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sleepz

First Plus ... Going to look into my PPI

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Hi folks.

I have a secured loan with FP, which I took PPI out on, that was about 4 or 5 years ago. To be honest I don't know anything about the loan, I don't even know the account number :S

 

So I was basically looking to ask for a S.A.R, so I can take a proper read through the contract I signed before I think too much about commencing with trying to reclaim the PPI from the account.

 

There are a couple of things that I believe may constitute as being mis-sold the PPI :

 

1) I didn't realise that the PPI only covered me for 5 years, but I would still be paying for the duration of the loan

2) I didn't realise that the 5year repayment wasn't the total amount paid, or that it was no longer viable if you had missed, or made even one late payment.

3) The broker I got the loan through did suggest that I was more likely to get the loan if I took out PPI ... and it would be paid back to me in 5 years anyway if I didn't claim

4) At the time of taking the loan I was never told about any other Insurance products ... and it turns out I was covered anyway through my normal bank account

 

That's just a couple of things, but I'd like to read through the contract to clear it up in my mind ... is the PPI S.A.R just the same form as the bank charges S.A.R? or is there a specific document I should send?

 

Thanks for any help.

 

EDIT ... sorry, found it ... no idea how I missed it

Edited by sleepz

01/08/06- Royal Bank of Scotland - S.A.R sent

24/08/06- Royal Bank of Scotland - Statements Received

31/08/06- Royal Bank of Scotland - 1st Request sent

13/09/06- Royal Bank of Scotland - LBA sent

23/09/06- Royal Bank of Scotland - Offer received £1544 (Thanks but no thanks)

02/10/06- Royal Bank of Scotland - *WON* Full settlement

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S.A.R sent off today (7th July 09), with cheque, registered post.


01/08/06- Royal Bank of Scotland - S.A.R sent

24/08/06- Royal Bank of Scotland - Statements Received

31/08/06- Royal Bank of Scotland - 1st Request sent

13/09/06- Royal Bank of Scotland - LBA sent

23/09/06- Royal Bank of Scotland - Offer received £1544 (Thanks but no thanks)

02/10/06- Royal Bank of Scotland - *WON* Full settlement

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That's the way SAR, gather the information then claim.

 

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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Can anyone fill me in on what happens when a broker is involved?

I've received my SAR for First Plus, and was writing the letter to them now claiming a refund, however they're just gonna fob me off onto Central Capital when it's FP I pay my agreement to.


01/08/06- Royal Bank of Scotland - S.A.R sent

24/08/06- Royal Bank of Scotland - Statements Received

31/08/06- Royal Bank of Scotland - 1st Request sent

13/09/06- Royal Bank of Scotland - LBA sent

23/09/06- Royal Bank of Scotland - Offer received £1544 (Thanks but no thanks)

02/10/06- Royal Bank of Scotland - *WON* Full settlement

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Draft Letter, does this look ok? (im not too sure about including the bold text, any ideas?)

Looking to get it sent asap.

 

Dear Sir or Madam,

 

Account number: ******

I purchased the above policy from you in September 2006 but now believe that I was mis-sold this policy for the following reasons :

 

 

·the fact that I paid a single premium for my policy but was never specifically informed that this would be the case. As I am sure you are aware, in May 2009, these “Single Premium” policies were deemed unfair to the consumer and are subsequently being banned.

 

·I was also never informed that the policy would only cover me 5 years, whilst I would continue paying a premium and interest on said premium for the whole duration of the loan (25 years). Subsequently I was never informed that cheaper insurance options were available to me.

 

·It was explained to me by the very persuasive sales agent that I should just take out the cover as it would be repaid to me in full after 5 years (as long as I didn’t make a claim) and I would “have nothing to lose”. However I find this to be misleading as it was never explained to me that I would still be paying a premium, and that interest would still be added onto said premium even after the rebate. It was also never explained to me that I would negate the right to receive said repayment if I even made one late payment.

 

·I also feel that the sales agent was very forceful, implying that taking the policy may assist in my application. So much so that my first agreement was ripped up (by the sales agent), and a second agreement was drawn up with PPI/PPP included after, at first, I had declined the policy.

 

·I feel the sales agent sold me the policy for his own financial gain, in the form of commission, and feel that the policy was not sold in my best interests.

 

 

Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. 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 to each payment made.

 

I understand that my policy was sold through “Central Capital”, and I assure you that I am forwarding a copy of this letter to Central Capital. However, It is my understanding that at the time I took out the agreement with Central Capital, they were working as agents for First Plus and were thereby paid a commission for the service they offered you. It is First Plus that are solely mention on the Consumer Credit Agreement, so it is First Plus that I must refer any complaints to in regard to that agreement.

If you would like me to pursue this case with Central Capital directly then I would ask that you supply me with the amount of commission that was paid to Central Capital and the terms under which any commission was paid.

 

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

 

Yours faithfully,

Edited by sleepz

01/08/06- Royal Bank of Scotland - S.A.R sent

24/08/06- Royal Bank of Scotland - Statements Received

31/08/06- Royal Bank of Scotland - 1st Request sent

13/09/06- Royal Bank of Scotland - LBA sent

23/09/06- Royal Bank of Scotland - Offer received £1544 (Thanks but no thanks)

02/10/06- Royal Bank of Scotland - *WON* Full settlement

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Sorry to bump this, but does that look OK?

I want to get this sent off first thing.


01/08/06- Royal Bank of Scotland - S.A.R sent

24/08/06- Royal Bank of Scotland - Statements Received

31/08/06- Royal Bank of Scotland - 1st Request sent

13/09/06- Royal Bank of Scotland - LBA sent

23/09/06- Royal Bank of Scotland - Offer received £1544 (Thanks but no thanks)

02/10/06- Royal Bank of Scotland - *WON* Full settlement

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Dear Sir or Madam,

 

Account number: ******

I purchased the above policy from you in September 2006 but now know that I was mis-sold this policy for the following reasons :

 

 

1. The fact that I paid a single premium for my policy but was never specifically informed that this would be the case. As I am sure you are aware, in May 2009, these “Single Premium” policies were deemed unfair to the consumer and have subsequently been banned.

 

2. I was never informed that the policy would only cover me 5 years, whilst I would continue paying a premium and interest on said premium for the whole duration of the loan (25 years). Subsequently I was never informed that cheaper insurance options were available to me.

 

3. It was explained to me by the very persuasive sales agent that I should just take out the cover as it would be repaid to me in full after 5 years (as long as I didn’t make a claim) and I would “have nothing to lose”. However I find this to be misleading as it was never explained to me that I would still be paying a premium, and that interest would still be added onto said premium even after the rebate. It was also never explained to me that I would negate the right to receive said repayment if I even made one late payment.

 

4. I also feel that the sales agent was very forceful, implying that taking the policy may assist in my application. So much so that my first agreement was ripped up (by the sales agent), and a second agreement was drawn up with PPI/PPP included after, at first, I had declined the policy.

 

5. I feel the sales agent sold me the policy for his own financial gain, in the form of commission, and feel that the policy was not sold in my best interests.

 

 

Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. 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 to each payment made.

 

I understand that my policy was sold through “Central Capital”, and I assure you that I am forwarding a copy of this letter to Central Capital. However, It is my understanding that at the time I took out the agreement with Central Capital, they were working as agents for First Plus and were thereby paid a commission for the service they offered you. It is First Plus that are solely mention on the Consumer Credit Agreement, so it is First Plus that I must refer any complaints to in regard to that agreement.

If you would like me to pursue this case with Central Capital directly then I would ask that you supply me with the amount of commission that was paid to Central Capital and the terms under which any commission was paid.

 

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

 

Yours faithfully,

 

There you go just a few little amendments.

 

Regards

 

PF


If I have been of help to you please feel free to click my scales to the left Thanks.:)

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

 

Finally if you succeed with your claim please consider a donation to consumer action group as those donations keep this site alive.

 

CARTER V Co-Op

BANK CHARGES

REFUNDED £3567

 

POMPEYFAITH V Co-Op PPI

OFFER MADE BUT REFUSED

ONGOING AND STILL ONGOING

NOW WITH THE OMBUDSMAN

 

R.I.P BOB aka ROOSTER-UK you have always been a Gent on these boards and you will be remembered for that.

 

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and another letter to copy bits from if needed.

 

I am now convinced that I was mis-sold these PPI policies for the following 7 reasons:

 

1. Responsibilities When Underwriting a Policy of Insurance: On each occasion, when the details of a loan were discussed Your sales advisors 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 policies were 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.

 

2. Alternative Insurance Cover: Your sales advisors in each case failed to ask me if I had any alternative arrangements for insurance cover. My employer has a generous illness package which would cover a period of sickness as follows: 6 months full pay followed by 6 months half pay. I would also be entitled to a generous redundancy package and a substantial payment would be made in the event of my death in service (more than suffice to clear the balance of the loan).

 

 

3.Failure to Supply Important Information with Regard to Significant Policy Exclusions: I was most definitely not informed that the PPI policies could contain certain exclusions which could affect me and my ability to claim on the policies if I should need to. Additionally I was never told that Pre Existing Medical Conditions could invalidate my policy and I was never asked if I had any Pre Existing Medical Conditions. Indeed your Loan Customer Duty of Care Checklist and the Loanguard Certificate of Insurance to which the Customer Duty of Care Checklist refers (forwarded under cover of Reference N) contain no reference to any Pre Existing Medical Conditions or includes any questions to me on the subject. I am in fact in receipt of a 40% War Disablement Pension from Her Majesty’s Government (HMG) since 1991. One element of this pension includes back injury which I now know is an exclusion in your PPI Policies. I also believe that I would also be excluded on at least one other existing condition.

 

4. Widespread PPI Mis-Selling: I cancelled the PPI policy on xxxAccountNo xxx on 7 Jan 2007 after becoming 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 Point 3 above. I am also aware that the question of PPI cover is the subject of an ongoing inquiry by the Competition Commissioner.

 

5. 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?

 

6. PPI Loan Interest payments miscalculated: Since I cancelled the policy, I have actually received a smaller reduction in the PPI loan interest payments than the figure stated on the agreement. The explanatory letter sent to me has, I believe, confirmed that I have paid for single premium PPI policies on each loan taken with your establishment.

 

7. 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. The statements you have forwarded on accounts xxx and xxx, show no element of any refund of PPI or PPI interest when the accounts were settled on refinancing. There was also no explanation that the cost of the PPI premium would be added to the total cost of credit and interest added for the full term of the agreement. I believe this practice is unlawful.

 

I now believe that the single premium PPI policies attached to the loan accounts were both extremely unfair and totally unreasonable and offered me very little, if any protection value whatsoever. 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% applicable to of each of the single premiums.

 

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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Great, thanks folks


01/08/06- Royal Bank of Scotland - S.A.R sent

24/08/06- Royal Bank of Scotland - Statements Received

31/08/06- Royal Bank of Scotland - 1st Request sent

13/09/06- Royal Bank of Scotland - LBA sent

23/09/06- Royal Bank of Scotland - Offer received £1544 (Thanks but no thanks)

02/10/06- Royal Bank of Scotland - *WON* Full settlement

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Initial Request sent today


01/08/06- Royal Bank of Scotland - S.A.R sent

24/08/06- Royal Bank of Scotland - Statements Received

31/08/06- Royal Bank of Scotland - 1st Request sent

13/09/06- Royal Bank of Scotland - LBA sent

23/09/06- Royal Bank of Scotland - Offer received £1544 (Thanks but no thanks)

02/10/06- Royal Bank of Scotland - *WON* Full settlement

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one of the usual things will be to write you a ta for complaining we will look into it , then as they put your SAR together they will check the phone calls . if they fail to supply these ,have a go at insisting they do, but if they cannot ,well they cannot say they didnot missell ,so your case will be much stronger .

good luck

russ see firstpluscomplaints for fellow FP sufferers

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Got a standard response.

 

"I am sorry that you have decided to contact us about your concerns ...

 

I note from your account that the loan and the insurance was sold to you by a broker, Central Capital ltd, and therefor we are unable to investigate the processes involved in the selling of the insurance policy.

 

I have forwarded details of your concerns to the relevant team at Central Capital ltd and asked them to investigate in line with their current complaints procedures.

 

Please be advised that your correspondence regarding undisclosed commission has been forwarded to our legal team for their consideration"

 

 

booo


01/08/06- Royal Bank of Scotland - S.A.R sent

24/08/06- Royal Bank of Scotland - Statements Received

31/08/06- Royal Bank of Scotland - 1st Request sent

13/09/06- Royal Bank of Scotland - LBA sent

23/09/06- Royal Bank of Scotland - Offer received £1544 (Thanks but no thanks)

02/10/06- Royal Bank of Scotland - *WON* Full settlement

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What year was your loan taken out? Sorry just seen 2006 at least you will be covered by the FOS if they don't give you a positive result.


Any opinion I give is my own and given without

any liability.

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Got a standard response.

 

"I am sorry that you have decided to contact us about your concerns ...

 

I note from your account that the loan and the insurance was sold to you by a broker, Central Capital ltd, and therefor we are unable to investigate the processes involved in the selling of the insurance policy.

 

I have forwarded details of your concerns to the relevant team at Central Capital ltd and asked them to investigate in line with their current complaints procedures.

 

Please be advised that your correspondence regarding undisclosed commission has been forwarded to our legal team for their consideration"

 

 

booo

 

The loan may have been sold by a broker but you can put a small bet on it that it was First Plus that arranged the PPi through central capital ltd. I always advise folks to chase the people that signed the credit agreement as it is them you are paying every month :eek:

 

IMO keep up the pressure on first plus and do not be fobbed of into chasing after the broker.

 

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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