Anyone know any of these...?

bigrednose

Hiya everyone,


I'm in the middle of trying to reclaim my PPI from credit cards and loan companies that I've 'done business with' over the years. I had a loan with a company called Cheval Loans, a mortgage with a company called TMO (might be brokers) and recently found out that part of my car loan included payments to an organisation called Asset Secure that I paid PPI to for three years, (if the paperwork is correct or my interpretation of it).


I believe Cheval Loans and TMO have either changed their names, been taken over or gone out of business. So, does anyone have any knowledge of these companies? Also, do I have to go through a different procedure of complaining if the loan/mortgage was set up through a broker?


All information greatly welcomed.


Thanks

antrobus

bigrednose wrote: »

.... recently found out that part of my car loan included payments to an organisation called Asset Secure that I paid PPI to for three years, (if the paperwork is correct or my interpretation of it)..... .....

Google says that a company called Automotive Marketing Services Ltd have an "unique range of Asset Secure® GAP Insurance products".

bigrednose wrote: »

...I believe Cheval Loans and TMO have either changed their names, been taken over or gone out of business. So, does anyone have any knowledge of these companies? .....

Look on the Financial Services Register - https://www.fsa.gov.uk/register/firmSearchForm.do.

There appear to be a number of companies that once used the the name Cheval. TMO might be The Mortagage Office.

[Deleted User]

If this finance was taken out prior to January 2005, then the OP is likely to be on a hiding to nothing. The date is important because it was when regulation of general insurance sales began.

For the car loan, the OP should complain to the dealer who arranged the finance and sold him the insurance. The car dealer, not "Asset Secure" has liability for any mis-selling.

For the mortgage, the OP should complain to the broker who arranged the finance and sold him the insurance. "TMO" should only be approached if they actually sold the insurance.

bigrednose

Ok many thanks. I do believe that the loan was after 2005 and regarding the car loan it was taken out in 2012. I have 10 months left to pay it off. So, I will contact the dealership who sold me the vehicle and the broker who arranged the mortgage (slightly more difficult to get hold of) but would you recommend complaining via the Financial Ombusdman Sevice?

Thanks for your time and advice. Greatly appreciated.

amersall

Go to the company first, they have 8 weeks to respond and should acknowledge the complaint within 2 weeks.

[Deleted User]

bigrednose wrote: »

regarding the car loan it was taken out in 2012.

That's very recent to have been mis-sold PPI.

bigrednose wrote: »

I paid PPI to for three years, (if the paperwork is correct or my interpretation of it).

Are you certain the policy you've taken out wasn't GAP insurance?
Gap insurance is designed to cover the gap between the amount you paid for your car, and the amount your insurer will pay out based on its current value.
I don't see how you could argue this was mis-sold?

bigrednose wrote: »

would you recommend complaining via the Financial Ombusdman Sevice?

FOS is the arbitrator in disputes, but getting them involved at an early stage will not speed the course of your complaint or improve your chances of success.
You cannot refer a complaint to the Ombudsman until the Financial Institution concerned has had eight weeks to consider your complaint and/or you do not agree with their conclusive "full and final" response.

Here is the procedure;
http://www.financial-ombudsman.org.uk/consumer/complaints.htm

dunstonh

but would you recommend complaining via the Financial Ombusdman Sevice?

You just delay if you do this and the FOS has a poor reputation of relaying complaints back to the firms. (the person on the phone at the FOS scribbles down what they believe your complaint to be - and I mean scribble! - and sends it to the firm. This can lead to incorrect information being passed to the firm. The FOS is designed to be used if you disagree with the outcome of the firm. So, whilst you can use the FOS to initiate your complaint, you are better going to the firm directly first.

the car loan it was taken out in 2012

And it has PPI? That would be unusual for 2012. However, still possible as there is nothing actually wrong with PPI. If was just the sales method. By 2012, that had been cleared up. Could it be a different product, such as GAP?

the broker who arranged the mortgage (slightly more difficult to get hold of)

Most mortgage PPI complaints fail. both at firm and FOS. Brokers account for a much smaller volume of complaints as PPI is not generally seen as an adviser issue. So, you need to be clear on what you think the failings are. Also, unlike banks, mortgage brokers are more likely to be personally responsible for the advice they give. The banks have not punished staff. A mortgage broker will suffer costs, anxiety and stress dealing with your complaint. If you have a valid complaint reason then fine. However, if its an opportunistic try-it-on, then consider the consequences.

bigrednose

Great information and advice.

Re the broker I sense that he "done me up like a kipper!" I was desperate and basically he arranged a loan and mortgage that was in retrospect loaded in his favour in terms of his fee. I am feeling the impact today. So, maybe my trajectory is a tad opportunistic as I feel 'wronged' however I didn't have to accept the product, I could've said no! I need to think about this some more.

Yes, GAP insurance it is having re-read the paperwork. At point of sale this was not mentioned. I had insurance in place already so not sure what that was about. Is it me but when you have rubbish credit it seems as if you get the roughest deal, trying to rebuild your financial integrity becomes or feels like a battlefield.

Thanks again.

[Deleted User]

bigrednose wrote: »

Yes, GAP insurance it is having re-read the paperwork. At point of sale this was not mentioned. I had insurance in place already so not sure what that was about.

If it's on the paperwork which you signed then you'll have a hard time complaining it was mis-sold to you. How could you have had GAP insurance elsewhere?