PPI Reclaim

Tonyw

Can anybody advise me on this?

I have written to a finance company with a template letter explaining that I was mis-sold my insurance in 2004. It was a single premium (£10250) and they only refunded me a small amount (£1400) although we had only had it for a year when I paid it off.

They have said as it was through a broker and the broker sent all the completted paper work over, I will need to contact them to cliam?

Is this correct as the credit agreement is with the finance company?

di3004

Tonyw wrote: »

Can anybody advise me on this?

I have written to a finance company with a template letter explaining that I was mis-sold my insurance in 2004. It was a single premium (£10250) and they only refunded me a small amount (£1400) although we had only had it for a year when I paid it off.

They have said as it was through a broker and the broker sent all the completted paper work over, I will need to contact them to cliam?

Is this correct as the credit agreement is with the finance company?

Hello and welcome.

Yes this is correct, whoever arranged and sold you the loan is the ones responsible.
So do check with the broker to make sure they have received the details from the lender and another suggestion is to send the copy of the letter you originally sent out and enclose a copy of the letter from the lender that they sent you.
Post by recorded delivery, so you can make sure it reaches them.

Good luck.
Please keep us posted.;)

Tonyw

Thankyou for the info.

The company who has written back has said I will need to contact the broker who is easy loans.co.uk. or should they have informed them on my behalf?

Does anyone know if they are still going and who they are affiliated to?

I think it may be Norwich union.

di3004

Tonyw wrote: »

Thankyou for the info.

The company who has written back has said I will need to contact the broker who is easy loans.co.uk. or should they have informed them on my behalf?

Does anyone know if they are still going and who they are affiliated to?

I think it may be Norwich union.

Your welcome.

It would be easyloans you would have to write to then, the actual insurer must be NU, though you take up the complaint with the one that sold you the loan.;) So Easy loans then.

di3004

I just checked now on Easy loans, if its the correct company details, the details of the ones I found here had unfortunately dissolved, if you have any paperwork at all from easy loans, check the company number to see if its the same company here......

Name & Registered Office:
EASY LOANS LIMITED
49B POST STREET
GODMANCHESTER
HUNTINGDON
CAMBRIDGESHIRE
PE29 2AQ
Company No. 04536275


Status: Dissolved 27/01/2009

What year did you take out this loan?, it could be that if eligible you can take this case up with the financial compensation scheme (FSCS), you can make a claim through these, if the business are listed with the FSCS, then you should be eligible to take your case to these instead.
More on the FSCS here with contact details:
http://www.fscs.org.uk/contacts/

I used to know the website for easyloans.co.uk but they do not seem to have one anymore, so unless there are a few of them, I would think these ones have dissolved.

I have a case with the FSCS as the broker dissolved over a year ago, and they were finally confirmed in default by the FSCS in Sept of this year and starting to pay out on claims, for example many have had cases about Picture finance with the FSCS and been paid out and claims still ongoing.
This will also depend as well though if the company you want to claim from would be registered with the FSCS.

In the worse scenerio, another direction would be to contact the financial ombudsman service (FOS), and ask if they are able to pursue this through the underwriter/insurer instead, so then this would be NU.
Mind you if your not going for the mis selling and the unfair rebate, maybe this would be one for the insurer, I would defo have to contact the FOS on this one to make sure., if its just in regards of the unfair low rebate and not for mis selling.
http://www.financial-ombudsman.org.uk/contact/index.html

Tonyw

Thank you for the very prompt reply.

I wrote to paragon (the finance company) in 2004 and still have a copy of the letter explaining that I thought the refund they gave was unacceptable. At that time they never mentioned that it was the boroker that should have dealt with the problem and it cost me the best part of £8500 for a years cover on a 50k loan.

The person I spoke with after the letter had been sent said I was not entiteld to any futher refund. Would this have any bearing on the broker issue?

Also as you stated if this company you have found was the broker am I likely to lose out?

Paragon must know if they are still practising,I would have thought, as they have directed me to them.

di3004

Tonyw wrote: »

Thank you for the very prompt reply.

I wrote to paragon (the finance company) in 2004 and still have a copy of the letter explaining that I thought the refund they gave was unacceptable. At that time they never mentioned that it was the boroker that should have dealt with the problem and it cost me the best part of £8500 for a years cover on a 50k loan.

The person I spoke with after the letter had been sent said I was not entiteld to any futher refund. Would this have any bearing on the broker issue?

Also as you stated if this company you have found was the broker am I likely to lose out?

Paragon must know if they are still practising,I would have thought, as they have directed me to them.

With pleasure.

Yes I see what you mean here, although you should not lose out.

I would in your case in maybe first instance contact the FOS on this one, because an unfair rebate is not the same as mis selling on the PPI, however if you do believe you were mis sold the PPI you could go this direction, where if successful they would have to refund you the whole lot of the PPI and interest etc.


With an unfair rebate Marshallka is the one that can explain on how this works, as she has a case in about her's in with the FOS right now and she is waiting to hear on this one, unfortunately she has been waiting a very long time, maybe Marshallka will tell you more on this one for you.

But take a look at this link below about mis selling of the PPI and if this occurs to you, you can try this direction, because if you were sold one of those Single policies that would only cover you for 5 years of say a 25 year loan, they are now banned and are frowned upon, many are complaining on these grounds, but check here for more information on mis selling also:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Then for mis selling you would have to write to the broker who sold this to you, but when it comes to the unfair rebate, this may be the case for the insurer/underwriter.
But please check with the FOS as well to be sure on this.;)

di3004

More info on the FOS site in regards of PPI.

http://www.financial-ombudsman.org.uk/publications/factsheets/index.html#10

Tonyw

Ok I will look into this and it would actually be mis-selling becuse initially when I contacted Paragon I was unaware that this policy was only for 5 years and thought that it was for the full term. The lady I spoke with at the time said there was nothing I could do about that either, even though I was paying it off early. Also my wife has had long term back trouble and things like this were never discussed.

I will follow the mis-selling line and see how I go.

Thank you again for the excellent advice and I am sure I will be in contact with you again.

Tonyw

di3004

Tonyw wrote: »

Ok I will look into this and it would actually be mis-selling becuse initially when I contacted Paragon I was unaware that this policy was only for 5 years and thought that it was for the full term. The lady I spoke with at the time said there was nothing I could do about that either, even though I was paying it off early. Also my wife has had long term back trouble and things like this were never discussed.

I will follow the mis-selling line and see how I go.

Thank you again for the excellent advice and I am sure I will be in contact with you again.

Tonyw

Your welcome Tony.;)

Please get back when you require any help with this, its defo worth checking on the loan insurance link I posted above, and if any of that occurs to you as well, - as the reasons you have said in your above post, then you should go for it.
Catch you when your ready then.:beer:

Di

Tonyw

Hi Di,

I have found the original paper work and it would seem that easy loans was and is part of Stirling Direct Finance which in turn is part of London Scottish Bank PLC.

They have gone into administration but I should still be able to cliam I think. The company number is 3307536 how can I check this out?

Also while looking through I have found another two PPi potential claims. One is LTSB from 2000? and Endeavour loans from 2002 both of which had added the cost of the PPi to the loan, so am I able to claim these at the same time as I am claiming aginst the first one?

Thanks

Tony