Help please with first plus PPI reclaim

Suzyhall9024

have an ongoing ppi mis sale claim which is being looked at by the FOS, there is alot of confusion over who is responsible for it and I could do with your help.
We took out the loan in dec 2003 (PPI was cashback after 5 years etc which we didnt get) , we thought we took it out with FP direct but they are claiming it was taken via a broker Central Trust /CT Capital Plc, I tried reclaiming it from them in 2007 and got a final response from them saying they were not regulated at time etc, anyway I havent given up as it is alot of money and we are not coping with the loan repayments. So the FOS have now had the claim since 2011 and have emailed me today saying that there is till confusion over who sold it, they are now stating a broker called Independent Finance Company sold it to us who I have never heard of and I have no communication with there details on, all the info I received after SAR request was from central trust which included a note pad of the phone calls etc so can I assume Independent trading are part of Central Trust (they are no longer trading as far as we can tell) , so who is responsible and if central trust were not regulated does that mean I havent a leg to stand on???? I am so upset as when I spoke to FP recently about another matter they told me they are paying back PPI as they admit it was mis sold and it looks like we will miss out and be stuck with it for another 18 years !! Any help very gratefully received. thanks

Suzyhall9024

Furthermore to this after checking through all the SAR request info I received from central trust it has dawned on me what has happened and Im fuming !!
We took out an original loan with first plus in aug 2003 via loans.co.uk for £20,000 they added PPI to that amount (since reclaimed successfully although not much as only had loan for few months) we couldnt work out why we would have phoned yet another broker when we had been dealing with loans.co.uk if we wanted to borrow more money I then recalled that i didnt infact call anyone it was them who called me and I didnt know it was a broker because they claimed to be first plus offering me a further advance as a valued customer etc and that is why we had no recollection of any broker or any paperwork from any one other than first plus, all the paperwork came direct from FP so it wasnt until we tried to make a PPI claim in 2007 did we even realise we had dealt with central trust at all ( I can only assume that this independent finance company are a broker of central capital as I know nothing about them at all) . So first plus had passed our details onto a broker to cold call us and offer us a further loan or how else would they have got our details?? So you can imagine how angry we are not only are we being told by FOS that central trust were not regulated at the time and so they probably cant help us but now we realise that we were conned into thinking we were dealing with FP and would of been able to get the full amount back from them, this cant be right can it that they can walk away scott free ?? The only evidence I have to back up this is a copy of the notepad I got from a SAR request from central trust ( they couldnt provide phone call recordings as these had been corrupted conveniently)
The note pad starts a conversation on the 17/12/03 where it states that please quote for 10K it says nothing about me calling in to them about an hour later it states lovely customers want to go ahead and borrow another 10K all indicating that they have instigated call to me if that makes sense. Is there anything I can do about this and where do I start !! Thanks so much everyone xx

dunstonh

We took out the loan in dec 2003

First thing to note is that is pre-regulation.

we thought we took it out with FP direct but they are claiming it was taken via a broker Central Trust /CT Capital Plc, I tried reclaiming it from them in 2007 and got a final response from them saying they were not regulated at time etc, anyway I havent given up as it is alot of money and we are not coping with the loan repayments.

The seller is responsible. Not the lender. Only if the lender is the seller or the seller is an agent of theirs are they responsible.

So, the fact a broker was used is quite common and probably correct. The broker have accepted they sold it but it is pre-regulation. Therefore they dont have to consider your complaint.

So the FOS have now had the claim since 2011 and have emailed me today saying that there is till confusion over who sold it, they are now stating a broker called Independent Finance Company sold it to us who I have never heard of and I have no communication with there details on, all the info I received after SAR request was from central trust which included a note pad of the phone calls etc so can I assume Independent trading are part of Central Trust (they are no longer trading as far as we can tell) , so who is responsible and if central trust were not regulated does that mean I havent a leg to stand on???

Sounds messy. However, it doesnt change the fact it was pre-regulation. If the firm is no longer trading, the FOS cannot review the complaint and you dont get access to the FSCS.

I suspect in the end, the FOS will tell you to throw the dice for a last time and try the insurer. In some rare cases, the insurer can carry the liability. It works in a tiny minority of cases.

Suzyhall9024

Thanks very much for that, central trust are saying they are the broker and they are still trading nowwhere on any of my paperwork does it mention this independent finance co so I dont know who they are and can only assume they were working on behalf of central trust , I guess its not looking hopeful then but I wont give up until I really have to, I just cant believe companies have been allowed to blatantly lie and get away with it, as if it isnt bad enough they mis sold me PPI in the first place now I have to accept I was lied to and conned into believing I was dealing with first plus who had clearly given this company my information and loan details without my permission and there is nothing I can do about it !!

Suzyhall9024

as suspected unlikely FOS can help as central trust unregulated, so is that it nothing more I can do ??? Just seems to unfair has anyone else please got any suggestions as I am devatsted

dunstonh

Suzyhall9024 wrote: »

as suspected unlikely FOS can help as central trust unregulated, so is that it nothing more I can do ??? Just seems to unfair has anyone else please got any suggestions as I am devatsted

If its pre-regulation then its over.

Whilst you consider it unfair, it is also worth noting that asking a company that was not regulated by the FSA at the time to follow FSA rules that hadnt yet come into play would also be unfair. It would be like prosecuting someone for travelling at 40mph when the limit was reduced to 30mph 4 years later.

Suzyhall9024

I respect your opinion but thats daft, just because they were not regulated doesnt mean they had the right to rip customers off and sell them completely unsuitable, hideously expensive policies that would cost them tens of thousands of pounds and get away with it scot free , especially when they were posing as first plus who I had an existing loan with and pretending to be them offering me a further advance, it wasnt until 4 years later I discovered we even dealt with a broker, and first plus willingly allowed them to do it and passed all our confidential information to them without or permission. Im sorry but I can never accept that that is right whether I can do anything about it or not and Im truly sorry if I seem stroppy but I am very close to losing my home over this and am very angry and frustrated !!

Suzyhall9024

and to add there have been very many posts of this forum and other similiar forums where people have managed to get their PPI back pre regulation, us included we got a refund from loans.co.uk for a loan in 2003 , whilst I appreciate it isnt easy it has been done and I was hoping that someone may be able to share how they have managed it, I really appreciate your honesty and I realise it wont be easy but I am going to give it my best shot and not give up until I really have no other options

-taff

If the sale is pre-regulation, and the company is still going and you've complained and been tuirned down, the only other avenue is to complain to the underwriters.

In a very small minority of cases, the underwriters accept liability for the sale because there's a direct link between the seller and the underwriter, and the underwriters were regulated.

Don't hold out any hope and you won't be disappointed.

sava05

O oh, here we go again.

-taff

sava05 wrote: »

O oh, here we go again.

Well, if you really want to help, why don't you collate the successful complaints that were pre regulation.

The you can do a comparison with the complaints that were pre regulation that weren't successful.

Then you can post your results.


Should keep you busy for a while.