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Ppi Response From Firstplus


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Need some help.

 

My husband and I applied for a loan from firstplus in 2003. I had sent the first letter asking for a refund of PPI as we could not remember opting for PPI. They have sent back a long letter enclosing a copy of the agreement we signed. I cannot remember ticking or agreeing to PPI and single life, accicident, sickness and involuntary unemployment for me. Their contentions are:

 

That they sent us a loan agreement and terms and conditions, a copy of which they have enclosed. They state that the legally binding credit agreement signed by us stated that protection was 'optional' which was not explained to us in that way.

 

That they they gave us a cooling period of 30 days in which to cancel and that the policy covers 60 months only.

 

That two calls with us on 19 November 2003 showed that we agreed to the details of the loan and PPI.

 

That I confirmed that I (mrs K) as first named borrower would be covered for sickness and unemployment under the policy

 

That there was no regulatory requirement at the time to ascertain suitablity of the insurance policy.

 

They state that we were under no obligation to take their insurance policy

 

They conclude that due to the above reasons, they are unable to agree to that the insurance policy was missold.

 

They also state we need to talk to them if we wish to refer to the Financial Ombudsman Service. They also suggest to make use of Finance and Leasing Association conciliation scheme to resolve the issue.

 

Our response is that we do not even remember agreeing to the PPI or ticking the PPI. We cannot find the original agreement and we wonder whether they ticked the boxes themselves.

 

What is they way forward for us.

 

Please advise.

 

 

Kanana

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Greetings Kanana,

 

Indeed do not be fobbed off, it is a standard reply.

 

That they they gave us a cooling period of 30 days in which to cancel and that the policy covers 60 months only.

 

Are you saying that the loan was for more than 5 years? if so then that is a missell in its self and that is more than enough grounds to go after them.

 

That two calls with us on 19 November 2003 showed that we agreed to the details of the loan and PPI.

 

Ask them to prove this.

 

That there was no regulatory requirement at the time to ascertain suitablity of the insurance policy.

 

There does not have to be at the time it is widely known that PPI is a bad bargain and indeed under the limitations act you have 6 yrs from the time you found the financial wrong to bring a case.

 

They state that we were under no obligation to take their insurance policy

 

Well you know that now and they should of made that very clear at the time.

 

They conclude that due to the above reasons, they are unable to agree to that the insurance policy was missold.

 

Is that right because you do not think so.

 

Right I have given you some to go on above which will help you word your next letter as you have already given them a chance to put the financial wrong right make this letter an LBA so head the letter in red ink LETTER BEFORE ACTION and give them 14 days to put there wrongs right.

 

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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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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  • 1 month later...

Dear Pompeyfaith,

 

Thank you PF I followed your advice. I wrote firstplus an LBA. After waiting and going over their promised date of responding to my letter, they finally responded thus. I will summarise "Dear Mr & Mrs ...., I have reviewed the details of your complaint and remain satisfied that the details of PPI were explained to you correctly and information regarding the cover was sent to you for your consideration prior to proceeding with the arrangement.

 

Nevertheless, having considered your complaint the senior managers of Firstplus are willing to reach an agreement with you in an attempt to reach a mutually agreeable outcome.

 

We are concerned that you are unhappy with the remaining cover provided by the insurance policy and should you wish to cancel the policy we propose to make the necessary adjustments to the loan account to put it in the position as is if the payment protection insurance policy had not been taken. (What do they mean by this?)

 

This will mean a full refund of the insurance premium (they quote a figure which is about £200 less than the original PPI in the original agreement) plus interest paid on the premium todate* (figures to be calculated on receipt of the signed acceptance form.) will be applied to reduce the balance of your laon and returning the part of the of the monthly payments made towards the payment protection insurance premium to you. The monthly payments due will then be rescheduled accordingly.

 

They point out that the refund is purely a gesture of goodwill, made without prejudice and no admission of liability.

 

They then enclose an acceptance form for us to sign and return to them. They conclude by saying 'This communicaton should be viewed as our final response in relation to this matter, howerver if you are not satisfied you have the option to ask the FOB to review your complaint.'They also state that that monthly payments due will then be rescheduled acccordingly.

 

Now my question is how are they going towork out the premium. We wil only know the figures after we return the agreemnt to cancel the PPI. The agreement states that we 'accept offer to cancel our PPI for a full refund of £... plus any interest paid to be applied to our loan account in full and final settlement of our complaint. We understand that will will also recieve a full refund of the par of our monthly payments paid towards the insurance policy and our loan account will be rescheduled to take these amendments into account.

 

It looks like they will refund the PPI but retain it to reduce what we owe.

 

Your advice will be appreciated before we respond.

 

Thank you.

 

Kanana

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Greetings Karana,

 

Well looks like you are getting somewhere which is a good start.

 

Now do not sign and return the acceptance form just yet, you need to send off another letter.

 

This time to ask why the PPI refund has to come off the balance because the money was never yours and would of been in my pocket.

 

Also state that no acceptance will be signed until you have a record of how the redress has been worked out.

 

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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Thanks for your quick response. I do not understand the sentence 'This time to ask why the PPIlink3.gif refund has to come off the balance because the money was never yours and would of been in my pocket.' Any suggestions how to put it. I am sorry I seem to be asking too much.

 

Thanks, Kanana

 

 

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