Car Finance PPI - First response

Cedric_Simple

Hey again all.

Found out i paid just under £1000 in PPI on my car finance. After speaking to the finance company they have asked me to write in and explain why i was missold PPI. I have written the letter and will post tomorrow but i get the feeling they are going to refuse.

Do i then take it to the ombudsman if it is rejected and what are they chances of them agreeing with my claim?

Sorry if this doesn't make a lot of sense as this is all new to me.

amersall

Hi there wait for the response, you go after the ones who gave you the pp, so the dealer could say this, they should send your complaint to this company, if you then get a get lost letter, you can take this to fos, if the company were regulated when you took out the loan,this would be on or after 14th january 2005.

Cedric_Simple

amersall wrote: »

Hi there wait for the response, you go after the ones who gave you the pp, so the dealer could say this, they should send your complaint to this company, if you then get a get lost letter, you can take this to fos, if the company were regulated when you took out the loan,this would be on or after 14th january 2005.

I reckon i have a good case as far as this one goes. The car has been an absolute shed and i was informed that the finance deal was so high on interest as i had poor rating and there was no mention of PPI although i must have signed it but the length of time seeing the car, signing the paperwork and driving home was so quick that i didn't have a clue about any PPI.

Since then the car was nothing but trouble and the dealer went bust.

So if they say no which i'm expecting going off their phone call then i'll be contacting the ombudsman. Are the ombudsman people more likely to favour the consumer or the insurance company?

Thanks

amersall

This all depends if you have a good case or not.
Have you looked here for reasons for mis sell to add to your letter?.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step2

Cedric_Simple

Yes thanks i've put in my reasons which hopefully they will pay me back. I don't think they will but hopefully the ombudsman will sort it?
I read somewhere that 2 out of 3 cases go the consumers way once the ombudsman is on the case.

amersall

Good luck and please keep is posted.

Cedric_Simple

Does it matter that i have signed for the PPI on this car finance deal? Or am i wasting my time?

amersall

It depends what the reasons are for you being mis sold.

Cedric_Simple

Hiya again

Received a letter today. Which is as follows..Is this a usual response? I don't understand the bit where it says about any arrears acrued? I never missed a single payment with them and the finance deal is complete.

Here is the letter.

We acknowldege your complaint received on 24/6 regarding PPI insurance policy purchased in 2009 and are now in the process of investigating this.

Please be aware that should your complaint be upheld, then any refund will be calculated in accordance with Financial Ombudsman Service guidlines on redress.

This would mean that any arrears accrued on your agreement would have to be deducted from the settledment of your claim and can affect any refund payable to you.

We will write to you once again when we have completed our investigation.

Does this sound promising or is it a usual response????

amersall

Cedric_Simple wrote: »

Hiya again

Received a letter today. Which is as follows..Is this a usual response? I don't understand the bit where it says about any arrears acrued? I never missed a single payment with them and the finance deal is complete.

Here is the letter.

We acknowldege your complaint received on 24/6 regarding PPI insurance policy purchased in 2009 and are now in the process of investigating this.

Please be aware that should your complaint be upheld, then any refund will be calculated in accordance with Financial Ombudsman Service guidlines on redress.

This would mean that any arrears accrued on your agreement would have to be deducted from the settledment of your claim and can affect any refund payable to you.

We will write to you once again when we have completed our investigation.

Does this sound promising or is it a usual response????

This means if you "win" if you owe them any money they can take it off the loan.
The FOS redress is ppi payments made with interest and 8%.

Cedric_Simple

OK i don't owe them any money anyways.

When you say PPI payments made with interest and 8% what exactly do you mean? Sorry for sounding thick.

The actual PPI i had was....

£662.79
36 months
£990.72 repayable
APR 32%

Exactly how much would i get back?

Thanks for your wonderful help.