Freedom Finance

di3004

Phil wrote: »

Hi everyone,

I hope you don't mind me joining in on this thread rather than starting a new one!

I am acting on behalf of my Gran, who used to live with my Aunt and her husband but is now in a care home with me acting as her Receiver (appointed by the Court of Protection - a different story).

Anyway, my Aunt and her husband took out a secured loan on their house in May 2005. In the course of doing so, they were of course sold PPI upfront as a single payment to the tune of £8,571.50. My Gran also signed up to this but, unfortunately, can't really be quizzed about it anymore as there is no way she will understand nor care

I wrote to Freedom Finance (who sold them a First Plus loan) and complained using the standard template letter a few weeks ago and now they have responded offering £2,000 in full and final settlement.

Can I have some advice please, do I:

1) Accept the £2000 - surely not enough compared to £8571.50+interest for 4 years that they have paid?

2) Phone them up tomorrow and see if I can get them to increase their offer?

3) Write back asking for more?

4) Go straight to the Ombudsman?

Help please!

Phil

Hi there Phil

Not a problem
And so sorry to hear this.

To be honest as there is a big difference in the amounts, first of all ask if they can take the offer higher, tell them if they are unable to do this, then you will take the case to the FOS.
I think that offer is low personally.

Its entirely your choice, but it seems like a good enough case to me to get every penny back plus more with the interest.
http://www.financial-ombudsman.org.uk/consumer/complaints.htm

Its worth writing back to tell them that is too low, in my opinion I would not go for that amount.

Good luck and please post back for help anytime.;)

Di

marshallka

Phil wrote: »

Hi everyone,

I hope you don't mind me joining in on this thread rather than starting a new one!

I am acting on behalf of my Gran, who used to live with my Aunt and her husband but is now in a care home with me acting as her Receiver (appointed by the Court of Protection - a different story).

Anyway, my Aunt and her husband took out a secured loan on their house in May 2005. In the course of doing so, they were of course sold PPI upfront as a single payment to the tune of £8,571.50. My Gran also signed up to this but, unfortunately, can't really be quizzed about it anymore as there is no way she will understand nor care

I wrote to Freedom Finance (who sold them a First Plus loan) and complained using the standard template letter a few weeks ago and now they have responded offering £2,000 in full and final settlement.

Can I have some advice please, do I:

1) Accept the £2000 - surely not enough compared to £8571.50+interest for 4 years that they have paid?

2) Phone them up tomorrow and see if I can get them to increase their offer?

3) Write back asking for more?

4) Go straight to the Ombudsman?

Help please!

Phil

Hi Phil, I would definately take this to the Ombudsman. They are trying it on here and there is a big difference in the amounts from the offer and actual PPI and interest. You would be OK with the jurisdiction too as this was May 2005 and all sales of insurance were regulated since Jan 2005 anyway so they cannot get out of it that way.

Good luck.

pedro321

Hi Phil,

When did you first write to them? I am still awaiting a response and the eight week period is nearly up.

It sounds like they have accepted the principle of your laim so i would hold out for the whole amount

di3004

pedro321 wrote: »

Hi Phil,

When did you first write to them? I am still awaiting a response and the eight week period is nearly up.

It sounds like they have accepted the principle of your laim so i would hold out for the whole amount

I agree, its quite some difference there isn't it?;)