Partial settlement/benefits advice

Brodiebobs

Thanks i'll do that.

Brodiebobs

PPI declined as pre-2005 as they suggested they would but have gone to FCA.


Equity release still ongoing, but the loan company sent a 'pre-legal' action letter last week saying they will pass to solicitors if they don't see a copy of the plan recommendation and valuation of the house within 14 days.


We're not at this stage yet, still awaiting a reply from the application but do we have to give this them once received?

Brodiebobs

PPi reclaim also declined by the ombudsman as pre-2005.

The equity release is now in full swing, but annoyingly the solicitor has requested a settlement figure from the lender which arrived last week.

While this process has been ongoing they have been applying £75 per month non-payment fee's and have now applied a £3,500 'early settlement' fee.

The outstanding balance at the time of equity release is the amount they've borrowed but the solicitor has said there's nothing we can do?

Any advice?

-taff

tell me more about the PPI. Who sold it, when and what was it for? If the company no longer exists it's possible you could use the FSCS, or go after the underwriter. No guarantees, but as above, more info needed.

sourcrates

I've successfully reclaimed PPI from 1993.

So your post confuses me a bit ?

-taff

It depends on who sold it to you. Some companies weren't regulated prior to 2005, some prior to 2003, brokers not before 2005, car finance not before 2005, catalogues not before 2005....
Banks were signed up to the GISC code prior to to the FSA so you can complain to them, and they basically act as if they have always been regulated. Building societies weren't signed up for this so also may or may not act as if they were always regulated.
It all depends on who sold it, when they sold it and what it was for e.g. loan, credit card, etc...

-taff

Then there's also the question of the underwriters of pre 2005 sales and whether they can be found to have had a direct realtionship with the seller.

Complaining to a bank is quite straightforward, if it's anything else, it can be a bit tricky...especially since a lot of people think you are reclaiming PPI and automatically entitled to it. You don't and you're not. You make a complaint that it was missold. If your complaint stands up, you get it back, if it doesn't, you don't.

Brodiebobs

Its was a broker who sold the loan and the insurance separately, but all the products and the broker were part of a bigger group of companies.

Very incestuous!

We have complained to ombudsman they said "we cant consider the complaint because the PPI policy was sold before 14/01/2005-the date when all businesses selling insurance became regulated" they go on to say there are certain circumstances like where a bank or building society... but obviously its not.

To be honest its not the most important thing now, were more concerned about the £4k plus shortfall which is going to be left...

-taff

If the company are no longer in business, complain to the FSCS.
Sounds like they are though, so find out who the underwriters were and complain to them.

Brodiebobs

We have... that's who we complained to the broker who sold the loan and they are still in operation.

The broker, loan company and insurance provider are all trading names of a bigger company, we complained to the broker who passed us to the insurance provider. It was all handled internally as they have the same parent company.