Financial Ombudsman Service and PPI's

Saski54

Hi All,

I just wanted to post regarding my experience with the Financial Ombudsman's Service and how absolutely awful they have been!

It has taken over 3 years to actually make a decision on a small PPI against The Chelsea Buildings Society (now Yorkshire BS) and it has been rejected.

I had all the relevant information, proof of PPI, bank statements etc. We were sold this PPI with our Mortgage and were told we could not have the mortgage without it, totally immoral and wrong but we had no choice. This was all explained but and there is a BIG BUT the Chelsea and all other BS and Banks do not have to keep their records after 10 years. Therefore they could not find any paperwork and although we had all the evidence it was ruled against us.

I have now complained and tried to Appeal but to no avail and
I cannot complain to anyone about them as there is no one.

Please be very careful before you take this route as it could be
a very costly and time consuming exercise.

I am awaiting a clever reply from them as to how it took them so long, I was passed to at least 8-9 different people and feel
no one actually looked at my case. Also now they have made
the ruling I cannot reclaim the PPI and feel the BS have got
away scot free.

Happy PPIing to you all:rotfl:

Saski54

dunstonh

We were sold this PPI with our Mortgage and were told we could not have the mortgage without it, totally immoral and wrong but we had no choice

How is that immoral and wrong?

If it is a condition of borrowing then it is allowed and is not a mis-sale. If was a lie and was not a condition of borrowing then that is a mis-sale but its nearly impossible to prove.

Therefore they could not find any paperwork and although we had all the evidence it was ruled against us.

The FOS will accept copies of official paperwork you can supply if the lender cannot supply anything.

the ruling I cannot reclaim the PPI and feel the BS have got

Most MPPI complaints are rejected. The mortgage lenders only retailed monthly premium PPI which is how it should be set up. So, before you start, you are going against the odds.

You dont mention what the reason for rejection is by the FOS, so, its hard for anyone to comment on whether they were correct or not. However, just because the complaint does not go in your favour, does not make the FOS awful.

That said, if the complaint was on the basis that you were required to have the insurance with the mortgage, then that is allowed and not a mis-sale reason.

roonaldo

Saski54 wrote: »

Hi All,

I just wanted to post regarding my experience with the Financial Ombudsman's Service and how absolutely awful they have been!

It has taken over 3 years to actually make a decision on a small PPI against The Chelsea Buildings Society (now Yorkshire BS) and it has been rejected.

So there was probably no evidence it was mis-sold.

I had all the relevant information, proof of PPI, bank statements etc.

This just proves you fully knew about the policy.

We were sold this PPI with our Mortgage and were told we could not have the mortgage without it, totally immoral and wrong but we had no choice.

There will be no proof of this, "he said", "she said", where is this documented for FOS to rule in your favour? Also it if were a condition of the mortgage, then its just that and you accepted the mortgage with it as a condition. This isn't mis-selling if its documented.

This was all explained but and there is a BIG BUT the Chelsea and all other BS and Banks do not have to keep their records after 10 years. Therefore they could not find any paperwork and although we had all the evidence it was ruled against us.

You have proof of PPI existed not proof it was mis-sold.

I have now complained and tried to Appeal but to no avail and
I cannot complain to anyone about them as there is no one.

But if there is no proof it was mis-sold, then who is to say it was mis-sold?

Please be very careful before you take this route as it could be
a very costly and time consuming exercise.

But FOS is free to the consumer!

I am awaiting a clever reply from them as to how it took them so long, I was passed to at least 8-9 different people and feel
no one actually looked at my case. Also now they have made
the ruling I cannot reclaim the PPI and feel the BS have got
away scot free.

There is nothing wrong with PPI for your mortgage. It is not illegal to have PPI and its still recommended to take even now. Sorry to pick apart what you have said but its a weak complaint. You haven't displayed why you shouldn't have been sold the policy. Having it isn't a reason in itself.

[Deleted User]

Saski54 wrote: »

Please be very careful before you take this route as it could be
a very costly and time consuming exercise.

Apart from a few stamps and (perhaps) some 'phone calls, what exactly has been so "costly" about using the Financial Ombudsman Service?

The Bank have paid the costs of you referring your complaint to the Ombudsman service. They pay this fee win or lose.

As for FOS not finding in your favour, you don't give nearly enough information about why your complaint was not upheld. I'm certain the FOS adjudicator, however, wrote a long and detailed report of why they decided not to uphold your complaint. I suggest you re-read this.