CPP - Compensation pre 2004 Rejected!

oscart

Hi, I need some advice regarding claiming for mis-sold cpp prior to 2005. I took out CPP with Cardguard in 1995 and renewed it annually. I thought I had taken it out with Midland Bank, but HSBC say it was purchased directly from CPP. I therefore registered a complaint with them and have today received a letter from them stating that they have investigated my complaint and that compensation is due, but only for the period between 7.1.04 and 13.1.05. (ie. £40.43) They say that I am not due compensation for premiums before 7.1.04 because CPP was not subject to agreed industry standards prior to that date. Is there any point taking this to the Financial Ombudsman Service?

magpiecottage

It seems bizarre that they would accept liability at all if it was bought directly from CPP. For the amount involved, I would be tempted to go to FOS. You might lose your £40.43 but you might also get a lot more back.

Bitsyvm

Hi,

I just received a similar letter - they said that post 2005 is being dealt with by the redress scheme, but pre 2005 - they are only offering a settlement of 2004 to 2005.
"You are not due compensation in respect of premiums you paid before 7th January 2004 because CPP was not subject to agreed industry standards prior to that date".
I have had the policy since 1997 with Natwest.

It it worth going to the Ombudsman - which they say could potentially take 6 months? Will the FOS even take up this claim, if it is not under industry standards?
I guess if everyone affected complains to the FOS then they will have to address it?
Also they said they will send the cheque in separate letter, if I cash this cheque, am I accepting this as final settlement of pre 2005?

Any advice please?

oscart

magpiecottage wrote: »

It seems bizarre that they would accept liability at all if it was bought directly from CPP. For the amount involved, I would be tempted to go to FOS. You might lose your £40.43 but you might also get a lot more back.

Thanks for advice - is going through FOS an easy process? Have never done it before. Also when/if my cheque arrives is it best not to cash it?

[Deleted User]

oscart wrote: »

when/if my cheque arrives is it best not to cash it?

If you cash the cheque you are accepting the redress as full and final settlement. If you refer your complaint to FOS, no cheque will be sent and you'll wait around eighteen months for their adjudication.

Graham.cat

I'm pusuing a claim on behalf of an elderly friend, and have met with the same response as the OP on this thread, which is similar to the thread "CPP Pre 2005 - Is It Worth It?".

The circumstances are almost identical too. The policy started in 1992, and we have submitted claims for post-2005 and pre-2005.

CPP have now allowed the post-2005 part, but pre-2005 have allowed only premiums 7th Jan 2004 to 13th Jan 2005, with a return of £32. They say "You are not due compensation in respect of premiums you paid before 7th January 2004 because CPP was not subject to agreed industry standards before that date."

Well, I understand that the focus of the compensation / redress scheme was the post-2005 part, but previously imagined that there was some point in proceeding with a claim for 1992-2004, probably through the FOS, as per the guidance in the main MSE article on CPP claims.

The answers on these threads leave me with mixed feelings, so I was wondering whether in the intervening period since the previous posts, anyone has any recent experience of claiming pre-2004.

Any advice welcome and greatly appreciated.

Clarityeconomic

Like other bloggers, I have accepted compensation going back to 2004. I asked the FOS to look at the period for 1986 when I had the same contract in force but they say they have no powers to act for the period when CPP was not regulated.

It seems bizarre that a policy that CPP said was mis-sold in its original letter should not qualify for qualification. This seems to be legal nit-picking.

Am I right that my ption is to use the small claims court process. Has anyone tried that ... or tried writing to CPP and appealing to their sense of morality? :rotfl:

-taff

It's exactly the same as the cut off point for non regulated PPI claims.
If you didn't want the cover, you still bought it for over 25 years without questioning it once?