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Firstplus PPI Repayments

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  • Firstplus PPI Repayments

    Hi all,

    Can anyone offer advice or information for my daughter about any success or otherwise with a claim for going in to arrears with loan repayments which arose it could be argued, because of the amount of the PPI portion of each monthly payment?

    Firstplus have agreed the PPI was mis-sold and offered a repayment of the PPI with interest, but the loan would not have gone into arrears without the PPI, so I wondered if any Forum member has experienced anything similar or made a claim in the same circumstances.

    Any information most welcome.
    Tags: None

  • #2
    Re: Firstplus PPI Repayments

    Hi and welcome

    This seems to the case for many where PPI have been involved, increasing the debt. With it being added to the loan as one overall total loan as well!

    If they state they want to use the refund towards the arrears/debt, you could try to argue that if the PPI wasn't mis sold in the first place then this could have been avoided, and you wish to receive the refund to be paid directly to yourself, and you've already been deprived of your money.

    Maybe though others will have other suggestions and opinions on this, so please check now and again for updates.

    Well done on your daughter's success!

    Comment


    • #3
      Re: Firstplus PPI Repayments

      Hi,

      Those financial organisations who are having to repay PPI premiums are very lucky they are not being prosecuted for Fraud by False Misrepresentation under the Fraud Act 2006.

      The term "mis-sold" was coined by the financial services industry to avoid having to admit that salespersons had obtained money from policyholders, investors, etc., in many cases, by blatant fraud.

      I would certainly make Firstplus pay the PPI back and not let them use it to clear the arrears. They took money they knew they were obtaining in highly questionable circumstances. A court would have ordered them to repay the money in any case, regardless of any arrears.

      As for the arrears, clearly, these would not have arisen but for the PPI. If the loan is subject to the Consumer Credit Act 1974, you may have rights under the Act against Firstplus. Speak to Consumer Direct on 0845 4040506 or whoever is responsible for consumer credit matters at your local Trading Standards Department. Otherwise, I would certainly put pressure on them to write-off the arrears. Contact the Financial Services Ombudsman for further assitance if required.

      Best of luck!
      Life is a journey on which we all travel, sometimes together, but never alone.

      Comment


      • #4
        Re: Firstplus PPI Repayments

        Originally posted by bluebottle View Post
        Hi,

        Those financial organisations who are having to repay PPI premiums are very lucky they are not being prosecuted for Fraud by False Misrepresentation under the Fraud Act 2006.

        The term "mis-sold" was coined by the financial services industry to avoid having to admit that salespersons had obtained money from policyholders, investors, etc., in many cases, by blatant fraud.
        The financial Services Industry made a mistake in creating a new term to exclude criminal liability.

        Having the FSA prosecute someone would not be a bad thing. Showcasing a convicted banker for conspiracy would ensure no new devious money-making policies being invented by the industry.

        Instead, they introduce regulation, and more regulation on a trial & error basis. It has reached the point the regulations become so complex, even the regulators themselves dont even understand the rules.

        Comment


        • #5
          Re: Firstplus PPI Repayments

          Devil's Advocate:-

          Fraud requires intent.

          R v Moloney (1985) 1 All ER 1025

          R v Woollin (1998) 4 All ER 103
          CAVEAT LECTOR

          This is only my opinion - "Opinions are made to be changed --or how is truth to be got at?" (Byron)

          You and I do not see things as they are. We see things as we are.
          Cohen, Herb


          There is danger when a man throws his tongue into high gear before he
          gets his brain a-going.
          Phelps, C. C.


          "They couldn't hit an elephant at this distance!"
          The last words of John Sedgwick

          Comment

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