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Ombudsman PPI claim not fairing so well.
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Posts: 33 Forumite
Good evening, I'll try and keep this brief. Basically I've tried reclaiming a ppi policy through the ombudsman. Anyone that has been through this process will know that it goes to an adjudicator before it gets to the ombudsman. The adjudicator wrote a number of reasons why he didn't think the policy was missold.
He was kind enough to send out some of the paper work supplied by the business (but not all). Within the paperwork was the demands and needs questionnaire. On this I have advised that I would receive six months full pay and six months half on each subsequent period of sickness. I have also advised that I had an income protection policy with my mortgage. Now following on from this the advisors reason for recommendation states that "the client has no savings or financial resources that could protect the loan" and sold the loan on this basis.
My argument throughout is that I was told that the policy was compulsory, I had been refused a loan an hour earlier by one business and was referred by the second lender as they dealt with people with adverse credit. There advisor told me that without the insurance I would likely be refused again. As I know now this would have had no bearing on the policy and would not have taken it given my sick pay and income protection.
Enough about that, as that doesn't seem to be going my way my next course of action or plan b is to try and reduce the figured owed. I voluntarily terminated the agreement which states that once £5959.52 is paid then as long as reasonable care of the goods has been taken you will not have to pay any more if the goods are returned. This was for a car which was collected and signed off by the RAC as in mint condition with no defects. I have all the paperwork that relates to a voluntary termination from said company yet they claim I still owe £2400. My credit file shows however that I made 15 payments without fail at £348.24 for 15 months by my reckoning 5223.60. In my eyes that's £735.92 outstanding not 2400 as suggested. The finance was taken out on the 27/09/07. Should I as a matter of urgency file this in court and try to reclaim the PPI and if that fails ask for figure to be reduced, my worry is that it's approaching six years and limitations etc will start to apply.
Please don't think I'm a chancer, I'd have paid the full amount if I thought for a second the figures were right and if I thought the policy was sold fairly.
Kind regards in advance.
He was kind enough to send out some of the paper work supplied by the business (but not all). Within the paperwork was the demands and needs questionnaire. On this I have advised that I would receive six months full pay and six months half on each subsequent period of sickness. I have also advised that I had an income protection policy with my mortgage. Now following on from this the advisors reason for recommendation states that "the client has no savings or financial resources that could protect the loan" and sold the loan on this basis.
My argument throughout is that I was told that the policy was compulsory, I had been refused a loan an hour earlier by one business and was referred by the second lender as they dealt with people with adverse credit. There advisor told me that without the insurance I would likely be refused again. As I know now this would have had no bearing on the policy and would not have taken it given my sick pay and income protection.
Enough about that, as that doesn't seem to be going my way my next course of action or plan b is to try and reduce the figured owed. I voluntarily terminated the agreement which states that once £5959.52 is paid then as long as reasonable care of the goods has been taken you will not have to pay any more if the goods are returned. This was for a car which was collected and signed off by the RAC as in mint condition with no defects. I have all the paperwork that relates to a voluntary termination from said company yet they claim I still owe £2400. My credit file shows however that I made 15 payments without fail at £348.24 for 15 months by my reckoning 5223.60. In my eyes that's £735.92 outstanding not 2400 as suggested. The finance was taken out on the 27/09/07. Should I as a matter of urgency file this in court and try to reclaim the PPI and if that fails ask for figure to be reduced, my worry is that it's approaching six years and limitations etc will start to apply.
Please don't think I'm a chancer, I'd have paid the full amount if I thought for a second the figures were right and if I thought the policy was sold fairly.
Kind regards in advance.
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Comments
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I think you are wasting your time trying to recover any PPI related monies in the manner you describe. PPI mis-selling is not a legal issue and what makes you think that a court would deem your assertion that you were told the insurance was compulsory as a proven just cause for refunding your money? Your complaint is merely "hearsay" for which you can provide no evidence.as that doesn't seem to be going my way my next course of action or plan b is to try and reduce the figured owed.
Time to move on...0 -
I appreciate that, my thinking is that they may not defend it and if worse comes to worse the amount I owe will be reduced as per my comments in paragraph 4 surrounding the voluntary termination?
Thanks for your input0 -
And you never know the ombudsman may overturn the adjudicators descision, I did put in what I thought was a very compelling argument.0
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My argument throughout is that I was told that the policy was compulsory,
What evidence have you provided that shows you were said that?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Do you have views around paragraph 4 in the original post, having the amount I owe reduced with regards the voluntary termination, as pointed out in the first paragraph I have pretty much resigned myself to the fact I'm fighting a loosing battle regards the PPI?
Why wouldn't the ombudsman overturn the descision? I think I read on F.O. website that 1 in 8 case are overturned at this stage which shows some degree of ineptitude by the adjudicators.0 -
Dunstonh, I have no proof that's why I submitted it to the ombudsman and not the courts as the ombudsman supposedly look at what likely occurred.0
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Dunstonh, I have no proof that's why I submitted it to the ombudsman and not the courts as the ombudsman supposedly look at what likely occurred.
And what evidence do you have to suggest that likely occurred?
The FOS is more consumer biased but it has to look at the available evidence and draw opinion from that. Evidence is not always needed where what is available points to it being likely to have occurred but if you have nothing, then its likely to not be upheld on that point.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
You are going to find it difficult to reduce the amount you owed thanks to interest etc.
You didn't pay them the amount necessary to return the vehicle and result in nothing more owed, you paid them less, and returned the vehicle. They've probably added interest to the amount you owed which is why the figure is so high.
There's nothing mroe you can do about the PPI complaint if the FOS have it now.
Now you have to think whether or not they're going to come after you for the money you owe, or whether it will be statute barred in 6 years.Non me fac calcitrare tuum culi0
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