Are Credit agreements binding?

[Laddie]

Hi, new here so please accept apologies now for what may seem dumb questions.

We have submitted a complaint to FirstPlus regarding PPI we feel we were mis-sold. The agreement was signed in December 2002. The loan amount was £43 secured loan (including PPI). This was settled in full about 4 years later (around 2006) when we moved house;
1st question -given the date, is it an Unregulaeted Credit Agreement and if so, what dfifference would that make to our claim for PPI?

We went through a broker (Dial4aLoan) to initiate the loan options. The actual Credit Agreement is on FirstPlus headed paper, no mention of Dial4aLoan at all. So naturally, we thought the contractual obligations would be between First Plus & us; hence sending them the PPI complaint. However, we have just received a letter from FirstPlus stating that the loan & insurance was sold to us by Welcome finance (Dial4aLoan) and FirstPlus have referred our PPI claim to them. I have called FirstPlus but they state that it was common practice for brokers to use their (FirstPlus) documentation on their (FirstPlus) behalf. I said that if that were they case, they (FirstPlus) should take the responsibility & acciountabilities those documents impose. I think I should be dealing with FisrtPlus on this matter, as the Credit Agreement & subsequent letter stating our payment details, all talk of FirstPlus, not Welcome Finance or Dial4aLoan.
2nd question - Do they have any legality to pass it back to Welcome Finance, even though the signed (and witnessed) Credit Agreement is between my wife & I & First Plus? I thought the signed Credit Agreement was binding

Thanks

Laddie

[miliitant]

Re: Are Credit agreements binding?

well, well,well

the plot thickens, a tangled web welcome spin

did you get any policy documents for this insurance crap, prob through another company called direct group

what address was given on the firstplus credit agreement you signed

this is all wrong, your loan agreement, with or without the ppi can only be between welcome or firstplus

me thinks welcome has paid a secret commission to firstplus without telling you

[miliitant]

Re: Are Credit agreements binding?

http://www.google.co.uk/url?sa=t&rct...xe0X56jOTpEY0w

to make a claim against welcome, give these people the details

[Laddie]

Re: Are Credit agreements binding?

Hi Miliitant

The address on the Credit Agreement is the same as FirstPlus HQ - Cardiff...!

[miliitant]

Re: Are Credit agreements binding?

how did you do the loan

did welcome come out to you or in a welcome office to sign the agreement

did you know at any time you were not dealing with first plus direct

[Laddie]

Re: Are Credit agreements binding?

The documention, pre-loan paper work all displayed FirstPlus. The process was done over the phone & via the post. We went through a broker A&T finance, and once we had given them preliminary details (over the phone), we got a quote from FirstPlus. We cannot remember ever seeing Welcolm Finance bein involved?

Thanks

[miliitant]

Re: Are Credit agreements binding?

me thinks welcome and firstplus have a deal between them
who mentioned the ppi and who and how was it put into the credit agreement

i take it when you filled out the agreement and returned it, you never mentioned ppi

or was the agreement allready written out, just needed your signature to complete

[Laddie]

Re: Are Credit agreements binding?

Yes you are correct. The document was already written out & required us only to sign & get it witnessed. I suppose that if arrangments were in place between Welcome & FirstPlus - there must have been commission as well? It still seems to me that 'in law' the Credit Agreement is between us & FirstPlus, and as such, any attempt by them to 'pass the buck' is futile.
Once I establish 'the line' on the Credit Agreement obligation, I will send a letter to FirstPlus informing them of my decsion to complain to the Finacial Ombudsman, as there appears to be some smoke & mirrors here.

[dogtired]

Re: Are Credit agreements binding?

subscribe

[miliitant]

Re: Are Credit agreements binding?

if welcome received an commission payment from firstplus, and you had no knowledge of that payment then that is a breach of fudicary duty

did you get any policy document for the ppi crap

[Laddie]

Re: Are Credit agreements binding?

Yes got the policy document. It talks of FirstPlus. The introduction states '...We have specially designed the FirstPlus Payment Protection Plan with cashback to help you during the first 60 months of your loan'. Again, FirstPlus, not a mention of Welcome. In the definitions it says quote: "We,Us,Our" - FirstPlus Financial Group PLC.

Thanks

[miliitant]

Re: Are Credit agreements binding?

getting more interesting this, i am trying to work out what scam welcome are pulling

does the policy documents come from a company called "direct group"

[Laddie]

Re: Are Credit agreements binding?

No mention of this "direct group" Its all FirstPlus, FirstPlus claims service, FirstPlus Financial Group. On the rear of the document under Insures it says '...This insurance is underwritten 100% at Lloyds by the Cassidy Davis Insurance Group division of Lloyds Syndicate 5000 and BJ Jackson and others Syndicate 779, placed at Lloyds Syndicate through PWS International'

Ta

[miliitant]

Re: Are Credit agreements binding?

welcome used norwich union as underwriters and direct group to addmin the ppi crap

dial4aloan was a welcome group company, so why have they done the ppi and not first plus ??

i will tell you why, thats the commission payment to welcome, yet firstplus keep all the benefits on a higher monthly repayment

you can only have one creditor on the agreement, either firstplus or welcome, not joint creditors

you need to be asling firstplus some serious questions now

put in a complaint and mark it as to their complaints procedure

[Laddie]

Re: Are Credit agreements binding?

I have already submitted the 'complaint' regarding the PPIto First Plus, hence their reply regarding Welcome.

I am going to reply to their letter of today (where they state they are passing it over to Welcome) to;
1) re-inforcing my belief that the compaint stands with FirstPlus, as they are on the Credit Agrrement
2) asking what role Welcome Finance had in all of this & whether commission was exchanged btween them &
3) if they fail to aknowledge their part in the Credit Agreement between my wife/I & them - I will be refering this to the Ombudsman asking them to fully investigate why FirstPlus are distancing themselves from it.
I may also ask for a SDAR, is that the correct term?

Thanks