first plus ppi

[iwtand]

Hi all, we took out a loan with first plus with which they sold us ppi. The ppi had a 5 year term but I have only recently found out they had my dob as 10 years older 1956 instead of 1966. My question is would this have had an impact on the cost of the ppi. And would we have any grounds for a refund? We did have a claim on the ppi. Thanks,Ian.

[dx100uk]

reclaim as normal just remove the total already paid out from the refund

 

look on the FOS website

 

fill out the PPI complaint form

do a SOC and post it off

 

theres lots of examples on the FOS website to follow too

 

dx

[iwtand]

Hi all, I have pulled my first plus agreement details are: cash loan £65k ppi £12954.50 loan £679.37 ppi £135.40 number repayments 180 9.9 percent variable but the ppi only lasted 60 mths. When we signed this agreement we thought this policy covered the term of the loan. the ppi ran out April this year.

[ims21]

Hi there

 

Can you post up your agreement as a PDF via "Go Advanced -> Manage Attachments). MAKE SURE ALL PERSONAL DETAILS ARE REMOVED.

 

On a loan the policy runs for 5 years but you pay for it over the life of the loan.

 

Also make sure you do as dx says and have a read of the fos website.

 

ims

[dx100uk]

scan the required letters/agreements/sheets

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

goto 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

hit the add files button on the top right

hit select files, navigate to your file on your pc

hit upload files

NB:you can set where it goes in the post by hitting insert inline.

the hit reply button

dx

[iwtand]

Hi, have attached my FP agreement

Full page photo.pdf

Full page photo1.pdf

[ims21]

Hi there

 

Thanks for posting those up.

 

I think the fact that they got your date of birth wrong invalidates the policy so a reclaim is in order.

 

You can reclaim each of the monthly ppi payments of £135.40 + 8% interest on each of them from the date they were paid up to the date of your claim.

 

I attach a spreadsheet which will calculate your claim for you. You only need to enter data in columns A (Date of payment), B (Nature of payment) and C (Amount of payment). The rest of the calcs are done for you. All you need to do is then amend the personal information in the blue section of the spreadsheet.

 

Print off the spreadsheet and send it to your lender together with the fos questionaire and preliminary letter of claim

 

Loan ppi.xls

 

ims

[iwtand]

Hi folks, also uploaded ppi plan as you can see it states on the plan term of loan not insurance 60 months

ppp1.pdf

ppp3.pdf

Full page photo4.pdf

Full page photo6.pdf

[iwtand]

Thanks for all the help, does the fact they increased the interest rates throughout the ppi period make a difference on the calcs as the payment schedule on the agreement was based on 9.9 variable

[xboxer]

Hi iwtand. on your agreement there is no Total Amount Payable on the Loan or PPI. The PPI alone will be £24,372! Additionally your cover was only for1 person even though there were joint borrowers. Another two reasons to complain!

[ims21]

Thanks for all the help, does the fact they increased the interest rates throughout the ppi period make a difference on the calcs as the payment schedule on the agreement was based on 9.9 variable

 

Hi there

 

Yes it will if your monthly repayment increased.

 

Your ppi is 16.62% of the total loan. So when a repayment amount changes, you need to take 16.62% of that new repayment as being the ppi part.

 

For example, your payments started off at £814.77. If they went to, say £925, then 16.62% of that is £153.73 which is your ppi payment for the spreadsheet.

 

Hope this helps

 

ims

[iwtand]

Hi all, spoke to fos, they are contacting fp and I have filled out the questionaire to send. So the wheels are in motion will keep u updated.

Thanks again for all your help.

[dx100uk]

well done

 

i think this is your best route.

 

it ok to have an idea of what you should be getting back

 

but let them deal with it if they are offering.

 

this almost smacks of an invalid agreement to me.

 

dx

[iwtand]

Hi all. received letter today from FP. Our loan was brokered by Portfield Finance who have ceased trading so they say since portfield sold the ppi I will have to contact the FSCS. So have spoken to them and sent in the initial form. Also spoke to the FOS aho told me that the FCSC route would have to be taken first, but if no joy there I have to get back to the FOS, they have kept the claim against fp live. Anyone gone down this route?

Cheers,Ian.

[dx100uk]

trouble with the fscs is they allow the whole lot to be swallowed by the outstanding balance [if any] not just arrears.

 

dx

[iwtand]

Hi all, update on FCS ppi claim. Well all good news got home to a cheque for 18k total result.

[dx100uk]

really that much! wow..

 

dx

[iwtand]

Yeah nearly dropped when I opened the envelope. Just filled out the form they sent me and after a couple of conference calls with FP and the FCS all sorted

[iwtand]

Fcs very professional and understanding first class service

[dx100uk]

you mean the fscs?

 

dx

[iwtand]

yes sorry the fscs:-)