PPI Reclaiming successes and failures

treesinwind

I agree, it is all quite confused. Husaberg, perhaps you could list all the relevant dates? I.e. when was the card last used, when were these large transactions you're talking about?

Debev64

Hello. I've joined this forum so I can tell you this.

I have been attempting to reclaim over £1000 worth of premia paid by my husband for PPI. This was sold to him as part of a rental package by Radio Rentals (now Box Clever). My husband has always been self-employed and he told them he was. They convinced him it was even more important that he had it.

When I found the policy, I started a claim which was refused because they said he could have cancelled the policy at any time (not the point!).

I put in the papers to the Financial Ombudsman service who have replied today that the company was not regulated at the time of selling the policy so they have no power to look at the mis-selling.

I confess it blew my mind! So an unregulated company is allowed to sell (or be the middle man to sell) insurance in the first place, and mis-sell what it pleases? I'm afraid I just don't understand that.

Does anyone have any ideas?:(

[Deleted User]

Debev64 wrote: »

So an unregulated company is allowed to sell (or be the middle man to sell) insurance in the first place, and mis-sell what it pleases? I'm afraid I just don't understand that.

Prior to January 2005, many sellers of insurance products were not regulated. This means that any complaints dating from before this time don't have to be considered.

Post January 2005, all insurance sales have been regulated, precisely to prevent future mis-selling occurrences.

As the Financial Ombudsman Service already explained to you, though, they have no power to adjudicate on any historic sale which wasn't regulated at the time.



Your "complaint" is now at an end I'm afraid.

Debev64

Yes, I see that from the letter. It doesn't address the company's out and out dishonesty in flogging that policy though, regulated or not. The regulation may have failed, but I confess I am tempted to bring a county court action under general misrepresentation principles.

I shall give it some thought.

Thanks for your response.

[Deleted User]

Debev64 wrote: »

The regulation may have failed, but I confess I am tempted to bring a county court action under general misrepresentation principles.

The regulation didn't "fail", it simply wasn't applied at the time you allege you were mis-sold.

Remember that PPI mis-selling is not a legal issue and that people who have taken the court route have not just lost, but been left liable for court costs.

Probably wiser to just move on now...

husaberg

Moneyineptitude wrote: »

So you never checked your credit card statement for ten years? That's 120 statements which you never looked at?


You do realise that you'd only have paid PPI on these amounts if you failed to pay them off at the end of the month.

You'll only receive whatever information the Bank still holds. You say your account was closed in 2009 and Banks typically keep records going back only six years.

Do you ever read any letters from the Bank? Did you not query why you no longer receive statements?

I think, as I've said before, you are fighting an uphill battle with this. Unless you can provide evidence of PPI payments from your own archive you're going to have to accept that the Bank are only going to pay based on the remaining records.

i never saw ppi on my credit card ever and no statements arrived because i transferred the balance in oct 08
i only found out a year ago about the ppi, when i called lloyds tsb and asked them if i'd had ppi they said yes, and i then began trying to get redress,

i can remember purchases of £16,500 one of which was £7,300 alone in september 06 a hot tub
because i have no statements i'm trying to prove i had a balance of around £5k + for a considerable time from sept 06 right through to when i balance transferred to a virgin credit card in oct 08 i've confirmed the transfer was £5k with virgin in oct 08, based on that the ppi for them 2 years alone would be around £1k plus interest.

trying to get a fair redress is difficult for 2 reason one of which is i'm clueless, and 2 really have no records of the statements but they said if i can prove any different they will look at it again

so if i can prove 2 years records of a balance average around £5k perhaps they might look again,i've tried to get my statements for my credit card by going into my branch and umpteen phone calls without any conclusion no one has ever said they have no records only that i have to write to this address

i'm very grateful for any advice, i'd only like back what was taken from me without my knowledge

[Deleted User]

husaberg wrote: »

i never saw ppi on my credit card ever and no statements arrived because i transferred the balance in oct 08

There would have been monthly statements prior to your transfer of the balance.

If the PPI never appeared on individual statements as a separate line then you didn't pay any PPI that month.

husaberg wrote: »

no one has ever said they have no records

You've posted an extract from the Bank's letter which says precisely that!

husaberg wrote: »

they said if i can prove any different they will look at it again

But you won't be able to prove anything by asking the Bank to provide the evidence which they have already said they don't have.


I'll leave you there as I am at a loss to help you further...

husaberg

thanks for your help i'll let you know how i get on

amersall

i balance transferred to a virgin credit card in oct 08 i've confirmed the transfer was £5k with virgin in oct 08, based on that the ppi for them 2 years alone would be around £1k plus interest.

If you paid PPI on the card when it was transferred to Virgin, you need to claim these years from them.

Jase_from_Up_North

18 months plus for my complaint reffered to the ombudsmen nothing but thank you for your patience letters through my door. Good job Ive my investments to fall back on