Cardiff Pinnacle

KIMY

Many thanks, although paperwork from GE Money states joint policy they state that they are set-up as single policies. I have requested a SAR and have not received. I put my first intial complaint into Cardiff Pinnacle on 18th March had usual response they are investigating and a questionnaire, shall l wait to 8 weeks to go to FOS which is 12th May 2010.

marshallka

KIMY wrote: »

Many thanks, although paperwork from GE Money states joint policy they state that they are set-up as single policies. I have requested a SAR and have not received. I put my first intial complaint into Cardiff Pinnacle on 18th March had usual response they are investigating and a questionnaire, shall l wait to 8 weeks to go to FOS which is 12th May 2010.

You would have to wait for Pinnacles final response or until 8 weeks have passed before going to FOS but yes, if they do not uphold the complaint I would ask FOS to help.

KIMY

Many thanks, keep you updated as nightmare.
Also sorry to bother you but this original secured loan with PPI was for over £60,000 and paid up in 19 months after paying over £14k in payments l had to pay £60,986 settlement figure wihich calculates £14,113 interest charged in 19 months is this justified and can l do anything.
Sorry but as you can see everything a nightmare and ripped off from every angle, how stupid where we.

marshallka

KIMY wrote: »

Many thanks, keep you updated as nightmare.
Also sorry to bother you but this original secured loan with PPI was for over £60,000 and paid up in 19 months after paying over £14k in payments l had to pay £60,986 settlement figure wihich calculates £14,113 interest charged in 19 months is this justified and can l do anything.
Sorry but as you can see everything a nightmare and ripped off from every angle, how stupid where we.

Hi Kimy, your would have had the original £60000 loan and then a loan to pay for the PPI in an upfront payment of the £10K odd. This £10K odd would have interest spread over the entire length of the loan also at the rate you were paying on the loan. Although you settled early you would have only most probably have had a small rebate (often you would not realise this as it would be hidden in the settlement figure but you could perhaps request a breakdown of the settlement). This rebate is only on the actual cost of the policy and not the interest on the policy. Also being a loan before 2005 you may have had the use of the rule of 78 used in your settlement which is now thankfully been abolished but this makes the early settlement figures actually more than the current method of charging two months interest. It was actually abolished because it produced a winfall for the lenders and it actually penalises us for paying our loans off early.

KIMY

Many thanks, let you know

marshallka

Hi KIMY, any news from Pinnacle yet?

KIMY

Yes l received out of blue a printed Insurance policy which now states my husbands name, funny that they said he did exist on there system. But this has at foot of paper a date of 2007 and this was cancelled in 2004.
Phoned them been sent from pillar to post and no one take responsability.
After receiving yet another letter stating they are investigating this is now in the hands of the FOS.
I must say l really dont know how a company like them can get away with this. Certainly learned hard way at a very high cost.

Bob_II

Hi KIMY,
It's been I while (to say the least) so I was just wondering how your complaint with the FOS turned out?
I'm in a similar situation and haven't heard anything for a while so was curious how you got on?