Urgent Help please freedom finance ppi

Sparkycat

Hello, could someone please advise me. I have been trying to reclaim ppi of £3500 from Freedom Finance now known as Wilmslow finance, this is in conjunction with a First Plus loan taken out Nov 2007. Received a final response this morning offering a goodwill gesture of £400, they state in the letter that the advisor said ' it is entirely my choice' I cannot ever remember this being the case as I always refuse ppi and have never ever taken out because i know it is a waste of money, we were desperate for the loan at the time and i took it out, she also told me at teh time that i coudl get our money back after 5 years, but fail to tell you that you have about a 24hr window in which to claim it when it is exactly 5 years to the day i took it out. Just wondered if anyone has experience of this company and is it a tactic they employ to state in the letter that it was told to me that it 'is entirely my choice' putting me off pursuing my claim or do you think i should just settle for the £400, any advice offered woudl be greatly appreciated and many thanks. Alison

di3004

Hi there

If you have paid more than they are offering, maybe write back and ask them to reconsider.

Have you also explained what you have on your post above to them?

These single costly policies are frowned upon and they now stopped selling them alongside with the loan.

Personally, depending on how much you would be losing here, if a big difference - I would be asking for the full amount and interest, inform them the FOS would uphold this complaint in your favour if you complained to them.
Tell them they failed to discuss the fully details of the policy to you, and its costed you more than its worth.

Keep at them until you receive a final decision, if by then they don't do this in your favour, complain to the financial ombudsman service (FOS).

Its up to you of course, or please wait for others opinions on this first, good luck.;)

beth58_2

I'd push on with the complaint, why have they offered you £400 if they have a solid case, there would be no need for goodwill gestures.

di3004

totally agreed Beth.:T;)

sparkycat1_2

Thanks both for your replies, the letter they sent this morning is quite detailed, they had the correct information regarding our two life insurance policies and also that our work pays out full sick pay at their discretion, I am just confused in that they said that they told me at the point of sale that taking out the ppi was told to us as being 'entirely our choice' I NEVER take out PPI as i know it is very hard to claim it and i cannot believe that i was given the choice, i woudl never have willingly added 3500 to our loan if it was voluntary, i just thought we had to get it to get the loan, tried to contact them this mornign to see what evidence they have that this was indeed the case, but no answer. will have to try again on Monday. And as Beth said below why woudl they offer us £400 if they thought we didn't have a leg to stand on? Is this the way welcome operates, hoping that I will accept £400 and bringing an end to it?? Thanks for all your advice, I really appreciate it, as I have no experience of ppi reclaiming. x

amersall

sparkycat1 wrote: »

Thanks both for your replies, the letter they sent this morning is quite detailed, they had the correct information regarding our two life insurance policies and also that our work pays out full sick pay at their discretion, I am just confused in that they said that they told me at the point of sale that taking out the ppi was told to us as being 'entirely our choice' I NEVER take out PPI as i know it is very hard to claim it and i cannot believe that i was given the choice, i woudl never have willingly added 3500 to our loan if it was voluntary, i just thought we had to get it to get the loan, tried to contact them this mornign to see what evidence they have that this was indeed the case, but no answer. will have to try again on Monday. And as Beth said below why woudl they offer us £400 if they thought we didn't have a leg to stand on? Is this the way welcome operates, hoping that I will accept £400 and bringing an end to it?? Thanks for all your advice, I really appreciate it, as I have no experience of ppi reclaiming. x

Hi there, write back and tell them that you were not told this ppi was front loaded, and that you were not told that this would be payable over the term with interest, you refuse to take the refund offered and request that the total ppi amount is taken off your loan and the loan reset and that all ppi monthly payments made to date are returned to you with interest. Take this to fos if you get a reply that does not do what you want them to do.To calculate just the ppi monthly payments from start date to present day will, i know be more than £400. The loan as been running for 3 years? that £400 they offer you is
£11.11p for each month you paid to date. They are hoping you will accept this, well dont.

woodymeg

Please please carry on for more, I had an offer from them for £1000.00 and eventually after abit of persuading they gave me £5000.00. Yes their letters were very intense and detailed but they cant get away from the fact it was a front loaded premium. So stick to your guns with this one and good luck.;)