PPI Reclaims not covered by the FOS

smitchy73

Hi Laura,
You would be claiming as per everyone else, when you took out the 2nd loan and consolidating the first one you were effectively paying off the first one early, if you read the main article on the Home page in regard to PPI mis-selling it will tell you about the 'Single Premium Policies' basically where you get given the PPI but it is giving you more money to borrow which you have to pay off over the length of the loan and with interest.

I also have two claims in against the Clydesdale Banks, the first one is for a loan taken in 2002 and the 2nd claim is for 2006.

So I would start off by reading Martin's article then use the template letters, if you've already done that, you can contact the Financial Ombudsman Service, there are links in the main threads, and start the procedure with them, but I think you need to have given them so long to answer and investigate, so read the article first for timelines etc.

Posh_Boy

petermb wrote: »

Hi,

This is the problem with making traditional claims for mis-selling. Lenders have so many ways they can dodge and the FOS is only an arbitration service at the end of the day, which is actually funded by the insititutions themselves...

This is why the need for an ethical, no cost Financial Audit company has never been greater.

Petermb,

i think you are being a little dis-ingenous in your description of FOS. Yes companies do finance it (who else would, me? the tax-payer?) with an annual levy and a fee per complaint. This fee is payable wether or not the complaint is upheld (ie even if FOS find that the finance company was correct). FOS does what it is designed to do and make decisions on specific complaints that cannot be resolved between a complainant and a company. If you look at the stats 42% of complaints are upheld against the company which seems to confirm their independant status.

If your complaint is upheld the company is obliged to comply with their ruling, but you are not and then go to court. Not sure what your problem with it is...a useful and FREE tool for people to avoid the stress and expense of going to court for resolution.

queenie76

hi
i have been trying to claim back ppi for my brother, however the ombudsman say that they cannot help, why is this, they say that the company first national wagon finance were not part of gisc, but have not told me where to look now, i believe first national wagon are part of the abbey national group as the logo says so on their letter, so i would of thought that the abbey would be in the gisc

help!!!!!!!!

queenie

gt568

queenie76 wrote: »

hi
i have been trying to claim back ppi for my brother, however the ombudsman say that they cannot help, why is this, they say that the company first national wagon finance were not part of gisc, but have not told me where to look now, i believe first national wagon are part of the abbey national group as the logo says so on their letter, so i would of thought that the abbey would be in the gisc

help!!!!!!!!

queenie

Threaten them with court action.

penguinSmall

Well, after many months of letter writing the FOS said First National Bank (Now GE Money) were not covered by them and we had to contact the FLA. I wrote to them enclosing all the relevant letters and paperwork several weeks ago and heard nothing.
I telephoned them today and was told they had no record of anything regarding my parents case. The young lady also said my parents are unlikely to get anything back as we have no documentary proof that they were ripped off and everyone is trying to get away with saying they were told they wouldn't get the loan without the insurance! They are unlikely to send a letter saying 'Fooled you! It wasn't really compulsory AND it was no good because you were self employed which we knew when you signed for it but never said so at the time' are they?

arthurp8

Hi all,

I've had a response from Bespoke finance that in short says the following:

"Your complaint has been passed to us by Firstplus - we have completed our investigation as follows:

At the time of conducting business with you, Freedom Finance (acting on behalf of Bespoke finance) was not required to be autorised and regulated by the FSA.

It has always been our policy to provide clear documentation and to ensure our customers are provided with comprehensive information before committing to securing a loan against their property or taking optional PPI.

Our policy for the sale of PPI operated from a purely optional perspective. At the time of application Freedom Finance provided you with a booklet outlining the beneifts and conditions of the optional PPI, it also stated the policy term was 5 years. This booklet was designed by your loan lender and issued by freedom finance prior to the signature of the credit agreement. Employees joining the business are briefed and assessed at induction on their understanding of the payment protection products and would have been keen to answer any questions or concerns.

Our records indicate that you signed the credit agreement to include payment protection to cover your loan. The agreement stated that signing the doc confirmed that you had read and understood the PPplan summary and that the premium for the insurance was added to your loan paid for within your monthly installments.

Based upon this information we are unable to uphold your complaint."

Now what is the best course of action now? Do I simply send template letter 2? Or do I send template letter 2 but also include reference in it to the FSA's notes from Oct 2005:

• There was an over-reliance on product documentation given to the customer at the expense of explaining the policy to the customer orally: most firms selling by telephone did not give sufficient information on exclusions;

I am not prepared to be fobbed off at all with this as the PPI was not explained to me, I was told that I would not be approved unless I took it, and also on my agreement forms the PPI boxes were pre-checked when my documentation came through for me to read and sign prior to loan approval...

Help much appreciated.....

arthurp8

Still looking for any help of anyone with similar experiences or with a little more knowledge and expertise that myself.
Thanks

gt568

send the 2nd letter, see what they say, then we can re-assess.

katie1

Try these people they might help www.loanchecker.org.uk.

tiggrnads

Dear all,

Can anybody give me some advice please

I have been querying my PPI as per this sites advice.

Three of these accounts were loans with a company called Welcome Finance. They paid me one amount back + interest and with little hassle ("out of good faith and not admitting resposibility etc etc). In the same letter they said that I could not take to Ombudsman as they were not within their jurisdiction at that time.

Ombudsman has since confirmed this. Does anybody know what I can do now??? Any suggestions would be greatly appreciated.

Eddie