PPI - FSCS Can anybody help please?

sasha0606_2

I'll try and keep this as brief as possible.
1) We took out a loan with Future Mortgages that was arranged by Peoples Loans in November 2002. A single premium of £11,700 was applied to our account. We thought it covered the whole term of the loan when in fact it only covered the first 5 years - not much help when you'e self-employed!
2) In September 2005 we repaid the loan (including the PPI premium).
3) In August 2008 we referred the case to a 'personal finance compensation specialist' as a mis-sold PPI.
4) In January 2008 the 'personal finance compensation specialist' wrote a letter to us stating 'It is proving difficult to get all the compensation you are entitled to out of Peoples Loans and rather than continue to argue with them, we would like to refer your case to the FOS'.
5) In August and September 2008 we made frequent telephone calls to the 'personal finance compensation specialist' leaving messages on their answer phone asking them to contact us regarding the progress of our case. We did not receive a response.
6) On 06/10/08 we received a letter from the 'personal finance compensation specialist' enclosing a letter from the Ombudsman who wanted some information no later than 07/10/08. We telephoned the 'personal finance compensation specialist' on 06/10/08 and asked them to contact us urgently as we needed to know if a response had been made to the Ombudsman.
7) As we did not receive a reply to our telephone message we took over the case ourselves and telephoned the Ombudsman on 06/10/08 with the answer to his questions. We told him that Peoples Loans had successfully filed for a CVA on 26/03/08. The Ombudsman told us that he would refer the case to the FSCS.
8) We received a letter from the FSCS on 09/01/09 advising us that our claim for compensation falls outside their remit as they can only look at claims of mis-selling if the advice was given by the firm after 14/01/05.

Is this the end of the road for us? The FOS can't help us as there is a CVA. The FSCS can't help us because the policy is too old. Have we lost our money for good? Any advice anyone can give us would be greatly appreciated.

~Brock~

The 'personal finance compensation specialist' doesn't sound to be very specialist as they should have known that the PPI sale from 2002 would fall outside of the jurisdiction of the FOS, as the FSCS have confirmed.

Your only alternative would have been court, but as the lender is no longer in business then this door is closed.

I wouldn't throw any more money at this - time to move on.

di3004

sasha0606 wrote: »

I'll try and keep this as brief as possible.
1) We took out a loan with Future Mortgages that was arranged by Peoples Loans in November 2002. A single premium of £11,700 was applied to our account. We thought it covered the whole term of the loan when in fact it only covered the first 5 years - not much help when you'e self-employed!
2) In September 2005 we repaid the loan (including the PPI premium).
3) In August 2008 we referred the case to a 'personal finance compensation specialist' as a mis-sold PPI.
4) In January 2008 the 'personal finance compensation specialist' wrote a letter to us stating 'It is proving difficult to get all the compensation you are entitled to out of Peoples Loans and rather than continue to argue with them, we would like to refer your case to the FOS'.
5) In August and September 2008 we made frequent telephone calls to the 'personal finance compensation specialist' leaving messages on their answer phone asking them to contact us regarding the progress of our case. We did not receive a response.
6) On 06/10/08 we received a letter from the 'personal finance compensation specialist' enclosing a letter from the Ombudsman who wanted some information no later than 07/10/08. We telephoned the 'personal finance compensation specialist' on 06/10/08 and asked them to contact us urgently as we needed to know if a response had been made to the Ombudsman.
7) As we did not receive a reply to our telephone message we took over the case ourselves and telephoned the Ombudsman on 06/10/08 with the answer to his questions. We told him that Peoples Loans had successfully filed for a CVA on 26/03/08. The Ombudsman told us that he would refer the case to the FSCS.
8) We received a letter from the FSCS on 09/01/09 advising us that our claim for compensation falls outside their remit as they can only look at claims of mis-selling if the advice was given by the firm after 14/01/05.

Is this the end of the road for us? The FOS can't help us as there is a CVA. The FSCS can't help us because the policy is too old. Have we lost our money for good? Any advice anyone can give us would be greatly appreciated.

Hi there

Have you still your documents for this hun?
Just wondering if there are direct contact details for these for complaints.

I know they all differ but even though mine is regarding loan-ppi, it was the insurers we had to write to for complaints and not the lender/broker, I was also informed this from the FOS.

I imagine you have checked all this, but some are pushed from pillar to post, double check them out hun it may be that these were covered by the FLA known as the Financial leasing assosciation here, although I cannot promise, check this link out here hun;) .
http://www.fla.org.uk/fla/

Di
x

sasha0606_2

Hi Di,

Thank you for your prompt response. I am checking the paperwork to see if we can find out who the insurers were.