Capital One Home Owner Loans ???

Andy<3Beth

Hi, I am currently going through the F.S.O for a claim from Capital One Home Owner Loans. I assumed I would claim to Future Mortgages (the people we borrowed from) they came back and said we would need to speak to Cap1 as they were the "broker" anyhow here we are today 7 weeks into the 8 week response time the FSO advised they had to respond and I recieve a letter (strangely dated 19th November!) to say that Cap1 need to speak to Future Mortgages about it and because they don't have written authority from me they refuse to discuss it with them!!! I'm furious all in all I have been trying to claim this back since February 2011.
Has anyone got any advice for me? I understand the FSO have a major backlog but this to-ing and fro-ing is really annoying the life of me now, I really am starting to wish I'd gone with a claims company.
Rant end :mad:

amersall

You will have to leave this with the FOS now as Cap one will not deal with you.
A claims co would not have got any further than you have, give the FOS chance and do the letter of authority.

Andy<3Beth

Is it worth me ringing FOS to tell them I've rec'd this letter?

amersall

Yes you should, why did you go to FOS initially?.

Andy<3Beth

amersall wrote: »

Yes you should, why did you go to FOS initially?.

I sent the questionnaire to Future Mortgages initially ansd they came back and said I'd have to contact Cap1 I then re-sent to Cap1 and they came back saying they weren't in a position to look at the claim as I had no account number with them and couldn't provide the information they needed so I went to FOS and low and behold they manage to "locate" my details.

Andy<3Beth

Andy<3Beth wrote: »

I sent the questionnaire to Future Mortgages initially ansd they came back and said I'd have to contact Cap1 I then re-sent to Cap1 and they came back saying they weren't in a position to look at the claim as I had no account number with them and couldn't provide the information they needed so I went to FOS and low and behold they manage to "locate" my details.

And I didn't want to pay them the SAR fee either

miduck

On what grounds are you claiming to have been mis sold?

amersall

This is easy, this was Single Premium PPI in effect a loan on a loan that would have been paid back over the term of the original loan with interest, at the point of sale the op would not have been told the full cost of this PPI or the interest to have made an informed decision, otherwise they would not have taken it.

As this was a secured loan, it is likely that the interest rate varied over the term thus costing much more over the long term, in some cases the PPI cover finished before the loan term did but the PPI would still have been on the loan to term end with interest and no cover going forward.

This is the most rip off PPI of all time.

amersall

Andy<3Beth wrote: »

I sent the questionnaire to Future Mortgages initially ansd they came back and said I'd have to contact Cap1 I then re-sent to Cap1 and they came back saying they weren't in a position to look at the claim as I had no account number with them and couldn't provide the information they needed so I went to FOS and low and behold they manage to "locate" my details.

Give FOS call and tell them about the letter, you need to give authority for this to be looked at, hopefully you should get a response one way or the other when FM and Cap one have dealt with this, it should be a uphold and I would be very surprised if it wasn't, let me know what happens.

I know hindsight is a good thing but had you posted on here after FM and Cap one had messed you about in the first place, you could probably have had this sorted by now.

When was this loan taken out? this may be important to your claim.

Andy<3Beth

amersall wrote: »

Give FOS call and tell them about the letter, you need to give authority for this to be looked at, hopefully you should get a response one way or the other when FM and Cap one have dealt with this, it should be a uphold and I would be very surprised if it wasn't, let me know what happens.

I know hindsight is a good thing but had you posted on here after FM and Cap one had messed you about in the first place, you could probably have had this sorted by now.

When was this loan taken out? this may be important to your claim.

The loan was taken in 2003 and the amount of PPI was added seperately for 7,800 the loan was over 8 years, PPI only covered for 5 years and my payment was never reduced to reflect this, so I carried on paying 482 a month until the term end. I was told I had to have the cover to get the rate I was offered originally and did I not take the cover I wouldn't get the loan, I was not given an option and it was never explained to me at all other than the T&C's came after the money was in the bank. What an absolute @sshole I was for accepting in the first place.

amersall

This is why this PPI is a rip off, you may have trouble with this due to the year, it is possible though that FOS will tell you to take this to the insurer.

If I were you I would contact Cap one and see if they can tell you who the insurer was as you will have this ready just in case, it is possible you won't get anywhere with the insurer but you never know, Cap one may even uphold without the need to go the insurer route.
You are not an a hole!, a lot of people were duped with this PI on secured loans, good luck, if you need any more help then just ask.