PPI - First National House Finance Ltd

JK28

Hi I'm new to this forum but have been reading about Cardif pinnacle for weeks. Not sure whether this was the right place to post but after reading about the problems with Cardif Pinnacle, I thought was as good a place any to start.
I took out a GE Money loan in Nov 2004 for £40,000 and they loaded £6000 PPI on top without asking, with no paperwork to back it up, nothing, we were told it was part and parcel of the loan and we had no choice.
started claim in Oct 2012 to Ge, quickly denied any responsibility, said Cardif Pinnacle were the underwriters and responsible, had never heard of them before that point.
wrote to Pinnacle with templates from here, received letter asking to give them the 8 weeks. rang them within the 8 weeks and they said as our loan was taken out pre 2005 then if they find we were missold then they would be the ones to pay out, so far so good. after 8 weeks had another letter asking for more time. we were in a bad way financially so conacted the FO to help. we got fast tracked through the FO who said Pinnacle were arguing the FO's involvement?? In june the FO came back to us saying as Karacus were the broker and are based in Gibraltar its out of there jurisdiction and we'd have to contact the FO there. so we tought well heard bad stories about Karacus, lets give up.
Then in July we though, no, why should we we know we were missold, that is our money. so conacted pinnacle again (who incidently we'd not heard back from) they said our policy was sold outside the UK. we said how? was all done over the phone. then the lady at pinnacle said oh hold on we have confirmation here from ge that it was not sold outside the uk. she asked to ring me back, which she did and said our claim was with manager working out figures!!! well imagine our excitement!! 4 days passed then got a letter saying sorry as the policy was sold by Karacus who are outside the UK we cannot accept responsibilty blah blah blah.
Now our argument is how can they change there minds like this??? and does anyone please please help me in what to do, if anything??

dunstonh

wrote to Pinnacle with templates from here, received letter asking to give them the 8 weeks. rang them within the 8 weeks and they said as our loan was taken out pre 2005 then if they find we were missold then they would be the ones to pay out, so far so good. after 8 weeks had another letter asking for more time. we were in a bad way financially so conacted the FO to help. we got fast tracked through the FO who said Pinnacle were arguing the FO's involvement?? In june the FO came back to us saying as Karacus were the broker and are based in Gibraltar its out of there jurisdiction and we'd have to contact the FO there. so we tought well heard bad stories about Karacus, lets give up.

Just to give you some information on why.....

FSA regulation of insurance stated January 2005. So, anything sold prior to that is pre-regulation. Some firms had an earlier body and regulation for them is classed as continuous (e.g. the banks). This gives the FOS the ability to review pre-regulation cases. However, a number of firms, especially car dealers, brokers, mortgage advisers etc, had no earlier body. So, they only became regulated in January 2005 and they dont have to consider pre regulation complaints and the FOS has no ability to review those either unless the firm voluntarily allows the FOS to do so (rare).

FSA regulation only applies to UK based firms. There is some level of protection for cross border transactions but PPI is an FSA issue. Not an issue recognised in other countries.

Then in July we though, no, why should we we know we were missold, that is our money. so conacted pinnacle again (who incidently we'd not heard back from) they said our policy was sold outside the UK. we said how? was all done over the phone.

it is not uncommon for unregulated companies to use overseas of offshore territories as a way to avoid regulation and costs.

Now our argument is how can they change there minds like this?

They havent changed their minds. The person on the phone was thinking out loud and ideally should not have said what they did. It looks like they made a mistake as GE didnt sell the policy but the person thought GE did (based on what you have said). So, the fact GE said it didnt sell from outside the UK is true. However, GE didnt sell the insurance. So, what they did doesnt matter. It is what the firm that sold it did that matters.

and does anyone please please help me in what to do, if anything??

You are back to square one. You have a pre-regulation sale from a broker that was not regulated by the FSA at the time. Typically that means game over if the insurer is not accepting any liability.

JK28

thats what I feared, thanks for your quick response