PPI, please help us Martin.

Fear68

Hi we really need some help!

We took out a loan for £35,000 in April 2004 through Freedom Finance,we were told we would not be accepted for such a large sum unless we took out PPI, as we were desperate for the money for building work we agreed.

In September 2004 our mortage company offered us a better deal, it was cheaper and over a shorter time so we asked for a settlement fee. We were shocked to find that our loan now stood at £45,339.28, £10,150 was PPI which had to also be paid, we had only had the loan 5 months and had to pay all of the PPI.

We have now been trying to claim back the PPI but have found that Freedom Finance was only the broker, finance was with Paragon finance, after contacting Paragon we now find it was arranged through a third party Bespoke Finance, (based in Gibraltar)

We are going round in circles no one will take responsiblity and we have received a letter today from Freedom Finance stating that the Ombudsman Service is limited in dealing with cases that are regulated by FSA therefore our case is outside their jurisdiction.

A letter form Bespoke states that when we took out the loan they were acting on behalf of Freedom Finance and were not required to be authorised and regulated by the FSA.

We want to pursue this further but don't know how, we have sent all letters that were available on the web site and feel we have no alternative but to go to the FSA? but we are confused as to which group we had our loan with.


yours hopefully Andrew F

Kez1

Hi Andrew

My best advice would be and this is what i would do is send a copy of all the letters you have sent to them and the letters received and send them with a covering letter to the FOS. You should never be told that you have to take out PPI as it is an option.

These company's do like to make sure you have sufficient provision to repay your loan especially with a large amount it is called responsible lending. They would of asked you questions about what you have in place to make you think what if the worse was to happen etc etc.

Im sorry im not Martin but i hope this helps you tho.

Dont give up!
Kez