PPI Reclaims not covered by the FOS

banofi

Nice one thanks! I will update when i hear back from them.

mally7uk

Hi can anyone help?
we took out hefty loan with first plus in late summer 2004. It was about 4 weeks before they came under the FOS/FSA etc. :mad:
although we paid off the loan early we have felt continually aggrieved by the PPI they virtually insisted we have (or we apparently wouldn't get the loan) especially as we now realise that as local gov workers at the time we were covered well for illness etc plus the PPI would not have covered my husband for underlying medical condition (which we were not asked about at time of loan.)
We tried independently to claim back the PPI but were fobbed off by both first plus and their linked company freedom finance and another one called bespoke (operates out of gibraltar). we got nowhere - their argument being they were not regulated at the time of the loan.
About 18 months later we used a free legal company to try to claim again. this took ages and again eventually came back with a resounding NO. :mad:

in light of the recent PPI claim legal changes, does anyone think we have a chance? Being as they claim they were not under the jurisdiction of the FSA/FOS at the time of the loan?
we are willing to try again because this PPI cost us a whopping 14K.
any help and support would be greatly appreciated.

galei

di3004 wrote: »

Hi and welcome

.

The FOS have suggest to write to the lender though for the Payment Protection Insurance document booklet, the details of your underwriter/insurer are on these documents, write to them as you would the broker, and if they reject, the FOS will consider taking it on.

DI i must have my thick head on today, can you explain this a bit more

thanks galei

amersall

mally7uk wrote: »

Hi can anyone help?
we took out hefty loan with first plus in late summer 2004. It was about 4 weeks before they came under the FOS/FSA etc. :mad:
although we paid off the loan early we have felt continually aggrieved by the PPI they virtually insisted we have (or we apparently wouldn't get the loan) especially as we now realise that as local gov workers at the time we were covered well for illness etc plus the PPI would not have covered my husband for underlying medical condition (which we were not asked about at time of loan.)
We tried independently to claim back the PPI but were fobbed off by both first plus and their linked company freedom finance and another one called bespoke (operates out of gibraltar). we got nowhere - their argument being they were not regulated at the time of the loan.
About 18 months later we used a free legal company to try to claim again. this took ages and again eventually came back with a resounding NO. :mad:

in light of the recent PPI claim legal changes, does anyone think we have a chance? Being as they claim they were not under the jurisdiction of the FSA/FOS at the time of the loan?
we are willing to try again because this PPI cost us a whopping 14K.
any help and support would be greatly appreciated.

Who did you get the loan from originally, and what was bespokes involment in this?.

You need to find out who the insurer was, you could phone FP and ask them.
When you know who the insurer was you then put a claim in to them and when they reply (most likely a no!) then you can take this to fos and they can deal with this.
If you are able to take this further,unless anyone posts who may see this in a different way,
this is what you need to put for a mis sell with this type of loan.

We/I believe we were mis sold the ppi on the above account number.
1)We/I were not told that the ppi was in effect another loan that was added to the original loan and was repayable over the loan term with interest.

2) We/I were not told that the ppi only covered us for 5 years, but the ppi would still be on the loan to term end with interest.

3) We/I were told that if we did not make a claim on the ppi ,after 5 years we would recieve the ppi as cashback, and to look on this as savings plan.. But were not told that the ppi would be on the loan to term end with interest and the cashback of ppi would not include the interest that we paid over the 5 years.

In line with the FOS recommendations it is requested that the overall situation be restored as if PPI had never been included. This will entail:
a) A refund of the monthly payments that have actually been paid towards the overall loan in excess of those that would have been needed, if the original loan had been sold without the PPI policy;
b) Restructuring of the loan going forward so that the amount owed, the monthly repayments, the term and the charges reflect those that would have applied, if the original loan had been sold without the PPI policy.
c) In addition, interest at the rate of 8% simple per annum to any excess payments made from the time each payment was made to the point that Firstplus pays them back to us. We/i believe we were not given enough information on this ppi to make an informed decision. Had we/i known the full cost of this ppi we would not have taken it.

Unless you can prove without doubt that this PPI policy was fair, reasonable and suitable for my/our circumstances we/I will require you to rearrange the loan as if PPI had never been included on the aforementioned loan.

amersall

galei wrote: »

di3004 wrote: »

Hi and welcome

.

The FOS have suggest to write to the lender though for the Payment Protection Insurance document booklet, the details of your underwriter/insurer are on these documents, write to them as you would the broker, and if they reject, the FOS will consider taking it on.

DI i must have my thick head on today, can you explain this a bit more

thanks galei

Hi there, in the absence of Di, you need to find out who the insurer was that gave you the ppi.
You then put a claim in for mis sell to them and depending what the reply is from them, the FOS can then deal with this for you.

di3004

galei wrote: »

di3004 wrote: »

Hi and welcome

.

The FOS have suggest to write to the lender though for the Payment Protection Insurance document booklet, the details of your underwriter/insurer are on these documents, write to them as you would the broker, and if they reject, the FOS will consider taking it on.

DI i must have my thick head on today, can you explain this a bit more

thanks galei

Hiya

As amersall says (cheers amersall).;).

One of mine is being dealt with via Insurer/underwriter, the reason for this is because the broker who sold the loan dissolved, and its another direction the FOS are suggesting in another way of trying to get our ppi back.
However, this will possibly take some time, as the FOS have to link up the relationships between the broker and the insurer and see what involvement they had in the sale of the ppi.

So as amersall also says, try to get hold of you PPI policy booklet, the lender will provide this, I had to ask the lender for mine (lender still active) but not responsible for the sale), they will supply the details (these are not always enclosed with docs you received when you taken out the loan account, and are normally requested for separately).

Then whoever is on the policy, you pursue them, if this fails the FOS is likely to take it on, and they would have been regulated by the FSA, in this case the FOS are able to investigate.

Hope this helps, and I've not confused matters again lol.:o:D;)

dawny05

hi my friend had claim paid on credit card leaving a plus balance. can we get that balance as we cant claim ppi even tho it was misold because we have claimed.

benrymnd

My wife has just been contacted by phone by a firm named pegasus explaining to her that she is owed more than £1000, my wife explained that she has not had a loan from anyone within the last 12yrs so couldn't be owed money.The person my wife was speaking to explained that the money was owed for transactions on her credit card, ive never heard of this sort of claim has anyone else been approached with this sort of information or is it just a scam.
Regards RAY

marshallka

benrymnd wrote: »

My wife has just been contacted by phone by a firm named pegasus explaining to her that she is owed more than £1000, my wife explained that she has not had a loan from anyone within the last 12yrs so couldn't be owed money.The person my wife was speaking to explained that the money was owed for transactions on her credit card, ive never heard of this sort of claim has anyone else been approached with this sort of information or is it just a scam.
Regards RAY

Just a chancer I would say. These CMC's are not allowed to cold call either so report them to the MOJ if you want.

jamsponge

Hi I was just wondering if anyone has had any success claiming PPI from Yes car credit/Direct Auto Finance?