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PPI Reclaims not covered by the FOS

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  • petermb_2
    petermb_2 Posts: 1,565 Forumite
    Lindawh wrote: »
    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:

    Hi Linda,
    There is stuff you can do without having to go through the court process. The fact that your loan was pre fsa also means that there are likely to be a few other issues that you can pursue GE with apart from just ppi. You may get a nice surprise. I will gladly assist if i can.
    I am a former Broker, former IFA and former compliance officer, for my sins.

    However, I have since seen the light.
  • 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?

    FOS have responded they cannot deal with my compalint as they were both 2003 by welcome finance so off i go to hand it over to the proffessionals, yes i know i wont get as much as they will charge a fee but at least they wont get away with it
  • MISHEL02
    MISHEL02 Posts: 422 Forumite
    Hi Petermb
    Ive PM'd you but your inbox is full, can you clear some out please
    Thanks so much
    2010
    2 BAGS OF HORSE POO, SOCKS, 32" TV, BOOKS, DVDS, TRIP TO NEW YORK OMG, HALO N HORNS GOODY BAG, MCAINS GARDEN GAMES, 6 MONTHS IAMS CAT FOOD
  • DavyM
    DavyM Posts: 32 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Hi Folks,

    My Daughter got a loan from Welcome Finance in 2003. It was partly to pay off an existing loan with them. The loan amount was £1112.00. They told her that she could have PPI and although it was optional, if she took it the loan would be sure to be approved. She was in financial hardship at the tme and this made her feel pressured into taking it.

    She signed for the loan and the PPI as one agreement. The PPI was added to the loan as a single premium and was £447.24. With interest the PPI would cost more than she could ever claim. Her payments are £38.62pcm

    My daughter is a single parent with a daughter who is now 10. She has worked for the NHS for over 10 years. At the time of signing for this PPI she already had separate life insurance as well as employers life insurance of 4.5 times salary. Her employment contract gives her sickness pay of 6 months full pay and then a further 6 months on half pay. The chances of her being made redundant were remote. Should maybe mention she had a part time job in a pub at the same time.

    I have written a letter to claim a refund of this, but having read this thread I wonder if it will be forelorn hope. Should I send it? I know they will fob me off, so what to do after that?

    I will be watching out for success stories, particularly with Welcome.

    Good luck to you all with your claims. Lets hope fairness prevails.
  • Several years ago I applied to Freedom Finance for a loan.
    During a phone call they advised me loan could only proceed if I took £2400 ppi which I did not need or want.
    After seeing Martins programme I sent a letter to reclaim ppi only to be told by Freedom Finance that they only processed the loan application for Bespoke Finance who are based in Gibraltor.
    This was news to me as Bespoke had never been mentioned before but I wrote to them to reclaim and was refused.Wrote again and again was refused.
    Contacted FSO who have now advised me that as Bespoke Finance have never been a member of the General Insurance Standards Council my complaint was not one they could consider.
    So be sure you know who your loan is actually with and whether they are members of the GISC.
  • petermb_2
    petermb_2 Posts: 1,565 Forumite
    blade1730 wrote: »
    Several years ago I applied to Freedom Finance for a loan.
    During a phone call they advised me loan could only proceed if I took £2400 ppi which I did not need or want.
    After seeing Martins programme I sent a letter to reclaim ppi only to be told by Freedom Finance that they only processed the loan application for Bespoke Finance who are based in Gibraltor.
    This was news to me as Bespoke had never been mentioned before but I wrote to them to reclaim and was refused.Wrote again and again was refused.
    Contacted FSO who have now advised me that as Bespoke Finance have never been a member of the General Insurance Standards Council my complaint was not one they could consider.
    So be sure you know who your loan is actually with and whether they are members of the GISC.

    You really should be going after the lender not the broker.
    In this instance there will be a good chance that you could challenge the loan itself.
    I am a former Broker, former IFA and former compliance officer, for my sins.

    However, I have since seen the light.
  • petermb_2
    petermb_2 Posts: 1,565 Forumite
    DavyM wrote: »
    Hi Folks,

    My Daughter got a loan from Welcome Finance in 2003. It was partly to pay off an existing loan with them. The loan amount was £1112.00. They told her that she could have PPI and although it was optional, if she took it the loan would be sure to be approved. She was in financial hardship at the tme and this made her feel pressured into taking it.

    She signed for the loan and the PPI as one agreement. The PPI was added to the loan as a single premium and was £447.24. With interest the PPI would cost more than she could ever claim. Her payments are £38.62pcm

    My daughter is a single parent with a daughter who is now 10. She has worked for the NHS for over 10 years. At the time of signing for this PPI she already had separate life insurance as well as employers life insurance of 4.5 times salary. Her employment contract gives her sickness pay of 6 months full pay and then a further 6 months on half pay. The chances of her being made redundant were remote. Should maybe mention she had a part time job in a pub at the same time.

    I have written a letter to claim a refund of this, but having read this thread I wonder if it will be forelorn hope. Should I send it? I know they will fob me off, so what to do after that?

    I will be watching out for success stories, particularly with Welcome.

    Good luck to you all with your claims. Lets hope fairness prevails.

    I think you will have a chance of gaining redress. I really depends on a number of issues with this company.
    I am a former Broker, former IFA and former compliance officer, for my sins.

    However, I have since seen the light.
  • Tescodealqueen
    Tescodealqueen Posts: 1,254 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Hi I am more of a lurker than a poster but have now got to the stage where I am not sure what to do next.
    Had a loan from First Plus arranged through Ocean Finance in 2001 so more than 6 years ago. Loan was £35000 and PPI about ££6000. PPI box was ticked by Ocean Finance after a telephone discussion, but we did not really want it but felt we had no choice. After paying £550 per month until May 2003 we settled the loan at over £41000, so hadn't paid anything back at all in over 2 years. First Plus simply said it was Oceans Fault and visa versa. Wrote to Ombudsman but they say FP not covered until 2005.We believe we were missold but also that we were charged full amount of PPI plus interest for only 2 years "cover". when we settled. Not sure where to go next, can anyone help?
    I posted yesterday on a different thread but hope that someone on here can help please
  • petermb_2
    petermb_2 Posts: 1,565 Forumite
    Hi I am more of a lurker than a poster but have now got to the stage where I am not sure what to do next.
    Had a loan from First Plus arranged through Ocean Finance in 2001 so more than 6 years ago. Loan was £35000 and PPI about ££6000. PPI box was ticked by Ocean Finance after a telephone discussion, but we did not really want it but felt we had no choice. After paying £550 per month until May 2003 we settled the loan at over £41000, so hadn't paid anything back at all in over 2 years. First Plus simply said it was Oceans Fault and visa versa. Wrote to Ombudsman but they say FP not covered until 2005.We believe we were missold but also that we were charged full amount of PPI plus interest for only 2 years "cover". when we settled. Not sure where to go next, can anyone help?
    I posted yesterday on a different thread but hope that someone on here can help please


    In all ppi cases there are far more vital issues than whether the cover was mis-sold. You are likely to be able to challenge the loan itself in many circumstances.
    I am a former Broker, former IFA and former compliance officer, for my sins.

    However, I have since seen the light.
  • blade1730 wrote: »
    Several years ago I applied to Freedom Finance for a loan.
    During a phone call they advised me loan could only proceed if I took £2400 ppi which I did not need or want.
    After seeing Martins programme I sent a letter to reclaim ppi only to be told by Freedom Finance that they only processed the loan application for Bespoke Finance who are based in Gibraltor.
    This was news to me as Bespoke had never been mentioned before but I wrote to them to reclaim and was refused.Wrote again and again was refused.
    Contacted FSO who have now advised me that as Bespoke Finance have never been a member of the General Insurance Standards Council my complaint was not one they could consider.
    So be sure you know who your loan is actually with and whether they are members of the GISC.

    Not sure what you mean.I have applied twice to Bespoke(the Lender) and been rejected by them
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