PPI Reclaims not covered by the FOS

rosemahairy

i too have 4 loans with welcome finance all with whopping ppis adding ranging from 1k to 3K!!!! i have just written to them for copies of the contracts i dont understand what you mean about the dates and being regulated by fos my loans were taken out between 2003-2005 d oyou think i will have the same problem? What date do they say they joined this regulatory thing?

smitchy73

Tigernads/rosemahairy,

Welcome only signed up to be regulated by the Financial Ombudsman around January 2005, therefore if you signed your loan papers before this, then they didnt have to answer to their guidelines, however, they should have been regulated by another financial body before this, which is sometimes the Financial Leasing Authority, you can google them, and you can check companies names there, or get their phone number and phone them to ask if Welcome were regulated by them at the time you signed your loan.

Some people offer services on here and they can check the legality of the loan papers sometimes there are missed signatures etc etc that make the loan papers not worth the ahem! paper they are written on, therefore voiding your loan, and you have to get the money back but I don't know much about them.

There should also be a whole section on Welcome as there has been hundreds of people on here affected by them and their PPI's, have a good look through the site.

Hope this helps you both.

Kaia_2

arthurp8 wrote: »

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.....

Hi there, I am in much the same position as you....have you had any luck yet?

rosemahairy

i have got trading standards looking into welcome finance. because my loans were 2003-2005 i am anticipating them telling me the rubbish they are others that they can lie and cheat you because they are not in the FOS at the time. i followed tiggrnads instructions and welcome finance are regulated by the FLA also but cannot find dates of which body they were with and when. anyways just to update everyone i have my mother in law at trading standards finding out the dates welcome finance became regulated by which body and what criterion they should have been following at what dates. hopefully once we know this we will know what to threaten them with when they fob us off... il keep you posted

Lindawh

Can anyone tell me the next step please I wrote to GE Money trading as First National Bank to reclaim PPI, they advised me that I could not claim my PPI back. I then wrote to the FOS (Financial Ombudsman Services) complaining about GE Money. They wrote back to me advising that the complaint was on 30th April 2004 and on 14th January 2005 as a result of legislation the FSO became responsible for looking into complaints against former members GISC about events that occured while the firm was a member of GISC. AS GE Money Home finance trading as First National did not have membership of GISC at the time the advice was given they (FOS) are unable to consider my complaint the loan protection payment amounted to 1791.30 - where do I go from here or is this the end of the road.
:mad:

angelwillow

Is there a 'list' anywhere of companies that ARE regulated by the F.O? - just so I can see my next course of action if my loan company say no,which I expect they will!

Former_MSE_Wendy

There is no list as such but you can check if your lender was regulated by the Financial Services Authority at the time you signed your agreement, as these are the companies that are covered by the FOS, by checking the FSA Register.

Wendy

ALIBOBSY

I go on another forum, and on there most seem to be going down the court route. So far like the early charges claims the banks are settling out of court. However this is early days and there is always a chance you could go to court and lose.
good luck
ali x

SUFC

ALIBOBSY wrote: »

I go on another forum, and on there most seem to be going down the court route. So far like the early charges claims the banks are settling out of court. However this is early days and there is always a chance you could go to court and lose.
good luck
ali x

Hi Ali,
Thanks for this, which forum is it? Regards, SUFC

m.colak

Hi another method is going on the FISA website will will list all the regulatory bodies the some other companies signed upto including the FLA which has companies such as black horse and GE money.