PPI Reclaiming Discussion part 4

janey17

Cant get my head around these too- hopefully Maxdp will see this thread soon. Thanks everyone so far though!

di3004

janey17 wrote: »

Cant get my head around these too- hopefully Maxdp will see this thread soon. Thanks everyone so far though!

Hi Janey

Hope your well.;)

The thread that MAXDP posted is useful, its how the FOS works out refunds, here is the link to Maxdp's post here:
http://forums.moneysavingexpert.com/showthread.html?t=1596473

DanDaniel

Dear All,

I wrote to welcome finance back in september requesting they repay my PPI. I cancelled my PPI at the start of my loan as i was not informed i was having it ! they refused to refund the £3500 they had bunged on top of my loan amount but instead they refunded £2000 of it. So i wrote to them requesting the total amount back. I received a final response off welcome finance today basically saying they only provided the finance for the insurance premium and arranged for cover with the insurers as instructed by your broker Therefore i should take it up with Blue Sky personal finance who dealt with my loan. I called them today and they said that i should pursue the matter with Welcome as it was them that charged the single premium for the PPI.

Any suggestions as to who is responsible ? I believed that because Welcome dealt with the cancellation in the first place then they should be the ones that refund the rest of the policy... ?

Thanks Dan

di3004

Received a response from FSA, I did write to them a while back as well but could not remember receiving a response, this is about Click Finance, let me know what you think? Cheers.;)

Our Ref:


In order that we can deal with this matter as quickly as possible please do not delete the Subject line of this email when you reply. You can add further wording to it but please do not Remove:

Dear

Thank you for your email dated 12 October 2009.

Your enquiry

In 2004 you took out a personal loan with Click Finance Ltd. The loan had payment protection insurance added to it which you believe was mis-sold. You have contacted Click Finance, and the firm has denied liability for the sale of the policy. You would like to know what you can now do.

Mis-sold financial products

I understand that this must be frustrating for you. Responsibility for investigating complaints about mis-sold financial products and services rests with the firm that origianlly advised you. You confirm that this is Click Finance ltd, which is no longer trading.

From the information provided in your email, it appears that Click Finance may have bought the assets of Click Finance ltd (effectively the firm's client bank) but did not take on its liabilities, and so does not assume responsibility for advice given by Click Finance ltd. This is a common legitimate practice and responsibility for investigating your complaint about mis-selling still rests with Click Finance ltd.

Your next steps

As Click Finance ltd is no longer trading, your next steps will depend on whether the firm was a member of the General Insurance Standards Council (GISC) at the time the policy was sold. GISC was a voluntary code of practice that general insurance firms could sign up to. When the FSA took over regulation of general insurance on 1 January 2005, it was agreed that any company that had subscribed to GISC would be able to have their complaints considered by the Financial Ombudsman Service (the Ombudsman).

I have checked with the Ombudsman and can advise that Click Financial ltd was not a member of GISC. Therefore I would suggest that you seek legal advice about the possibility of pursuing your claim against the former director of the firm.

The role of the FSA

The FSA is the independent regulator of financial services within the United Kingdom. We regulate and authorise the majority of financial services firms in the United Kingdom to carry out what are known as regulated activities. Our regulation of financial services covers (among others) deposits, investments, mortgages and insurance. If you would like to learn more about us please read our factsheet ¿Just the facts about the Financial Services Authority¿:

https://www.moneymadeclear.fsa.gov.uk/pdfs/about_the_fsa.pdf

I hope the information provided is helpful to you, and wish you luck in resolving your complaint.

Yours sincerely



Financial Services Authority

di3004

DanDaniel wrote: »

Dear All,

I wrote to welcome finance back in september requesting they repay my PPI. I cancelled my PPI at the start of my loan as i was not informed i was having it ! they refused to refund the £3500 they had bunged on top of my loan amount but instead they refunded £2000 of it. So i wrote to them requesting the total amount back. I received a final response off welcome finance today basically saying they only provided the finance for the insurance premium and arranged for cover with the insurers as instructed by your broker Therefore i should take it up with Blue Sky personal finance who dealt with my loan. I called them today and they said that i should pursue the matter with Welcome as it was them that charged the single premium for the PPI.

Any suggestions as to who is responsible ? I believed that because Welcome dealt with the cancellation in the first place then they should be the ones that refund the rest of the policy... ?

Thanks Dan

Hi Dan.

My suggestion would be to contact the Financial ombudsman service (FOS) who may ask you to send in the information and continue this for you, they will find out who is responsible here and take it from there.
FOS contact here:
http://www.financial-ombudsman.org.uk/contact/index.html

The FOS should do this on your behalf on request, good luck Dan, please keep us posted.;)

Di

amersall

marshallka wrote: »

I wrote to FP the other day (just to let them know i am still around) and got a letter within a couple of days. I asked for proof of any broker involvement in my sale of PPI and also I asked why they had a wage address different and wages different to what we had put on our application.

This is their reponse.

Blah, blah blah about sorry for this and that and then

The income details we have used to calculate the loan agreement are in fact the same on the underwriting sheets as well as the systems that were used at the time. They differ slighly to the deed of postponement application which was completed at a different time. I therefore cannot agree to uphold any part of your complaint as your wage details are in fact the same on both sheets. The wage slip address details are usually provided from a Head office and have no bearing on the application and are purely for identification purposes.

I am sorry this is not the answer you wanted but hope my explanation is helpful. Firstplus are committed to providing the highest standard of service to our customers and our aim is to resolve all complaints internally, although we recognise this may not always be possible. It is regrettable that on this occasion we are unable to resolve the matter to your satisfaction.



I asked for proof of any broker involvement in the sale of the PPI and have yet to be given this. The broker had no records of anything left on their systems they say and FP have nothing on theirs to prove that they did not sell the PPI. I also have a letter from FOS from June last year (2008) saying after looking through all the paperwork it is difficult to actually say who sold what.

I just wanted to keep them on their toes and that is all. I know they sold the PPI as it was "coupled" with their agreement and I also know the wage details are nothing to do with my husband as he still works at the same place now and did then. It is THEIR head office. What a load of crap they spout!!!

par for the course with first crap!!!!!

Portofino_2

Hi

I have been advised by MBNA that they will pay back my CC PPI payments. However, this does not include 8% interest. Should I accept the payment as partial and then request the interest back?

Thanks.

di3004

Portofino wrote: »

Hi

I have been advised by MBNA that they will pay back my CC PPI payments. However, this does not include 8% interest. Should I accept the payment as partial and then request the interest back?

Thanks.

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

Was this an offer of goodwill hun?

If they are saying they admit it was a mis sell, you can ask that they refund you the interest as well, wait for other opinions on this as well if I were you, good luck.;)

marshallka

di3004 wrote: »

Received a response from FSA, I did write to them a while back as well but could not remember receiving a response, this is about Click Finance, let me know what you think? Cheers.;)

Our Ref:


In order that we can deal with this matter as quickly as possible please do not delete the Subject line of this email when you reply. You can add further wording to it but please do not Remove:

Dear

Thank you for your email dated 12 October 2009.

Your enquiry

In 2004 you took out a personal loan with Click Finance Ltd. The loan had payment protection insurance added to it which you believe was mis-sold. You have contacted Click Finance, and the firm has denied liability for the sale of the policy. You would like to know what you can now do.

Mis-sold financial products

I understand that this must be frustrating for you. Responsibility for investigating complaints about mis-sold financial products and services rests with the firm that origianlly advised you. You confirm that this is Click Finance ltd, which is no longer trading.

From the information provided in your email, it appears that Click Finance may have bought the assets of Click Finance ltd (effectively the firm's client bank) but did not take on its liabilities, and so does not assume responsibility for advice given by Click Finance ltd. This is a common legitimate practice and responsibility for investigating your complaint about mis-selling still rests with Click Finance ltd.

Your next steps

As Click Finance ltd is no longer trading, your next steps will depend on whether the firm was a member of the General Insurance Standards Council (GISC) at the time the policy was sold. GISC was a voluntary code of practice that general insurance firms could sign up to. When the FSA took over regulation of general insurance on 1 January 2005, it was agreed that any company that had subscribed to GISC would be able to have their complaints considered by the Financial Ombudsman Service (the Ombudsman).

I have checked with the Ombudsman and can advise that Click Financial ltd was not a member of GISC. Therefore I would suggest that you seek legal advice about the possibility of pursuing your claim against the former director of the firm.

The role of the FSA

The FSA is the independent regulator of financial services within the United Kingdom. We regulate and authorise the majority of financial services firms in the United Kingdom to carry out what are known as regulated activities. Our regulation of financial services covers (among others) deposits, investments, mortgages and insurance. If you would like to learn more about us please read our factsheet ¿Just the facts about the Financial Services Authority¿:

www.moneymadeclear.fsa.gov.uk/pdfs/about_the_fsa.pdf

I hope the information provided is helpful to you, and wish you luck in resolving your complaint.

Yours sincerely



Financial Services Authority

Utter tosh, So we never had any protection on anything and they actually condone what these companies are doing. It angers me TBH.

di3004

marshallka wrote: »

Utter tosh, So we never had any protection on anything and they actually condone what these companies are doing. It angers me TBH.

Yeah I agree with you Marshallka, and even if we did seek legal advice, again it will be a waste of time.....