PPI - First National House Finance Ltd

Zobo13

I applied for a loan via telephone & subsequently rec'd a credit agreement via post which i duly signed and returned to First National. I did not recall any conversation regarding PPI or anyone contacting me to take me through the T & C's of such insurance policy. First National did not ask if i had any pre-exsiting medical conditions, did not make me aware of any exclusions and clauses on the policy, did not ask me if i had any income protection. Most importantly i was not asked about my Employers Sickness Benefits which having worked for a bank within the motor trade, i am entitled to 2 years fully pay from my company if i am unable to work due to an accident or sickness. I completed a consumer questionnaire and sent to First National House Finance Ltd & Pinnacle Insurance. Had no letter back from First National but Pinnacle Insurance advised me they could not help and told me to contact Greenhill Finance. A copy of the questionnaire was sent and i have now rec'd a letter saying my complaint has been rejected due to the following:

You applied for and subsequently entered into a credit agreement regulated by the Consumer Credit Act and a payment protection policy 0n 03/03/04.

This loan falls within a non regulated environment which means the concept of an advised sale did not exist. The product was offered and subsequently sold on an information only basis, that is you were offered the product and made your own decision wether to take it or not.

The financial ombudsman service are only able to consider complaints about sales of payments protection insurance before 14th Jan 05. if the seller was covered by one of their predecessor schemes at the relevant time. We did not subscribe to the General Insurance Standards Code.

This business was a member of the Mortgage Code Compliance Board at the point of sale, which means that complaints could be considered by one of their predecessor schemes, the MCAS. However, under the Transitional Order which gave them power to consider such complaints, they can only do so to the extent that MCAS could have done.

For the purpose of the code a mortgage is defined as: 'a loan secured on the home which you, as a personal customer, own and occupy, unless the loan is governed by the CCA 1974.

The loan is governed by the CCA 1974 and so MCAS would have have been able to consider your complaint. This means the Financial Ombudsman service has no remit to accept or adjudicate on the complaint.

Therefore we are rejecting your complaint and this is the final response.

Sorry for the long thread but not really sure what this means and whether the information GreenHill Finance has given the right information.

Any comments would be grateful

-taff

Your complaint is over. They have rejected because they are saying they weren't regulated then.

Zobo13

Oh....my finance was with first national house finance and not Greenhill Finance, not sure if they are the same company?

The financial ombudsman service are only able to consider complaints about sales of payments protection insurance before 14th Jan 05. if the seller was covered by one of their predecessor schemes at the relevant time. We did not subscribe to the General Insurance Standards Code

Does that mean that have never subscribed??? As my payment protection was before 2005?

[Deleted User]

Zobo13 wrote: »

Does that mean that have never subscribed??? As my payment protection was before 2005?

It means that prior to all sellers of insurance being regulated in January 2005, this firm weren't regulated and so don't have to even consider your complaint.
They will be regulated now, but only for sales post January 2005.

The important thing to understand is that your complaint has failed and you have no recourse to the Ombudsman.

-taff

Actually, have a read through this and see if any of it is helpful
https://forums.moneysavingexpert.com/discussion/4036171

boylesarah

Hi, I would reccommend you contact Cardif Pinnacle as they are/were the underwriters of insurance for First National. We had a First National loan and got our PPI refunded from Cardif Pinnacle as were outside the regulation period. Welcome should be able to tell you who the underwriters were, how much you paid and your insurance account number. I would say your PPI was front loaded like ours - this will get you a refund! All you need to do is complete an FOS form and send it to Cardif. They paid out to me within 5 weeks of putting in the initial claim.

hope this helps.

Ps. i don't want to sound harsh but sometimes when some people say your claim is over with a rejection letter because you are outside the regulation period - there are other ways!

[Deleted User]

Zobo13 wrote: »

I completed a consumer questionnaire and sent to First National House Finance Ltd & Pinnacle Insurance. Pinnacle Insurance advised me they could not help and told me to contact Greenhill Finance.

boylesarah wrote: »

Hi, I would reccommend you contact Cardif Pinnacle as they are/were the underwriters of insurance for First National.

I think the OP has already done exactly as you say.

boylesarah wrote: »

i don't want to sound harsh but sometimes when some people say your claim is over with a rejection letter because you are outside the regulation period - there are other ways!

See above.

-taff

If you read the first post, they have already tried Pinnacle and been rejected.

gettinglifeback

Hi folks

just joined the site as I need help with a ppi misselling against cardif pinnicle.

I took out a loan secured on property in 2003, First National were the lenders , this was sought by a broker (Central Market Limited- who are now bust and have been for a number of years) Cardif are the underwriters of the ppi policy, which was front loaded onto the credit agreement over £2000- I had a few problems regarding repayments which were not addressed due to been self employed at the time, the policy ended in 2008 (5 years ) in 2010 I contacted pinnicle as were experiencing further problems in the hope of getting the cover to pay towards the monthly repayments, after contact received a letter and claims form from cardif although they were aware the policy had ended, it stated the following

Please find enclosed a self employed/unemployment claim form as requested. To assist in the administration of your claim, please ensure that a copy of your credit agreement is attached and that all sections of the claim form are completed. In order for the assessment of your claim not to be delayed.

I now know this is very mis-leading , 1) the policy ended in 2008 2) they refer to self employed when obviously self employed are not covered under such policies.

I am hoping to reclaim the full cost of policy as a missold sale, any help will be greatly appreciated, thanks

-taff

They probably did cover the self employed but you would have had to sign on unemployed to receive the benefit, which applies to people who are not self-employed.

Your post doesn't make sense, it says you knew the policy ended in 2008 but you stil approached thm in 2010 to ask to claim on the policy.

You'll be lucky to succeed with your complaint because the firm that sold it to you have gone bust and this was pre-regulation so you have no access to the FSCS or the FOS.

If you contact the FOS they will tell you to complain to the underwriters of the policy, but again, success is not guaranteed because they didn't sell it to you.

dunstonh

just joined the site as I need help with a ppi misselling against cardif pinnicle.

Why against pinnacle?

I took out a loan secured on property in 2003, First National were the lenders , this was sought by a broker (Central Market Limited- who are now bust and have been for a number of years) Cardif are the underwriters of the ppi policy, which was front loaded onto the credit agreement over £2000-

So, your complaint is not against pinnacle but against Central Market. However, as they are bust and you bought pre-regulation, your complaint is effectively over.

I now know this is very mis-leading , 1) the policy ended in 2008 2) they refer to self employed when obviously self employed are not covered under such policies.

What makes you think self employed is not cover? Most PPI does cover self employed. A significant minority does not. Pinnacle plans do tend to cover self employed.

I am hoping to reclaim the full cost of policy as a missold sale, any help will be greatly appreciated, thanks

I'm afraid that is unlikely as your complaint as against the broker. The broker no longer exists. You dont have access to the FSCS as its pre January 2005.