PPI Reclaims not covered by the FOS

HeresHopin

I have been reading through many different threads whilst waiting for the results of my claims and doing a bit of research on the web.
Santander being responsible for GE money Storecards do not actually do any type of complaint investigation at all. I have received 3 standard letters all worded exactly the same apart from a few tweaks to to address a point that I have raised, however they only address points that they have another standard response to and choose to ignore the rest. The amazing thing is someone posted a full response from them in 2009 which is the exact same as mine in 2012. Laughable!
They seem to be quite proud of the fact that because they were not regulated they don't have to address issues that customers are now trying to complain about.
The sad fact of the matter is that retail assistants were working on commission and told many many people all manner of things to make a sale but we all know the problems with hearsay..........
Anyhoo i continue my research and wait for my cheque for my one success so far :j

[Deleted User]

HeresHopin wrote: »

The amazing thing is someone posted a full response from them in 2009 which is the exact same as mine in 2012. Laughable!

Just because they use standard letters doesn't mean complaints are not investigated. All the Banks use the standard letters because they are snowed under with complaints and also because it means a consistent approach to every complaint can be easily maintained. They use standard letters to uphold complaints too!

HeresHopin wrote: »

They seem to be quite proud of the fact that because they were not regulated they don't have to address issues that customers are now trying to complain about

Well, it means they don't have to pay out for any earlier wrong doing I agree. I'd think "pleased" rather than "proud" might be a more apt description of their feelings on the matter.

Walrus21

I recently via a SAR received a full statement of an account held with Universal Credit/Paragon Finance starting in 1993;

the statements clearly show PPI payments every month from 1993 -2003.

I put in a claim for the PPI being mis-sold on the grounds that I haad employer sickness cover,
the true cost of the insurance was not explained,
I was never asked if I had alternative insurance or that is was available elsewhere.

The reply, which they state clearly is their final response, says

"The sale of general insurance (including PPI) was not regulated by the FSA untill 14th January 2005.

As the policy was taken out in 1993 it therefore falls in a non-regulated environment.

This means the concept of an advised sale did not exist and such products were ofered on an information only basis
ie the customer would be offered the product and would make the decision whether to take it or not.

When you applied for the loan, the information relating to the insurance would have been provided in written form.
There was no regulatory requirement to verbally discuss the details of the insurance at that time;
the final decision to take out the insurance or not would have been your decision.
We would also stress that the insurance was not a condition of the loan.

"Your compaint relates to your belief that the PP policy wasmis-sold and I hope I have addressed the issues you have raised. This is our final response and we consider your complaint closed."

They go on to suggest I refer to the Finance and Leasing Association is I am not satisfied with this reponse.

The CCA agreement (from 1996, when the amount of the loan was increased, not the original 1993 one)
sent in response to the SAR contains the amount of the monthy premium for the PPI,
and an acknowledgement that the customer understsood the T7C's of the agreement,a
nd this has my signiature.

Is this a fob off, or are they right?

Any suggetions about the next step?

dunstonh

the true cost of the insurance was not explained,

Unlikely that is the case as the repayment grids typically gave with and without insurance monthly payment figures

I was never asked if I had alternative insurance or that is was available elsewhere.

absolutely no requirement for them to do that. This is an internet myth.

I put in a claim for the PPI being mis-sold on the grounds that I haad employer sickness cover,

That can be an issue if the PPI doesnt pay out in addition to employer benefits but not an issue if it does pay out.

The reply, which they state clearly is their final response, says

"The sale of general insurance (including PPI) was not regulated by the FSA untill 14th January 2005.

As the policy was taken out in 1993 it therefore falls in a non-regulated environment.

That is your main problem. Your case is pre-regulation and they dont have to consider it. Plus, they are verifying it was not an advised sale (which is logical as these companies dont use advisers - only 0.2% of PPI complaints at the FOS are advised)

Is this a fob off, or are they right?

They have good reasons for rejecting your complaint. Pre-regulation is your main issue.

Any suggetions about the next step?

If you disagree with their response then you can refer to the FLA. However, they are not like the FOS and you wouldnt hold your breath.

roonaldo

Walrus21 wrote: »

I was never asked if I had alternative insurance or that is was available elsewhere.

Who on earth made this point up? Sainsburys don't tell you the baked beans are cheaper in Asda.

NJB823

Hello i am new to this site and thought i'd join after watching Martin on The Martin Lewis Money Show.. This morning i rang ISmart Solutions to see what was happening with my ppi claim against yes car credit/direct auto finance as they had passed it onto the Ombudsman months ago, I was told from ISmart that because direct auto wasn't regulated in 2004 the Ombudsman can't do anything about it my claim even though its very clear that i was mis sold ppi on a car i got from them in 2004. Please advise my next step as i strongly feel that Yes Car Credit mis sold me additional insurance that i didn't need and which i am still paying back at £10 per month even though i sent my car back 2 years after i got finance on it which was 2006 expecting to be told i owed them nothing but to be told by them that i still owed £1400.. Nicki

hads78 wrote: »

Well I had the standard fob off reply from Direct Auto Finance and they used the 'we were not regulated when you took the loan' argument, which appears to mean I cannot complain to the FOS. I have e mailed them an enquiry so will keep you posted but need some advice.

It would seem that Yes Car Credit and DAF are going to fight this quite strongly so the more people we can get on board the better.

Also I wonder could the MSE team maybe look into YSS and DAF specifically since despite a whistleblower BBC program into their practices and various consumer complaints there seems to have been no investigation by regulating authorities into them so I really have no idea what my next step following my recepit of a fob-off letter is and from what research I have done there are literally 100's if not 1000's of people who are making the same claims regarding being told we HAD to have the PPI or no loan.

Thanks

NJB823

Hello i am new to this site and thought i'd join after watching Martin on The Martin Lewis Money Show.. This morning i rang ISmart Solutions to see what was happening with my ppi claim against yes car credit/direct auto finance as they had passed it onto the Ombudsman months ago, I was told from ISmart that because direct auto wasn't regulated in 2004 the Ombudsman can't do anything about it my claim even though its very clear that i was mis sold ppi on a car i got from them in 2004. Please advise my next step as i strongly feel that Yes Car Credit mis sold me additional insurance that i didn't need and which i am still paying back at £10 per month even though i sent my car back 2 years after i got finance on it which was 2006 expecting to be told i owed them nothing but to be told by them that i still owed £1400.. Nicki

studentmumof3

i have also had teh fob off letter saying it was pre regulation. I am currently writing to the ombudsmen but not holding my breath. I cannot believ that they can get away with this. they were the worst company for forcing you to take out ppi and mechanical breakdown. Specifically saying if you dont sign for it you cant have the ca!! does anyone have any advice or encouraging words!?!?:(:(:(

[Deleted User]

studentmumof3 wrote: »

i have also had teh fob off letter saying it was pre regulation. I am currently writing to the ombudsmen

Writing to the Ombudsman about a pre-regulation PPI complaint is rather pointless because the regulator can obviously do nothing. I expect FOS will recommend you chase the insurer (if applicable) but there are no guarantees of success going down that avenue either.

multidebt

Hello, Just about to start a claim on Santander/GE for an account started in 199*. Having read a lot about pre regulation accounts, I thought I might try a court claim under unfair business practice or similar. Has anyone tried this please? And, if so was it successful? Any views welcome. Thanks. multi