Firstplus FOS complaint **WON**

[pompeyfaith]

Varda,

 

On the Spreadsheets I done for you it says £19,065.72 plus 8% simple interest comes to £20,590.97 so this is what you should get back minus any settlement to pay on the loan this figure i do not know.

 

To get a Loan settlement you will have to write or ring the lender to find that out.

 

Regards

 

PF

[varda]

Anyone have any ideas as to how long it takes if I refuse the offer without compensation and it goes to the Ombudsman. I rang the FOS today and my adjudicator is on holiday until 2/6/09 and I must respond by 1/6/09. His manager is also on holiday no one else could help me today.

I also rang Firstplus and to ask them how much I would receive in a refund to me and how much would go against the loan. The person I spoke to said he could only give me a rough estimate. £3320 refund for which I would get a cheque, I would also get a 2nd cheque for the interest at approx. 8% from the date of each payment to the date of settlement. The remainder of approx. £17k will be offset against the outstanding loan. The loan would be restructured and the monthly payments reduced accordingly. Does this sound right? I just don't know what to do, I know noone can tell me that but is it worth refusing and going to the Ombudsman for the £500 compensation. I don't want it to drag on for months.

[alanalana]

Anyone have any ideas as to how long it takes if I refuse the offer without compensation and it goes to the Ombudsman. I rang the FOS today and my adjudicator is on holiday until 2/6/09 and I must respond by 1/6/09. His manager is also on holiday no one else could help me today.

I also rang Firstplus and to ask them how much I would receive in a refund to me and how much would go against the loan. The person I spoke to said he could only give me a rough estimate. £3320 refund for which I would get a cheque, I would also get a 2nd cheque for the interest at approx. 8% from the date of each payment to the date of settlement. The remainder of approx. £17k will be offset against the outstanding loan. The loan would be restructured and the monthly payments reduced accordingly. Does this sound right? I just don't know what to do, I know noone can tell me that but is it worth refusing and going to the Ombudsman for the £500 compensation. I don't want it to drag on for months.

 

Your shout here varda but for £500 is it worth the extra months of waiting you have a result which is a cracking result £17k off the loan and a cheque for £3320 in your hand. As much as I am loathe to accept this (I would like to see the bank pay up every last penny) at least your time letter writing etc would be over. No more sleepless nights thinking about the next letter or next post on CAG.

 

At the end of the day if you are happy to accept then that is fine and if you are not happy to accept then that is also fine and we go on:D

 

aa

[Luss]

I have been reading the various threads on CAG but this is the first time I have attempted to join in. Please accept my apology if I transgress the etiquette

 

I have received an offer for the return of the PPI premium, plus interest, from BoS. They wish to use this to reduce the loan. For my own reasons I wish the premium and interest returned to me. What is the situation? Can I insist on the funds being referred to me or do BoS have the right to make the decission.

 

The other problem being that the credit agreement is in default but BoS insist that what they have sent is compliant. This is palpably not so. This may therefore result in a referral to the Ombudsman. Is this dispute reason enough for me to demand the payment direct to me or will BoS insistance that the account is not in default provide them with a reason for applying the return of premium to the loan?

[pompeyfaith]

Hiya Luss,

 

IMO the Loan cannot be in default as it is in dispute by you and remains so until they return what is rightly yours.

 

Did they issue a default notice while your complaint regarding PPI was ongoing?

 

Too Many banks are trying to ofset refunds for PPI against a Loan/Credit Card and this is clearly not on as it is your money and not theirs and the object of a PPI claim is to be put in the position you would have been in had you not had the policy forced on you.

 

So to be put in that position the refund has to be paid to you.

 

I would send a letter to the bank explaining the above if that does not work you will have to make a complaint to the FOS.

 

Regards

 

PF

[varda]

Just to keep you all informed I rang the Adjudicators office who advised me that if I wish to escalate to the Ombudsman in order to get the £500.00 compensation it could take several months. He also said that it can happen that the Ombudsman may not agree with the Adjudicator. He said it is not often that happens as they are trained to review cases in the same manner, but it is a possibility. I decided to accept the offer of full settlement plus 8% interest. This means a refund of the PPI paid + interest. The remainder will be taken off of the loan and I will be in the position had the PPI never be applied. I posted my response to the Adjudicator on 28/5/09.

Not a bad result.

[alanalana]

Just to keep you all informed I rang the Adjudicators office who advised me that if I wish to escalate to the Ombudsman in order to get the £500.00 compensation it could take several months. He also said that it can happen that the Ombudsman may not agree with the Adjudicator. He said it is not often that happens as they are trained to review cases in the same manner, but it is a possibility. I decided to accept the offer of full settlement plus 8% interest. This means a refund of the PPI paid + interest. The remainder will be taken off of the loan and I will be in the position had the PPI never be applied. I posted my response to the Adjudicator on 28/5/09.

Not a bad result.

 

As you rightly say your call but if you are happy with the result then that is all that matters it is money back in your pocket/purse or wherever:D

 

aa

[KaneCole]

HI Varda.

 

Have you had your money from firstplus yet ? We also managed to get them to agree to give ours back on the same terms as you and was trying to get a feel for how long they are taking to return the money.

 

Kanecole

[Forsure]

Well I had a letter from the FOS today and I have now been allocated an Adjudicator. I think this is very good news as I only lodged my complaint with them on 16/3/09. Maybe there is an Adjudicator looking at Firstplus in general.

 

 

Oh my god how did you manage that ?? I lodged my complaint on 30th December and Im still waiting - then again it is against Welcoem Finance so I can sort of understand

[Dorabell]

you are very lucky:lol: my complaint has been going on since oct08 i do get letter updates now and then from FOS they have allocated me a Adjudicator that was about 4months ago its just waiting now, well done with your success:smile:

[varda]

:DWhoopee I got 2 cheques today from Firstplus in settlement of my claim. I am off to Spain for my niece's wedding on Tuesday and can now relax a little. The FOS were fantastic and very quick my claim only went to them in March 2009. Thank you to everyone on this site for all the advice and help. Good luck to all my fellow claimers. I will continue to keep an eye on this forum.:D8)

[pompeyfaith]

 

A VERY WELL DONE Varda

 

Enjoy your time in spain you have earned it

[alanalana]

:DWhoopee I got 2 cheques today from Firstplus in settlement of my claim. I am off to Spain for my niece's wedding on Tuesday and can now relax a little. The FOS were fantastic and very quick my claim only went to them in March 2009. Thank you to everyone on this site for all the advice and help. Good luck to all my fellow claimers. I will continue to keep an eye on this forum.:D8)

 

**Well Done**

:D

 

Enjoy your holiday Sunshine and Sangria;)