PPI Reclaiming Discussion part 4

GraceBe

marshallka, Many thanks.

I don't get it, Freedom are a broker, who sold me the PPI, so what is the point of them being a FISA or FSA member, if they are never responsible for their own sales.
The FISA rules apply to Brokers, therefore, whichever way I look at it, if they brake the FISA rules, they should be reported to them.
What is the point of any brokers being a member, if when they flog the insurance on behalf of someone in Gibraltar, they are in the clear, even if they put the gun to your head. This is even more serious than I thought. :mad:
In my view, this amounts to conspiracy to defraud innocent people.:mad:
Well, all this has never been explained to me before.
That is another point I am going to raise with them.
Incidentally, I am just looking at my Insurance Certificate from First Plus and what it says is " Insurers: ...underwritten by consortium of subscribing Insurers.....40% by AA Cassidy and Others, Syndicate 582 at Lloyds, 35% by SCOR UK Company Ltd and 25% by Zurich Insurance Company..." I honestly cannot find any mention of Bespoke (or Karacus) anywhere and I must say, I have a lot of documents and correspondence from FF and First Plus.
On a separate note, does anybody know, whether Tony Machin, the Freedom Finance Boss in 2007 is still working for them? I read online, that "he is renowned for his straight and honest approach. He insists, that FF is an ethical business :rolleyes:, which freely opened doors to Office of Fair Trading and it is the only broker to do so." Quotes are from Manchester Evening News in May 2007).
It just doesn't add up, unless my loan was taken before his time.
I have a lot to write to them. I will do it this weekend.

Once again, many thanks

GraceBe

Sorry, I forgot to say, that I will check all options you mentioned. I am very grateful to you.:T
Kind regards
PS. Di3004, thanks for your encouragement and support.:smileyhea

di3004

GraceBe wrote: »

Sorry, I forgot to say, that I will check all options you mentioned. I am very grateful to you.:T
Kind regards
PS. Di3004, thanks for your encouragement and support.:smileyhea

With pleasure.:A;)

Good luck with this, and I'm sure Marshallka will be back to help and advise you on this.;)

I wish you luck. XX:beer:

marshallka

GraceBe wrote: »

marshallka, Many thanks.

I don't get it, Freedom are a broker, who sold me the PPI, so what is the point of them being a FISA or FSA member, if they are never responsible for their own sales.
The FISA rules apply to Brokers, therefore, whichever way I look at it, if they brake the FISA rules, they should be reported to them.
What is the point of any brokers being a member, if when they flog the insurance on behalf of someone in Gibraltar, they are in the clear, even if they put the gun to your head. This is even more serious than I thought. :mad:
In my view, this amounts to conspiracy to defraud innocent people.:mad:
Well, all this has never been explained to me before.
That is another point I am going to raise with them.
Incidentally, I am just looking at my Insurance Certificate from First Plus and what it says is " Insurers: ...underwritten by consortium of subscribing Insurers.....40% by AA Cassidy and Others, Syndicate 582 at Lloyds, 35% by SCOR UK Company Ltd and 25% by Zurich Insurance Company..." I honestly cannot find any mention of Bespoke (or Karacus) anywhere and I must say, I have a lot of documents and correspondence from FF and First Plus.
On a separate note, does anybody know, whether Tony Machin, the Freedom Finance Boss in 2007 is still working for them? I read online, that "he is renowned for his straight and honest approach. He insists, that FF is an ethical business :rolleyes:, which freely opened doors to Office of Fair Trading and it is the only broker to do so." Quotes are from Manchester Evening News in May 2007).
It just doesn't add up, unless my loan was taken before his time.
I have a lot to write to them. I will do it this weekend.

Once again, many thanks

Freedom do sell PPI and loans as well but will always say quite conveniently that if this is prior to 2005 that Freedom were only acting as an in between for Bespoke. That is how I see this set up.

chocaholic110

On the sound advice from here I asked Egg for a SAR and today received a huge wad of paper from them, much of which was highy irrelelvant to what I wanted but I do now know that:

In April 2004 I borrowed £10,000 and the PPI added was £2171.
In July 2005 I refinanced the loan and I had then borrowed £10,571 (including the balance remaining from the previous loan) and the PPI amount was £1596.
In August 2006 I asked for PPI to be removed which Egg did and they credited £900 to my loan account.

Can anyone point me in the right direction as to what I do next - I still don't really understand how much PPI I've acually paid?

di3004

chocaholic110 wrote: »

On the sound advice from here I asked Egg for a SAR and today received a huge wad of paper from them, much of which was highy irrelelvant to what I wanted but I do now know that:

In April 2004 I borrowed £10,000 and the PPI added was £2171.
In July 2005 I refinanced the loan and I had then borrowed £10,571 (including the balance remaining from the previous loan) and the PPI amount was £1596.
In August 2006 I asked for PPI to be removed which Egg did and they credited £900 to my loan account.

Can anyone point me in the right direction as to what I do next - I still don't really understand how much PPI I've acually paid?

Hi there

In regards of sending on a reclaiming letter to request a refund, you do not actually require the figures at this point, but they will come in handy later on.

When you reclaim and request for them to refund you, if they admit liability of mis selling they must repay you "every penny" of PPI plus interest.

Turbo or Marshallka on here are WOW with calculations, you can always post up on them again, but in the meantime, you can always write to request for the Full written calculations from the bank and they should supply these to you on request.


For more info on reclaiming, follow the guidelines on here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Good luck and post up anytime for help.;)

Curlylox_2

I sent my first PPI Claim Letter to Freedom finance on 16th April. They wrote back straight away adivsing, as I had taken the loan and associated PPI out with GE Money that I needed to write to them. I wrote to GE Money, who have advised that it was Freedom Finance who sold me the PPI & Loan (as a broker) and therefore my claim should be chased up though them. All my dealings when taking out the loan were with Freedom. I don't know what to do now. Should I write a letter back to Freedom, saying they are responsbile, and that if they don't reply with the information I require I will take them to the Ombudsman?

On a secondary note, I have also received a letter back from each of Citi Cards and Capital One stating that I need to send £10 back to them for a SAR. Even though the initial PPI Letter wasn't requesting a SAR. I assume this is a delaying tactic. I just want to check that they should have provided me with the info I requested, i.e. was there any insurance on the card. And how much this amounted to, before I write back and give them hell. Or are they correct and I have to do a SAR, and work it all out myself - which will be a nightmare

Thanks in advance.

di3004

Curlylox wrote: »

I sent my first PPI Claim Letter to Freedom finance on 16th April. They wrote back straight away adivsing, as I had taken the loan and associated PPI out with GE Money that I needed to write to them. I wrote to GE Money, who have advised that it was Freedom Finance who sold me the PPI & Loan (as a broker) and therefore my claim should be chased up though them. All my dealings when taking out the loan were with Freedom. I don't know what to do now. Should I write a letter back to Freedom, saying they are responsbile, and that if they don't reply with the information I require I will take them to the Ombudsman?

On a secondary note, I have also received a letter back from each of Citi Cards and Capital One stating that I need to send £10 back to them for a SAR. Even though the initial PPI Letter wasn't requesting a SAR. I assume this is a delaying tactic. I just want to check that they should have provided me with the info I requested, i.e. was there any insurance on the card. And how much this amounted to, before I write back and give them hell. Or are they correct and I have to do a SAR, and work it all out myself - which will be a nightmare

Thanks in advance.

Hi there

It seems they are pushing you back and forth in regards of who sold you the PPI, and because of this, it may go on for ever, contact the FOS, they will go through this with you, tell them what is happening here, ring them, it will be quicker here:
http://www.financial-ombudsman.org.uk/contact/index.html

I take it you never asked for any paperwork then from Cap One and Citi?

There is a cheaper way than just a SAR, even though an SAR may be useful for everything they hold on you on the account(s), if you've no agreement, this only normally costs a £1 postal order of cheque payment and takes 12 days, where a full SAR can take 40 days.

Like you said it may well be a stalling tactic, but like all complaints, they have 8 weeks and if they do not respond by then with a final outcome, again contact the FOS, where they should take over this actual comlaint for you, good luck.;)

tiggrae

barloo69 wrote: »

Hi,

I am trying to reclaim some PPI that I believe was mis-sold to me on a loan I had with the then First National Bank (now GE Money) a few years back, I thought I had my PPI claiming process sorted and had sent off the normal template letters asking for my money back.

A week ago however, I received a letter from GE money asking for confirmation of my account number as they could trace no details relating to me under the number I had given. Thinking that they might be playing for time I duly reiterated my number to them.

Today I have received another letter from them stating that they are unable to trace any number for the account number I have supplied, and whether or not I will forward a copy of the credit agreement to them so they can consider my claim further.

My question is this, should I really have to provide them with this information. I mean, I dont have anything to hide so could provide them with this information easily, but I wouldve thought this is something they had a copy of themselves!

Therefore is this just another step in the dance of them delaying payment. ?

Should I send or should I just proceed and go on to the next step in the reclaim procedure ?

Any ideas ?

How long ago did you take out the loan with First National - was it over 6 years ago?

tiggrae

GraceBe wrote: »

marshallka, Many thanks.

I don't get it, Freedom are a broker, who sold me the PPI, so what is the point of them being a FISA or FSA member, if they are never responsible for their own sales.
The FISA rules apply to Brokers, therefore, whichever way I look at it, if they brake the FISA rules, they should be reported to them.
What is the point of any brokers being a member, if when they flog the insurance on behalf of someone in Gibraltar, they are in the clear, even if they put the gun to your head. This is even more serious than I thought. :mad:
In my view, this amounts to conspiracy to defraud innocent people.:mad:
Well, all this has never been explained to me before.
That is another point I am going to raise with them.
Incidentally, I am just looking at my Insurance Certificate from First Plus and what it says is " Insurers: ...underwritten by consortium of subscribing Insurers.....40% by AA Cassidy and Others, Syndicate 582 at Lloyds, 35% by SCOR UK Company Ltd and 25% by Zurich Insurance Company..." I honestly cannot find any mention of Bespoke (or Karacus) anywhere and I must say, I have a lot of documents and correspondence from FF and First Plus.
On a separate note, does anybody know, whether Tony Machin, the Freedom Finance Boss in 2007 is still working for them? I read online, that "he is renowned for his straight and honest approach. He insists, that FF is an ethical business :rolleyes:, which freely opened doors to Office of Fair Trading and it is the only broker to do so." Quotes are from Manchester Evening News in May 2007).
It just doesn't add up, unless my loan was taken before his time.
I have a lot to write to them. I will do it this weekend.

Once again, many thanks

this is quite a nasty set up - basically Freedom pass everything over to Bespoke who admit they sold the policy but not that it was mis sold - Bespoke as based in Gibralter so the likelihood of anyone taking them to court is minimal - as they aren't covered by the FSA / FOS there is absolutely nothing they can do - if you have the record of the person who sold it to you then GO FOR IT - if you can prove they worked for Freedom (ie Wilmslow) then they don't have a leg to stand on !!!

With regard to the FISA - they have absolutely no teeth - membership of this was voluntary and I've seen the FISA recommend repayment only for the company to say I disagree and to stick two fingers up at them - the only people that can MAKE anyone make repayment is the Courts or the Financial Ombudsman