Jump to content


spudafett

Misselling of FirstPlus secured loan.

style="text-align:center;"> Please note that this topic has not had any new posts for the last 1392 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

Recommended Posts

Hello all,

 

 

I successfully claimed my PPI back from FirstPlus and am now looking in to the possibility that the entire loan was missold.

I recently wrote to them outlining my issues, which were:

 

• The mortgage was not suitable for me.

• The adviser did not properly establish my attitude to risk.

• I was not advised that there were other options, such as a DMP, that I could have pursued.

•Your adviser did not give me examples of the cost of a Capital and Repayment mortgage compared to the lower costs of an Interest Only mortgage.

•When remortgaging to consolidate my debts I was not advised that it would be cheaper for me to put all of my loans, credit cards and finance onto my existing mortgage rather than remortgaging.

•I was not advised that by remortgaging I was exchanging my short term debts for a long term debt by adding it to my mortgage. It was not explained to me that although I would be lowering my monthly outgoings initially, I may well be lengthening the term of my debt and vastly increasing the amount of interest that I would be paying.

 

Loan was originally for £51K over 25 years.

I then received a phonecall from FirstPLus asking to reiterate my concerns, only to be told that based on my concerns and as my loan had be through a broker I needed to contact them (Compass), if they were still trading?!, to resolve my issue.

When I successfully reclaimed all my PPI, which was brokered at the same time as the loan, I went straight to Firstplus who dealt with it directly.

This all sounds a bit smoke and mirrors to me, so would appreciate any advice/info you could give.

Cheers

Share this post


Link to post
Share on other sites

Can't offer any advice on this just now, but I am thinking of pursuing a similar strategy with my own secured debt. I will watch your thread with interest. Please update regularly :)

Share this post


Link to post
Share on other sites

I've had no luck trying to find out information on this, without resorting to paying for advice, so am going to go through the FOS and see where that takes it.

Share this post


Link to post
Share on other sites
I've had no luck trying to find out information on this, without resorting to paying for advice, so am going to go through the FOS and see where that takes it.

 

 

I think that is probably the best route. I would imagine they might force First Plus to either accept responsibility or hand over the name of a contact with the broker.


Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

HERE

2: Take back control of your finances -

Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors?

Read Here

4: Staying Calm About Debt

Read Here

5: Forum rules - These have been updated -

Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

Share this post


Link to post
Share on other sites

However, reading the link to the FOS within my post it seems I shouldn't bother with them either?! So my situation is 1) Not enough free time or expertise to pursue this myself 2) Not enough money to let a solicitor pursue this 3) Not wanting to let a claims company pursue it, taking 25% of my money stings too much! and 4) Using the FOS who aren't really up to the job either.

 

 

I am at a loss now...

Share this post


Link to post
Share on other sites

Surely a claims company taking 25% is better than doing nothing? After all, 75% of something is better than 100% of nothing.

 

 

I'm in the same boat with Idem (was Picture loans) and like you, haven't got the time to pursue it so I am going to leave it with a claims company to sort out.

Share this post


Link to post
Share on other sites

If you are trying to get the debt extinguished due to mis-selling, what money is there to get from the company that a claims firm will take 25% of?

Share this post


Link to post
Share on other sites

UPDATE...

 

FOS says as it was a broker lead, FirstPlus didn't do anything wrong with the info they were given.

 

Broker has ceased trading so it would be up to the FSCS to look in to the case. I tried, but as it happens, they don't deal with 2nd mortgages!

 

So, I'm now stuck with a loan I believe was mis-sold and no one I can turn to for help.

 

Great.

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...