PPI Reclaiming Discussion part 4

pinknico

5. FSCS says it cannot help me. Why?

There are limits to the protection that FSCS can provide. For example, FSCS can only consider claims relating to advice on policies or arranging of policies on or after 14 January 2005, and only against firms that were authorised to arrange insurance by the Financial Services Authority (FSA) at the date the policy was arranged.
The FSA is the independent watchdog set up by government to regulate financial services in the UK and protect the rights of consumers. You can check whether a firm is authorised by using the FSA's firm check service or by telephoning the FSA's Consumer Helpline on 0845 606 1234.
Insurance brokers first became regulated by the FSA on 14 January 2005.

Just wanted to put this up because the FSCS will only look at PPI sold from the above date, even if they were covered by the FOS before that date.

showergirl

marshallka wrote: »

This is more the complaint we want Martin to help with then. Its not to blacken Pictures name (cause they are gone) but more to actually state that the length of time it has taken for the authorities to declare Picture in default (being over 18 months) has hindered your chances of being able to afford to keep your roof over your head. Its more the authorities that we want to change and the authorities being able to intervene in making quicker redresses. Picture have some companies going I think and I sure somewhere down the line they are related too.

These types of companies open and close more than the DFS have half price sales or safestyle have a bogofs on windows.

It was a similar thing with Di with click finance.

Hopefully Martin will look at the site and see some of the comments we have written.

Good point Marshallka

busbyh

barloo69 wrote: »

They are closed now, but 1st thing Monday give the FSCS a call on 0207 8927300 and explain your situation. They may be able to help.

I spoke to a very nice man today in response to a application form for compensation that I had received from them today.

Incidentally has any of the other Picture Protesters received this form from FSCS ? It asks many questions and requires in-depth filling out and explanation as to why you feel policy was mis sold.

The gentleman did confirm to me though that when they receive these forms back they are assessed and then handed to the outsourced company who will take up the reigns. Although he wouldnt actually give me specific time details in relation to turnaround but he did imply that it would not take a great deal of time as they now have a large amount of staff to deal with these claims not to mention the outsourced company.

So in short, there is light at the end of the tunnel and its getting brighter ...........

Hi Barloo69
I received an indepth form to complete when I first contacted the FSCS last August, stating my reasons for mis selling etc. Is this the one you are referring to or is this a 2nd one you have received.
Busbyh
xx

lilymissfun

This is probably gonna be a stupid question and I'm pretty sure I can't claim but I thought I'd check aanyway.

I took out a loan in 2003 with Barclays and took PPI. After a couple of months I needded to claim and it wouldn't cover it so I cancelled the PPI. Instead of reducing the payments they gave me a lump sum and I continued to pay for the PPI.

This loan is now in default and has been passed to CDCS.

I expect that as I had a refund for the PPI already I would not be able to claim but can I do aanything about the amount due to be repaid given that that amount continues to include the PPI payments?

di3004

lilymissfun wrote: »

This is probably gonna be a stupid question and I'm pretty sure I can't claim but I thought I'd check aanyway.

I took out a loan in 2003 with Barclays and took PPI. After a couple of months I needded to claim and it wouldn't cover it so I cancelled the PPI. Instead of reducing the payments they gave me a lump sum and I continued to pay for the PPI.

This loan is now in default and has been passed to CDCS.

I expect that as I had a refund for the PPI already I would not be able to claim but can I do aanything about the amount due to be repaid given that that amount continues to include the PPI payments?

Hi there

I would ask them to post you the calculations in case there is more back to reclaim, because it is doubtfully they paid back it all, so by asking them for further information on this, it would be of some help.

To my knowledge I don't think it matters if your in default, you can still try to reclaim.

Write to them and ask them for all the information on the calculations, however it may be a case of requesting for a Subject Access Request (SAR) where they have 40 days to comply and send everything as requested on the SAR.
There is a charge of £10 cheque or postal order for payment for this though, but it may be helpful in regards of your reclaim.
Link here with details of an SAR.;)
http://forums.moneysavingexpert.com/showthread.html?t=1475553

pitmen2007

di3004 wrote: »

Hi hun
Thanks for letting us know, glad you received the agreement.;)

In regards of reclaiming they have 8 full weeks to reply.

If they have confirmed they are investigating then that is cool, so hopefully they should now respond by the 8 weeks at the latest.

Go from the day they received your reclaim letter, if you posted this by recorded delivery, you can check the tracking of this on the royal mail website.;)

Hope this helps, any prbs let us know.

I recieved an acceptable offer on Friday from Nat West.:rotfl:

Quite surprised how quick this has been resolved.

I would like to thank all those that helped me i the process of the reclaim.:T:beer:

mjgreen60

Hi all,

Just wondered if anyone has had any experience with these types of loans in the past? It is basically a bank loan for students studying particular degrees (medicine, veterinary science, dentistry, law).

I have one from RBS and took out £15000 in total. Repayments started 18months ago and it's paid back over 7 years at £235 per month. Interest is 1% above base rate so interest has decreased recently and so hopefully will pay it back a few months earlier.

My question is, do these often have PPI included? I will try my hardest to get my hands on the paperwork to check, but wanted to pick some brains!!

Thanks in advance for your help!

Matt

di3004

pitmen2007 wrote: »

I recieved an acceptable offer on Friday from Nat West.:rotfl:

Quite surprised how quick this has been resolved.

I would like to thank all those that helped me i the process of the reclaim.:T:beer:

Well done to you, great news, Congratulations.
:beer::T:beer:

di3004

mjgreen60 wrote: »

Hi all,

Just wondered if anyone has had any experience with these types of loans in the past? It is basically a bank loan for students studying particular degrees (medicine, veterinary science, dentistry, law).

I have one from RBS and took out £15000 in total. Repayments started 18months ago and it's paid back over 7 years at £235 per month. Interest is 1% above base rate so interest has decreased recently and so hopefully will pay it back a few months earlier.

My question is, do these often have PPI included? I will try my hardest to get my hands on the paperwork to check, but wanted to pick some brains!!

Thanks in advance for your help!

Matt

Hi Matt

I don't know too much about those type of loans myself but I imagine they are approx the same as a basic loan.

You can request a Subject Access Request (SAR) for all your paperwork, you should receive your information going back as far as approx 6 years, they have 40 days to comply, but there is a charge of £10 postal order or cheque payment for this request, although it may be worth your while, post by recorded delivery, here is the link to the SAR template here:
http://forums.moneysavingexpert.com/showthread.html?t=1475553

And if you have reason to complain for being mis sold the PPI, more info here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Please post up for help if required, good luck.;)

russ_co

I took out a loan in February 2008 with Sainsbury's Bank / Bank of Scotland and was told during a conversation with an adviser that I could be refused the loan if I did not take out the PPI and I explained to them I have an income protection policy which covers my salary if anything were to happen but this was disregarded and it was recommended that I take out the insurance, which I did reluctantly.

I complained about the PPI I was sold a few months later and later received a letter explaining the loan etc and declining my complaint. stating I can go to the ombudsman if required but this must be within 6 months of their letter dated August 08 is this correct?

or can I start a new claim on the basis of being overcharged?