PPI Mis-sold, Small claims court if FOS Say No??

Money_Refund

Hi;

I took out a loan with Loans.co.uk as the broker back in 2003. Usual stuff.... pushy sales over the phone, PPI added despite me having reservations about it, and the paperwork arrived next day via special delivery, with the box already ticked, and then sent back and money in account next day. Such an idiot that I was, I didnt even fully realise (or was it explained) that the loan was secured against my property.
In early 2005, they contacted me again and offered me another to clear the first and a better interest rate. They also said that this PPI on this loan would be refunded in 5 years time (I got 10k back in 2010). The selling of the PPI and loan was IDENTICAL to the first.

As I was a total money idiot, and had no idea what I was doing, I took it.

I ended up getting in serious financial difficulties in 2008, and entered a DMP. This is now all cleared off, and I am debt free (apart from this poxy loan which is still fixed against a property I own).

In 2014, I contacted Loans.co.uk to tell them that I thought the PPI was mis-sold on both. They agreed with the second, but strangely not the first. I was awarded 8k for the second, and had already received the 10k in 2010.

When I questioned the reason, I was told that they would not enter into any conversation about it unless directed to by the FOS.

I took my complaint to them, and have just found out that it has not been upheld. They say that this is because they worked to the Mortgage Code until 2005, and this is why the second loan ppi was mis-sold, but the first was not. In short, they could do what they like prior to 2005.

I still protest regardless of the above, that the ppi was mis-sold, and as such, got me almost bankrupt!
Not to be beaten, I had a good look on the web, and read somewhere that someone had found a company which had taken a similar case on a no win no fee basis and won, and also proved that the actual loan had been mis-sold!

However, I cant find this anymore (I'm sure I was not dreaming!).

I wrote a letter to Loans.co.uk telling them that I intended to take them to court, and to review my complaint (This was because they randomly sent me a cheque for £400 as apparently my previous amount was incorrect after a random review).
Not surprisingly, they said 'no', and the decision was still no.

So, I am looking for any guidance on what to do now. I cant run the risk of taking this down the court route and racking up huge costs. But, I also don't want to walk away from this, as it could be a large sum of money!

So, does anyone know of any success down this route, or of any legal firms / solicitors who would take it on in a no win no fee kind of arrangement? Obviously I am now at the point where I don't mind losing some of the amount in fees if required.

(Sorry if this has already been previously discussed elsewhere, but I am new to this, and it is my first post!)

Regards

Tixy

Hi
There is a separate board for issues regarding PPI claims - you might want to repost your query on to that board as the posters there may be better able to answer you. I think the "mortgage code" issue has been discussed on that section before.

Reclaim PPI & Other Insurance

-taff

The only thing you can do is complain to the underwriters, but they are correct, they weren't regulated prior to January 14th 2005, and do not have to look at your complaint.
PPI is a financial issue, not a legal one, if you take them to court, you are are most likely to lose your complaint.
No one on the PPI board will advise you to go to court.

PPI didn't make you almost bankrupt, it's a nominal amount compared to the loan you took out and as you say, you received the lump sum back, just not the interest applied to it.

CRAZY:HORSE_2

What is the success rate with the under writers?