PPI Reclaiming - Fuzzgun Vs M&S Money

fuzzgun19

Thought I'd create my own 'log' of what happens with trying to claim PPI back from a completed M&S money loan.

I took out a Marks & Spencer personal loan in 2000, and was working at the time.
I have the original 'Loan schedule', and it states an insurance amount of £12.43 per month (total £596.64 inc insurance premium tax).

I am thinking if I have a claim, I would go down the route of " [FONT=arial,helvetica,sans-serif]Were you told insurance was compulsory[/FONT]", even though I can not remember if I was told [FONT=arial,helvetica,sans-serif]that I must buy a policy from the same provider as the loan or credit card to be accepted for the product...(will this matter that I can't remember?)

I sent the 1st letter on 15th August, and have received the following letter


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fuzzgun19

Well, I have just received the following letter.

Does this mean I cannot claim?

Is there anything else I can do to change their minds?

fuzzgun19

I sent them the second letter asking them to reconsider (and pay me!)

and have received another fob off letter.

I am now going to make a complaint to the financial ombudsman service, and keep you posted as to what happens.

petermb_2

Who underwrites M&S ppi cover?
If you look on the terms and conditions of the cover it will tell you.
If it is anyone other than M&S themselves you will potentially have a claim for redress against them.

fuzzgun19

petermb wrote: »

Who underwrites M&S ppi cover?
If you look on the terms and conditions of the cover it will tell you.
If it is anyone other than M&S themselves you will potentially have a claim for redress against them.

Cant see anything about who underwrites it, but theres a bit that states -
"We shall send the insurance amount detailed in section 4 of the personal loan schedule to the relevant insurance company on your behalf"

I may be wrong, but does this mean that the insurance is not actually provided by M&S?

fuzzgun19

Ok, this is the latest response I have received.

petermb_2

Yes that is exactly what I thought. M&S are acting as an introducer to a third party insurance company. That sheds a totally different light on the subject. You will now have a valid legal claim against them rather than just a mis-selling complaint. By setting up the insurance they are likely to have broken the law of the land and you will be entitled to redress.

fuzzgun19

Sorry Peter, but could you expliain exactly what you mean by 'entitled to redress'?

My knowledge of legal matters is next to nothing.

Do you mean I could claim against them for a different matter?, and if so, could other people do so too if they had the same insurance?

petermb_2

fundementally, lenders who provide single premium protection insurance in their loans invariably break the law when doing so.

If this is the case then anyone with ppi single premium will potentially be able to claim redress from the lender under such circumstances.

In other words it makes no difference if the policy was mis-sold or not.

fuzzgun19

This is the latest correspondence from FOS.

I have had no word from M&S since their 'fob off' letter.

fuzzgun19

Well... Haven't heard a thing since the above letter in December 07, so I'm not holding my breath for any money.

I wonder if I won't hear any more about my claim, or if the ombudsman is just REALLY busy with complaints.?