PPI Reclaiming discussion Part III

di3004

jadest wrote: »

I receive the following letter from FOS:

Dear _____

I refer to our recent letter informing you that the business has gone into administration.

I have now reveiwed your compliant and have to inform you that your complaint is one that I do not consider is likely to succeed.

I say this because the ombudsman may dismiss a complaint (without considering its merirs) under our rules 93, 3.4 [10]) where he considers it would be more suitable for the subject matter of the complaint to be dealt with by a court, arbitration or another complaints schem; a copy of our rules can be viewed on the financial Services Authority website at http://fsahandbook.info/FSA/html/handbook/DISP.

In cases where the business has gone into administration, the complaints are generally passed to the Financial Servises Compensation Scheme (FSCS) because the Financial Ombudsman Service is unable to assist in cases where the business is, or is likely to be, unable to meet successful claims made against it.

The FSCS is a "rescue fund" for customers who may have been disadvantaged by the actions of businesses authored to carry out transactions under the financial sevices legislation but who are now likely to be unable to meet claims of compensation. The FSCS is an independant organisation and its role is to pay compensation when it is satisfied that a business is not able to meet its financial obligations. It is separate from the Financial Services Authority (FSA) (whose role it is to regulate businesses, rather than to provide compensation) and the Financial Ombudsman Service. However, the FSCS will take into account the information that you may have submirred to us in any future assessment of your claim that they undertake.

FSCS operates under a set of rules made by the Financial Services Authority. These rules set down the requirements that must be met before a consumer is eligible to recieve any compensation. The FSCS can only pay compensation if the rules allow it.

Unfortunately, in some cases, consumerscannot be helped. However, the FSCS, if it can help, does have a limitation on the maximum compensation payment it can make.

We will be passing our file to the FSCS shrtly and they should contact you direct. But if you do not hear from them you can contact them at: .......

If, however you disagree with this course of action, please submit your reasons to me in writing within 21 day. If I do not hear from you by this time, I will arrange for your file to be passed to the FSCS and your complaint will be closed.

I have the following questions:

1. Has any-one had any compenation with FSCS before?
2. What is the most compensation they pay?
3. Is there any-other way of doing this now that London Scottish have gone into administration?
4. How likely is it that I get any-thong for them mis-selling PPI?

Any help will be much appreciated.... Thanks

Hi there hun

sorry to hear of the company has gone into adminstration.

Myself and others here have applications being dealt with by the FSCS, mine is about a company called Twopart/Eloan and others are about Picture Finance, here is a link to the FSCS which will give you more information, as we are still waiting for investigations to complete we do not know any further really, but the link I add here should give you more of an idea.;)

http://www.fscs.org.uk/consumer/

They should have someone like the administrators/liquidators who take charge of this as well, just maybe, I will check on companies house tomorrow as the the site does not allow a search on Sundays.x

Cheers and good luck.

Di
x

booi666

marshallka wrote: »

All I know then is that the loan without the PPI would have been repayments of £212.41 which I suppose you know cause its obvious but as regards any other I would need .

A = If i cancel and get my ppi back, what the payments could be for my initial loan. which is above


B = if i were to cancel ppi but keep my payments at £258.29 how long would i have left on the loan. which would mean you would be paying extra of £45.88 per month so could clear your balance off quicker but without the APR do not know how much quicker.... .

Also can you make overpayments...???

I can but i never have!!!!

marshallka

Boo was the first repayment out January, 2007....??

And did you borrow £9000???

di3004

booi666 wrote: »

No i bought a house there last year,and right at the last minute when we were supposed to go accross and sign up for it and get the keys,my solicitor went through the contract only to find that there was no drainage with the property.

It was advertised with drainage so we pulled out,and im still looking for another project now my hse in the uk is just about finished:D

Wow, sorry to hear that though, its a shame but I am sure something will come up again.;)

booi666

marshallka wrote: »

Boo was the first repayment out January, 2007....??

1st payment was Dec 06;)

booi666

di3004 wrote: »

Wow, sorry to hear that though, its a shame but I am sure something will come up again.;)

I look every day through the french estate agents websites;)

di3004

booi666 wrote: »

I look every day through the french estate agents websites;)

That's cool, that way you shouldn't miss out

marshallka

booi666 wrote: »

1st payment was Dec 06;)

Did you originally borrow £9000??

booi666

di3004 wrote: »

That's cool, that way you shouldn't miss out

My cash is still in my french bank account,but with the exchange rate being a bit pap its not worth owt just yet.:cool:

Once my you know what is all sorted i can get my head into looking hard again and finally buy 1:eek:

booi666

marshallka wrote: »

Did you originally borrow £9000??

Inc ppi,sounds about right:A