Jump to content


  • Tweets

  • Posts

  • Recommended Topics

  • Our picks

    • If you are buying a used car – you need to read this survival guide.
      • 1 reply
    • Hello,

      On 15/1/24 booked appointment with Big Motoring World (BMW) to view a mini on 17/1/24 at 8pm at their Enfield dealership.  

      Car was dirty and test drive was two circuits of roundabout on entry to the showroom.  Was p/x my car and rushed by sales exec and a manager into buying the mini and a 3yr warranty that night, sale all wrapped up by 10pm.  They strongly advised me taking warranty out on car that age (2017) and confirmed it was honoured at over 500 UK registered garages.

      The next day, 18/1/24 noticed amber engine warning light on dashboard , immediately phoned BMW aftercare team to ask for it to be investigated asap at nearest garage to me. After 15 mins on hold was told only their 5 service centres across the UK can deal with car issues with earliest date for inspection in March ! Said I’m not happy with that given what sales team advised or driving car. Told an amber warning light only advisory so to drive with caution and call back when light goes red.

      I’m not happy to do this, drive the car or with the after care experience (a sign of further stresses to come) so want a refund and to return the car asap.

      Please can you advise what I need to do today to get this done. 
       

      Many thanks 
      • 81 replies
    • Housing Association property flooding. https://www.consumeractiongroup.co.uk/topic/438641-housing-association-property-flooding/&do=findComment&comment=5124299
      • 160 replies
    • We have finally managed to obtain the transcript of this case.

      The judge's reasoning is very useful and will certainly be helpful in any other cases relating to third-party rights where the customer has contracted with the courier company by using a broker.
      This is generally speaking the problem with using PackLink who are domiciled in Spain and very conveniently out of reach of the British justice system.

      Frankly I don't think that is any accident.

      One of the points that the judge made was that the customers contract with the broker specifically refers to the courier – and it is clear that the courier knows that they are acting for a third party. There is no need to name the third party. They just have to be recognisably part of a class of person – such as a sender or a recipient of the parcel.

      Please note that a recent case against UPS failed on exactly the same issue with the judge held that the Contracts (Rights of Third Parties) Act 1999 did not apply.

      We will be getting that transcript very soon. We will look at it and we will understand how the judge made such catastrophic mistakes. It was a very poor judgement.
      We will be recommending that people do include this adverse judgement in their bundle so that when they go to county court the judge will see both sides and see the arguments against this adverse judgement.
      Also, we will be to demonstrate to the judge that we are fair-minded and that we don't mind bringing everything to the attention of the judge even if it is against our own interests.
      This is good ethical practice.

      It would be very nice if the parcel delivery companies – including EVRi – practised this kind of thing as well.

       

      OT APPROVED, 365MC637, FAROOQ, EVRi, 12.07.23 (BRENT) - J v4.pdf
        • Like
  • Recommended Topics

Firstplus and loanmakers PPI


style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 3893 days.

If you need to add something to this thread then

 

Please click the "Report " link

 

at the bottom of one of the posts.

 

If you want to post a new story then

Please

Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 

 

Thanks

Recommended Posts

Sorry for the title but I've had all I can take from Firstplus and their unprofessional staff now!!!

 

We originally took out a loan in 2008, which was set-up through the now extinct "Loanmakers".

 

We were told we had to have PPI and in our financial situation I couldn't argue it, although I did not want it.

 

The details:

 

Original cash loan amount: £38000

Original PPI loan amount : £5506.20

Original fees amount: £995.00

Original total loan amount: £44501.20

Original loan agreement date: 15/08/2008

Agreed loan term: 25 years and 0 months

 

Annual interest rate was 8.6% and then went up 1% to 9.6% 15/8/2010.

 

My original loan form shows:

 

cash loan £38000 + PPI loan £5506.20 = total of £43506.20

Monthly repayments (x300): £308.17 + ppi £44.66 = £352.83

 

But at 9.6% I pay £380.12 per month.

 

We called Firstplus in 2011 and tried to cancel and reclaim our PPI, they said that even though we pay them the loan was set-up by Loanmakers and not their problem, but if we kept the PPI for the 5 year term we'd get £5506.20 cash back.

 

So, stupidly we did, and now they say that because it's a tailored loan, we do not get the cashback and we never made any calls ever to them!!!! Just as we expected a cheque for £5506!!

 

So, today I called the FSCS, they are sending me out a claim form against loanmakers as they're no longer in business.

 

Have I done the right thing?

 

What happens when it gets sorted/refunded, how do I go about restructuring my loan and repayments with Firstplus when they will not play ball?

 

How much money should I expect back or accept?

 

 

Any help appreciated as I'm in unknown territory here!!!

 

Kind regards

 

Cliff J

Link to post
Share on other sites

THE FSCS pay out 90% of the value of a claim and will include the premium and some interest.

 

In order to get the loan restructured, the idea would be that you pay any refund into your first plus account as a capital reduction. This means that as the capital balance has reduced, so should your monthly repayments.

 

Link to post
Share on other sites

So far we've paid approx £3000 of PPI to Firstplus, if we get anything like that back then we could pay that off our balance, But I'll still be paying the loan and interest on £5506.20 PPI for another 20 years? Surely if it was mis-sold it has to stop and completely come out of the equation once paid out?

Link to post
Share on other sites

With the FSCS you are likely to get the premium of £5,506 plus some interest but adjusted for the 90% rule. You will have to wait and see exactly how they calculate their offer but they are usually pretty good at setting out how the offer is calculated.

 

As I said, if you pay any refund into your FP account and stipulate that it is for a Capital Reduction then the monthly repayments should go down given the reduction in the capital balance. By paying ther refund into the account you will be (as near as is possible) adjusting the future repayments with the PPI removed.

 

Sadly with the FSCS and brokers who are no longer in business you don't get the amount that would have been the case in a standard PPI reclaim.

 

Link to post
Share on other sites

Thank you very much for your reply, I understand that now, took a while!!! :-D

 

So if the PPI loan stays on my account for 25 years, am I right to expect compensation for that too?

 

Is there a calculator anywhere to help me work out what I should expect to aid any arguments or queries I might have?

Link to post
Share on other sites

It is likely that the FSCS will refund the whole amount of the PPI and that will include the bit you haven't paid yet. You will probably get some compensation for the interest you have paid thus far but not all of it (see above).

 

As the whole premium is probably going to refunded the "restructuring" as it were will be down to you. If you pay the refund into the account then the repayments should reduce. If you choose to use any refund for other purposes then your repayments will stay the same.

 

There isn't a calculator here that works out an FSCS based award. What I would do is await their offer and take it from there.

 

Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    • No registered users viewing this page.

  • Have we helped you ...?


×
×
  • Create New...