Carrington Carr Broker Fee and income protection Miss Sold - Reclaim Help

blades72

By way of an update I have sent a 2nd letter as advised and got a letter back saying

"The Financial Ombudsman service will not be able to consider the merit of your complaintt as it does not fall under their juristiction and your complaint is timed barred"

Any advice on what to do now would be apreciated

petermb_2

blades72 wrote: »

thanks for the advice woul would you include the broker fee in the claim as well?

When did you take out the loan? Did the broker disclose if he received commission in addition to the fee you were charged?

blades72

Hi

It was Jan 2004 and they didnt disclose their personal commission but the fee the company got for selling the policy

blades72

anybody think i should pursue this further?

maxdp

blades72 wrote: »

anybody think i should pursue this further?

Hi There

Dunstonh knows his stuff and if he thinks you have a good case and advises you to take it to the FOS then that is what I would do.

They will try to fob you off with all kinds of rubbish. Take his advice

dunstonh

Dunstonh knows his stuff and if he thinks you have a good case and advises you to take it to the FOS then that is what I would do.

Actually, the poster on the thread here that is likely to know the most is petermb as he was a compliance officer.

What I don't understand is that as IFA we don't get any time bars on complaints unless the FSA themselves set one.

As the advice involved effectively borrowing money to pay a single premium insurance policy that could have been paid monthly, the complaint could really fall partly under mortgage regulation and partly general insurance regulation.

I would still refer the case to the FOS and highlight two points:
1) the single premium PPI could have been done monthly
2) the single premium was added to the mortgage creating an additioanl debt that will take the whole term of the mortgage to repay and not just the first 5 years premium.

What do you think peter?

stereo_mike

dunstonh wrote: »

Actually, the poster on the thread here that is likely to know the most is petermb as he was a compliance officer.

What I don't understand is that as IFA we don't get any time bars on complaints unless the FSA themselves set one.

As the advice involved effectively borrowing money to pay a single premium insurance policy that could have been paid monthly, the complaint could really fall partly under mortgage regulation and partly general insurance regulation.

I would still refer the case to the FOS and highlight two points:
1) the single premium PPI could have been done monthly
2) the single premium was added to the mortgage creating an additioanl debt that will take the whole term of the mortgage to repay and not just the first 5 years premium.

What do you think peter?

Blades72, have you actually checked to see if the company you are complaining about was GISC regulated when you purchased the policy?? If they weren't you will not be able to complain to the FOS regarding the sale of the PPI policy. You stated previously that the company has said the complaint does not full under the jurisdiction of the FOS, I would therefore assume that the company was not GISC regulated.

The company has also made reference to your complaint being initially statue barred, they are therefore applying the limitaction act for tort to your case, which has a 6 year limit, as I assume they are stating you were aware of the PPI policy at the time of the sale or point of inception??

blades72

I see now refernce to GISC regulation on the correspondence from when we took out the policy, we was aware of the policy as we had it put on the mortgage but was not shown any other alternatives ie monthly payment

stereo_mike

blades72 wrote: »

I see now refernce to GISC regulation on the correspondence from when we took out the policy, we was aware of the policy as we had it put on the mortgage but was not shown any other alternatives ie monthly payment

Is that correspondence from Carrington Carr or from the Insurer??

As you were aware that the policy was added to the mortgage, I very much doubt that you will be able to pursue point 2 that dustonh has stated.

blades72

Thats from carrington carr