PPI Reclaiming Discussion part 4

scrumcious

hi di sorry to be a pain what do you mean by they were covered by GISC prior to the fsa in jan 2005 thanks

di3004

scrumcious wrote: »

hi di sorry to be a pain what do you mean by they were covered by GISC prior to the fsa in jan 2005 thanks

Hi hun sorry i did not explain this properly, bascically for example the FSA are regulators as such, banks, loan business etc should be covered by these regulators mainly from Jan 2005, the FSA taken over the GISC (General insurance) regulators as from then, the Financial ombudsman service (FOS) are able to investigate complaints if these businesses were covered by the above, however not all finance businesses were covered by GISC either, this was optional but not anymore.

As being a bank as well the FOS should be able to investigate your complaint, do not worry about the 6 years timescale on this one, good luck.;)

marshallka

scrumcious wrote: »

hi di sorry to be a pain what do you mean by they were covered by GISC prior to the fsa in jan 2005 thanks

FOS can investigate complaints prior to the FSA if it were a bank or the firm was a member of the General Insurance Standards Council.

The six year rule can be over ruled if you only just became aware of the missale since the media attention to it (like most of us) as before this we did not think that there was anything wrong and they were allowed to spring this PPI onto us regardless.

di3004

marshallka wrote: »

FOS can investigate complaints prior to the FSA if it were a bank or the firm was a member of the General Insurance Standards Council.

Thanks Marshallka, I always forget to write the GISC's name in full....:o;)

andymatthews_2

Hi, I've had an offer through from HSBC for two loans that were mis sold PPI.

They've offered the full amount on one but seem to have miscalculated the other. Is it possible to negotiate on these figures? There is a number to call on but I can't do that until Monday obviously.

If I send the form back then have I accepted this and cannot claim later? They use the terms "full and final settlement" on the paperwork I have to sign.

So good in one way but was expecting £1000 more.

marshallka

andymatthews wrote: »

Hi, I've had an offer through from HSBC for two loans that were mis sold PPI.

They've offered the full amount on one but seem to have miscalculated the other. Is it possible to negotiate on these figures? There is a number to call on but I can't do that until Monday obviously.

If I send the form back then have I accepted this and cannot claim later? They use the terms "full and final settlement" on the paperwork I have to sign.

So good in one way but was expecting £1000 more.

If you definately know this wrong then I would call them monday and state it to them and take it from there. Tell them you want to be 100% sure that they are putting you back into the position as if you never had the PPI and if they are not going to budge then you will have to take this to the FOS to investigate. Be polite with them and tell them why you think its wrong. I am sure if they have made a mistake then this will be rectified. Let us know.

Good luck

andymatthews_2

Thanks, they said I only made 8 payments on the PPI for that loan which is clearly wrong. Annoying as I'd really like the cash. :rolleyes:

marshallka

andymatthews wrote: »

Thanks, they said I only made 8 payments on the PPI for that loan which is clearly wrong. Annoying as I'd really like the cash. :rolleyes:

I would just ring them first and state your argument and that you think they are wrong. If they see it and its obvious then I am sure they will put it right.

Good luck

di3004

Hi Andy

I agree with Marshallka, there is no harm in trying, go for it and good luck.;)

nissan25

Hi Guys

I have tried to reclaim PPI through a mail order a/c with Littlewoods Finance (now Shop Direct).

Basically I vaguely remember being advised by their telesales that the PPI was a condition of my a/c in the event that I was unemployed etc and therefore my understanding, it was compulsory and I never took the time to read the "small print", which convienently is now highlighted by them. Subsequently all came to light that they have ripped us off through PPI on financial products for years. Like bank charges!!

I never made a claim on this PPI and I discontinued my a/c about 3 years ago.

I have been fobbed off that they were not part of the dispute resolution service (FOS?) until after the PPI was applied to my a/c and that I could have cancelled the PPI at any time, blah, blah, blah. However I am not content with this and have filed my complaint with the FOS. Just got a letter this morning from them that they have a high volumes of cases and will be in touch ASAP.

Any other MSE users had any success with this company?

Cheers