We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Reclaiming PPI for Motorbike Purchase - FOS says company not regulated - now what?
DrazekIronwing
Posts: 3 Newbie
Hi all,
I'm a little stuck as to where to go next with my PPI claim.
I've complained to the bank (Black Horse) and I've complained to the company that sold me the bike (Lloyd Cooper Motorcycles).
Black Horse told me as they didn't sell me the finance, they're not liable and I need to talk to Lloyd Cooper Motorcycles.
Lloyd Cooper Motorcycles have told me that they've referred my claim back to Black Horse. - however black horse have not 'recieved' their referral after a month and me checking back/forth between both companies telling lloyd cooper to send it again.
I then contacted the Finance Ombudsman, who has looked at my case and told me that there's nothing that they can do because Lloyd Cooper Motorcycles is not regulated to sell PPI.
so I'm on my own again, where do I go from here?
Thanks.
I'm a little stuck as to where to go next with my PPI claim.
I've complained to the bank (Black Horse) and I've complained to the company that sold me the bike (Lloyd Cooper Motorcycles).
Black Horse told me as they didn't sell me the finance, they're not liable and I need to talk to Lloyd Cooper Motorcycles.
Lloyd Cooper Motorcycles have told me that they've referred my claim back to Black Horse. - however black horse have not 'recieved' their referral after a month and me checking back/forth between both companies telling lloyd cooper to send it again.
I then contacted the Finance Ombudsman, who has looked at my case and told me that there's nothing that they can do because Lloyd Cooper Motorcycles is not regulated to sell PPI.
so I'm on my own again, where do I go from here?
Thanks.
0
Comments
-
If it was pre-2005 sale then the dealership was not regulated so they can dismiss your complaint.
Black Horse are not liable as they didn't sell you anything.
Unfortunately your only other option is to try the underwriters of the policy and see if they will take liability. If not your complaint is at an end.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
0 -
Lloyd Cooper Motorcycles have told me that they've referred my claim back to Black Horse.
They shouldnt be doing that as it is the seller that is liable.I then contacted the Finance Ombudsman, who has looked at my case and told me that there's nothing that they can do because Lloyd Cooper Motorcycles is not regulated to sell PPI.
This would suggest that it was a pre-regulation sale and Lloyd Cooper are not currently regulated. If so, its game over.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 -
Just a few thoughts
Was the PPI paid separate to the loan or was the PPI supplied
by Black Horse?
Was it definitely PPI?
It is not entirely unknown for a lender to add PPI in error when neither the dealer or customer asked for it to be added - what evidence do Black Horse have that the dealer or you asked for PPI.0 -
Just a few thoughts
Was the PPI paid separate to the loan or was the PPI supplied
by Black Horse?
Was it definitely PPI?
It is not entirely unknown for a lender to add PPI in error when neither the dealer or customer asked for it to be added - what evidence do Black Horse have that the dealer or you asked for PPI.
None of that is really relevant as it's a pre-regulation sale so the garage doesn't have to consider the complaint.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
0 -
what evidence do Black Horse have that the dealer or you asked for PPI.
Black Horse dont need any evidence. They didnt sell it. The dealer did.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 -
If Black Horse had included PPI in error the dealer wouldn't have sold it!0
-
Hello all,
Thought i'd update and close this case:
GOOD NEWS! - I contacted the MD of Lloyd Cooper Motorcycles and told him my plight and what I've been through so far.
He told me to send him the paper work directly via email and he would sort it out for me and get my refund.
I did so, and I've just received a letter in the post from Lloyd Cooper, stating that they have investigated my case, gave me some wording on how they always ensure that their customers are explained exactly what they're buying and being sold, yadda yadda, but then saying that as a gesture of good will because they wish to uphold their excellent customer service that they will instruct black horse and their underwriters to give me a full refund of the PPI, and any interest will be refunded by lloyd cooper!
Result!
Very grateful to the MD of Lloyd Cooper Motorcycles, he sorted it all out without any fuss.
Sometimes perseverance pays off
0 -
No doubt nothing to do with the fact that they became reauthorised by the FCA last month!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.8K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards