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Hi, hopefully i can explain my situation in a way thats understandable, here goes... I took a much needed loan out with Firstplus through Loanmakers in sep of 2007 for £11700.00 over 60 months, added to this was £2865.33 PPi taking the loan to £14565.33. front loaded.
I applied by phone and can remember asking why the cover was so expensive and was told that i should basically regard it as a saving scheme as i would get my premium back at 5 year point. It covered both my wife and myself for sickness accident etc. As both my wife and I receive full pay for 6 months in the event of sickness I queried whether i needed it at all, again was told i would get money back and although not nesscessary it would help with the application, All good, went ahead with the loan. I hold my hands up and admit i never read through the policy meticulously as i should have, because after 30 days i was well and truly locked in. I also discovered in the obscure policy txt that only i was covered for sickness and accident and not the both of us as was told. After 8 months I was in a position to settle the loan, which i did, only then did i realise that although i could get no money back, the policy would be cancelled after being led to believe it would carry on during the initial phone conversation. so basically i paid £2865 plus instalments of £57.38 a month for 8 months cover. Not happy, but nothing i could do, until the PPI bubble burst. So beginning this year i filed a claim through a claim management company to firstplus. after months of waiting was told its nothing to do with them as Loanmakers dealt with application and they no longer exist, i should go through FSCS. Claim management company wasted another couple of months with my claim but eventually i filled in the forms and sent them off. I still have all the original paperwork regarding this loan.
I received a few days a reply from FSCS saying that with the information rcd they don't believe the policy was missold. As we had signed the agreement and ticked the ppi box and all the details were listed in the policy, i can understand anyone coming to that conclusion, but what about what was said on the phone at the point of sale? don't FSCS take verbal evidence in to consideration? the claims management company filed my claim under it not being suitable and that i wasnt told it was optional etc. what do i do now? end of road? should i write to FSCS and explain what i was told? any help would be greatly appreciated. sorry for the long winded post.
I applied by phone and can remember asking why the cover was so expensive and was told that i should basically regard it as a saving scheme as i would get my premium back at 5 year point. It covered both my wife and myself for sickness accident etc. As both my wife and I receive full pay for 6 months in the event of sickness I queried whether i needed it at all, again was told i would get money back and although not nesscessary it would help with the application, All good, went ahead with the loan. I hold my hands up and admit i never read through the policy meticulously as i should have, because after 30 days i was well and truly locked in. I also discovered in the obscure policy txt that only i was covered for sickness and accident and not the both of us as was told. After 8 months I was in a position to settle the loan, which i did, only then did i realise that although i could get no money back, the policy would be cancelled after being led to believe it would carry on during the initial phone conversation. so basically i paid £2865 plus instalments of £57.38 a month for 8 months cover. Not happy, but nothing i could do, until the PPI bubble burst. So beginning this year i filed a claim through a claim management company to firstplus. after months of waiting was told its nothing to do with them as Loanmakers dealt with application and they no longer exist, i should go through FSCS. Claim management company wasted another couple of months with my claim but eventually i filled in the forms and sent them off. I still have all the original paperwork regarding this loan.
I received a few days a reply from FSCS saying that with the information rcd they don't believe the policy was missold. As we had signed the agreement and ticked the ppi box and all the details were listed in the policy, i can understand anyone coming to that conclusion, but what about what was said on the phone at the point of sale? don't FSCS take verbal evidence in to consideration? the claims management company filed my claim under it not being suitable and that i wasnt told it was optional etc. what do i do now? end of road? should i write to FSCS and explain what i was told? any help would be greatly appreciated. sorry for the long winded post.
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