Capital One PPI - no refund?

farcove54

monstermuncher wrote: »

I'd be interested to see the number of complaints, both that get to the fos and that they uphold.

It could be a number of things, such as upholding genuine complaints quicker so they're not being referred to the fos, or being particularly sneaky in their way of selling so that in can't be proved. I was reading about someone who had proof that they ticked 'no' on the application form, but Capital One were saying they'd taken it out on the phone but didn't have the call recorded, they really had to fight.

Maybe they throw more money at defending than the other banks? It might cost them more now, but would no doubt save them in the long term.

A percentage tells you very little.

Hope its okay to repeat what I posted on another thread , I apologise for doing so !
That sounds like my experience, I did not tick the form for PPI (Cap One sent me a copy ) and they said I agreed to PPI 2 years later when activating a replacement card. They could not provide any transcripts so I went to the FOS . I have had to prove I was unemployed when the card was activated so there is no way PPI would have been appropriate. The FOS upheld my case last week and now I'm waiting for Cap One's response. It has taken since last May but I am glad I stuck with it.
Kay

dunstonh

That must be a horrible situation to be in.

It is. However, I have been lucky. I know some that havent. A young mortgage adviser I know who hasnt been going long and isnt earning much got a complaint via a claims company telling him he has mis-sold PPI. He hadnt. Indeed, he had done no insurance at all for this person. He answered as such and rejected the complaint. The claims company still took it to the FOS and the adviser suffered the £500 FOS charge even though he did nothing wrong. When he was telling me about it, he was almost in tears. It will shook him hard and hit his confidence and he feared for his livlihood and house. Self employed advisers are personally liable and he was scared he was going to get claims companies generating false complaints at such a rate that it would bankrupt him.

Another adviser had a complaint generated by the claims company that was full of fake reasons. He decided to contact the client directly and the client didnt realise that the complaint was against him. He had been told the complaint was against the insurer and they would pay out. Not the adviser. he withdrew the complaint thankfully but he was talked into this pot of money he could get.

The banks are faceless and did wrong and its easy to complain about them but it is dragging in self employed and local small businesses who have not done wrong and are having to pay money for no good reason.

I do think you get a bad name because of the confusion of what a financial advisor is. We once saw a supposed 'financial advisor' who had been recommended to us. He was a salesman tied to a specific company, tried the hard sell and bothered us for quite a while afterwards. The person who recommended him to us didn't know the difference between an independent financial advisor and a salesman, so I guess that's an assumption you'll always be fighting against

I am not going to claim perfection as no profession is perfect and there is some historical baggage. Tied FAs cause the majority of advice complaints. IFAs account for under 1.5% of complaints at the FOS despite dominating distribution in some areas (over three quarters of pension transactions are done via an IFA). Too often people dont know the difference and put us all in the same pot. One of the consumer bodies did some research a couple of years back and found over half of people seeing a tied sales rep thought they were actually seeing an IFA.

One big difference is that a tied sales rep/FA has their employer paying for their mistakes. They have no personal financial responsibility. A self employed/partner IFA is financially liable for the advice they give until the day they die. That focuses the mind. Perhaps if they made others financially responsible then they wouldnt mis-sell.

Smint1

Sounds like I may end up in a similar position with Cap1, still waiting to hear from them. While buyer remorse or misbuying are not grounds for complaint I would argue that Cap1 coercing would be - however no doubt they will no longer have the telephone logs and I certainly don't have any.

I do fall into the timeline where Cap1 was fined by FSA over PPI for having inadequate sales scripts & not sending out a policy document. While I can remember the phone call & do believe the sales script was just to get me to sign up without any real information I can't prove it. I honestly don't know if I did or did not receive a policy document.

Shall need to wait and see, I'm not skilled enough in finance matters to make any clear & solid arguments either way.

purplephoenix85

I didn't receive any policy documents, nor have "buyers remorse" as I thought it was something that was mandatory on the account as I was basically told that as I was employed and paying NICs, then I would be charged 79p per £100 of my balance. Now I've actually learned what it was all about, they're refusing to budge. I'm going to take it up with the Ombudsman, as I've not been advised any other way

giddyup

Hi

I have had a small FINAL offer from Capital one for the PPI + associated interest however the letter states no statutory interest - the account is no longer with them now but being paid off to outside collection agency
Am I entitled to the statutory interest at all ? If so should i put this through to the FSA and claim back and also something for my lost time in having to raise it with FSA?

Any advice greatly received