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ppi first national
djby
Posts: 4 Newbie
Hi
My father took out a loan with first national bank in 1988 to buy some windows from Kitson Windows. They claimed that he could only have the loan if he took out the PPI. Did I need to speak to first national (now Santander I thnk) or Kitson? I have sent a letter to both. Thanks
My father took out a loan with first national bank in 1988 to buy some windows from Kitson Windows. They claimed that he could only have the loan if he took out the PPI. Did I need to speak to first national (now Santander I thnk) or Kitson? I have sent a letter to both. Thanks
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Comments
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Whoever sold him the PPI.0
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Kitson windows sales representative came out to the house and stated that they could only have the loan if they took out the PPI. Does it matter that it was back in 1988? He has all of the paperwork
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Does it matter that it was back in 1988?
Kitson Windows were not regulated at that time (as you would expect as insurance regulation started in 2005). Also, they are not regulated today. So, they do not have to consider your complaint.
There is a remote possibility they used a third party broker but then brokers were not authorised until Jan 2005 either. In even rarer cases, they may have been agents for a loan company and its only in that case that the lender has liability for the complaint.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I think you are going to struggle with this fully thirty years on. As stated, the Window Company were not regulated at this time. In fact, it predates the regulation of general insurance sales by seventeen years!Kitson windows sales representative came out to the house and stated that they could only have the loan if they took out the PPI. Does it matter that it was back in 1988? He has all of the paperwork
Do not be distracted by reports of PPI complaints to Banks being successful as far back as this, Banks had an earlier regulatory body prior to 2005. The Bank did not sell you the insurance, however, so writing to Santander will be utterly futile.
In addition to all this, your complaint is a very weak one.You can provide no proof that your father was told the PPI was compulsory.
Was the PPI suitable for your father's needs at the time? If it wasn't, that would be a much more robust complaint.
Expect nothing back from this one and you won't be disappointed.0
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