PPI Reclaiming discussion Part II

marshallka

tiggrae wrote: »

Hi - sorry but it sounds as though you're saying the loan was mis sold, I'd resend it as

I took out a loan with Payment Protection Insurance during 2000 through a Company based in the UK called Freedom Finance. As I believe the PPI element was mis sold I have made a complaint to Freedom only to be directed from them to a Company based in Gibraltar, namely Bespoke Finance whom Freedom now state they were acting on behalf of.

My loan was taken out 14th Jan 2000 so this gives UK authorities little jurisdiction over this claim. I therefore, wondered if you could tell me if this company is, and the date if possible, actually authorised to sell insurances from Gibraltar as there are quite a number of people like myself in this situation. - They do hold a Consumer Credit Licence granted to them within the UK - does this allow them to operate within Gibraltar as a UK offshore Company ??

Have resent it now. They will be getting fed up of me after quite a few emails but i must admit i think they did think i was on about the sale of the loan. I bet they will still get away with it even if they aren't allowed to sell insurance now i bet there was no need to be regulated at that time in Jan 2000. I have put the laws above but i cannot read into these.

thanks tiggrae

tiggrae

SuzySu wrote: »

Thanks Tiggrae. We do have the paperwork for the loan, but not separate paperwork for the PPI section (as I now believe we should have had). There is no way we would have requested PPI - not at that price and certainly not if it only covered one fifth of the duration of the loan.

Does it make a difference if they operate a "no claims" system (which they do) ie. if you don't default, or make a claim in the first three years, they refund 50% of the PPI over years 3, 4 and 5. We are only just 14 months into the loan agreement so will not benefit from this.

BTW - included in the redemption figure is an amount for Insurance rebate of £1,200. How come they are only refuding that amount out of £11,200?

No their no claims system makes no difference. As for the low rebate, I suspect they front end loaded the insurance - ie this year you've been paying for the insurance element only and nothing off the capital or interest of the loan, so the £1200 is all you had left to pay on the insurance policy !!!

marshallka

Just found the website for Bespoke here

http://www.bespokefinanceloans.co.uk/

The about us is as follows

Bespoke Finance has been providing secured loans to consumers in the United Kingdom since 1997. We are owned by Fidecs, who are the Gibraltar member firm of BDO, the world’s fifth largest Accountancy group.

Bespoke Finance work very closely with Freedom Finance, one of the largest secured loan brokers in the United Kingdom. Freedom Finance provides their expertise of loan processing to ensure that our customers receive the best possible service and the correct loan to meet their individual requirements.

and then from Fidecs site

In 2003 Fidecs acquired Bespoke Finance Limited, a consumer credit broker marketing into the UK (but based in Gibraltar), primarily as a client facility. The following year, Fidecs incorporated a second brokerage, Ready Finance Limited. Both brokerages are currently developing Fidecs’ own business (as well as client businesses).

I don't know how we stand now as it looks like Bespoke is owned by someone else
http://www.fidecs.gi/about/people/?page=12

onslo

tiggrae wrote: »

Given the current state of the credit market I would definately wait until after you get your mortgage sorted. Once in place start the reclaim process, it should make no difference to your relationship with the Nationwide as they can only request the full repayment of the mortgage if you get into arrears

Thanks Tiggrae, I appreciate the response and agree with your suggestion. It's good to know that I can't be "ejected" from my mortgage as a result of making a claim.

Onslo

singlep

Marshallka - FSMA, the Financial Services and Markets Act, 2000 required all EU countries to introduce regulation of general insurance. The UK did this in Jan 05 but countries such as Gibraltar who follow the EU have done this much later. Therefore Bespoke did not need to register in Gib and did not register in the UK in Jan 05. So no registration was required anywhere. These companies were set up by accountants to avoid VAT in the UK, but PPI buyers are the unfortunate victims. The websites state that Freedom is Bespokes processor. A processor cannot be an adviser so we can assume that Freedom assumed the role of adviser but failed to inform customers. This is the basis for complaint as I see a Freedom company was a GISC member which will qualify the claim. This is a scandal that someone should investigate.

marshallka

singlep wrote: »

Marshallka - FSMA, the Financial Services and Markets Act, 2000 required all EU countries to introduce regulation of general insurance. The UK did this in Jan 05 but countries such as Gibraltar who follow the EU have done this much later. Therefore Bespoke did not need to register in Gib and did not register in the UK in Jan 05. So no registration was required anywhere. These companies were set up by accountants to avoid VAT in the UK, but PPI buyers are the unfortunate victims. The websites state that Freedom is Bespokes processor. A processor cannot be an adviser so we can assume that Freedom assumed the role of adviser but failed to inform customers. This is the basis for complaint as I see a Freedom company was a GISC member which will qualify the claim. This is a scandal that someone should investigate.

Freedom Finance were not a member of GISC when i took my loan out though. I think it was after. Do you know a date on this. thanks in advance

I think it was nov 2001 but there is still the courts to do my claim through.

tiggrae

marshallka wrote: »

Freedom Finance were a member of GISC when i took my loan out though. I think it was after. Do you know a date on this. thanks in advance

As you're going to have to start proceedings anyway, I'd do it against First Plus using the CCA Section 52 - (ie make them responsible for the actions of their agent) it is a legitimate piece of legislation regardless of whether First Plus have heard of it or not. Sorry to say but I think you have to forget FF & Bespoke, they'res no official organisation that can help !!

Incidently First Plus have also denied the existance of the Unfair Consumer Contract Terms Regulation 1999 - they'll deny anything to get out of their legal obligations that protect consumers

singlep

GISC, General Insurance Standards Council, was the voluntary regulator for GI in the UK until Jan 05 when FSA introduced statutory regulation. Gisc then closed but FSA said GI complaints against GISC members prior to Jan 05 could be referred to FOS. So UK brokers ceased GISC membership and registered with FSA. Freedom will claim that PPI was sold on behalf of Bespoke prior to Jan 05 and by themselves since that day. The position prior to Jan 05 should have been made clear to customers in that they were dealing with Bespoke. The OFT and vat Customs should be informed as they have added to the problem.

tiggrae

singlep wrote: »

GISC, General Insurance Standards Council, was the voluntary regulator for GI in the UK until Jan 05 when FSA introduced statutory regulation. Gisc then closed but FSA said GI complaints against GISC members prior to Jan 05 could be referred to FOS. So UK brokers ceased GISC membership and registered with FSA. Freedom will claim that PPI was sold on behalf of Bespoke prior to Jan 05 and by themselves since that day. The position prior to Jan 05 should have been made clear to customers in that they were dealing with Bespoke. The OFT and vat Customs should be informed as they have added to the problem.

Which is OK, but the Financial Services & Markets Act 2000 which introduced the Financial Ombudsman, didn't come into force until December 2000, and the FOS won't look at anything prior to their inception date.

Elsie2_2

tiggrae wrote: »

Elsie2 wrote: »

Can anyone offer advice about First Direct with whom i have a court date on the 1st of July. This is what they put in their defence.
Thanks everyone.[/quote
what did you put on your particulars of claim?

I put;
On 6th June 01 the claimant(I) entered into a finance agreement with First Direct.The believe the payment protection policy sold was done so negligently and under the Misrepresentation Act (1967) s.2(1) seeks redress.The single premium policy was sold even though I was already experiencing financial difficulties + was therefore forced to borrow more.The policy was offered on an opt-out scheme rather than allowing me to opt into the policy.The documentation at the time gave no option to choose the policy as cover had already been accepted,shown by a typed tick in the necessary box.The salesperson suggested that I needed to take this policy and no advice was given on how to opt out.Under the County Courts Act,the claimant is entitled to interest of 8% P/A from the date deprived of the money.This totals £784.44,accruing at the daily rate of 0.021% til judgment or payment.5.I ask the court to enter judgment in my favour for £1443.15 plus interest, totaling £2227.59.