Sharpman v Firstplus PPI refund

[SharpmanTF1]

Ok,

 

Here goes ...... recieved the letter from firstplus to tell me i am near my 5 year anniversary. I need to fill in a form to claim my cash back.

 

After reading this forum about PPI and firstplus, I had a look at my documents.

I feel I am a good candidate for a Mis-sold PPI claim.

 

There's a lot of other institutions mention about PPI, but I cannot seem to find any relating to firstplus, although they have a bad reputation for it.

 

Could some body point me in the general direction for a good first letter to send to firstplus?

 

any help appreciated.

[dx100uk]

see the stickys

 

notes for claimants

 

dx

[donbracho]

ths is a good thread to start with ....

http://www.consumeractiongroup.co.uk/forum/payment-protection-insurance-ppi/250560-ppi-newbie.html#post2811957

[SharpmanTF1]

Ok, Going with a SAR. to get full info on payments, APR history and break down of how PPI and Loan payments are paid.

 

The cheeky beggars want £17.00 for statements. apparently i'm not entitled to them as the norm so i need to have ad hoc statements - 5 in total.

 

Sar cheaper option.

 

Mr Sharpmans Residence

 

Data Controller

Firstplus Financial Group PLC

One Churchill Place

London

E14 5HP

 

 

DATA PROTECTION ACT 1998

Subject Access Request

 

 

 

Mr Sharpman

Account No xxxxxxx-x

 

 

 

IF YOU UNABLE TO DEAL WITH THIS REQUEST, YOU SHOULD IMMEDIATELY FORWARD IT TO THE PERSON WITHIN YOUR ORGANISATION RESPONSIBLE FOR DATA PROTECTION.

 

Dear Sir/Madam

 

We understand that you currently hold details of our personal and financial information within your internal record systems with regard to personal loan accounts.

 

Please supply us with a complete list of transactions and charges relating to our history with your organization, INCLUDING Loans, payment protection insurance and other Products. Alternatively a complete set of statements for the accounts or associated accounts is acceptable (indicating break down of PPI payments and Loan Payments).

I would be grateful if you would provide the following for ALL accounts or associated accounts I have held with your organization:

 

• Full copies of all contracts which you believe exist or have existed between myself and your organization, including true copies of any documents you hold in support of the same.

 

• Full APR History from the start of the account to present day, and when they were applied to the account.

 

• A complete list of all transactions or statements relating to ALL of our Loan Accounts with your organization. Full transaction breakdown explaining how payments have been dispersed by way of PPI payments and loan Payments

 

• Copies of all documents which include any of my personal information including copies of any contacts or invoices, emails or computer records containing my personal information, or any records which pertain to this information.

 

• Full copies or transcripts of any correspondence in postal, email or any other format which you have entered into with any individual, organization or third party which contains our personal or financial, or which pertains to us.

• Where any previous information or records held have been deleted or disposed of, the methods used to do so, including dates, certificates or references confirming details of destruction. Where you are unable to provide such certificates, please provide a declaration, signed by an authorised officer of your company, confirming the dates and methods of destruction of this data.

 

• Full hard copy print outs of our personal or financial information, held in a digital, magnetic or any other format which is held in any archives, backups or other storage devices / locations.

 

 

We enclose a Postal Order in the sum of £10 to cover your fee.

 

We look forward to hearing from you in the first instance of receipt.

 

 

 

Yours faithfully

 

ME

 

 

That's what I'm going with at the moment. anybody feel they could add or subtract anything to bolster my chances of getting the info I want.

[SharpmanTF1]

ref Calculations for refund.

 

what exactly do we claim for.

payments, contractual interest and/or 8% interest.

 

do we just add up the the original Sum + payments made + contractual % + 8% ?

 

or is it either 8% or Contractual % or do they get to chose.

 

Contractual is a more beneficial option to me as all the contractual intrest was above 8%. started at 8.9 and hasn't dipped since. has risen to 10.8% as of feb 2008, but i'm sure that has change since then. i'm awaiting a history of interest rate changes from FP at the moment.

[dj1971]

Hi Sharpman,

 

The calculation should be either total amount of PPI plus total interest charged on PPi, which you should get from your credit agreement, then add 8% statutory interest from the date of each payment, to date of settlement.

 

This is the method FOS use, the other method is monthly payments of PPi x no of payments, plus 8% statutory. The payments you make every month against the PPI include the compound interest.

 

DJ

[SharpmanTF1]

so,

would this sound about right.

original up front payment £6612.30 - 240 payments 0f 57.78 = 13867.2

(the payment amount will change, as soon as FP provide me with the breakdown)

 

£13867.20 - £6612.30 = £7254.90 (interest.)

 

So If all goes according to plan I should get the 13867.20 + the total of £57.78 @ 8% interest (or what ever the payments are)

 

(Obviously, those figures are subject to change as the APR fluctuated.)

[dx100uk]

that dont look right.

 

you need to

 

scan your agreement

remove all pers info inc barcodes etc but leave all figures and dates.

goto one one of the many free online pdf converter websites

convert the image to pdf format.

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

browse to your pdf file and upload it

hit close this windows at the bottom below upload it box

 

dx

[dj1971]

Hi Sharpman,

 

No, it doesn't actually work like that.

 

Using your hypothetical figures:

 

Original PPI amount: £6612.30

Plus interest charged: ????????

Les early settlement rebate: ???????

Plus stat int. @ 8% per annum: ?????

 

Or

PPI repayments already made: £57.78 x 60 (5 years) = £3466.80

Plus statutory interest @ 8% on each payment

from the date of each payment = ?????????

 

The remaining PPI would be cancelled, which should in theory reduce your monthly payments by £57.78 for the remained of the loan.

 

Hope this makes it clearer

 

DJ

[SharpmanTF1]

hey Dj1971, where does the early settlement rebate come into it.

What is there to settle. Mis sold PPI, and they get to keep some of the dough?

 

dx100uk

 

as suggested here is a copy of the loan agreement with the ppi details.

 

scrubbed loan agreement1.pdf

[dx100uk]

is the loan completed?

 

dx

[SharpmanTF1]

No, the loan still has some way to go yet.

[dj1971]

Sharpman,

 

I didn't suggest they keep the settlement rebate. It will come off the balance you own on the loan, rather than paid directly to you.

 

DJ

[dx100uk]

then method two.

 

add 8% to every PPI payment made from its date to the date of your claim.

 

use Compound interest calculator

compound monthly

principal is payment

int 8%

 

the unpaid PPI should be simply be removed from the outstanding and the PCM reduced by the PPI element as advised.

 

dx

[SharpmanTF1]

Ok, Sent off SAR. But like an plonker I forgot to put the £10.00 postal order in the envelope.

Needless to say that came back to me sharpish....

 

So, re printed SAR, added the PO into the envelope and posted off.

 

Subsequently it was returned again shortly afterwards. I had put electronic signatures on the request.

 

They rejected the application on the grounds of 'not satisfied of the identity of requesting parties.

 

the first time it was returned I can understand, but this time it appears they are playing silly beggars.

 

I know there's a letter out there to send them to tell them to wind their necks in as they have written to my address etc. something along those lines.

 

does any body know the location of said letter / template.

 

This new format forum is a nightmare, can't find anything.

[letsdothis]

tbh I would probably just sign it and send it back. Although people say not to, on a SAR they do not have to budge or comply until they are satisified it is you. Even if you complained to the ICO after about 3 years the ICO would agree with the OC

 

If the agreement that you have is signed anyway and there is nothing wrong with it, then you may as well just sign it, but add a line or a couple of dots to see if it has been used in the future.