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Loosing the will to live with this claim

Can anyone give any advice here. I took out a loan 10 years ago and paid £8,000 in PPI which there is no doubt about me being miss sold. I have all the paperwork.The company I took the loan out with no longer trades but was taken over by another bank. I have been told I cannot reclaim the PPI. I went to the ombudsman and they couldn't help and referred me to the financial services compensation scheme. No joy there either. Does anyone know if there is anything else i can do.
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Comments

  • J_i_m
    J_i_m Posts: 1,342 Forumite
    You could take it to court.. but if you lost it'd be very costly. Probably best to accept defeat.
    :www: Progress Report :www:
    Offer accepted: £107'000
    Deposit: £23'000
    Mortgage approved for: £84'000
    Exchanged: 2/3/16
    :T ... complete on 9/3/16 ... :T
  • lamarsi
    lamarsi Posts: 805 Forumite
    Part of the Furniture Combo Breaker Mortgage-free Glee!
    what the reasons you were rejected?
    get rid of all the pounds by summer !!
    weight loss 3/42 lb
    Debt from 1st March:
    Was -£8900 NOW-£5000 PAID- £3900
    Get rid of the weight, pay the debt, then get myself a campavan! :T
  • amersall
    amersall Posts: 17,037 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Can anyone give any advice here. I took out a loan 10 years ago and paid £8,000 in PPI which there is no doubt about me being miss sold. I have all the paperwork.The company I took the loan out with no longer trades but was taken over by another bank. I have been told I cannot reclaim the PPI. I went to the ombudsman and they couldn't help and referred me to the financial services compensation scheme. No joy there either. Does anyone know if there is anything else i can do.

    You need to find out who the Insurer was, make the claim to them, they could say no, but you never know, if they do reject then you can ring the FOS and see if you can take this further with the Insurer.
  • Thanks for this amersall. I will try it. I really don't think they should get away with it.
  • GE money refused because they didn't sell the loan, Compass finance did sell it to us but they no longer trade. the ombudsman upheld this and referred to Financial Services compensation Scheme who refused because they can only consider claims if advice was given after 2005. We took out the loan in July 2004.
  • Got the bit between my teeth though Jim.
  • magpiecottage
    magpiecottage Posts: 9,241 Forumite
    1,000 Posts Combo Breaker
    GE money refused because they didn't sell the loan
    Which is correct.
    Compass finance did sell it to us but they no longer trade. the ombudsman upheld this
    I doubt that the Financial Ombudsman Serrvice would have even considered the complaint. Compass Finance Ltd has, never been directly regulated by the FSA.
    and referred to Financial Services compensation Scheme who refused because they can only consider claims if advice was given after 2005. We took out the loan in July 2004.
    FOS should also have realised that would happen.
    amersall wrote: »
    You need to find out who the Insurer was, make the claim to them, they could say no, but you never know, if they do reject then you can ring the FOS and see if you can take this further with the Insurer.

    The insurer has no liability for a sale made by an independent intermediary. If you go to the insurer they will refer you back to Compass Finance.

    If you then attempt to take the insurer to FOS the insurer will object, FOS will agree and that will be the end. You will simply waste everybody's time and drive up your own stress levels.

    I am afraid the best option is to put it down to experience and let it go.
  • amersall
    amersall Posts: 17,037 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    The insurer has no liability for a sale made by an independent intermediary. If you go to the insurer they will refer you back to Compass Finance.

    If you then attempt to take the insurer to FOS the insurer will object, FOS will agree

    If this is correct ,then why are posters on this site being helped by the FOS as they are chasing the Insurer and FOS are testing the waters with this?, I do not understand why FOS are helping some and not others.
  • magpiecottage
    magpiecottage Posts: 9,241 Forumite
    1,000 Posts Combo Breaker
    edited 14 April 2012 at 9:46PM
    amersall wrote: »
    If this is correct ,then why are posters on this site being helped by the FOS as they are chasing the Insurer and FOS are testing the waters with this?, I do not understand why FOS are helping some and not others.

    Because FOS is incompetent.

    Unlike a financial adviser or a mortgage broker, both of whom need a level 3 qualification (equivalent to A-levels) soon to be raised to level 4 (equivalent to a Higher Certificate/Diploma) for financial advisers, you need no particular qualification at all to work at FOS. Even the Chief Ombudsman has no relevant qualifications.

    If FOS attempts to uphold a complaint against the sale of a policy against a lender when it is clear that it was by an independent firm it is almost certain that the insurer would take the matter to Judicial Review and almost as certain it would win.

    At present FOS has not, to the best of my knowledge, accepted any case against an insurer for investigation and I am afraid that by encouraging the OP to persist you are simply lining her up for further disappointment.
  • amersall
    amersall Posts: 17,037 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    If FOS attempts to uphold a complaint against the sale of a policy against a lender when it is clear that it was by an independent firm it is almost certain that the insurer would take the matter to Judicial Review and almost as certain it would win.

    I did not say that FOS would uphold a claim against the Insurer
    you can ring the FOS and see if you can take this further with the Insurer.
    FOS contact the Insurer after someone has made the claim to the Insurer and they rejected it, If the Insurer still says no, then I know that the FOS cannot do anything.

    I understand what you are saying, as you know more about this than I do I would not contradict anything you may say ( I would not dare!!!).


    This thread is re Cardiff Pinnacle from last year ( that you made a post on) with people who are trying to claim against the Insurer, this thread has new posts and Cardiff Pinnacle seem to be looking at these claims after FOS contacted them.
    https://forums.moneysavingexpert.com/discussion/3272014
    Unlike a financial adviser or a mortgage broker, both of whom need a level 3 qualification (equivalent to A-levels) soon to be raised to level 4 (equivalent to a Higher Certificate/Diploma) for financial advisers, you need no particular qualification at all to work at FOS. Even the Chief Ombudsman has no relevant qualifications.

    I did not know this!, I know about the qualifications for Financial Advisers as my Sister in law was one of these with one of the main Banks, the swatting and exams she had to do were unbelievable, she is now Management but still has to keep on top of what the regulators keep asking Banks for and is still doing exams, I take my hat to anyone who has to keep on top of the rules and regulations in the financial sector.

    I was only letting the op know that the Insurer may be a possible route and not that they would win mis sell this way.
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