Advice on clawing through FSCS

Mum4sun · 19 August 2017 at 1:29PM

Hi everyone, after reading through lots of posts of here and seeing lots of advice just wondered if anyone could help me?
We had a loan with ppi, norton was the broker so have put in a claim through FSCS, they have advised us it's with the data gatherers? Does anyone know what this means. And does it sound promising?
They have also wrote to the lender, insurer and the financial ombudsman? Not sure why
if we are successful how do they work out the compensation our ppi was a lump sum up front that didn't cover the period of the loan but interest was addded for the whole life an . We payed £1266 plus £499 interest

Thank you in advance

dunstonh · 19 August 2017 at 1:59PM

they have advised us it's with the data gatherers? Does anyone know what this means. And does it sound promising?

Nothing can be inferred from that. It means it has been passed to a team who will try and gather as much information as possible.

They have also wrote to the lender, insurer and the financial ombudsman? Not sure why

Information supply. Things like copies of application form and how it was applied. It may have been a non-advised sale. There may be notes on the form. Or it may have a signature with a tick box showing you selected it. The FOS also build up a database of info as well.

if we are successful how do they work out the compensation our ppi was a lump sum up front that didn't cover the period of the loan but interest was addded for the whole life an . We payed £1266 plus £499 interest

Worry about that if and when you get to that stage. The FSCS pay out less than the FOS and do not follow the same calculation method as the FOS.

Advice on clawing through FSCS

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