frisp v FP

[frisp]

I'm in the process of challenging a loan taken out with F irstplus in Apr 04 and redeemed in Jan/Feb 05.

My challenges center are around PPI sold with the loan

1. They missold the PPI, they have responded to this by fobbing me off on the POS organisation. I've written to l oans.co.uk and am awaiting a response so challenge on hold unless I've missed something or someone can tell me why I should get back to FP.

2. As part of the loan after 5 years I would receive a full refund of the PPI. I've asked FP when I can expect this money

They have responded by stating that 'in one of the booklets that should have been sent at the time I received the loan it was explained that I would receive only a partial rebate if I reeemed the loan within the 5 yr period'

In my view as the loan included PPI any such term should have been in the signature document or explained clearly, which it wasn't.

Further when I redeemed the loan there is no rebate figure quoted for PPI.

Can they get away with stating that the details for redemption were in a separate document?

Loan details

Amount 40k
PPI 9796
Total 49796

Int Monthly 0.677% var
Apr 8.4% var

Est No of repayments 204

Monthly payment started @ £420.36 for Apr 04, £434.67 May-Jun04 and then £450.40 until Jan 05

Can someone help with 'a detailed understanding' if the above figures are correct. I've tried but the figures I get are wildly out of whack.

Redemption figures

Total amount repayable: 84324.17
Less rebate on early resettlement: 34949.03
plus Admin chg: 150

Total amount repayable: 49,55.14
------------------------------- merged -------------------------------
Why can't I edit the above post as I spotted a typo

[WendyB]

Re: frisp v FP

I'm not too up on this Frisp, but I'll bump it for someone who is.

:bump:

[frisp]

Re: frisp v FP

BUMP

And update

Wrote to FP stating that the agreement signed doesn't say anything about only getting a partial refund of the PPI payment if redeemed early.

They pointed me at s12 in the T&Cs (below), which in my view doesn't specify where I would find the information I needed to know even if I had wished to look.

Is this an unfair term? or do you think they're stretching

[Amethyst]

Re: frisp v FP

Hey Frisp


Just going to get some glasses

[Amethyst]

Re: frisp v FP

See what you mean it doesnt really say a lot.

Did they send you copies of these leaflets with your agreement, I'm guessing not.

I would receive only a partial rebate if I reeemed the loan within the 5 yr period'

That sounds fair depending how it was worked out. I think you need to write asking for those specific terms.

I assume you are either going to claim the refund OR missold PPI ?

[frisp]

Re: frisp v FP

That sounds fair depending how it was worked out. I think you need to write asking for those specific terms.

I assume you are either going to claim the refund OR missold PPI ?

I'm asking for the full monty back as they took the full cost as part of the redemption figure, then only give you a partial refund, that seems like an unfair term to me.

All I received from FP was paperwork to do with the loan nowt I can find with any reference to the Ins portion of the loan.