AVCO Trust...a little expert help would be great

tuppie

Hello all, Unsure if I should apply or Can apply under Miss Sold PPI

April 1998 We took a Loan out via Avco Trust Still have all the PPI and Loan paper work.

We were told We HAD to take PPI other wise they would decline the loan.
Husbnad explained dont want or Need it as ARMY and would not get sacked or is Sick Fully paid...

But alas we HAD to take it other wise No Loan.. So we Signed on the dotted line...



anyhow Fastforward Many Years I.E NOW and we were talking about the "bad old Days" I.E Debts and we thought about this Loan with PPI we did not want and wondered if Too Late accept and learn from mistakes or could we Apply for PPI back due to being Miss SOLD?



I dont think the company is now operational but Brought by another company Listed/associated with it..Does this Mean To Late as Original Company gone ??



Any Help or Ideas would be Great ...



Thanks in advance x

susiesweetlips

Hi tuppie,
My understanding of the situation is that you can claim for mis-selling of PPI in an account (whether open or closed) which is over 6years old, providing you have all the paperwork. Companies must keep any paperwork for up to 6 years, after this they may destroy it....so providing you have the paperwork, the age of the loan shouldn't be an issue, providing you claim within a reasonable time from the time you became aware of the mis-selling.
The fact that the original company has been bought over and no longer exists shouldn't bar you from making a claim. You would need to find out which company took it over....and there is some info on this somewhere....but I'm not sure where. I'm sure someone else on the forum will know though.
Good luck with the claim....if you were told the policy was compulsory in order to secure the loan, then it sounds like a clear case of mis-selling to me.

magpiecottage

susiesweetlips wrote: »

My understanding of the situation is that you can claim for mis-selling of PPI in an account (whether open or closed) which is over 6years old, providing you have all the paperwork.

This is true - but you will only be successful if it WAS missold by the firm you complain to.

The fact that the original company has been bought over and no longer exists shouldn't bar you from making a claim. You would need to find out which company took it over....and there is some info on this somewhere....but I'm not sure where. I'm sure someone else on the forum will know though.

That is not necessarily the case. The original firm may simply have sold the loan on but not the liabilities.

There is a further problem in that even if it bought the original firm lock stock and barrel, eligibility to complain to FOS depends on the status of the original firm, NOT the current one.

Generally speaking, finance houses such as AVCO Trust were not members of the Banking Ombudsman scheme and therefore FOS would not have jurisdiction.

tuppie

HELLO just a quick update....

yesterday i received a letter From CITI who brought AVCO and the amount of Money they have awarded us MAKES ME SMILE!!!!!
They confirmed our case and we were Miss Sold!

10-15 days I shall get a 4 figure sum which is going stright towards our House Deposit.xxx

THANK YOU MSE i would never of done this with out your templates and knowledgable People of the forums..

I must note for some reason I kept all my paperwork from 1998 so this HELPED BIG TIME

nuttynat1

Please let me know who you complained to cant get any sense out of Citi

moss_trevor

Please can you let me know who to contact also. We were exactly the same and I finally found all the original papers relating to the loan. They charged us £400 protection on a £1000 loan which was taken over 2 years and my husband had full sick pay for 6 months/and an enhanced redundancy scheme. They told us they wouldn't give him the loan otherwise, oh and did I mention the 48.9% APR?

Your help would be appreciated as I have no other clue who to contact.

tuppie

I called them on 0800 015 6609
I sent My paper work to Citi financial Pobox 49944 London Se5 7YG


Good Luck x

roonaldo

tuppie wrote: »

as ARMY and would not get sacked

sorry being a smart !!!! here. PPI doesnt covered being sacked. Shame we'd all like to swear at the boss and claim on insurance after!

moss_trevor

Thanks Tuppie, I will get that sent off and keep you posted xxx

henrik777

Tuppie, do you know who the insurance company were and/or the underwriters ?

Thanks

CHELRICK

I had a loan with avco and they said we must take ppi has anyone had a pay out from them