PPI Reclaiming Discussion part 4

marshallka

stereo_mike wrote: »

I thought I would let you know how the FOS are currently dealing with comlpaints, following a meeting I have had.

The FOS's view on single premium policies is to basically uphold every complaint, although they have to look like they give the company that sold the policy the chance to defend the sale. Even if the company can defend the sale, the FOS will find something to uphold it on, especially if it goes to an Ombudsman.

On the back of the figues the FOS have published they have stated that they upheld 89% of PPI complaints. You will note that the FOS have not split this between single premium and monthly, this is basically due to the fact the FOS would have to admit they are upholding 99.999999% of single premium policies. Basically the 11% of PPI complaint the FOS are not upholding are monthly premium policies, as these are deemed more suitable for a client.

You will note that the FOS's stance on PPI complaints has changed as the previous year they only upheld 50%.

Company's that sold single premium PPI policies (now banned) are between a rock and a hard place, as if the complaint goes to the FOS it will be upheld, and if the company tries to defend the complaint, and it goes all the way to the Ombudsman the complaint will then be upheld and the Ombudsman will order the company to pay further D&I due to delaying the client receiving the premium and interest (This amount is currently £200).

Company's cannot contest a decision once an Ombudsman has reached a decision, although they can at Adjudicator stage.

The FOS are also taking on average 12 months to investigate a complaint.

To conclude if you think you have been mis-sold a single premium PPI policy, and the FOS can look at it, you have a 99.999% chance of getting your money back, you just need to be patient harassing them day and night will just get your case put to the bottom of their ever increasing case loads. At the end of the day the redress payment will include interest up to the date the matter is concluded. In addition if the company then drags its feet, and does not pay out within 30 days, go back to the FOS, and they will make the company pay extra interest.

I thought I would put this as a lot of people are moaning about how long there case is taking, and are worrying if they should take there case to the FOS. My advice if you were sold a single premium policy, and the company that sold it to you doesn't offer a full refund plus interest then take it to the FOS without a shadow of a doubt (It will also cost the firm another £500 for the FOS to look at it)

Thanks for this stereo mike. So I take it then that the dates are still the same in that FOS can only look at complaints within their jurisdiction then and not as someone posted ALL complaints?

As regards the being patient and if you are not then your complaint gets put bottom of the pile I think that that is disgraceful as some actually need to the money to help out now and it could be too late (as with Dialysis below) in a years time. Repossessions/missed loan payments etc have devistating affects on credit rating for a few years and it can take years to get back on your feet after.


Can you just clarify the "ALL" PPi complaints regardless of dates bit for us?

dialysis

di3004 wrote: »

Hi Dialysis hun

Bless you.....going through all this.

I am not sure in regards of financial hardship within the FSCS, I would contact them if you can and tell them what you have been told, good luck hunni, keeping everything crossed for you.:A
Di
XXXXXXXXXXXX

Cheers Di will contact them and see if they can help thanks for crossing everything for us we need it cant see no light at the end of the tunnel at the moment we just want to get moved and out of our home maybe that will be the start of the recovery process. The next step then will be going BR another hurdle. Thanks again Dialysis

marshallka

dialysis wrote: »

Hi As you all know I am currently waiting for the FSCS to put Picture in default, like many, I am also having my house repossessed by the now compnay Picture home laons. After taking legal advise I have stopped paying my mortgage and am now being threatened with repossesion from them also, it never rains it pours. I spoke to them this morning and although they are sympathetic there is nothing they can do. Anyway we are resigned to the fact that we have lost so have sought other accomodation. My mortgage company suggested getting in touch with the FSCS to tell them my situation this I have already done, but she also mentioned the financial hardship scheme and advised us to get in touch with the FSCS about this. Does anyone have any info about this, what it is and how do we claim it. Thanks Dialysis

Hi Dialysis, I really can sympathise with your situation and the fact that your complaint will no doubt be upheld but it may be too late to save your home. Have you thought about the media for this? I think this is a case that would be a sought after story on PPI misselling. Would you have a chance of actually being able to keep your home if you got the redress from Picture? What about watchdog or channel 4 perhaps?

If you have your home repossessed is there enough money in the equity to pay both Picture and the mortgage. I know that the mortgage have first charge so would have their money first and then what is left goes to picture.

So sorry for you dialysis and like I say I really know what you are going through.

dialysis

di3004 wrote: »

Hi Dialysis hun

Bless you.....going through all this.

I am not sure in regards of financial hardship within the FSCS, I would contact them if you can and tell them what you have been told, good luck hunni, keeping everything crossed for you.:A
Di
XXXXXXXXXXXX

Hi Di just rung them now no go they do not do one he suggested ringing our local authority who will be able to help with us being homeless, done that and got a house so all in all the FSCS wernt much help at all. Picture still have not been declared in default. the waiting continues for us all.

dialysis

marshallka wrote: »

Hi Dialysis, I really can sympathise with your situation and the fact that your complaint will no doubt be upheld but it may be too late to save your home. Have you thought about the media for this? I think this is a case that would be a sought after story on PPI misselling. Would you have a chance of actually being able to keep your home if you got the redress from Picture? What about watchdog or channel 4 perhaps?

If you have your home repossessed is there enough money in the equity to pay both Picture and the mortgage. I know that the mortgage have first charge so would have their money first and then what is left goes to picture.

So sorry for you dialysis and like I say I really know what you are going through.

Hi there thanks for your reply and thoughts The equity in our house is not enough to pay Picture and our mortgage. Our mortgage will get first cut which when the house is sold will be enough to pay that off but not enough to pay back Picture, they willl in effect get very little from it. They have been told this but refuse to help. Once the house has been repo we will go BR so the shortfall will go on BR they will get nothing. It is a good idea about the media I am going to email watchdog but I think it is now too late for our home. We have been fighting this for well over a year now and it is now at the stafge where I have no fight left I just want out, we moved out a year ago and then back in again on legal advice I do not want to go through it again. We have got a council house in a not too bad area so we are hoping things will work out fine. The plus side is it is a lot cheaper rent wise so we should be better off.

pinknico

7. How long will my claim take to process if you have not declared the firm in default?

If your claim is against a firm that has not so far been declared in default by us, your claim may take longer than six months to complete. We need to investigate whether or not the firm has the resources to meet claims itself and these investigations can take some time because we rely on third parties for information. We are increasing our resources to try to speed up the process where we can, and we will do everything in our power to ensure that we can reach a decision on your claim as quickly as possible.
If you are facing immediate financial hardship we will try to deal with your claim as a priority. If this is the case please contact us.


From the fscs web site

marshallka

dialysis wrote: »

Hi there thanks for your reply and thoughts The equity in our house is not enough to pay Picture and our mortgage. Our mortgage will get first cut which when the house is sold will be enough to pay that off but not enough to pay back Picture, they willl in effect get very little from it. They have been told this but refuse to help. Once the house has been repo we will go BR so the shortfall will go on BR they will get nothing. It is a good idea about the media I am going to email watchdog but I think it is now too late for our home. We have been fighting this for well over a year now and it is now at the stafge where I have no fight left I just want out, we moved out a year ago and then back in again on legal advice I do not want to go through it again. We have got a council house in a not too bad area so we are hoping things will work out fine. The plus side is it is a lot cheaper rent wise so we should be better off.

I can understand that you want this done and dusted and over with and settled elsewhere. Its just such a shame that it has to happen. I am glad you have got somewhere nice to go to.

Would Picture be able to come after you for any shortfall after the repossession and if you get a redress could they have it back?

dialysis

marshallka wrote: »

I can understand that you want this done and dusted and over with and settled elsewhere. Its just such a shame that it has to happen. I am glad you have got somewhere nice to go to.

Would Picture be able to come after you for any shortfall after the repossession and if you get a redress could they have it back?

Picture could and probably would come after us for the shortfall but when we go bankrupt the shortfall would go onto the bankruptcy as there would be no property to secure against. I am not too sure about your other question.

dialysis

pinknico wrote: »

7. How long will my claim take to process if you have not declared the firm in default?

If your claim is against a firm that has not so far been declared in default by us, your claim may take longer than six months to complete. We need to investigate whether or not the firm has the resources to meet claims itself and these investigations can take some time because we rely on third parties for information. We are increasing our resources to try to speed up the process where we can, and we will do everything in our power to ensure that we can reach a decision on your claim as quickly as possible.
If you are facing immediate financial hardship we will try to deal with your claim as a priority. If this is the case please contact us.


From the fscs web site

Hi Pinknico As we are in financial hardship, repossession, I contacted them with regards to this I was told my case would be given priority but there was nothing they could do till Picture are declared in default. It seems we are all in hardship but they do not seem in a rush.

pinknico

I cant believe we are still waiting for them to decide what is mis sold in the eyes of FSCS. The FOS are upholding 99.999999% of single premiums, all Pictures are single premiums end of story.
GIVE US OUR MONEY. (sorry for shouting!)