PPI Fail - Can I try again?

lilacgirl_2

Hi,

I tried to complain about 2 years ago about a policy me and my partner were mis-sold, it eventually got to the Ombudsman who said I was wrong:o(

Can anyone tell me whether I could try again through a firm who specialise on a no win no fee basis? i feel i could have missed out points or never had a real say in it all.

We had the loan through a broker who went through a loan company called Nemo Finance.

We are desperate to try again as the PPI totalled £11K on top of the loan. the loan was repaid early this year due to a house sale but in total plus interest we paid over £14k more than the loan we took out in less than 18 months of having the loan!!!

Please help, gratefully yours

Lilacgirl

petermb_2

I would imagine there is a good claim there and I expect you would recover the premium plus interest.

Tootsie_Roll

petermb wrote: »

I would imagine there is a good claim there and I expect you would recover the premium plus interest.

Peter, I'm amazed you can be so confident on such scant information. The Ombudsman has reviewed the case and you still think their chances are good - I would guess that the opposite is more likely.

dunstonh

Once a complaint has been made you have 6 months to take it to the FOS. Once you take it to the FOS and you have issued their decision they give you another period to appeal if you disagree. Once that time has passed (as it has here) then you are not able to complain again unless you have signficant new information which may alter that decision.

petermb_2

To clarify.

I would totally agree with you gentlemen if you look at ppi as straight mis-sell. A policy is either mis-sold or it isnt.

However, there is a far more fundemental issue here and that is that the whole of the financial services industry has for years mis-understood or totally disregarded a number of basic law principles that should be the governing laws over the entire selling of financial products The FSA has attempted to close a few of the holes but certain practices still remain in question.

Fundementally, the way premium payment protection is currently applied is in the vast majority of cases contrary to common law. In such cases it is likely that the borrower will be entitled to the entire policy premium being refunded plus interest in the case of single premium policies, while those with monthly contracts will be due all payments made to date plus interest.

There are very few lenders who have not fallen into this trap and there will be hundreds of thousands of loans due for review regarding this and many other issues.

Recent landmark court of appeal hearings will have a huge effect on the lender/borrower relationship with the borrower having real opportunities to challenge flawed contracts and arrangments.