PPI with Pinnacle 2004

Jewels32

I am new here so please be patient. I am trying to reclaim PPI, I wrongly thought it would be fairly simple as it was for a car loan with Welcome finance in July 2004. I have received a final response letter from Welcome stating that the PPI was sold by a broker, Pinnacle, who have now ceased trading. I was not aware of this at the time we took out the loan, and have signed nothing stating that the loan was by Pinnacle. I have phoned the financial ombudsman, they cannot help due to Pinnacle no longer trading, I then phoned, as advised, the fscs, they say because it was took out in 2004 they cannot help either. I am confused by the fact that I thought I had the loan with welcome finance, and had signed nothing and been told nothing about Pinnacle,only to now discover this with the paperwork sent with the final response. Do I have any grounds to go back to Welcome finance?

antrobus

Jewels32 wrote: »

I am new here so please be patient. I am trying to reclaim PPI, I wrongly thought it would be fairly simple as it was for a car loan with Welcome finance in July 2004. I have received a final response letter from Welcome stating that the PPI was sold by a broker, Pinnacle, who have now ceased trading. I was not aware of this at the time we took out the loan, and have signed nothing stating that the loan was by Pinnacle. I have phoned the financial ombudsman, they cannot help due to Pinnacle no longer trading, I then phoned, as advised, the fscs, they say because it was took out in 2004 they cannot help either. I am confused by the fact that I thought I had the loan with welcome finance, and had signed nothing and been told nothing about Pinnacle,only to now discover this with the paperwork sent with the final response. Do I have any grounds to go back to Welcome finance?

I suspect that Pinnacle is not the name of the broker; Cardif Pinnacle is the name of the insurance company that provided the PPI.

Pursue the complaint with Cardif Pinacle.
https://www.cardifpinnacle.com/content/ppi_complaints.php

Jewels32

The paperwork has the address of Pinnacle Financial contracts Ltd. Tonbridge, Kent on it. the Ombudsman checked and they are no longer trading.The insurance provider was Aviva.

sun73

You could pursue your complaint through Aviva and if they reject it, refer it to FOS.

antrobus

Jewels32 wrote: »

The paperwork has the address of Pinnacle Financial contracts Ltd. Tonbridge, Kent on it. the Ombudsman checked and they are no longer trading.The insurance provider was Aviva.

Bad guess then.:)

But the Ombudsman isn't quite correct. Pinnacle Financial Contracts Ltd (03659758) still exists and is active and trading and making profits. The Ombudsman is either confused or a little behind the times, because whilst the old FSA authorisation under the name of Pinnacle Financial Contracts Ltd ceased in 2012, the company has since obtained FCA authorisation in 2015, only under its trading name of Motorfinaceforu

https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000j36oqAAA

https://www.motorfinance4u.com/

Not that it necessarily helps you as broker regulation only began on 14/01/2015 and you took out the loan in 2014. Thus your only hope is, as suggested to complain to the insurance provider.

[Deleted User]

antrobus wrote: »

broker regulation only began on 14/01/2015 and you took out the loan in 2014. Thus your only hope is, as suggested to complain to the insurance provider.

Wakey Wakey antrobus!

Regulation began in January 2005 and the loan was taken out in July 2004.

antrobus

Moneyineptitude wrote: »

Wakey Wakey antrobus!

Regulation began in January 2005 and the loan was taken out in July 2004.

Nah, but I do have a bl00dy headache. Frickin typos.:)

Jewels32

Sorry I have not updated here for a while but I have been chasing this, but am now running out of ideas of where to turn next. I contacted Pinnacle by phone and was told to write to them. I did this and waited for nearly 8 weeks. I then phoned to see what was going on,I never got a call back as requested and then phoned the next day and was told abruptly that a letter was on its way. It was a letter stating that they were not under any jurisdiction at the time of sale, that was a final response. I then rang Aviva as they were apparently the underwriters at the time of sale, and I had read that they do pay PPI as they were regulated and do have some liabilities. The CEO's secretary who deals with PPI claims told me that they only deal with claims from 2000 to 2003. I was so deflated by now I didnt think to ask why. I then called the ombudsman, who have opened a complaint file so I have a reference with them, but it is not with anyone specific yet.They have told me to ring Aviva again stating the things I had discovered, ie Aviva surely breached the GISC code of practice by dealing with an intermediary who did not subscribe to the GISC. If it had not done so I would not have lost out. I am struggling to understand why 2004 is the only year not covered by anyone? Any help would be greatly received, maybe pointers on how to approach Aviva again. I am feeling deflated but I dont want to leave any stone un turned.

magpiecottage

Jewels32 wrote: »

Aviva surely breached the GISC code of practice by dealing with an intermediary who did not subscribe to the GISC.

Unfortunately not true. The GISC attempted to apply a closed shop so that only other subscribers to its code could introduce such business. However, it lost a legal challenge (by the Law Society).

Jewels32

Is it a pointless exercise to retry with Aviva then? Does anyone know why they are only dealing with the years 2000 to 2003?