PPI FAQs discussion thread

Hermit

Visit the 'Sherriffs Office' website for help and assistance with enforcing the Ombudsman's decision. They will advise, and even initiate step through the relevant courts, to recover the amount owed. There is a charge for this service and they have a good success rate with the power to remove goods and assets should they turn up at a premises to recover the debt. BTW, there costs are added to the amount owed and increases with deliberate delays.

Visit the link below for their site:

thesheriffsoffice dot com/individuals

More people should use this service. . .

Hermit

Moneyineptitude wrote: »

On what basis would you complain about this insurance (which is not PPI)?

The fact that your company has been wound up is also fairly problematical.

My complaint will be on the basis that I was told it was needed together with my agreement to act as guarantor should there be a shortfall. I also felt pressured to take it out because my business was new and I had no track record.

Furthermore, why would you say it's not PPI when it was specifically sold as that?

Also, I never stated that the company was wound up. I ceased trading and notified relevant authorities that the company is now dormant until such time as I see fit to commence trading.

dunstonh

My complaint will be on the basis that I was told it was needed together with my agreement to act as guarantor should there be a shortfall. I also felt pressured to take it out because my business was new and I had no track record.

The fact there was a guarantor does create a financial need for the insurance. So, rather than aid you in a complaint, it works against you as it is a valid reason for having it.

The fact your business was new and had no track record also creates a financial need for it. Again, helping the company and not you.

As for pressure, those sorts of complaints are why the cancellation rights period exists. Pressure complaints carry a lot of weight when made in the months after the sale. However, as each year goes by, that credibility is reduced and ultimately lost. You can't prove the pressure and complaints years after dont have any credibility.

If the sale was after Jan 2005, then you can still make a complaint as a company director. They may uphold (as we dont have the benefit of the audit trail to see what was documented). If they do uphold the complaint, they will pay the redress to the company. You can then take a salary/dividends.

Gail-woz-ere

Hello could anyone help/advise me as to wether I should take this to the financial ombudsman or let it go? I used the ppi checker from this site for ACE CARDS but can’t find a link on here where others have tried to get dosh back from this company so i’m not sure if this is known that this company aren’t going to pay out or if my circumstances mean i’m outside the dates.


Below is the final letter I received from them (I have typed it out so please excuse the typos, it took ages!).


Can any of you help please?


The letter:


You may recall from our previous communications that in november 2014 the supreme court ruled in plevin that the failure by the lender to disclose to Mrs Plevin the large commissions payable out of her ppi premium made its relationship with her unfair under s.140 of the consumer credit act 1947.
The above case created uncertainty for firms about how the judgement should be taken in to account in the context of ppi complaints. This has resulted in the financial conduct authority issuing consultation papers within the industry with a proposal to amend its existing complaint handling rules to take the court ruling into consideratin. I’m pleased to confirm that the FCA has now issued a policy statement (final rules) about how firms should handle ppi related complaints, therefore we now issue our findings below.


Your catalogue shopping account with us:
Our records reflect that you opened a catalogue shopping account with us on 29 July 1997. At the time, you aggreed to bound by a credit agreement regulated by the CCA1974. According to our records, I can confirm that ppi was not incorporated in to the credit agreement.


Your insurance policy with us:
You took out an optional insurance policy which provided you with the benefit of merchandise cover, life, disability, hospitalisation and unemployment insurance, to protect your account repayments to us. I can see that the policy was taken out 29 November 2004 and subsequently cancelled on 01 November 2005. Premiums were charged every 28 days when you held an outstanding balance with us, but it was not directly linked to the credit agreement.


The sale of the insurance policy:
The policy was sold prior to 14 January 2005 which hwas the date when general insurance contracts became regulated and had to meet standards set out by the regulator. Prior to this date there was no statutory duty for us to assess your needs and suitability for the policy.


The disclosure of commission:
At the time of sale, there was no statutory obligatin for us to disclose commission to you. Wjhilst the regular impposed minimum standards of conduct on the sale of insurance policies from 14 January 2005.


Summary:
Following publication of the supreme court ruling, together with the FCA’s policy statement, I am unable to uphold this complaint in the absence of a statutory duty or standards of conduct surrounding the sale of an insurance policy at the time we sold it.
In addition, it is with regret, I do need to inform you that this complaint falls outside the complaint handling rules set out by the FCA because the policy was sold prior to 14 January 2005. This means that the Financial Ombudsman Service may not have jurisdiction to consider the merits of this complaint.

[Deleted User]

It's over. .

Gail-woz-ere

ok, thank you for replying. I shall now let it go.