PPI Reclaiming discussion Part II

Kaia_2

Just read your post about the rodent problem at Nat West , ROFL.:rotfl:
What will they come out with next!!!!

MWH1

niemowle wrote: »

hi there,
please help... sent a letter with mis-sold PPI, after 8 weeks no decent reply, i sent them another letter a nd have given them an extra 14 days, a letter from them that they need more time, my question is shall i contact FO now and send the bank the FO papers, not too sure what to do please help, ?
niemowle

Hi. The Financial Ombudsman Service will expect you to provide them with the final response from this company. As they are still investigating your complaint, I would suggest giving them the 14 days as you appear to have given them this timescale in writing. Thereafter, make your complaint with FOS and if you feel like it, send a copy to the PPI provider to see if this prompts them to do something. Hope this helps.

pumpkinpatch

can anyone answer a quick question for me please.
I am just starting my PPI claim, still waiting on reply of SAR letter, before i proceed. But my problem is, I have just started dealing with a finance company who are writting to all my creditors to offer min payments due to hardship. One thing they have asked me to do is cancell my DD with the bank for my bank loan, this will mean they wont get payment this month, resulting on a default from myself.
Will this affect my claim for PPI in any way?????

Thanks

homer_j_3

Depending on the size of your loan and PPI, you should consider reading some of my posts. The PPI claim will not be affected by your default I do not think but they may clear your arrears out of any successful claim.

If I was you, I would be looking at making the loans voidable or unenforceable which if proven would mean your credit file would be cleaned up as part of this process.

Take time to read through my posts and look at some of the legal arguments that I have quoted. I have asked Martin to look into this but he seems to be very busy at the moment and has not come back to me.

Kaia_2

Hi all,
I sent an email to FISA and asked them if they could explain the difference between FISA and FSA , as we all know these companies always go on about not being regulated until the FSA came into it in 2005, but we all know FISA was in place before this, so where do we stand with their regulations.
This is the reply I was sent this morning.......

Good morning K.
Thank you for your enquiry (copied below). There is no relationship whatsoever between FISA and FSA. The FSA (Financial Services Authority) is a government authorised body with powers invested in it under the Financial Services and Markets Act 2000. It officially regulates a range of financial activities from investments to insurance and mortgages and all firms engaged in these activities have to be authorised by the FSA, otherwise they are acting illegally. The government authority which has responsibility for regulating other financial activities, such as consumer credit under the Consumer Credit Act 1974, is the Office of Fair Trading (OFT).

FISA is not government authorised, it is an Association of Lenders and Brokers, whose members agree to comply with a voluntary code of practice, whilst also being required to comply with the law under the FSA and OFT regulation. FISA liaises with the FSA and OFT on a regular basis and advised its members on changing regulation and practical application of the law.

For more information it may be helpful to visit any of the associated websites.

Regards

Terry Hodgkinson
Compliance Officer.

---

Original Message

---

Sent: 18 May 2008 16:06
To: audra@fisa.co.uk
Subject: FSA / FISA

Please could you tell me what is the difference between FISA and FSA, is one just an updated version of the other?
I would be ever so grateful if you could clarify this.

Basically this says that although FSA didnt come in till 2005, before that date we would still be covered legally by the Financial Services and Markets Act 2000 and of course the Conumer Credit Act 1974.

Kaia_2

Hi homer _j
Yes, it would be very interesting to hear Martins views on it.
I have now completed the form and its ready to post

homer_j_3

Thats good and thanks for letting me know.

Jaycee2411

gamekeeperturnedpoacher wrote: »

In 2005 as part of the TCF inititiave, Insurers agreed that they would cancel PPI and offer a pro-rata refund (used to be on what they called the rule of 78+2). Now, this is legitimate, they can do this HOWEVER, my policy document says I can cancel my policy at any time and in the event I do not settle my loan, the amount refunded will be credited to my loan agreement and my monthly payments will be recalculated.

Hi there, this must be what MBNA did when I cancelled the PPI I had on my loan with them. As mentioned in my previous post, they wrote me saying my loan account had 'acordingly' been 'credited with the rebate of £992.'

I didn't realise this was in the policy document. Does that mean I don't have the right to ask them to send that money directly to me, instead? It's my money, no?

homer_j_3

If you got it back, you would still owe the 992 as your loan would be 992 more than what it is now having had it reduced against your debt.

I see no sense in what you are asking unless you need 992 for something else and it stops you applying for credit for this.

I would imagine that what MBNA have done is right in this instance.

jonnypb

I've just received a letter from the abbey (cahoot loan) saying they're investigating my case and it could be 4 weeks before they get back to me as they want to investigate it and if there is any delay they'll let me know

should I sit back and wait to see if I hear anything within 4 weeks or should I be sending another letter off?

Thanks