PPI Reclaiming discussion Part II

marshallka

maxdp wrote: »

Not bad was it for an old timer:rotfl: just been catching up. Have you got my e mail hope it may help in some way with things though I doubt it.

Not got it maxdp, just checked again

maxdp

di3004 wrote: »

Aww thank you hun ......:D :A , hope your okay Maxdp........:beer: xx

Am fine thank you Di hope you are too. Have had to take mother in law to hospital today for a veinogram to look at her heart/ Thought she may have to have new valve fitted but needs coronary by pass urgently which needs open heart surgery:eek: She is 79 so not looking good. Cannot do key hole surgery cause she had radiotherapy 30 years ago for breast cancer. This is not good for open heart surgery either cause of scar tissue.

Worrying time 3 months recovery. Do I look after her in my house Imagine recouperating with 2 teenagers in the house:eek:

Sorry all know it is not PPI related but there we go.

di3004

Marshallka

How are you getting on hun with your latest case ?

I have not read all the post properly yet and it seems that your still waiting for some feedback then ?

maxdp

marshallka wrote: »

Not got it maxdp, just checked again

Took ages to scan so may be a while:D

di3004

maxdp wrote: »

Am fine thank you Di hope you are too. Have had to take mother in law to hospital today for a veinogram to look at her heart/ Thought she may have to have new valve fitted but needs coronary by pass urgently which needs open heart surgery:eek: She is 79 so not looking good. Cannot do key hole surgery cause she had radiotherapy 30 years ago for breast cancer. This is not good for open heart surgery either cause of scar tissue.

Worrying time 3 months recovery. Do I look after her in my house Imagine recouperating with 2 teenagers in the house:eek:

Sorry all know it is not PPI related but there we go.

Hi Maxdp
Oh dear, the poor lady, I am very sorry to hear of that hun...... , OMG you must all be going through it, and of course with her already having radiotherapy years ago, although she needed it at that time, does not help the situation now does it?....... , I am so so sorry hun and I send all my love your way and to your mother in law. xxx

dreamer33

I know this is massive but have a read, I was also wondering what exactly the FSA looked at when they were in there:

Model of a military man


8/ 5/2007

AS an ex-army major, Tony Machin is a man for whom integrity and transparency are paramount.

The boss of the Wilmslow-based lending broker, Freedom Finance, is renowned in the industry for his straight and honest approach.

Some may argue it is a rarity in an industry dogged with complaints and investigations and which often stands accused of unscrupulous lending, resulting in a nation crippled by debt.

Tony insists, though, that Freedom Finance is an ethical business which has freely opened its doors to investigators from the Office of Fair Trading - and it has been the only broker to do so.

But Freedom Finance makes its money from lending to people who in a large majority of cases have debt problems.

It is a point which Tony freely concedes. However, he says that his group is certainly not to blame for the UK's debt problems and, in fact, is helping thousands out of a financial mess.

He says: "Since joining the industry, my eyes have certainly been opened by how easy it is to get credit. Gone are the days when you had to put on your best suit and go and see the bank manager for a loan.

"Now consumers are bombarded with offers of credit on a daily basis, and, while some responsibility lies with the customer, I blame the high street banks for offering people a multitude of loans and credit cards which they simply can't afford to pay back.

"This is what I told the Office of Fair Trading when they visited the group.

"We are certainly not responsible for the problem, and Freedom Finance has helped thousands of people get out of a financial mess caused by others."

Competitive

Freedom claims its rates are extremely competitive. Tony says: "Of course we can't offer a loan at say 6.5 per cent, because at that rate the lender couldn't afford to pay us commission. But our cheapest secured loan is 7.7 per cent, while our unsecured loans start at 8.9 per cent."

The group has customers from every socio-economic group, with the bulk being C1 and C2s who want to borrow fairly large sums.

Tony says: "A typical customer would be someone who has run up around £30,000 to £40,000 worth of debt on credit cards and needs to sort out their finances.

"So, yes, you could say that our business is riding on the back of indebtedness - but we are sorting out the mess left by others."

The group itself has had money worries. It was hit by the FSA regulations which came in 18 months ago surrounding the sale of payment protection insurance.

Following a mountain of complaints from consumers, claiming they had been mis-sold expensive and often entirely unsuitable PPI packages, or had actually been unaware they were taking out the cover with their loans, the law banned that type of "presumptive" selling.

Tony says: "Following the new rules, the uptake of PPI fell from around 70 per cent to 40 per cent. It is fair to say that the lenders we used made a lot of money on the back of PPI, and we were hit financially."

While he is reluctant to reveal the exact figures, he says that the situation had "a significant negative impact on the company".

The group then embarked on what he terms a "de-risk" strategy, investing in new technology as well as raising customer fees - a decision which many other lenders also took.

Today, under Tony's guidance (he is now group managing director), the business is back on track, with turnover at the £85m mark, and embarking on an ambitious expansion strategy.

Freedom Finance was founded by chairman Rupert Webb in 1983, as Wilmslow Financial Services.

In 2000, Rupert sold a 55 per cent stake to American venture capitalist JZ International.

di3004

dreamer33 wrote: »

I know this is massive but have a read, I was also wondering what exactly the FSA looked at when they were in there:

Model of a military man


8/ 5/2007

AS an ex-army major, Tony Machin is a man for whom integrity and transparency are paramount.

The boss of the Wilmslow-based lending broker, Freedom Finance, is renowned in the industry for his straight and honest approach.

Some may argue it is a rarity in an industry dogged with complaints and investigations and which often stands accused of unscrupulous lending, resulting in a nation crippled by debt.

Tony insists, though, that Freedom Finance is an ethical business which has freely opened its doors to investigators from the Office of Fair Trading - and it has been the only broker to do so.

But Freedom Finance makes its money from lending to people who in a large majority of cases have debt problems.

It is a point which Tony freely concedes. However, he says that his group is certainly not to blame for the UK's debt problems and, in fact, is helping thousands out of a financial mess.

He says: "Since joining the industry, my eyes have certainly been opened by how easy it is to get credit. Gone are the days when you had to put on your best suit and go and see the bank manager for a loan.

"Now consumers are bombarded with offers of credit on a daily basis, and, while some responsibility lies with the customer, I blame the high street banks for offering people a multitude of loans and credit cards which they simply can't afford to pay back.

"This is what I told the Office of Fair Trading when they visited the group.

"We are certainly not responsible for the problem, and Freedom Finance has helped thousands of people get out of a financial mess caused by others."

Competitive

Freedom claims its rates are extremely competitive. Tony says: "Of course we can't offer a loan at say 6.5 per cent, because at that rate the lender couldn't afford to pay us commission. But our cheapest secured loan is 7.7 per cent, while our unsecured loans start at 8.9 per cent."

The group has customers from every socio-economic group, with the bulk being C1 and C2s who want to borrow fairly large sums.

Tony says: "A typical customer would be someone who has run up around £30,000 to £40,000 worth of debt on credit cards and needs to sort out their finances.

"So, yes, you could say that our business is riding on the back of indebtedness - but we are sorting out the mess left by others."

The group itself has had money worries. It was hit by the FSA regulations which came in 18 months ago surrounding the sale of payment protection insurance.

Following a mountain of complaints from consumers, claiming they had been mis-sold expensive and often entirely unsuitable PPI packages, or had actually been unaware they were taking out the cover with their loans, the law banned that type of "presumptive" selling.

Tony says: "Following the new rules, the uptake of PPI fell from around 70 per cent to 40 per cent. It is fair to say that the lenders we used made a lot of money on the back of PPI, and we were hit financially."

While he is reluctant to reveal the exact figures, he says that the situation had "a significant negative impact on the company".

The group then embarked on what he terms a "de-risk" strategy, investing in new technology as well as raising customer fees - a decision which many other lenders also took.

Today, under Tony's guidance (he is now group managing director), the business is back on track, with turnover at the £85m mark, and embarking on an ambitious expansion strategy.

Freedom Finance was founded by chairman Rupert Webb in 1983, as Wilmslow Financial Services.

In 2000, Rupert sold a 55 per cent stake to American venture capitalist JZ International.

Thank you Dreamer, this looks interesting, will have a proper read shortly.;)

maxdp

dreamer33 wrote: »

I know this is massive but have a read, I was also wondering what exactly the FSA looked at when they were in there:

Model of a military man


8/ 5/2007

AS an ex-army major, Tony Machin is a man for whom integrity and transparency are paramount.

The boss of the Wilmslow-based lending broker, Freedom Finance, is renowned in the industry for his straight and honest approach.

Some may argue it is a rarity in an industry dogged with complaints and investigations and which often stands accused of unscrupulous lending, resulting in a nation crippled by debt.

Tony insists, though, that Freedom Finance is an ethical business which has freely opened its doors to investigators from the Office of Fair Trading - and it has been the only broker to do so.

But Freedom Finance makes its money from lending to people who in a large majority of cases have debt problems.

It is a point which Tony freely concedes. However, he says that his group is certainly not to blame for the UK's debt problems and, in fact, is helping thousands out of a financial mess.

He says: "Since joining the industry, my eyes have certainly been opened by how easy it is to get credit. Gone are the days when you had to put on your best suit and go and see the bank manager for a loan.

"Now consumers are bombarded with offers of credit on a daily basis, and, while some responsibility lies with the customer, I blame the high street banks for offering people a multitude of loans and credit cards which they simply can't afford to pay back.

"This is what I told the Office of Fair Trading when they visited the group.

"We are certainly not responsible for the problem, and Freedom Finance has helped thousands of people get out of a financial mess caused by others."

Competitive

Freedom claims its rates are extremely competitive. Tony says: "Of course we can't offer a loan at say 6.5 per cent, because at that rate the lender couldn't afford to pay us commission. But our cheapest secured loan is 7.7 per cent, while our unsecured loans start at 8.9 per cent."

The group has customers from every socio-economic group, with the bulk being C1 and C2s who want to borrow fairly large sums.

Tony says: "A typical customer would be someone who has run up around £30,000 to £40,000 worth of debt on credit cards and needs to sort out their finances.

"So, yes, you could say that our business is riding on the back of indebtedness - but we are sorting out the mess left by others."

The group itself has had money worries. It was hit by the FSA regulations which came in 18 months ago surrounding the sale of payment protection insurance.

Following a mountain of complaints from consumers, claiming they had been mis-sold expensive and often entirely unsuitable PPI packages, or had actually been unaware they were taking out the cover with their loans, the law banned that type of "presumptive" selling.

Tony says: "Following the new rules, the uptake of PPI fell from around 70 per cent to 40 per cent. It is fair to say that the lenders we used made a lot of money on the back of PPI, and we were hit financially."

While he is reluctant to reveal the exact figures, he says that the situation had "a significant negative impact on the company".

The group then embarked on what he terms a "de-risk" strategy, investing in new technology as well as raising customer fees - a decision which many other lenders also took.

Today, under Tony's guidance (he is now group managing director), the business is back on track, with turnover at the £85m mark, and embarking on an ambitious expansion strategy.

Freedom Finance was founded by chairman Rupert Webb in 1983, as Wilmslow Financial Services.

In 2000, Rupert sold a 55 per cent stake to American venture capitalist JZ International.

Love it thank you dreamer33 what a wonderful man:mad: Am sure he is not worrying about his fuel costs:eek:

dreamer33

maxdp wrote: »

Love it thank you dreamer33 what a wonderful man:mad: Am sure he is not worrying about his fuel costs:eek:

I'll let you know how lovely he is when he reads my recent letter and replies (hopefully)

maxdp

dreamer33 wrote: »

I'll let you know how lovely he is when he reads my recent letter and replies (hopefully)

I would say on a wing and a prayer but good luck anyway:D