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Long time ago....
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When did you take this loan out?Non me fac calcitrare tuum culi0
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Ok fair enough, single premium ppi is bad and there are rebate issues. The only thing is Loans.co.uk are owned by Bank of America/MBNA in Chester not GE Money, if loans.co.uk sold the loan and PPI the complaint needs to be against them them not GE Money. You may want to resolve this now as you dont want to be waiting for months and FOS just kick back the complaint for this reason.
Most PPI does cover self-employed, its just more difficult to claim unemployment on some policies. So have you checked this?
I believe MBNA did have some interest in the old loans.co, but all my dealings now have been with GE Money, I have letters sent to them and received back.
Your point regarding self employment status, and as I was at the time, and the wife was part time PAYE is relevant and to be honest I feel less confident that my complaint will be upheld.
I was in a financial corner at the time and I regret this loan, it was a terrible bit of business, resulting in having to sell our home, but apart from anything else the penalty for early settlement was also crippling, almost £4,000. In fact it was such a stigma for me it's only after 8/9 years could I bring myself to look at the mess.
We are in a better financial position now, but what crippled us at the time was trying to balance the books with me being 'laid off' setting up a new business,high interest rates on the mortgage, young(ish) kids, credit cards out of control etc, but don't get me wrong all money went on essentials never any luxuries :A
Never had a CCJ and always managed to deal with the sharks that were circling for the kill!!
It's only money after all.:cool:0 -
Moneyineptitude wrote: »There was no "charge" on the loan, the extra amount was the cost of the PPI.
Much the same.
If the Bank have rejected this reason, then are you absolutely certain your circumstances precluded you from claiming? Many PPI policies DID cover the self-employed, for example. Before referring this to FOS I'd have checked the policy's terms.
It's been with FOS almost 2 years, but not confident my complaint will be upheld
Unfortunately, even if this is "truth", you can't prove this allegation and this weakens your complaint.
Considering that this was the real money spinner for the lenders I don't believe anyone is naive enough to think otherwise.
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Moneyineptitude wrote: »As I said, it's one of the weaker complaints because you can provide no proof that you were told that no loan would be granted unless you took PPI.
Well I don't suppose any lender would actually put it in writing, but it was communicated as such on the 'phone Your Honour;)0 -
Well I don't suppose any lender would actually put it in writing, but it was communicated as such on the 'phone Your Honour;)
What evidence do you have to support your allegation?
Most complaints fail on weak complaint reasons like that (although some will succeed on other reasons. Some of which may not have even been mentioned by the complainant)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 -
It's taking so long with the FOS because they're hoping to find someone who will take repsonsibility for the sale.
loans.co.uk weren't regulated at this time.
As I said GE Money are the company that the FOS will be dealing with. and I have communicated with them, in fact they held all the paperwork regarding the loan. I retrieved it from them!!
However I have been told by FOS that they had to assemble more Ombudsman to deal with these sort of cases that were not mainstream lenders. But the £500 charge the FOS impose on lenders for miss selling there is no real shortage of likely Ombudsman recruits.
As far as regulation in 2003 there was regulation with the Consumer Credit Act at least. loans .co uk were acting as brokers, MBNA were the company that were regulated, now GE Money.0 -
What evidence do you have to support your allegation?
Most complaints fail on weak complaint reasons like that (although some will succeed on other reasons. Some of which may not have even been mentioned by the complainant)
Most complaints are upheld, and as far as allegations, I am not making allegations, just saying how it is in the world of commissions, or rather how it really was back then.
It was the driving force that got these deals done, that's why we are here talking about such cases.
Unless of course you have a different slant on things.0
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