PPI FAQs discussion thread

bbqlw08

The Funding Corporation (ACF Car Finance) has been in contact about mis-selling of PPI and said that I would have an answer of the outcome within 8 weeks, this time has now passed by 5 days. What is my next course of redress go straight to the Ombudsman or contact the company again stating about their failure to respond within the8 week time limit?

dunstonh

bbqlw08 wrote: »

The Funding Corporation (ACF Car Finance) has been in contact about mis-selling of PPI and said that I would have an answer of the outcome within 8 weeks, this time has now passed by 5 days. What is my next course of redress go straight to the Ombudsman or contact the company again stating about their failure to respond within the8 week time limit?

The 8 week guideline is not a mandatory to comply with it. It is an objective timescale. After 8 weeks, you are free to refer your complaint to the FOS. However, you cannot complain again about them not meeting 8 weeks.

Your choice is now to give them a bit longer or join the FOS queue which could be another 18 months.

Mamon_2

When I took out my mortgage I was told that that banks house and contents insurance was compulsory for that mortgage. It was very expensive and I would not have used that product otherwise. I have been told since that they were not allowed to make insurances compulsory. I assume I have therefore been missold, but can I reclaim as it was not Payment insurance but another compulsory insurance product.

[Deleted User]

Mamon wrote: »

When I took out my mortgage I was told that that banks house and contents insurance was compulsory for that mortgage.

This was correct. You have no complaint.

Nasqueron

Mamon wrote: »

When I took out my mortgage I was told that that banks house and contents insurance was compulsory for that mortgage. It was very expensive and I would not have used that product otherwise. I have been told since that they were not allowed to make insurances compulsory. I assume I have therefore been missold, but can I reclaim as it was not Payment insurance but another compulsory insurance product.

It is a requirement, even today, to have buildings insurance when getting a mortgage - if there was a fire say and the house burned down, how would you pay off the mortgage + rebuild the house? You would not ever get a mortgage without that.

There was no requirement back then to tell you that insurance was cheaper elsewhere.

dunstonh

When I took out my mortgage I was told that that banks house and contents insurance was compulsory for that mortgage.

It used to be until the late 90s. It is still mandatory to have buildings insurance but the bank cannot enforce its product any more. However, they used to be able to.

. I have been told since that they were not allowed to make insurances compulsory.

Rules change but what matters is the rules that were in place at the time. Not now.

I assume I have therefore been missold, but can I reclaim as it was not Payment insurance but another compulsory insurance product.

Nothing you have said indicates mis-sale unless you purchased relatively recently. Home insurance is mandatory, so a complaint on that basis is not going to work. you would have to show the bank forced theirs in an era when they were not allowed to do that.

ForumLindi

I took out a loan (through LoanLine) with First National Bank plc in 2001 which also had PPI premium paid in full at the time of the loan. I had to accept this, although I didn't need it, to get the loan. I have written to the address on the 2001 correspondence but have not heard back from First National Bank plc. The loan was paid off some years ago, but I want to try and reclaim the PPI premium. Can someone advise me please what I should do next. Thank you.

roonaldo

ForumLindi wrote: »

I took out a loan (through LoanLine) with First National Bank plc in 2001 which also had PPI premium paid in full at the time of the loan. I had to accept this, although I didn't need it, to get the loan. I have written to the address on the 2001 correspondence but have not heard back from First National Bank plc. The loan was paid off some years ago, but I want to try and reclaim the PPI premium. Can someone advise me please what I should do next. Thank you.

Loan Line sold you the PPI so you need to contact them. First National (now GE Money) are the lender.

novice2dis

i claimed ppi with a third party and they said they cannot reclaim on the same account as before, barclays paid the money and now they want a Percentage back?

dunstonh

novice2dis wrote: »

i claimed ppi with a third party and they said they cannot reclaim on the same account as before, barclays paid the money and now they want a Percentage back?

Claims companies do not get the money. You get the redress payment and need to pay the claims company their bill.