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Letter from Alliance&Leicester - FSA investigation.
Hi there,
Got a letter today in regards to the recent loan I had taken out from Alliance & Leicester in 2008, well it has come to the FSA's knowledge that they were not complying and have wrongly sold loan insurance alongside all loans in a certain period outlined in the letter - Might be only branches near me, so I'm not making a generalisation.
Basically, I last week was doing a few numbers in regards to my loan, and realised that £3k was missing / where had it been spent? As my loan was still at a relatively high level even though I had knocked off £3500 in the year, this called for a little alert.
Suddenly today I recieved a letter saying that it is possible you have been wrongly advised by A&L and we apologise, and you 'may' be applicable for a refund for the wrongly sold/advised insurance. Well to be honest with you, I wasn't even aware that insurance had been laid on the table when the loan went through, they outline in the letter they put it on as a lump sum ~ £2k on an £8k loan, so a hell of alot. I can't remember signing a thing in regards to insurance in branch, and on top If I did I wasn't aware of the astronomical costing! There is sub £2500 roughly I think I am out of pocket! I sure as hell wouldn't agree to this.
They are asking to contact them if you feel you have been a 'victim', in which I definately had. Basically, they either say by post or phone, which should I do, and obviously I am liable for a refund due to the reason I didn't even know where the hell £3k had got too, in which I am now out of pocket but they are willing to refund to those who were wrongly dealt with at branches. - 'identified problems with our PPI sales made on a non-advised basis through our branch sales channel between 11th July 2008 and 31 October 2008.
Should I write a letter, anything in particular I can put on the letter? Or phone them up? ... Also, anyone else recieve a similar letter, can you point me in the right direction in regards to getting my money back, or are A&L complying now, as the FSA have stepped in?
Much appreciated.
Got a letter today in regards to the recent loan I had taken out from Alliance & Leicester in 2008, well it has come to the FSA's knowledge that they were not complying and have wrongly sold loan insurance alongside all loans in a certain period outlined in the letter - Might be only branches near me, so I'm not making a generalisation.
Basically, I last week was doing a few numbers in regards to my loan, and realised that £3k was missing / where had it been spent? As my loan was still at a relatively high level even though I had knocked off £3500 in the year, this called for a little alert.
Suddenly today I recieved a letter saying that it is possible you have been wrongly advised by A&L and we apologise, and you 'may' be applicable for a refund for the wrongly sold/advised insurance. Well to be honest with you, I wasn't even aware that insurance had been laid on the table when the loan went through, they outline in the letter they put it on as a lump sum ~ £2k on an £8k loan, so a hell of alot. I can't remember signing a thing in regards to insurance in branch, and on top If I did I wasn't aware of the astronomical costing! There is sub £2500 roughly I think I am out of pocket! I sure as hell wouldn't agree to this.
They are asking to contact them if you feel you have been a 'victim', in which I definately had. Basically, they either say by post or phone, which should I do, and obviously I am liable for a refund due to the reason I didn't even know where the hell £3k had got too, in which I am now out of pocket but they are willing to refund to those who were wrongly dealt with at branches. - 'identified problems with our PPI sales made on a non-advised basis through our branch sales channel between 11th July 2008 and 31 October 2008.
Should I write a letter, anything in particular I can put on the letter? Or phone them up? ... Also, anyone else recieve a similar letter, can you point me in the right direction in regards to getting my money back, or are A&L complying now, as the FSA have stepped in?
Much appreciated.
0
Comments
-
Is this letter actually from A&L or some helpful third party who are offering to help you??
Why not just pop into a branch and speak to them, taking the letter with you?
Stinks of scam to me!
After a quick Google
http://money.uk.msn.com/loans/loans-guide/article.aspx?cp-documentid=9985672Alliance & Leicester fined £7m over loan insurance
All customers who took out PPI loan insurance following a phone call between January 14, 2005 and December 31, 2007 will be written to.
Would they have made the same mistake twice??0 -
It is definately Alliance & Leicester, no doubt about that, shall I just follow the PPI guide on here and send the 'standard' template letter with the options which are in relation to my case?0
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