Firstplus PPI claim

[rgale40]

Hi all.

 

In the past I've had three secured loans with Firstplus, all with PPI, and all of which are now paid off.

 

The PPI was sold very aggressively & I felt under pressure to buy. In addition, I found out that as I was entitled to 6 months full pay & 6 months half pay if I couldn't work due to sickness then the policies wouldn't have paid out anyway. As a result, I cancelled the PPI on my last loan a few months before it was paid off in 2007. I think it's fair to say that Firstplus weren't too pleased with that, and I didn't get any refund of my policy payments.

 

I decided to have a go at claiming the PPI back, but I'd unfortunately disposed of all the loan documentation when the loans were paid off. That said, I contacted Firstplus & requested a subject access search under the Data Protection Act, and they sent me copies of all my credit agreements etc.

 

My question is, where do I go from here?

 

I've heard that Firstplus are a particularly tough nut to crack regarding PPI claims, and as the loans are quite old (they were taken out in 2003, 2004, and 2005 respectively) I'm wondering if it's practical for me to try & claim myself - or would it be better to enlist the help of one of the many organizations that specialize in PPI claims?

 

Any advice anyone? Does anybody have any experience in claiming back PPI from Firstplus?

 

Many thanks.

 

Ray.

[ims21]

Hi

 

Welcome to CAG.

 

First, do not use a claims company...they cannot do anything for you that you cannot do yourself and they charge a hell of a lot for the priveledge.

 

You can do it yourself.

 

As part of your Subject Access Request, did you get statements for the loans?

 

Have a read of No.1 in my signature below.

 

Also, pop along to the fos website and download their consumer questionnaire. While you are there, have a look at some of the case study PDFs.

 

ims

[rgale40]

Hi.

 

Many thanks for the reply.

 

Firtsplus sent me my original credit agreements plus copies of the general administration letters that I had from them. There were also copies of land registry searches, credit search details, telephone logs etc......but the closest thing to a statement is what they refer to as a 'Transaction Enquiry' - which shows my direct debits, added interest, and loan balance on a monthly basis.

 

I'll have a look at the information you've suggested & see how I get on.

 

Ray.

[ims21]

Hi

 

Good...transaction enquiry = transaction history which effectively equals statements.

 

From these and the spreadsheets you'll find in the link I gave you, it will be possible to prepare a claim schedule.

 

I'm out this afternoon but will be back later. Shout if/when you need help with the calculations.

 

ims

[rgale40]

Many thanks, I'm sure I'll need some help.

 

I'm working over the weekend, so it might be early next week before I have a chance to have a proper look.

 

Ray.

[ims21]

Hi

 

No probs....in your own time. No need to rush this.

 

Regards

 

ims

[rgale40]

Hi ims21.

 

Sorry I haven't been back for a while, things have been a little hectic.

 

I've had a look at the links you suggested, but I can't find any spreadsheets? - probably not looking in the right place.!

 

I've also heard that loans taken out before 2005 aren't covered by the ombudsman scheme & that I may have to take court action to get my premiums back?

 

Ray

[ims21]

Hi

 

They are in the last post of No.1 in my signature...but here you go

 

 

LoanAnalysis.xls

StatIntSheet1.xls

 

Also, don't believe everything you read about fos and 2005

 

ims

[rgale40]

Sorry, scratch my last post - I've found the spreadsheet.

 

I've had a look at the transaction enquiries & they show the direct debits - which included the loan repayment and the PPI premium lumped together.

 

I'm not sure how to work out what proportion of my monthly payment was the loan repayment and how much was the PPI premium?

 

Ray.

[ims21]

Hi

 

Have you got the agreements or did any figures turn up in the SAR which tells you the premium amounts at the start of the loans?

 

Did you have a read of No.1 in my signature?

 

ims

[rgale40]

Ok, I think I'm starting to get it now - sorry for being a bit dense..!!

 

The documentation for the loans that I took out in 2003 & 2004 shows the PPI premium and the loan advance as separate items. However, the loan agreement for the loan I took out in 2005 is in a different format and only shows the total amount of credit and the monthly repayment. In fact, the only reference that I can find to PPI in respect of this loan is a diary record of the telephone call that I made to cancel the policy..

 

Any suggestions as to how to proceed with this?

 

Ray.

[ims21]

Hi

 

That agreement that is in a different format.....can you post it up as a PDF file (MINUS ALL PERSONAL INFORMATION/IDENTIFIERS)?

 

ims

[rgale40]

Hi

 

That agreement that is in a different format.....can you post it up as a PDF file (MINUS ALL PERSONAL INFORMATION/IDENTIFIERS)?

 

ims

 

Here you go.

Firstplus10001.pdf

Firstplus20001.pdf

[ims21]

Hi

 

I've unapproved the attachments because on page 1 there is an account number showing and a reference at the top (at least).

 

Can you clean them up please.

 

Thanks

 

ims

[rgale40]

Hi

 

I've unapproved the attachments because on page 1 there is an account number showing and a reference at the top (at least).

 

Can you clean them up please.

 

Thanks

 

ims

 

Sorry......try these.

[rgale40]

Sorry......try these.

 

Ok.......let's try again.....

Firstplus10001.pdf

Firstplus20001.pdf

[ims21]

Hi

 

Well there is no mention of PPI on the agreement or in the T&Cs on the back either.

 

This may be a silly question but are you sure PPI was attached to this loan? It doesn't look like there was a single premium up front but do you have any bank statements which might show a monthly amount going out in addition to the loan repayment?

 

ims

[rgale40]

No bank statements going back that far I'm afraid.

 

I can recall having a telephone conversation with the person who sold me the loan, I & can well remember the hard time that she gave me when I cancelled the PPI...!!

 

Could be that I'm getting confused of course. It was nearly 7 years ago..??

 

I'll wade through the rest of the documentation that Firstplus sent me, & I'll see if I can find the date of the diary entry which refers to the PPI cancellation.

[ims21]

Ok...might be a good idea ot have a look.

 

The other two are easy, it's just this one that is a bit tricky.

 

And of course the amount borrowed is a very round number to have included PPI

 

ims

Edited December 10, 2011 by ims21

[rgale40]

Ok - I've had a quick look through the rest of the paperwork & the diary entry referring to the cancelled PPI is actually dated before I signed the loan agreement.

 

I think I remember what happened now. I believe that I agreed to the PPI on the phone and Firstplus sent out the paperwork for me to sign. I then changed my mind re the PPI, phoned them to cancel, and they had to send out a whole new set of paperwork - that's why the third loan agreement is different to the other two.

 

That said, I've just done a quick calculation and the PPI that I paid on the other two loans is worth around £3000 including interest - so very worth claiming..!!

 

So - where to go from here....

 

A claim letter, a completed questionnaire, and a copy of my calculations to Firstplus....??

 

Ray.

[ims21]

Ok - I've had a quick look through the rest of the paperwork & the diary entry referring to the cancelled PPI is actually dated before I signed the loan agreement.

 

I think I remember what happened now. I believe that I agreed to the PPI on the phone and Firstplus sent out the paperwork for me to sign. I then changed my mind re the PPI, phoned them to cancel, and they had to send out a whole new set of paperwork - that's why the third loan agreement is different to the other two.

 

That said, I've just done a quick calculation and the PPI that I paid on the other two loans is worth around £3000 including interest - so very worth claiming..!!

 

So - where to go from here....

 

A claim letter, a completed questionnaire, and a copy of my calculations to Firstplus....??

 

Ray.

 

 

Ah that seems to make more sense now.

 

Just before you go to the next step.... a question...

 

With the first two loans, did either of them refinance the other or were they both stand alone loans?

 

ims

[rgale40]

The second loan was a further advance, so yes I guess the first loan was in effect 'paid off' by the second.

 

Does that make a difference?

[ims21]

If loan 2 paid off loan one and there was no rebate of loan 1 PPI then you would have had rollover PPI, i.e. paying loan 1 PPI through loan 2

 

Have you taken that into account in your workings?

 

ims

[rgale40]

No PPI rebate that I'm aware of. I'm not sure how the repayment figures for the first loan were calculated though.....all I've got for both loans is a Credit Agreement showing the amount of advance, the PPI premium, the total loan, and the monthly payment. I'll have a troll through the rest of the paperwork to see if I can find any mention of a PPI rebate.

 

All I did to calculate my potential claim was divide the PPI premium by the total loan amount - and then apply the percentage figure that I got to the monthly repayment figure.

[ims21]

Hi

 

Yep..essentially correct.

 

Just think though, that if loan 2 paid off loan 1, the balance on loan 1 at point of settlement included the balance of the ppi loan given on loan 1. So part of the cash advance for loan 2 would have included that ppi balance. That ppi balance would effectively be paid off by part of the monthly instalment on loan 2.

 

Therefore you were paying loan 1 ppi through loan 2. These should therefore be included in any interest calculation so that you get the 8% on those payments as well.

 

This was another great earner for the banks since rollovers go largely unnoticed by the consumer.

 

Unless of course a full rebate was given at the point of settlement of loan 1

 

ims