5 years of the loans 20 year term. (This policy would therefore leave me with no appropriate cover for the majority term of the loan)
  
• When the details of the loan were discussed, your sales advisor failed to check my personal circumstances at the time of the sale, which they are under obligation to do when underwriting a Policy of Insurance. If they had done so, they would have realised that the Payment Protection Insurance policy was useless to me. At no time was any attempt made to ascertain if the product provided was fit for purpose, suitable for my needs or if indeed it was required at all.
  
• I was not informed that the Payment Protection Insurance policy could contain certain exclusions which could affect me and my ability to claim on the policy if I should need to.( This is a failure of your staff to ensure the policy was fit for purpose and therefore I contest in the strongest terms that your sales procedures were flawed to the disadvanantage of your customer.)
  
• Your sales advisors in each case failed to ask me if I had any alternative arrangements for insurance cover. My employer provided a generous illness and redundancy package. (This then highlights yet another failure in your sales procedures)
  
• No explanation was forthcoming from any advisor on any occasion on the full extent of single premium Payment Protection Insurance policies, or the fact that they would offer little or no refund if the loan was settled early or if the insurance was cancelled. ( Your advisors have surely not given the correct advice to customers with reference to Payment Protection Insurance products.)
  
• I was not told I could buy Payment Protection Insurance elsewhere if I wish.
  

see this link to add clout to your claim

 

 

http://www.competition-commission.org.uk/press_rel/2008/june/pdf/18-08.pdf

 

 

• I was not informed of the true cost of the Payment Protection Insurance due to the interest it would incur over the term of the loan
  

I now believe that the single premium Payment Protection Insurance policy attached to the loan account was extremely unfair, totally unreasonable and of very limited protection value. I am therefore requesting a full refund of all costs including all single Payment Protection Insurance premiums that have been paid, the interest added to these premiums and the payments, that I have paid to date.

 

 

 

Furthermore, as I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added.

 

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman ((Or the courts if necessary) to investigate my complaint.

 

 

 

 

 

 

 

 

 

 

Please check out the red and the link The letter is good but you could add more clout if you use the bits in red and or the link which will back up the no competition issue.

 

Good luck and remember it is your shout so if you think the letter should go as it is then that is fine and good luck with it you will no doubt have a fight on your hands but CAG is a great way to resolve your problem;)

 

aa

Edited October 17, 2008 by alanalana
spelling yet again

[alanalana]

Hello AM.

 

Today I received a letter from FirstPlus. It only took 3 weeks for them to respond and they've upheld my complaint.

 

They are going to refund the PPI premium and interest to my account (£11k), adjust the account as if the insurance had never been taken and refund to me the excess payments I've made as a result of the insurance (£3.6k). A whopping £14.6k in total!!!! Thanks GoldLady & Alanana for your help )

 

The only thing they arean't doing is adding the 8% interest I requested on the money they've deprived me of. That would amount to about £650, but I suspect it would delay my claim and could result in a drawn out battle.

 

Realistically, is it worth chasing that extra £650?

 

**CRACKING RESULT**

But it pales into insignificance compared to a big fish:D

Enjoy the moment and you are more than welcome to any advice that has been offered. I am pleased for your positive result and when you get the refund don't forget to post in the stickies PPI successess:)

 

aa

[alanalana]

That will be Salmon rods then not Carp:D:D

 

aa

[alanalana]

Hello AM,

 

Cheque arrived and has now cleared in my account. They've even refunded an over payment for November. Excellent News Very pleased for you.

 

Now I feel it's time to tackle them regarding the BoE interest rate cuts they've failed to pass on to me. Anyone got any suggestions regarding this?

You will probably need more expert advice on this than from me.

I do not believe the Banks are under any obligation to pass on the interest rate cuts as handed down from the BoE. Some banks are passing on the full cut some are not and I am uncertain of the legalities on this. I know it sucks but I think you will now find RBS 58% owned by the Taxpayer will pass on the full amount whereas others banks will not pass on the full cut due to the current financial meltdown. Time to switch accounts and perhaps boycott the banks that have made life difficult for the PPI reclaimers.:eek:a

aa

 

Cheers,

AM

.

[alanalana]

Hello gibby 150,

i`ve got a loan with this outfit , i phoned yesterday asking about the rate cuts and also got fobbed off . i was raging on the phone the guy on the other end never gave a toss, i also enquired about the ppi , i took a £25k loan out 2 years ago and the ppi was £7k . i wrote to them 3 months ago to cancel i got the letter back saying they would reduce my payments by £11 per month on the agreement the ppi is £75 a month . so i never cancelled they also said they would refund me £1000 to be credited to my loan ,,, any advise please it would be gratefull

 

My suggestion would be to start your own individual thread on your complaint so there is no mix up on different cases.

 

You can just hit the start new thread button and take it from there.

 

if you need more help just post;)

 

aa