Brokers, FOS, FSCS etc

dukess2008

Hello,

after 8 months of backwards and forwards with the FOS over mis-sold PPI (brokered through Loanmakers, and loans with Firstplus), I finally phoned them last week to be told that since Loanmakers had ceased trading they had passed my details to the FSCS 5 weeks previously. Must admit I found the FOS a bit of a disappointment; they lost my initial claim form, said they had written to tell me of their final decision (never arrived), and the last person I talked too seemed completely unwilling to discuss any possibility of taking the case direct to Firstplus.

Moaning apart, is there any mileage in pursuing a claim against Firstplus? The PPI was a frontloaded loan applicable only for the first 5 years of the 10 year loan (paid back after a year), and all the completion phonecalls and paperwork were done direct with Firstplus.

TIA

di3004

dukess2008 wrote: »

Hello,

after 8 months of backwards and forwards with the FOS over mis-sold PPI (brokered through Loanmakers, and loans with Firstplus), I finally phoned them last week to be told that since Loanmakers had ceased trading they had passed my details to the FSCS 5 weeks previously. Must admit I found the FOS a bit of a disappointment; they lost my initial claim form, said they had written to tell me of their final decision (never arrived), and the last person I talked too seemed completely unwilling to discuss any possibility of taking the case direct to Firstplus.

Moaning apart, is there any mileage in pursuing a claim against Firstplus? The PPI was a frontloaded loan applicable only for the first 5 years of the 10 year loan (paid back after a year), and all the completion phonecalls and paperwork were done direct with Firstplus.

TIA

Hi TIA

Sorry to hear that hun.

I'm sure someone will clarify this for you, but if you want to ring for an update on your claim with the FSCS, you can either email or ring them here:
http://www.fscs.org.uk/contacts/

They seem to be paying out on loads of companies right now, if Loanmakers are actually declared in default then its just a matter of them waiting for them to deal with your case.

Wishing you luck with this and hope you receive some good news soon.

Hopefully someone will be along with an answer to your question very soon.:beer:

Di

barloo69

Yes certainly worth a try although I suspect they will almost certainly try and fob you off.
Hold fire for the time being though. Did the FOS say no then, as normally they try and go after the Insurer instead ?

I take it you dont know what the outcome / decision is / was yet then also ? Post again when you know that.

dukess2008

Thanks Di.

Obviously the money is important but it sticks in the craw to be claiming compensation from the taxpayer when I know FP are the primary culprit.

Barloo, FOS seemed completely uninterested in chasing FP once it became clear that Loanmakers were defunct. I was under the impression that these front-loaded PPIs were inherently unsound and that refunds were being awarded on that basis alone.

Still waiting for my form from the FSCS and I believe it's then around 6 months before they will come to a decision.

dunstonh

Must admit I found the FOS a bit of a disappointment; they lost my initial claim form, said they had written to tell me of their final decision (never arrived), and the last person I talked too seemed completely unwilling to discuss any possibility of taking the case direct to Firstplus.

The FOS can only discuss complaints within their remit. So, whilst you are not happy with that, there is little you can do. Also, the first line people are not usually qualified or experienced enough to go into any detail with.

Obviously the money is important but it sticks in the craw to be claiming compensation from the taxpayer when I know FP are the primary culprit.

You are not getting compensation from the taxpayer. If the FSCS pay out then its people like me that pay it. The FSCS is paid for by other financial firms and individuals. Effectively its the good firms paying to subsidise the bad firms.

I was under the impression that these front-loaded PPIs were inherently unsound and that refunds were being awarded on that basis alone.

In over 90% of the cases that is correct. However, lets say the FOS did look at it and agree, you would gain nothing from that as the FOS would tell the firm to pay up but if they are insolvent then you become a creditor and probably never see a penny. By referring you to the FSCS, they review the complain the a similar way to the FOS and if upheld, the FSCS pay out.

Still waiting for my form from the FSCS and I believe it's then around 6 months before they will come to a decision.

If you are lucky. The FSCS is far slower than the FOS.

dukess2008

Hello dunstonh

dunstonh wrote: »

You are not getting compensation from the taxpayer. If the FSCS pay out then its people like me that pay it. The FSCS is paid for by other financial firms and individuals. Effectively its the good firms paying to subsidise the bad firms.

Well, that's hardly much better, the perpetrator still gets away scot free. Surely you would rather the bad firms are brought to book?

dunstonh wrote: »

In over 90% of the cases that is correct. However, lets say the FOS did look at it and agree, you would gain nothing from that as the FOS would tell the firm to pay up but if they are insolvent then you become a creditor and probably never see a penny. By referring you to the FSCS, they review the complain the a similar way to the FOS and if upheld, the FSCS pay out.

If the FOS is working on the basis that frontloaded PPI is an inherently bad product, why should the original vendors of that product be absolved of responsibility?

marshallka

I would stick with the FSCS if I were you against the firm that has been declared in default. Is this the company?


In the High Court of Justice (Chancery Division)
Manchester District Registry No 347 of 2009
LOANMAKERS LIMITED
(Company Number SC199252)
Nature of Business: Loan Broking.
In the High Court of Justice (Chancery Division)
Manchester District Registry No 348 of 2009
LOANMAKERS (HOLDINGS) PLC
(Company Number 05352533)
Nature of Business: Non-trading Holding Company.
Trade Classification: 38.
Date of Appointment: 3 February 2009.
Joint Administrators’ Names and Address: Dermot Justin Power and
Patrick Alexander Lannagan (IP Nos 6006 and 9590), both of BDO
Stoy Hayward LLP, Commercial Buildings, 11-15 Cross Street,
Manchester M2 1BD. (732048)


From what I can see on the FSCS default information they are not listed yet and the london gazzette only has the information above as yet??

dukess2008

That's the one, though they also had an address in Scotland in my correspondence.

marshallka

dukess2008 wrote: »

That's the one, though they also had an address in Scotland in my correspondence.

I think the address in my post from the London Gazzette is the administrators addy.

I think you will now have to wait until they are declared in default and then it will not be much longer I would not think. Perhaps speak to the FSCS and see if this has actually happened yet as the register they hold on site is sometimes behind from what some have posted.

dannyboy419

Hi to everyone claiming against Loanmakers Limited for mis-sold PPI. Loanmakers were our broker when we took out a loan with Picture.

Some good news, yesterday I received a cheque from FSCS for a total of £8,763.30.:j This is broken down as follows:

Original PPI premium £7485.00
Plus interest £2256.16
Less rebate due on cancellation £484.64
Plus a reasonable rate of return £36.04
Equals compensation figure of £9292.56

As FSCS only pay the first 90% of the above £2000 the cheque I received is for £8,763.30.:beer:

This for us is a massive amount of money, it means we can really begin to get ourselves out of debt, and has come at just the right time!!!


We haven't had the 3 year no claims bonus yet either so we have that to look forward to in afew months. :rotfl:

Here's an outline of how quickly our claim was paid out by FSCS (especially compared to FOS!!!). Originally our claim was with the FOS for over a year till Loanmakers went under. I sent the completed compensation application form to FSCS on the 28th September 2009, and then received a letter from Deloitte on behalf of FSCS asking for some further information. I sent the additional information back to Deloitte on 19 October 2009. I was then sent the cheque for £8763.30 on the 13th November 2009. :T

Only snag is that they had my partners first name incorrect so have had to return the cheque!


Good luck everyone!

di3004

Wow, one of the quickest ones yet to have been paid out by the FSCS:T:T:T, well done dannyboy, so happy for you, bet its like a heavy weight being lifted?:beer::j:j.

Mine been with the FSCS since July 2008, TWOPART LTD, they finally went into default 8 Sept 2009.
Claim still ongoing with deloittes - they are just waiting for some further details to continue to the claim.;)