firstplus ppi can I claim

[varda]

The paperwork that I have includes Keyfacts Sheet, PPI Statement of Price, loan agreement, PPI Policy Document. Does this mean I have no hope of claiming to have been mis-sold the policy.

[Paintball]

Varda

 

I too have these documents but if you look at my post above you will see that there is far more to the sale than the lender simply providing these documents; they should also provide sufficient information to enable you to make an informed choice, etc, etc.

 

Did you realise that you could get cheaper alternative cover elsewhere? If you cancel the PPI or if when it runs out, will you still be paying interest on the loan?

 

Do you feel that you were mis-sold the PPI and if so which arguments will you be using?

 

Have you looked at this thread PPI to help you pinpoint the aspects of mis-selling and how you might proceed in a claim against First Plus?

Edited November 18, 2008 by Paintball
Included link ...

[varda]

Thanks Paintball. I will draft my letter then let you have a look at it if thats ok. You help is really appreciated.

[Paintball]

You're most welcome

[varda]

Hi Painty

I posted my letter yesterday copy below. Fingers crossed and thanks again for the assistance. I have tried to emphasize the we aspect of the claim as opposed to me.

 

Formal Complaint – Request for Payment Protection Insurance Refund

 

Re: Account :

 

A PPI policy was attached by your organisation to a secured loan obtained from you in May 2007,

We took out a £58,500 secured loan with you over the telephone.

This loan included a payment protection insurance policy costing £14,326.65 the premium for which was added to the loan amount.

 

We are now convinced that you have failed in your duty to us as your customers and have breached the FSA's regulations on sales of PPI, and that we were mis-sold this PPI policy for the following reasons:

 

We were not told the payment protection insurance could be paid monthly.

 

The payment protection insurance was inappropriate for our needs as it only covers the first 5 years of the loans 15 year term.

Underwriting a Policy of Insurance: When the details of a loan were discussed your sales advisor failed to check both our personal circumstances at the time of the sale, which they are under obligation to do when underwriting a Policy of Insurance. At no time was any attempt made to ascertain if the product provided was fit for purpose, suitable for our needs or if indeed it was required at all.

 

Significant Policy Exclusions: We were most definitely not informed that the PPI policy could contain certain exclusions which could affect us and our ability to claim on the policy if we should need to.

 

Widespread PPI Mis-Selling: We have recently become aware of the widespread mis-selling of PPI by some financial institutions, following recent media coverage and recent OFT and FSA investigations regarding the mis-selling of PPI.we believe this is borne out by the Paragraph covering Significant Policy Exclusions above. We are also aware that the question of PPI cover is the subject of an ongoing inquiry by the Competition Commissioner.

 

Alternative Insurance Cover:

Your sales advisor failed to ask us if we had any alternative arrangements for insurance cover. Mrs ---- employer provided a generous illness and redundancy package, along with death in service cover. Mr ---- employer does not provide the same cover but you covered him for life only and Mrs ---- was given full cover.

Wholly Inappropriate PPI Selling Bonuses: We understand that some employees are paid higher bonuses if they get prospective creditors to take out PPI with loans. How can the best interests of the customer possibly be met, if there is a clear conflict of interest between your responsibilities to us, and the drive of your employees to sell Payment Protection Insurance whether it is suitable or not in order to receive bonuses?

 

True Nature of Single Premium PPI Not Explained: No explanation was forthcoming from any advisor on any occasion on the full extent of single premium PPI policies, or the fact that they would offer little or no refund if the loan was settled early or if the insurance was cancelled.

We now believe that the single premium PPI policy attached to the loan account was extremely unfair, totally unreasonable and of very limited protection value. We are therefore requesting a full refund of all costs including all single PPI premiums that have been paid, the interest added to these premiums and the payments that we have paid to date.

 

We would remind you that the FSA takes the mis-selling of PPI extremely seriously and you will be aware that recent investigations by both the FSA and the Competition Commission have found that lenders continue to engage in "poorsales practices" and that "customers were not informed orally of both the monthly and total cost of their PPI". (FSA report 30th September 2008).

We hereby request within 14 days of receipt of this letter the return of £14326.65 in PPI premiums together with £ 9,825.75 interest added to these premiums Totalling £24152.40. You should also confirm that the PPI element of our loan has been cancelled.

 

We would remind you that should it be necessary for us to escalate our complaint to the courts, we will also add Statutory Interest rate of 8% to the amount of money we are reclaiming in mis-sold PPI.

 

We look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or we shall be contacting the Financial Ombudsman to investigate our complaint.

Edited November 22, 2008 by varda
personal detail not deleted

[RossD1968]

MANY MANY THANKS to Varda and all those who have advised in this thread. Was great to see as this mirrors my situation almost perfectly.

I thought the "cover" was something of a savings plan and had no idea that the interest from that would accrue for the whole loan period.

I only found this out (having taken the loan out in 2006) when i came to sort out my mortgage again in July. I en found that it is a complete pain if you want to make a lump sum payment off a loan with 1st+. Seems they will only cut the length of loan rather than amount outstanding.

I shall be firing off my SAR to them this week.

Cheers guys (& gals)

and keep at 'em

[jackpalance]

Aloha,

I have just received my pack of information from FP as per my SAR, and there is a whole load of stuff missing, e.g. any recordings or transcripts of conversations and large chunks of written correspondence.

 

What now?

[varda]

I received a 2nd reply from FP today. The 1st one dated 29/11/08 said "sorry you have felt the need to contact us on this matter we will investigate and let you have a response no later than 19/12/08". The 2nd dated 24/12/08 says as I promised to keep you updated in my previous letter on the progress of our investigations, unfortunatley we have been unable to trace and download the telephone conversations relevant to this account yet! We remain commited to resolving your complaint as quickly as we can and I will contact you again by 21/1/09.

What should I do now as my first request for a refund was on 21/11/08 it is obvious they are stalling for time. They managed to send me a copy of the disc containing the telephone conversations. Should I now proceed and how? Any advice gratfully accepted.

[pinknico]

If it has been 8 weeks then you do have the option to go to the FOS.

On another forum someone won due to the fact that the policy only lasted 5 years, nothing else mattered about the way it was sold the FOS said it was not sold in their best interest as they continued to pay for the policy for the full 25 years.

 

Just checked the calender and they do still have until around that date to investigate.

[varda]

Sorry got a bit confused was thinking it was 40 days but that is for SAR's I believe. I will just have to wait for thier reply in that case. Thanks for the response Pinknico.

[varda]

I received my first FOB off letter from Firstplus this week. They maintain that they covered all the necessary points. They said that In order to ascertain the suitability of the insurance a series of Demands and Needs questions were asked. The questions were asked to gather information about any existing employee benefits or insurance cover that I may have had. It states especially with regards to Mrs as the main income earner. I answered these questions and told the salesman that I work for Revenue & Customs and get full pay for 6 months when off sick then half pay for 6 months. I have death in service cover. Based on my answers they recommended I take out the cover. Didn't ask about Mr who has none of these benefits with his employer.

I was advised it was optional. I cannot disagree with this but I did feel pressured into it. I told them initially that I didn't want the cover. The salesman did quote all the facts and figures albeit extremely quickly.

When I questioned him about the amount to be refunses in 5 years I asked if the amount you get back is what you pay in he evaded the questions and started quoting monthly amounts.

This is just a brief of thier reply.

I also noticed that the first telephone conversation on the CD they sent refers to a previous conversation.

Hi this is ---- ----- of Firstplus I am happy to say it's all been approved.

Surely they should have sent the first conversation also which is when I said I didn't want the insurance cover.

I would like to post the whole of thier reply but don't know how.

I am feeling very dejected at the moment and don't know how to go about proceeding with my claim or infact if I can.

Help please one of you great experts.

Thanks

[pinknico]

This is only my opinion but if this is their final response I would take your complaint to the FOS. I would call on Monday so they send out the forms with a reference number already on , this saves a bit of time in the queue! When you fill out the forms make sure you tell the FOS everything ,carry on to more paper if need be. Mention the missing first phone call where you say no, tell them you felt pressured, tell them policy only 5 years ,tell them about the cover you already had.Tell them you were mis led when told you would receive cash back as this does not include the interest you are charged and still pay when the policy is up.And anything else you feel you can add.

Then it will just be a waiting game.

Though it is worth copying the FOS forms once filled in, a copy to First Plus so they know you mean business and a copy for your records.

Once again only my opinion. xx

[varda]

They say the complaint will remain open for 8 weeks for me to consider their response. Complaints that cannot be settled may ultimatley be referred to the FOS. Before that option becomes available to you if you would like to talk about this further, or remain dissatisfied with our response and wish to escalate this internally please call on. ...............

Should I reply to thier letter and point out that a recording of telephone conversation is also missing.

[pinknico]

Yes if they are giving you the chance to give a reply, I would tell them that and repeat all the things you will say to the FOS, repeat that you WERE mis sold and should not have been sold the PPI as you already had cover etc etc...

[varda]

Thanks Pinknico I will draft a letter up as advised. Would you mind giving it the once over when it's done it won't be today.

[pinknico]

Of course , no problem.

[davidg007]

sorry to hear about your news, keep your chin up, the fight is now on, with paintball & pinknico's advise, you should win in the end, just going to take a little longer thats all.....good luck

Edited January 19, 2009 by davidg007

[incipience]

Chin up.. the fight continues another day. you have 2 options, either go to the FOS or take legal action. The latter is often free now, so it may be worthwhile. Avoid claims companies, go direct to a specialist solicitor who will deal with your case no win no fee.

[varda]

Hi any experts out that at the moment please. I have PM'd Pinknico and Alanalana for some help with replying to Firstplus following their refusal to uphold my claim.

[incipience]

What did was the refusal based on?

[varda]

In brief - They claim that their salesman covered all the relevant points and made the conditions clear. The answers that I gave to their Demands and Needs questions highlighted a need to protect the loan repayments. The PPI was therefore recommended.

My answers included I work for HM Revenue & Customs and receive full pay when sick, a very good redundancy package and death in service.

I also have life cover with my mortgage protection insurance.

We own a further property oversees (joint loan).

My husband has nine of these benefits with his employer but I was given full cover and he was only covered for life.

I was never informed that I could have a monthly insurance.

[incipience]

Did you get a copy of the calls before you made your complaint?

[hellhasnofury]

Did you get a copy of the calls before you made your complaint?

 

Hello Varda,

 

Just very quickly had a catch up with your thread, so the only sent one recorded telephone conversation to you, ie the second sales pitch.

 

Write to them asking for the 1st recorded telephone conversation, because if they have it, and conveniently forgotten to give it to you, they are in breach of the Data protection Act.

 

You want it or the telephone transcript:D

[varda]

Any Firstplus claimers out there who have had any response from them recently.

[incipience]

Get responses daily from them. What do you need to know