Help please with first plus PPI reclaim

Suzyhall9024

Nice attitude folks thanks you have been so helpful see ya

Suzyhall9024

and Taff I have found cases of people who have won on here and sent them messages asking for advice but some of these people havent posted for a long time, presumably since they won their own case so I so far havent heard back from them, was really hoping so get some good support on here very disappointed

dunstonh

Suzyhall9024 wrote: »

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 !!

The problem is that the PPI issue is largely an FSA one. Not a legal one. If they have broken retail laws then you can take them to court (where they still exist). However, it is unusual to find many that have actually broken laws. The FSA introduced regulation in January 2005. For firms that were a member of an earlier body then they have continuous regulation going back prior to that. However, for firms that were not regulated prior to that, then the FSA has no remit over earlier sales (which means no FOS accessibility or FSCS access if the firm ceases to exist).

You may very well have been mis-sold (probably were even) if you use 2013 regulations to measure the sale but it doesnt mean you were mis-sold in 200x or whatever using the regulations and laws in place at the point of sale.

The product itself is not actually the issue in most complaints. The way it is was sold was and whether it broke FSA rules. A company not regulated by the FSA or an earlier body cant break FSA rules as they are not regulated by them

For a pre-2005 case to be successful, you either need the firm that sold it to be a member of an earlier body (most brokers were not) or the seller to be an agent or representative of the insurer or lender. That doesnt happen often but does happen at times. This is why the FOS tell you to try the insurer just in case. Statistically the odds are against success but if the insurer says it is not liable then that usually means game over.

was really hoping so get some good support on here very disappointed

There is no point or benefit giving you false hope. Better to know the issues and understand them.