PPI Reclaiming Discussion part 4

marshallka

tiggrae wrote: »

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

But don't some of the Freedom staff now work for Bespoke. I was told this on the grapevine.

tiggrae

marshallka wrote: »

But don't some of the Freedom staff now work for Bespoke. I was told this on the grapevine.

That's quite probable - it would be who worked for who when the policy was originally sold and how you would go around proving it

boothenboy75

Have a PPI in against Lombard at the moment, which I think I've a good case with. However having read through part of this thread I'm wondering if I'd have a case with my PPI on my credit card, any advice would be much appreciated,
About 5 years ago Morgan Stanley cold called me asking if I'd like payment protection on my card. I can't remember the exact conversation now, but basically they stressed the importance of protecting my payments if I fell ill/was made redundant. No real questions were asked about my circumstances, even though my employer pays full sick pay for 6 months and then 50% for the next 6 months. Therefore, the main part of the policy would be invalid for me. Do I have a case and if so, who would I write to as Morgan Stanley became Goldfish who became Barclaycard?

tiggrae

boothenboy75 wrote: »

Have a PPI in against Lombard at the moment, which I think I've a good case with. However having read through part of this thread I'm wondering if I'd have a case with my PPI on my credit card, any advice would be much appreciated,
About 5 years ago Morgan Stanley cold called me asking if I'd like payment protection on my card. I can't remember the exact conversation now, but basically they stressed the importance of protecting my payments if I fell ill/was made redundant. No real questions were asked about my circumstances, even though my employer pays full sick pay for 6 months and then 50% for the next 6 months. Therefore, the main part of the policy would be invalid for me. Do I have a case and if so, who would I write to as Morgan Stanley became Goldfish who became Barclaycard?

If you think you were mis sold the policy, they yes definately go for it !!!!

boothenboy75

tiggrae wrote: »

If you think you were mis sold the policy, they yes definately go for it !!!!

Thanks, I think I will. I presume though that I'd write to Barclaycard as that is who I now have the card with.

tiggrae

boothenboy75 wrote: »

Thanks, I think I will. I presume though that I'd write to Barclaycard as that is who I now have the card with.

actually I'm not sure, I'd write to Barclaycard & to any address you have for Morgan Stanley - the policy was 'sold' by MS - although Barclaycard have taken over the 'asset's so to speak they may not have taken over the liabilities

ananewman_2

Hi as Direct auto finance are no longer authorised by the FSA can i still claim PPI back? I was missold on two policies. Im really confused as i have paid £1 for my policy docs with them but they havent replied yet that was nearly a month ago. I have phoned and chased. Can i go ahead and write to them without these?

di3004

Deleted_User wrote: »

Hi as Direct auto finance are no longer authorised by the FSA can i still claim PPI back? I was missold on two policies. Im really confused as i have paid £1 for my policy docs with them but they havent replied yet that was nearly a month ago. I have phoned and chased. Can i go ahead and write to them without these?

Hi there

I would definately give it a go.
Some have still been successful, even if they were not authorised, so there is no harm in trying, good luck.;)
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

di3004

In todays media (Monday)

PPI Crackdown to cost millions:

http://money.aol.co.uk/ppi-crackdown-to-cost-millions/article/2009051807261466559910

A crackdown on controversial payment protection insurance is set to cost banks and insurers millions of pounds.
A number of major players have recently warned that their profits will be dented by reforms to the sale of the product, which covers debt repayments if the holder is unable to work due to an accident or illness or if they lose their job.
Earlier this year the Competition Commission announced that it was banning the sale of single-premium payment protection insurance (PPI), under which the premiums are added to the debt being taken out.
It also plans to introduce a number of other measures to boost competition in the market, including banning the sale of PPI alongside credit cards, loans and mortgages, with providers instead having to wait for seven days before they can contact customers to sell them the insurance.



In February City watchdog the Financial Services Authority called on all firms to voluntarily stop selling single-premium PPI with loans as soon as possible and by May 29 this year at the latest.
Around 6.5 million PPI policies are currently taken out each year, generating revenues of £4 billion for banks and insurers, but the reforms being introduced are expected to severely dent this figure.
Lloyds Banking Group announced last year, ahead of the Competition Commission's final report, that it was switching away from selling single-premium PPI to offering the regular premium version of the product, following customer feedback.
But it warned the move would cost it £300 million over the coming 12 months, although it added that it would recoup this over three years through the income on regular premium policies.
It also this month blamed the withdrawal of single-premium PPI as a contributing factor to a slight fall in retail banking revenues during the first quarter of the year.
Royal Bank of Scotland also claimed the withdrawal of single-premium PPI had helped to reduce its first quarter non-interest income in regional markets, although some of the fall was also caused by consumers using their credit cards less.

GraceBe

tiggrae wrote: »

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

Many thanks for that.

I agee with you, that it appears to be a nasty set up. Deliberate trap.
They forced me to buy the PPI in spite of my protests. Unfortunately, at the time I was not only working full time in a very demanding job, but I was also caring for my disabled mother, practically on my own, so I had no time to shop around for better deals. Besides, it all looked a lot better until the time came to sign on the dotted line.
Yes, I know the name of the person and I have all the correspondence to prove, that she worked for Wilmslow at the time. It was all shown in the name of Wilmslow. There is absolutely no mention of Bespoke anywhere.
I already mentioned her name in my correspondence to them and I will write again, this time formely holding her responsible for mis-selling me the PPI.

Once again, thank you very much