PPI Reclaiming discussion

Laini · 18 March 2008 at 10:59PM

m.colak wrote: »

Hi sorry for the delay in response Laini. Current legistration means that all companies must be monitored by a governing body in this case the FSA. All this means that the company will abide by all decision's made by the FSA in relation to how they handle their policies and complaints. It isn't a threat as such but they try and use the old addage "Well they haven't said we have done anything wrong so we haven't". Nine times out of ten it takes several cases of blatent wrong action on behalf of the company for the FSA act in the area of fining or repremanding the company. Don't be afraid of the statement because the last thing a company wants its name dragged through the courts because it highlights them and the FSA may decide to start getting involed. Hope this helps.

Thank you for that info

I have been on the FSA website and couldnt find what I was looking for as it seemed vague

I dont know if you have read about my complaint with FIRST PLUS
but they have not offered the 78% we only got a rebate 3,500 from a single premium policy of 17,000 which we thought was a monthly insurance not part of the loan we only had the loan less than a year.
they are waiting for the FOS to decide.
so will the FOS tell the FSA if FP are in the wrong and have missold or given a unfair rebate

QUESTIONS QUESTIONS

YOU ARE A STAR!!:hello:

Laini xx

LISAW_2 · 18 March 2008 at 11:00PM

Are you joking????

It took me 5 months of hell to get my money back. If you want to do this properly, do what I and many others have. look the the dicussion, read the threads and note the address's. There is lots of good info on this site, many from people who have claimed and won and lots from people like the lovely m.colak who is very clued up on the legal side of things.

If you are struggling to get your loan account numbers, and your bank wont help over the phone or via letter, then get a copy of your credit file for £2 from experian and they should be on there.

Good luck

mac_saver · 19 March 2008 at 3:40AM

Hi All,
I was in discussion earlier this year on the sit regarding PPI/peace of mind plans sold by catalogue companies and the possibility of reclaiming on them. Empire stores sold a worthless plan to my wife in the early 90's and after several letters and their "cant touch us as we were not regulated by the FSA at that time" and "policy was fairly sold" They have just written and offered a full refund of all premiums paid since the plan was started (without prejudice of course) as a gesture of good will !!! £434 plus pennies in total. Took a lot of letters getting heavy towards the end but worth it in the end. So whoever it was I was chating to (cant remember name or find my posts) keep fighting and dont give up.:j :j :j

aaaaaaa_2 · 19 March 2008 at 9:43AM

we took out a loan with a single premium insurance in april 2000, but paid it back 16 years early in 2004, the loan was with GE MONEY, but was brokered by ocean finance, we have tried to reclaim from GE MONEY but they say we are not entiteled as the sale was arranged by ocean finance, and that our complaint will not fall under the jurisdiction of the financial ombudsman as the insurance policy was sold prior to january 2005. Does anybody know if we can go anywhere fromhere?

m.colak · 19 March 2008 at 10:21AM

Laini wrote: »

Thank you for that info

I have been on the FSA website and couldnt find what I was looking for as it seemed vague

I dont know if you have read about my complaint with FIRST PLUS
but they have not offered the 78% we only got a rebate 3,500 from a single premium policy of 17,000 which we thought was a monthly insurance not part of the loan we only had the loan less than a year.
they are waiting for the FOS to decide.
so will the FOS tell the FSA if FP are in the wrong and have missold or given a unfair rebate

QUESTIONS QUESTIONS

YOU ARE A STAR!!:hello:

Laini xx

Hi thank you for the votes of confidence as i always try my best and contri to LISAW i am not a financial wizard:o . I just have done lots of PPI reclaims and now know the ins and outs and what tricks the company will play and how to fight them. But again thank you all as i try my best to help.

If you imagine the FSA have like a counter and everytime one company gets hit by the FOS the counter goes up. If the case is severe enough then the case will automatically sent to the FSA if its a very serious breach. What may eventually happen is the same as the bank charges case where the companies have been found to be in the worng so many times the FOS in conjuction with the OFT and FSA may raise a test case against the major companies involved to get them to review and refund.

Hope this helps.

m.colak · 19 March 2008 at 10:23AM

cmac wrote: »

hi freda i would imagine it should be the same process but im no expert and its just you and me on this thread i think both of us might be better trying the success thread at this time
good luck with it all
cmac

Hi the easiest answer on this is to write a letter of complaint as if you were mis informed yes you were mis sold the policy. The worst case is that you send a few letters (Please dont get annoyed or frustrated with the wait though it is worth it in the end). The best case is you get all your additional insurance premiums back.

Clairel29 · 19 March 2008 at 10:26AM

Hi

Well just received my 2nd letter back from Central Capital telling me to go away basically.

They are saying that because of sites like this people are just putting in claims for no reason - blah blah.

They are also saying that because they were not regulated in 04 then I have no leg to stand on, that I cannot use the "mis-selling" term as it did not exist then.

They also said that this was their final response on the subject.

They also said to go to the FSO if I like but they will not do anything as it was unregulated.

So where do I go from here.

I have sent letters to FP also but not had any further response, after their initial response to say not their problem as it was arranged via Central Capital.

I am waiting for FP to send me my settlement figures to see if I can go down the unfair rebate route.

Help please.

Thanks
Claire

m.colak · 19 March 2008 at 10:29AM

aaaaaaa wrote: »

we took out a loan with a single premium insurance in april 2000, but paid it back 16 years early in 2004, the loan was with GE MONEY, but was brokered by ocean finance, we have tried to reclaim from GE MONEY but they say we are not entiteled as the sale was arranged by ocean finance, and that our complaint will not fall under the jurisdiction of the financial ombudsman as the insurance policy was sold prior to january 2005. Does anybody know if we can go anywhere fromhere?

Hi this is a fairly easy answer they are fobbing you off the FOS set guidelines on how long after a policy was settled you can claim and it is within three years your were notified of the possibility of the case of mis selling not 3 years from the end of the policy. As for the GE not being a member of the FOS then that might be true but they were a member of the FLA (check out their website). If they are confirming that they have no responsibility and its the broker (Check that out petermb i must be wrong again:rotfl: ). Then i believe they were also regulated by the FLA at the time so i would send a letter of complaint to ocean finance with the GE letter attached saying that they are been deemed responsible by GE Money and therefore you will be seeking the rebate/refund/compensation from them.

m.colak · 19 March 2008 at 10:31AM

Clairel29 wrote: »

Hi

Well just received my 2nd letter back from Central Capital telling me to go away basically.

They are saying that because of sites like this people are just putting in claims for no reason - blah blah.

They are also saying that because they were not regulated in 04 then I have no leg to stand on, that I cannot use the "mis-selling" term as it did not exist then.

They also said that this was their final response on the subject.

They also said to go to the FSO if I like but they will not do anything as it was unregulated.

So where do I go from here.

I have sent letters to FP also but not had any further response, after their initial response to say not their problem as it was arranged via Central Capital.

I am waiting for FP to send me my settlement figures to see if I can go down the unfair rebate route.

Help please.

Thanks
Claire

Check out the FLA website as they may have been regulated by them instead. If this is the case send them an amended letter and state your error and re itterate that you will be taking it to them instead (But thank them for pointing you in the right direction.) Did you notice that they were immediately defensive about the issue.

m.colak · 19 March 2008 at 10:38AM

MiniLauraRocks wrote: »

HI

Have a question in relation to article., sorry if its been asked before:

I am in process of trying to reclaim whatever PPI i can for two loans:

One is for a loan, that I have refinanced without PPI - i had claimed on PPI about 6 months for 6 months then refinanced 6 months later. Do i have any chance of reclaiming anything back? I lost my job hence the claim, then went onto employment on a fixed contract - so PPI became invalid? Who do i send letter to? The insurance company? the bank?

Next loan is my OH - he took out small loan (3500) at 22% interest plus PPI of £1500 or similar, didnt have a clue about it, and also became a student not long after loan was taken out - invalidates any claim on it for unemployment? sickness? He has other debts and wants to get a bigger loan to clear it all - is it possible to ask them to remove PPI from loan and refund him? as its gonna be a few months till he has new job enabling him to take out laon again?

Hi unfortunately if you have already had a claim on the insurance then you can't reclaim on the policy as you utilised the facility. However there is nothing stopping you cancelling the policy now as you beleive that you no longer require it.

Your OH is a bit more differcult as he actually decided to change profession at which time he should have informed the loan company and at that point cancelled the PPI insurance, unfortunately it's bad news on both fronts i'm sorry.

I'd like to say i'm wrong in both case's but if anybody would like to give advice on this its welcome.

1 little amendment there is a slight chance you could reclaim if you could prove that on your consolidated loan you took after your claim they inferred or said that you couldn't have the loan unless you took out PPI because of your previous claim. I hope that is a little shining light for you. If however they didn't then you are in the position of attempting to argue mis selling on the basis that you didn't know what PPI was when you had already utilised it in your favour.

PPI Reclaiming discussion

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