PPI ins FOS complaint upheld but confused

hughmungus_3

I had a secured loan taken out in 2007 with a PPI policy. In 2008 I made a claim but found the policy was faulty as the loan company failed to notify me as to who the Ins company was (they actually lied) and it took the company 7 months to pay out a claim.

I complained to the FOS in 2009 about this issue after requesting and being refused a refund of the PPI payments.

This week I received a letter from the loan companies solicitors stating that as the complaint was upheld and I had been awarded £200 compensation they now intended going for possesion of my house as there had been missed payments (4 in total which I accept) whilst the complaint had been ongoing. I have recieved no such notification from the FOS as yet.

My questions are, should the FOS have not informed me first so I could contact the loan company and discuss the situation, as I believe the amount of the PPI owed would cover the arrears.

As the complaint as been upheld can I not go for the full amount owed which is a great deal more than £200. And if so whats the best way.

Help please.

amersall

hughmungus wrote: »

I had a secured loan taken out in 2007 with a PPI policy. In 2008 I made a claim but found the policy was faulty as the loan company failed to notify me as to who the Ins company was (they actually lied) and it took the company 7 months to pay out a claim.

I complained to the FOS in 2009 about this issue after requesting and being refused a refund of the PPI payments.

This week I received a letter from the loan companies solicitors stating that as the complaint was upheld and I had been awarded £200 compensation they now intended going for possesion of my house as there had been missed payments (4 in total which I accept) whilst the complaint had been ongoing. I have recieved no such notification from the FOS as yet.

My questions are, should the FOS have not informed me first so I could contact the loan company and discuss the situation, as I believe the amount of the PPI owed would cover the arrears.

As the complaint as been upheld can I not go for the full amount owed which is a great deal more than £200. And if so whats the best way.

Help please.

Hi there, who is this loan with, and what amount has actually been upheld by fos, why did you not go mis sell the whole amount in the beginning?, if they have upheld £200 then that is all you will get i am afraid, you will have to put a new claim in for the whole of the ppi as a mis sell. I have no doubt that the ppi was mis sold as the loan is secured then maybe put this ppi on at the beginning of the loan and you will pay this back with interest. Give fos a ring and see how you stand with this, as if you need to put a new claim in for mis sell of the whole ppi, then without haveing that upheld the company will still try and get the money in arrears that you owe them. Have you received any communication from the company about reposession before now, and are you making token payments?. Sorry for all the questions, but without all this info you will not get the proper advice that you need.

robbedofmymoney

have you had an offer of a refund yet, you have had your complaint upheld, and the £200 compensation would probably be for being messed around and awarded by the FOS,

on top of this you should get back the ppi you have paid, with interest, (or have i totally miss-read the post)

either way, please speak with the FOS to clarify the situation.

if you have a letter saying that because you have won your case they are going to take legal action this will not be looked upon in a good light by the FSA and FOS,

amersall

Hi robbedof, as i read it, especially the last paragraph, it seems that the ppi is still in place and not been won, the fos upheld the claim for the company not giving the correct insurer details to the op and they had to wait for 7 months then the insurance paid out.That is what the £200 is for and that is why the company are after the house, as if op had won the full mis sell, then they would not be getting letters from the loan co for missed payments as i think the ppi win would clear these arrears. If i were the op, i would put a complaint in for mis sell and see if the fos can help with this as op tried to get a refund on this policy and the company said no. (as i read it). Wonder if the fos may guide op on this? as i am sure if op put a claim in for mis sell on this ppi then the company would have to wait to commence any legal proceedings while this was ongoing, as they state above , now the claim has been upheld they will now commence repo. Would really like to help the op with this one, they must be worried sick with this threat hanging over them and so near to xmas.

hughmungus_3

Thanks to you both for response, I have emailed FOS for clarification as mentioned previously I am yet to get it officially.

Just to be clear, my complaint was about misselling based on the not fit for purpose argument in that they had not considered previous history and the fact the loan doc and PPI where on the same form.
To back this up I quoted that they had failed to be hobest with who the insurers where as all docs claimed to be Norwich Union when in fact the policy was with London & Edinburgh and that it had taken 7 months to pay out for a couple of moths on the sick.
Nemo had previously offerd me £200 as a goodwill gesture for the delay so I wonder if this is where they get the figure from ?.

All sound a bit iffy to me tbh.

The letter I recieved stated that I had 15 days to repay the arrears or they would be taking it further. How do I delay this - if at all ?.

amersall

hughmungus wrote: »

Thanks to you both for response, I have emailed FOS for clarification as mentioned previously I am yet to get it officially.

Just to be clear, my complaint was about misselling based on the not fit for purpose argument in that they had not considered previous history and the fact the loan doc and PPI where on the same form.
To back this up I quoted that they had failed to be hobest with who the insurers where as all docs claimed to be Norwich Union when in fact the policy was with London & Edinburgh and that it had taken 7 months to pay out for a couple of moths on the sick.
Nemo had previously offerd me £200 as a goodwill gesture for the delay so I wonder if this is where they get the figure from ?.

All sound a bit iffy to me tbh.

The letter I recieved stated that I had 15 days to repay the arrears or they would be taking it further. How do I delay this - if at all ?.

Hi there, when you get the reply from fos, let me know what it says. Have you been paying anything to nemo for this loan and the arrears?,ring them and ask them for time to repay this. Look here for reasons for mis sell
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#checklist
I would think that you will have been mis sold this ppi and you need to send a letter in for mis sell and let nemo know(or the company who sent you the letter) you have this claim going and offer them some form of payment off the arrears. It is not worth losing your home for the sake of 4 months payments.

roonaldo

hughmungus wrote: »

Just to be clear, my complaint was about misselling based on the not fit for purpose argument in that they had not considered previous history and the fact the loan doc and PPI where on the same form.

The loan dec and PPI being on the same form doesnt necessarily mean it was mis-sold.

dzug1

Difficult to see how PPI that has actually paid out (albeit with a delay, for which compensation has been paid) can have been missold. Or am I missing something?

amersall

dzug1 wrote: »

Difficult to see how PPI that has actually paid out (albeit with a delay, for which compensation has been paid) can have been missold. Or am I missing something?

Because nemo loans are front loaded ppi and you are not told that you will pay this back with interest over the term of the loan, and that a "very nice" commission will have been paid to the people who set the ppi up. Hindsight is a good thing, and as i said to op they should have gone mis sell with this, as these are the most upheld of ppi mis sell. No one realises that this ppi is another loan and over the term, you can pay over 3 times back what the original ppi was. First plus ppi is the same, you are only covered for 5 years but still pay this back over the term with interest for a ppi you no longer have. I claimed on a ppi and i won a mis sell, due to the facts above.The op has this loan secured on his property and is now struggling to pay this , and believe me the ppi monthly amount is high, so without ppi the op may be able to repay the loan and some arrears?.Hope this clears this up for you.