Fscs

aberdeen1

I have a PPI claim with FSCS re Freedom Finance(CLICK). This is for a loan taken through them with Paragon Finance. My claim is against a mis sold PPI. They receieved the claim on the 17 June and passed it to Deloite in July to assess, Deloite have passed it back to FSCS to work out the no claims element with regard to the cash back element(which apparently would come from paragon).

The loan was taken on the 21 Dec 2005 for 33,000 plus 11,527 for the PPI which lasted only 5 years. The loan is for 10 years, which is due to end on the 21 12 2015.
I have not cancelled the PPI yet as I have not yet been advised to do so by the FSCS.
When I phone FSCS they say that it is being dealt with and could take in total 6 months.
They won't give any indication of where they are at or whether I am due anything back.
Does anyone know how they work these things out, i.e. will I get the money that I have already paid into the PPI? a percentage of the cash back element? and a reduction in the payments.(I pay 500 per month)? I have read somewhere that, if succesful FSCS aim to put you back in a position that you would have been in had you not taken the PPI. Don't understand where that leaves me though.

Any enlightenment would be appreciated. Regards.

di3004

Hi there

Wishing you luck on your case.

The FSCS does state on the website 6 months, even though it can still be dealt with before that.

With mine with it being a settled loan, when i had a case being dealt with by the FSCS, I received the refund back to me, not sure if this differs if the account is still active.

Also check on the thread below for more details.

https://forums.moneysavingexpert.com/discussion/1897143

aberdeen1

Thanks Di, has anyone got any other information re FSCS and the above.
Regards

di3004

I made a success claim through the FSCS, they normally pass your case on to a business called Deloittes who do the main of the work of the claims, once completed its returned back to the FSCS to arrange payment.

FSCS website.
http://www.fscs.org.uk/
http://www.fscs.org.uk/contact-us/

I also started a thread sometime ago of companies in default and being dealt with by the FSCs, its a long thread, but may be usefulf or you, good luck.

https://forums.moneysavingexpert.com/discussion/1897143