PPI Reclaiming discussion Part III

pinknico

Incipience wrote: »

ARGHHHHHHHHHHH

Why do people keep saying that its the broker.. you are all believing in the lies that FIRSTPLUS are feeding you.

Hello Incipience, the trouble is the FOS tells people the same thing and people dont know any different or how to hold Firstplus responsible.
We need you to show the way:D

booi666

Good evening everyone

di3004

kkchick2009 wrote: »

Will do! I may need some advice about other letters I've sent off too!:A

Your very welcome, I'm sure one of us here will be happy to help as much as we can.;)

di3004

sparkiedave wrote: »

looking into claiming from EGG & MBNA on the basis that I am self employed and have been since applying for the cards and insurance, the advice given to me was too generic and didn't alter even after I mentioned that I was self employed, anyone had experience of claiming from these? I have had both cards for over 10 years

Hi there

So you've not started on these yet then ?

Have you still the paperwork for these sparkiedave?;)
Even though I note its been over years, you never know what you may find, maybe in the loft.

di3004

Incipience wrote: »

ARGHHHHHHHHHHH

Why do people keep saying that its the broker.. you are all believing in the lies that FIRSTPLUS are feeding you.

Hi there Incipience, this is very interesting.;)

Even though mine are not FP, we tend to get the same feedback with other lenders in always going back to the broker, unless of course the finance was arranged and provided by them (all in one sort of thing), then we assume it would be those who you pursue.

I just find it interesting when some say they were successful in winning their claims when complaining through the broker where the loan was with a lender, if you got my drift....
This is an interesing matter though, and we will all appreciate it if you could keep posting on this to help out, thanks.;)

One of mine, I had 2 loans, obviously the broker arranged mine and the lender were Nemo, also a loan advance, when we complained and it was settled on the 2nd loan (Nemo the lender) the FOS made a statement of his findings etc that to pursue on the first loan, that must be through the broker.......now this one is being dealt with right now but in the hands of the FSCS has the broker company dissolved, and the investigations are ongoing.

However, reading your post, its very interesting and the more info you can provide for us here the better, if that is possible, cheers.;)

di3004

booi666 wrote: »

Good evening everyone

Hi Boo.....:D

dreamer33

pinknico wrote: »

Are you off for your puddding Dreamer?

No lol my shower to my mams my boiler broke and emersion heater not working either, think the emersion switch not been working since we moved in :mad: boiler only 2 1/2 yrs old too

booi666

dreamer33 wrote: »

No lol my shower to my mams my boiler broke and emersion heater not working either, think the emersion switch not been working since we moved in :mad: boiler only 2 1/2 yrs old too

Wots up wi boiler?

dreamer33

booi666 wrote: »

Wots up wi boiler?

Hi boo

Its caput, OH thinks its the PCB so have ordered one from EBAY, we went to use emersion heater and it don't work either, neon light comes on but no hot water:eek: , OH opened up socket and thinks live into the socket but nothing coming out. This was actually signed off and checked too :eek: oh there is going to be trouble with the builders if OH is correct.

Incipience

di3004 wrote: »

Hi there Incipience, this is very interesting.;)

Even though mine are not FP, we tend to get the same feedback with other lenders in always going back to the broker, unless of course the finance was arranged and provided by them (all in one sort of thing), then we assume it would be those who you pursue.

I just find it interesting when some say they were successful in winning their claims when complaining through the broker where the loan was with a lender, if you got my drift....
This is an interesing matter though, and we will all appreciate it if you could keep posting on this to help out, thanks.;)

One of mine, I had 2 loans, obviously the broker arranged mine and the lender were Nemo, also a loan advance, when we complained and it was settled on the 2nd loan (Nemo the lender) the FOS made a statement of his findings etc that to pursue on the first loan, that must be through the broker.......now this one is being dealt with right now but in the hands of the FSCS has the broker company dissolved, and the investigations are ongoing.

However, reading your post, its very interesting and the more info you can provide for us here the better, if that is possible, cheers.;)

The reason why some were successful is down to the fact that both the lender and the broker are responsible.

Most brokers prior to 2005 were not regulated or authorised to sell insurance products and therefore done so by way of proxy to lenders.

This is why lenders would call before paying out any money to confirm details of the loan and the policy. The lenders have to ensure due diligence in the sale say for just to cover their own asses.

The agreement of sale is between the lender and the insurer, once the loan has been passed to the lender, and therefore the risk is also passed.

The lender basically buys the lead for the loan and the policy and then compensates the broker for his part in the transaction, however in some cases the broker is regulated and authorised to advice in the sale of insurance ergo he has to follow the regulations and can be taken to task if he doesnt.

It is of course difficult to argue with the lender, as they are told what an how to deal with such actions, and they know when people claim foul on mis-selling the lender basically shrugs it off with "me know no" we never sold it. Which is correct, however they were still party to the sale.

Now if the lender told you that despites all its regulatory badges and memberships, that you would have no recourse on a claim for mis-selling would you have taken out the loan or PPI?

Most likely not, therefore the lender was not acting in your best interest, and therefore withheld vital facts, not withstanding to issues such as conflict of interest.

Now people are accepting this as law that the broker is responsible, only to be told by the FOS that the broker was not regulated and therefore not covered by the mediation of the FOS.

If a lender is saying that you need to approach the broker then you can of course write to the broker, and if they dont comply you can then issues 2 complaints to the FOS, one for the broker and one for the lender.

If you are going after the lender then you need to ensure that you tell the FOS, as to why you believe that the lender was equally responsible, and that the lender had misrepresented itself by ways of not disclosing that you had no recourse with them and that they had ultimately acted as the intermediary for the insurerer, and that its stance now is unfair as the lender did not make you aware that the responsibility of the loan and the PPI was not theres.

Bottom Line is that the Lender profited more than any other party in this transaction, and therefore is party to the mis-selling by association.

The ombudsmen will base its decision on what is fair, and if the lender is so "Nothing to do with me" then the lender will have no problem returning the account to a position to where it was had the PPI not been taking out.

Again.. When you go after the lender via the FOS make sure its not just about the sale.. you have to fight every possible scenario in one go.. You have to show that the lenders actions or lack thereof was unfair and detrimental to you the consumer, you must also argue that had you been aware of the ultimate responsibility then you would never of take out the loan. This argument is given further weight by the branding of the credit agreement and the branding of the policy documentation.

Remember that you are a consumer and are not privvy to agreeements between brokers and lenders and you are no way capable of knowing who is reponsible for what.. you have to assert your own assumptions.

Then the ombudsmen will rule on what is ultimately fair to you the consumer.

Furthermore, any legal action in these cases, the lawyers allways go after the lender.. so you have to ask yourself why this is so.. and why you are not privvy as to why.

And that my friends is why you are the dumb consumer that knows no better, and this will help your case.