PPI Reclaiming Discussion part 4

PPI_Technichal_Expert

Millie07 wrote: »

Hi

Could anyone advice me? After looking at the credit agreements I have I noticed that I was paying PPI on the Next Directory account which I didn't even realise therefore I wrote to them stating that I felt the policy was mis-sold as I cannot even remember signing up for it. They have wrote back saying the policy started in 1998 and charges have been included since then and at the time the account was opened I would have had to specifically request the policy to be taken by either ticking the appropriate box, returning a payment protection coupon or by verbally requesting it by telephone. I honestly cannot remember doing any of those things and I they cannot tell me either as it seems they have no evidence.

They have also said I cannot refer this to FOS as they will only consider cases referred to them from the FSA or if they incident took place after April 2007 and as the policy was taken out in 1998 and Next was not regulated by the FSA prior 2005 therefore the rules imposed by them or FOS do not apply.

Sorry to droan on but I feel really frustrated by it all and feel I am being ripped off therefore I wondered if anyone would be able to advise if there is anything further I can do or do I take their word.

It doesn't look like an investigation has even taken place.

Thanks in advance

There right in that the case is probably outside the fos jurisdiction as it doesnt look like they were governed by the ABI or GISC. However, put your complaint in writing, see what they say and try and refer the complaint to the ombudsman service after 8 weeks or when you receive a finl response. The ombudsman has a specialist jurisdiction team who will advise you further once the case is referred.

Thats the way that I would proceed as the insurer will reject liability as they are just the underwriter and not the broker.

Hope this helps!
Cheers

kenf2210

hi,the loan was to consolidate all my other debts & pay them off,im sure they offered me the loan to sort this out & they got me to come into the local branch and sign for the loan with ppi added in,no option for the ppi to take or not it was sign here & goodbye,i have the original document i signed with the loan agreement & has the ppi added in

Millie07

di3004 wrote: »

Hi Millie07

All you do is write to the main lender and ask them to provide you with a copy of the loan Payment Protection Insurance policy details, ask they post them to you, and the details of the insurer/underwriter are enclosed on them.

You take the same procedures by writing to them with your complaint/reclaim, they will probably not accept any responsibility, but the FOS are suggesting this avenue if you cannot go no other way with this, even though it will or may take some time to deal with.
But the FOS will still be able to investigate against these as they would have been regulated/governed.

In-fact I received an update the other day in regards of mine and even though its been with the FOS for a good while now, they are still continuing with the investigation of the complaint.

Hope this helps, good luck.

Thank you so much for your response I really do appreciate it.

I will write and give it a go, once again many thanks.

PPI_Technichal_Expert

kenf2210 wrote: »

hi,the loan was to consolidate all my other debts & pay them off,im sure they offered me the loan to sort this out & they got me to come into the local branch and sign for the loan with ppi added in,no option for the ppi to take or not it was sign here & goodbye,i have the original document i signed with the loan agreement & has the ppi added in

If it was sold in branh then you would have signed documentation whih probably means that the optionality element of your claim wont be successful. However if you were consolidating debts then you almost deifnitely have a case. How much was the loan for? Have you got any of your policy documents? look on page 19 of your policy document thats uually where the cancellation terms for HSBC cases are.

Basically if you were consolidating debt with HSBC then you are pretty much guaranteed to win your case. If the policy was advised then they shouldnt have recommended a policy for you which did not offer a pro rata rebate.

If it was non advised then from my knowledge of the HSBC documentation the cancellation term only refers to the rule of 78 which is not sufficient to enable you to make an informed decisicion.

Let me know if you have your policy document and what it says about cancellation.

kenf2210

hi,ive got the paperwork in front of me,the loan was for £19,520.00 total amount payable is £25,262.00
it says under cancellation right i have no rights to cancel under consumer credit act 1974

where does this leave me ???

PPI_Technichal_Expert

kenf2210 wrote: »

hi,ive got the paperwork in front of me,the loan was for £19,520.00 total amount payable is £25,262.00
it says under cancellation right i have no rights to cancel under consumer credit act 1974

where does this leave me ???

Have you got your full policy document?it should be about 23 pages. The cancellation rights you are reffering to sound more like those in relation to your actual loan. On the first page of the policy document it will refer you to the insurance cancellation rights.

How much was the PPI for?

Cheers

kenf2210

ive only got this document loan agreement to hand,the ppi amount is £5,849.60

PPI_Technichal_Expert

kenf2210 wrote: »

ive only got this document loan agreement to hand,the ppi amount is £5,849.60

Ok cool no worries HSBC will have a copy of the policy doc they can provide to the ombudsman. Refer your complaint. You were consolidating debt and therefore HSBC should have known that you were likely to refinance prior to the expiry of the loan agreement. Because of this they shouldnt have recommended a policy which did not offer a pro rata rebate.

Hope this helps! and please dont go through a claims managemebt company. They take 30% for doing nothing.

if you wana know anything else feel free to ask

Cheers

kenf2210

hi,dont think i got a policy doc with this,i cant remember ever recieving one unless ive lost it,it was a long time ago,do u suggest i phone them or get all the documents together letters etc from the bank a forward on to fos

PPI_Technichal_Expert

kenf2210 wrote: »

hi,dont think i got a policy doc with this,i cant remember ever recieving one unless ive lost it,it was a long time ago,do u suggest i phone them or get all the documents together letters etc from the bank a forward on to fos

You could do so that you know whether you were entitled to a pro rata rebate or not, however all of this informtion will be provided to an adjudicator at the fos so it does seem like unnecessary time and expense on your part