PPI Toyota Financial Services

Jay_Tee

I have a fairly complicated PPI claim

In 2007 I bought a new Toyota from a main dealer under a finance agreement, the dealer's financial manager told me to qualify for the low rate APR with Toyota Finance I would have to take out a PPI agreement (cover for death only). As even with the cover this was far cheaper than even a bank loan, I agreed to this.

However looking at the information on the main MSE site there is no such obligation to take out PPI as was stated by the car dealer's representative.

I accordingly wrote to Toyota Finance at the address on the policy document (noting that they are FSA regulated) I had a reply from TWG Services Limited (who seem to act as the underwriter of these policies) saying that as they as insurer were not party to the sale of the product the complaint should be directed at the selling firm - Toyota Financial Services.

Anyway, I have received a letter this morning from Toyota Financial Services, basically saying that my allegations primarily referred to specific conversations at point of sale which they cannot comment on as they were not present, and that the main dealer I had dealt with had ceased trading.

The letter suggests that my next steps should be to approach a consumer group such as CAB, or alternatively the Financial Services Compensation Scheme may be able to help.

I wonder if anyone could comment or offer advice please?

di3004

Jay_Tee wrote: »

I have a fairly complicated PPI claim

In 2007 I bought a new Toyota from a main dealer under a finance agreement, the dealer's financial manager told me to qualify for the low rate APR with Toyota Finance I would have to take out a PPI agreement (cover for death only). As even with the cover this was far cheaper than even a bank loan, I agreed to this.

However looking at the information on the main MSE site there is no such obligation to take out PPI as was stated by the car dealer's representative.

I accordingly wrote to Toyota Finance at the address on the policy document (noting that they are FSA regulated) I had a reply from TWG Services Limited (who seem to act as the underwriter of these policies) saying that as they as insurer were not party to the sale of the product the complaint should be directed at the selling firm - Toyota Financial Services.

Anyway, I have received a letter this morning from Toyota Financial Services, basically saying that my allegations primarily referred to specific conversations at point of sale which they cannot comment on as they were not present, and that the main dealer I had dealt with had ceased trading.

The letter suggests that my next steps should be to approach a consumer group such as CAB, or alternatively the Financial Services Compensation Scheme may be able to help.

I wonder if anyone could comment or offer advice please?

Hi there

Is they were regulated at the time you taken out the loan and listed with the Financial compensation scheme (FSCS) you can make a reclaim with them, you ring them and they will arrange to send you a form to complete and you enclose copies of your paperwork, even if its the lenders paperwork.

Many have had to go this direction if the business are no longer active and if listed with the above company, give it a go, good luck.

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

Jay_Tee

di3004 wrote: »

Hi there

Is they were regulated at the time you taken out the loan and listed with the Financial compensation scheme (FSCS) you can make a reclaim with them, you ring them and they will arrange to send you a form to complete and you enclose copies of your paperwork, even if its the lenders paperwork.

Many have had to go this direction if the business are no longer active and if listed with the above company, give it a go, good luck.

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

Thanks for that information they were listed with the FSA at the time so that looks like the best direction to go. :T