First Plus PPI on secured loan

[Tmr]

We currently have a secured loan from First plus taken out in 2004 for 15 years. On the agreement it lists a sum of £14000 for PPI, which is added to our loan amount. Athough we signed for it, we wern't happy at the time, because we did it over the phone, and it was very much glossed over, however we just accepted it as having to have it, and signed.

Recently we have become more aware of the mis-selling of PPI, and wondered whether we can claim it back.

Our reasons would be that it only covered my husband, we are both covered by our employers, we both have pre-existing medical conditions, which we were never asked about, and which I am sure would mean we wern't able to claim.

The insurance was also only for 5 years, which has now gone, but we still have another 9 years to pay.

Can anyone give us some advice?

[dx100uk]

yep go reclaim it.

 

type in first plus in our search bar above your msg, there are other fist plus threads to follow.

 

also look at the stickie on this PPI forum homepage.

 

http://www.consumeractiongroup.co.uk/forum/payment-protection-insurance-ppi/61081-ppi-some-notes-claimants.html

 

for starters.

 

i'd also:

scan your sheets/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

 

 

dx

[Tmr]

Thanks I tried to make sense of some of the other threads. We don't have an actual copy of what the insurance covers, do I need to get hold of this?

[dx100uk]

nope, have you the agreement?

 

dx

[Tmr]

Yes, and on the reverse it says it will be sent, but we can't find it.

[dx100uk]

cant find what

you dont need it

if you have the agreement

scan it up as details in my last post

 

we'll calc what is owed to you.

 

dx

[Tmr]

Sorry haven't got a scanner, but details are as follows

Advance £71,000

Optional PPI £14150

Monthly interest 0.639%

APR 7.9%

Payments 300

Started September 2004

[Tmr]

does anyone know how I can work out what I should be claiming back. Sorry to ask again, but want to get the claim started

Advance £71,000

Optional PPI £14150

Monthly interest 0.639%

APR 7.9%

Payments 300

Started September 2004

[dj1971]

Hi Tmr,

 

I can certainly help you with this. Will come back to you with some figures later this evening.

 

DJ

[dj1971]

Oops! Just 1 question TMR, how much are your monthly repayments?

[Tmr]

Currently £727. Thanks for doing this

[dj1971]

No problem Tmr,

 

By my calculations from the figures you have given us your repayments should be £651.57. Not sure why you paying £727 ??

 

So based on the £651.57 repayment per month that breaks down as £543.29 for the loan and £108.28 for the PPI.

 

I have attached a spreadsheet with the calculations. With the statutory interest @ 8%, this is normally calculated on each monthly repayment from the date of repayment until the date First Plus refund your money. As we cannot know when they will refund at this time, I have used 1st September 2010 for ease of calculations.

 

Also I have used the date of repayment as 1st of each month, again for ease of calculation. If and when First Plus agree to settle your claim, they will do their own calculations. Those I have done for you here today, are just a guideline.

 

Unless there are any outstanding arrears on the account, the amount I have calculated should be refunded direct to you by whatever means you choose. Any outstanding/unused PPI will be refunded to the loan and therefore reduce the amount outstanding.

 

Hope this is all clear for you. Any questions just ask.

 

Now go get what is due to you.

 

Good luck

 

DJ

[Tmr]

Thanks for this , at least when we here back I can now quote what I am expecting. Don't know why our payments are £727 it is just the latest payment on their interest rate letter they sent us. We aren't in any arrears, and unlike some people who were told if they didn't claim over the 5 years they would get a refund, we were never told anything or given that option. Have sent them by special delivery a completed questionnaire suggested by FOS, and a suggested covering letter. Claimin on the grounds that we weren't given any option or alternatives, or asked if we had any pre-existing medical issues, so am quite hopeful.

[Tmr]

sorry, just thought as we have been paying the larger amount for the majority of the time, how can I change your figures to reflect what we have been paying?

Thanks

[dj1971]

Tmr,

 

Is £727 a month what you have always been paying?

 

Think we may need to see a copy of your credit agreement. Can you get access to a scanner, or take 3-4 up close photos with your mobile phone/digital camera?

 

Something really does not sound right here.

 

DJ

[Tmr]

DJ

I have copies of the letter sent to us stating our first payment was £731.03, and then subsequent payments were to be £690.94 on the 1st of every month. This was then recalculated as they had quoted 8.9% not 7.9% as agreed.

In July 2007 the payments increased to £727.29 per month.

In May 2008 9.5% pa.

In March 2008 it was decreased to £688.35 8.7%

In May 2008 it increased to £712.46 9.2%

In August 2008 it increased to £727.05 9.5%

It has stayed at that rate ever since. The only correspondance we have ever had from them is these letters of rate increase and 1 decrease .

Sorry don't have a scanner or a digital camera. I will understand if this is now too complicated.

Thanks anyway

[dx100uk]

got a mobile phone with a camera?

 

dx

[dj1971]

Tmr,

 

On your credit agreement it should give your monthly repayment amount for the loan and for the PPI, then the total repayment per month.

 

It is important you somehow attached a copy of the agreement, so we can have a look at it and advise you further.

 

But for now, what is the amount stated on your credit agreement as the monthly repayment for ppi?

 

DJ

[Tmr]

DJ

I have checked our agreement, and there is nothing anywhere on it that gives the monthly payments. We only have the accompanying letter that the courier brought with the pack. I will try to take some photos tomorrow, but it really doesn't say anymore than I have put.

[dj1971]

Tmr,

 

Don't worry too much about scanning up what you have then.

 

I think the next step should be to send a Subject Access Request to First Plus. This is a legal request for them to supply all the information they hold on you as a data subject and should include your agreement and statements etc... Have a look at the sticky on the PPI homepage entitled "full sar for ppi" you will find all the information you need in there and I believe there is also a template letter you can use as well. Adjust the letter to suit your circumstances and enclose a postal order for £10. Send it for the attention of the data controller at their head office and post either special or recorded delivery. Keep the receipt as proof of purchase.

 

Firstplus will have 40 calendar days to supply all the information they have.

 

Good luck

 

DJ

[dj1971]

Tmr,

 

Don't worry too much about scanning up what you have then.

 

I think the next step should be to send a Subject Access Request to First Plus. This is a legal request for them to supply all the information they hold on you as a data subject and should include your agreement and statements etc... Have a look at the sticky on the PPI homepage entitled "full sar for ppi" you will find all the information you need in there and I believe there is also a template letter you can use as well. Adjust the letter to suit your circumstances and enclose a postal order for £10. Send it for the attention of the data controller at their head office and post either special or recorded delivery. Keep the receipt as proof of purchase.

 

Firstplus will have 40 calendar days to supply all the information they have.

 

Good luck

 

DJ

[Tmr]

Sorry DJ just re read our agreement, and the starting monthly payments on 1.4.04 were £638.59 per month until In July 2007 the payments increased to £727.29 per month.9.5% pa.

In March 2008 it was decreased to £688.35 8.7%

In May 2008 it increased to £712.46 9.2%

In August 2008 it increased to £727.05 9.5%

As I have sent the info to First Plus, I want to wait until we hear from them before putting an SAR in. I just wanted some idea of how to work out what we should be claiming back for what we have paid so far.

Thanks Tmr

[Tmr]

Have now had 2 letters from First plus saying they are investigating our claim. The first one acknowledged our compaint and said they would be in touch by 31st August. We then received a letter on 30th August saying they were still investigating, and would get back to us by 28th September.

My question is how long can they go without actually giving us a decision. Just want to know so that I can chase as soon as this time is up?

Thnx

[dx100uk]

after 8 weeks

off to the fos

 

dx

[Tmr]

WE WON

Just wanted to thank everyone for their advice we received a letter today upholding our complaint, and offering a full refund of the PPI. We don't know exact figures yet as we have to return the acceptance form and they will then calculate the figures.