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PPI Reclaiming Discussion Part 5
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Hi all, Happy to say I have received a letter from Lloyds saying that my complaint of mis-sold PPI was upheld in relation to my credit card.
I complained because no one asked me how many hours I worked and this affected my entitlement to benefits, didn't remember any questions I admitted.
I rang Lloyds to ask when the policy commenced as I hadn't any record of this (though had statements back to 2012) and wanted to fill in their questionnaire as accurately as possible. Spent some hours looking into payslips and work contracts to make sure I got my evidence right.
Had an offer of just over £1000 and cannot work out how this was calculated. Didn't see anything about premiums plus 8%, but I'm not sure that's the calculation in my case. So rang again, Lloyds said they would send a letter with detailed explanation. Feel I've been listened to considering I should have looked into this ages ago. Will see what the calculation looks like
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Is it a goodwill payment, I wonder? That won't include interest..Had an offer of just over £1000 and cannot work out how this was calculated. Didn't see anything about premiums plus 8%, but I'm not sure that's the calculation in my case. So rang again, Lloyds said they would send a letter with detailed explanation.0 -
Hi all, Happy to say I have received a letter from Lloyds saying that my complaint of mis-sold PPI was upheld in relation to my credit card.
I complained because no one asked me how many hours I worked and this affected my entitlement to benefits, didn't remember any questions I admitted.
I rang Lloyds to ask when the policy commenced as I hadn't any record of this (though had statements back to 2012) and wanted to fill in their questionnaire as accurately as possible. Spent some hours looking into payslips and work contracts to make sure I got my evidence right.
Had an offer of just over £1000 and cannot work out how this was calculated. Didn't see anything about premiums plus 8%, but I'm not sure that's the calculation in my case. So rang again, Lloyds said they would send a letter with detailed explanation. Feel I've been listened to considering I should have looked into this ages ago. Will see what the calculation looks like
If it mentions "unfair relationship", it's a Plevin refund (your complaint was rejected)
If it is a refund of your PPI, it's done based on the standard refund process of premiums plus 8% simple (or an estimate)
As moneyineptitude says above, if it was a goodwill gesture based on their estimates it won't be given much on topSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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My wife and I obtained our first mortgage via an advisor that worked for our estate agent. We were advised by Andrews Financial Services Limited. IBRC number 5014008 FSA number 1538383. That access to the Halifax mortgage required to purchase our first house was solely conditional upon us taking out life assurance with a supplier of their approval at a cost of £16.29 per month for the life of the mortgage
We have since identified that this requirement for life assurance was inaccurate because the loan was for just 80% of the value and Halifax's T&Cs did not require additional security at this level. The T&Cs said ..."The Society requires additional security. i.e. over and above the collateral provided by the property, when the loan is in excess of the Society's normal lending limits (usually 75% - 80% of the purchase price or valuation whichever is the lower)".
Andrews Financial Services Limited ignored all our mis-selling correspondence.
In 2016 - pre-Plevin & Doran - the Financial Ombudsman said that the mortgage advisor / estate agent were the sellers of the Mortgage Guarantee Scheme, but were not regulated by the FCA and not within their jurisdiction.
I then went to the Financial Services Compensation Scheme and they said that the misselling was in 2002, which predates their jurisdiction which only applies after 14 January 2005, and they are powerless to intervene.
Is there anything we can do to progress this mis-selling reclaim, or reactivate it before the impending deadline?0 -
stuckagain wrote: »My wife and I obtained our first mortgage via an advisor that worked for our estate agent. We were advised by Andrews Financial Services Limited. IBRC number 5014008 FSA number 1538383. That access to the Halifax mortgage required to purchase our first house was solely conditional upon us taking out life assurance with a supplier of their approval at a cost of £16.29 per month for the life of the mortgage
We have since identified that this requirement for life assurance was inaccurate because the loan was for just 80% of the value and Halifax's T&Cs did not require additional security at this level. The T&Cs said ...
It might have been conditional to buy insurance via the agent for free mortgage advice, that model is perfectly common and legalstuckagain wrote: »Andrews Financial Services Limited ignored all our mis-selling correspondence.
Fairly poor behaviourstuckagain wrote: »In 2016 - pre-Plevin & Doran - the Financial Ombudsman said that the mortgage advisor / estate agent were the sellers of the Mortgage Guarantee Scheme, but were not regulated by the FCA and not within their jurisdiction.
I then went to the Financial Services Compensation Scheme and they said that the misselling was in 2002, which predates their jurisdiction which only applies after 14 January 2005, and they are powerless to intervene.
Is there anything we can do to progress this mis-selling reclaim, or reactivate it before the impending deadline?
This is your problem, regulation of sellers like this agent started in 2005, your sale was in 2002 so pre-regulation therefore they were not regulated and so can ignore your complaint and the FSCS are correct, pre-2005 they do not have to look at it. Incidentally the deadline is irrelevant as that's the date to start your complaint, as yours was logged before the deadline if it was valid it wouldn't matter. As it is, the dates mean your complaint is over.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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. We were specifically told it was to insure the mortgage payments. There was no connection to the advice that we were given.It might have been conditional to buy insurance via the agent for free mortgage advice, that model is perfectly common and legal.
Thank you for your advice. It is frustrating to me that a similar decption to PPI is not payable. C'est la vie.0 -
Life assurance is not PPI.stuckagain wrote: »My wife and I obtained our first mortgage via an advisor that worked for our estate agent. We were advised by Andrews Financial Services Limited. IBRC number 5014008 FSA number 1538383. That access to the Halifax mortgage required to purchase our first house was solely conditional upon us taking out life assurance with a supplier of their approval at a cost of £16.29 per month for the life of the mortgage
It is a very common model for estate agent brokers to require the purchase of insurance to allow them to give free mortgage advice. It is a cross subsidy model that is allowed as long as the insurance is suitable. And as most people need life assurance with a mortgage, it is a pretty easy justification.
It has nothing to do with the Halifax though.We have since identified that this requirement for life assurance was inaccurate because the loan was for just 80% of the value and Halifax's T&Cs did not require additional security at this level. The T&Cs said ...In 2016 - pre-Plevin & Doran - the Financial Ombudsman said that the mortgage advisor / estate agent were the sellers of the Mortgage Guarantee Scheme, but were not regulated by the FCA and not within their jurisdiction.
This suggests the sale was made prior to Jan 2005.I then went to the Financial Services Compensation Scheme and they said that the misselling was in 2002, which predates their jurisdiction which only applies after 14 January 2005, and they are powerless to intervene.
That explains it then.Is there anything we can do to progress this mis-selling reclaim, or reactivate it before the impending deadline?
There is no deadline in respect of life assurance. Just PPI. You dont have PPI.
However, you have no-one to complain to and its pre-regulation. Game over.Fairly poor behaviour
No its not. I suspect the poster has made a mistake and sent it to the wrong company.
The FCA number doesn't exist on the register.
The firm name has no matches on the register. It looks like they never became regulated.
ANDREWS FINANCIAL SERVICES LIMITED has the matching companies house number but was dissolved in 2015. It doesnt exist any more.
And companies house shows ANDREWS FINANCIAL SERVICES LTD only incorporated in 2017 and is dormant and a different companies house number. A totally different company.
I suspect the complaint went to the wrong company.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
No its not. I suspect the poster has made a mistake and sent it to the wrong company.
The FCA number doesn't exist on the register.
The firm name has no matches on the register. It looks like they never became regulated.
ANDREWS FINANCIAL SERVICES LIMITED has the matching companies house number but was dissolved in 2015. It doesnt exist any more.
And companies house shows ANDREWS FINANCIAL SERVICES LTD only incorporated in 2017 and is dormant and a different companies house number. A totally different company.
I suspect the complaint went to the wrong company.
Not even responding just to say "sorry this isn't anything to do with us" is fairly poor, even just to acknowledge the letter.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Hi all, not sure how to ask questions on here! I have put in a PPI claim letter from MSE template to UKAR on 12th March 2019 tracked it with post office and it was delivered on 14th March 2019.
I have still not received and reply or even acknowledgment of my letter since.
Any ideas on where I go from here?
Thank you
Netty0 -
netty_s/land wrote: »Hi all, not sure how to ask questions on here! I have put in a PPI claim letter from MSE template to UKAR on 12th March 2019 tracked it with post office and it was delivered on 14th March 2019.
I have still not received and reply or even acknowledgment of my letter since.
Any ideas on where I go from here?
Thank you
Netty
Ring and ask them, the firm only has 8 weeks to respond before you can go to the FOS so seems odd that they didn't even acknowledge it.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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