Adjudicator questions

Buns_Mum

Hi

Finally had a call to say we've been allocated to an adjudicator

I was slightly worried though because he asked so many questions! My brain is a bit mushy at the moment (due to have a baby in the next couple of weeks) but I was a bit disturbed when I checked back through my original paperwork on the loan to find that the answers to most of the questions ie. who mortgage was with when loan taken out, why took out loan, how long with employers, any illnesses etc were all there in black and white. Is it usual for an adjudicator to double check these answers or should I be worried about it? I felt like I was sitting an exam!

Thanks.

marshallka

Buns_Mum wrote: »

Hi

Finally had a call to say we've been allocated to an adjudicator

I was slightly worried though because he asked so many questions! My brain is a bit mushy at the moment (due to have a baby in the next couple of weeks) but I was a bit disturbed when I checked back through my original paperwork on the loan to find that the answers to most of the questions ie. who mortgage was with when loan taken out, why took out loan, how long with employers, any illnesses etc were all there in black and white. Is it usual for an adjudicator to double check these answers or should I be worried about it? I felt like I was sitting an exam!

Thanks.

If you have put it in writing what happened and you have signed what happened then surely that should be enough. I have never heard of this before. Maybe the company is stating completely different to what you have said but you should be fine.

Good luck with the baby.

Buns_Mum

Many thanks.

It did seem like quite a grilling and after I got off the phone I was a bit surprised to find pretty much everything I'd been asked was on the original application form, which the adjudicator had a copy of. Don't know if I did myself any favours or not by trying to answer the questions and then sounding so vague. Only good things I was able to press home was that everything was done over the phone and that the salesperson had made the PPI sound like a savings plan plus the application form appearing to contradict the 'demands & needs' statement we'd been sent. Be interesting to see what the lovely Freedom Finance come back with. They did initially offer £1k straight away after the first letter and then upped it to £4k, still well under half of what was paid to them. I thought the case against them was pretty good so just hope I haven't blown it now....

skv123

I know that adjudicators at the FOS are starting to call every consumer on these to get it all from the horses mouth so to speak.

Sincerely doubt you will have blown your case though. If it should be upheld then it will be. Especially with this talk of a "savings plan" - I assume this was the premium refund after X years? Despite the fact you are no longer covered after X years and continue to pay PPI and interest on it for the full term.

marshallka

skv123 wrote: »

I know that adjudicators at the FOS are starting to call every consumer on these to get it all from the horses mouth so to speak.

Sincerely doubt you will have blown your case though. If it should be upheld then it will be. Especially with this talk of a "savings plan" - I assume this was the premium refund after X years? Despite the fact you are no longer covered after X years and continue to pay PPI and interest on it for the full term.

I think you are right there. WHo in their right mind (IF they knew all the ins and outs) would actually willingly agree to signing for something that only covers your loan for 5 years on a most probably 10 15 or even 20 year loan and also to paying interest on that premium for all that time. Even when they say you get it back you only actually get back the "premium" that you loaned the money to pay for in the beginning and not all the interest that is being charged on this loan. Answer - NO-ONE..... unless they have money to burn that is. (and if they did they would not be going to some sub prime lenders in the first place!!).

Buns_Mum

A savings plan was exactly how it was sold. "you get all your money back after 5 years" is what we were told; not strictly true though once you factor in all the interest etc. Had no idea was only covered for the first 5 years only on a 20 year loan etc and hopefully those points have come across in the letters we've sent. I did at least have the sense to stress to the adjudicator about paying interest etc on the whole amount and that they added insurance premium tax of 5% to the £7,500 ppi and then charged you interest on the tax! That can't be right.

Don't really want this to drag on any longer than necessary with appeals etc and it would be lovely to see that back of the whole sorry episode. Surely any company that offers you £1k 'goodwill' right from the off and after just one letter has got to know they're on sticky ground. Still doesn't stop them dragging their heels and fighting though..... :mad: