PPI Reclaiming discussion Part II

Kaia_2

Hi homer_j

It is always the case that a broker will receive a fee or commission.
I have been reading bits from the original information pack I had back in 2002, luckily we kept it, hadnt realised until a few weeks ago when we found it all up the attic.
(FREEDOM FINANCE)
Now on the leaflet (2002) it states NO FEES, and on the folder itself it states "We guarantee that you will pay no fees or charges other than those shown on your credit agreement and you will not pay any commission to representatives.
It goes on to say......We fully observe the FISA code of conduct.

There are no charges or fees mentioned on my CCA so does this mean that Freedom Finance sold the loan and PPi to me on behalf of GE Money for nothing, just out of the goodness of their hearts so to speak:rotfl:
Was this some sort of sales gimmick do you think?

marluc

Kaia wrote: »

Hi homer_j

It is always the case that a broker will receive a fee or commission.
I have been reading bits from the original information pack I had back in 2002, luckily we kept it, hadnt realised until a few weeks ago when we found it all up the attic.
(FREEDOM FINANCE)
Now on the leaflet (2002) it states NO FEES, and on the folder itself it states "We guarantee that you will pay no fees or charges other than those shown on your credit agreement and you will not pay any commission to representatives.
It goes on to say......We fully observe the FISA code of conduct.

There are no charges or fees mentioned on my CCA so does this mean that Freedom Finance sold the loan and PPi to me on behalf of GE Money for nothing, just out of the goodness of their hearts so to speak:rotfl:
Was this some sort of sales gimmick do you think?

Hi Kaia
How times change! We took out our loan in May 2003. There was already a space on the form for broker's fees. In our case £1500!!!!. I cannot believe that we were so naive. Let's hope they really get hit where it hurts - in their pockets.:mad:

YEOSAL

Ploddy wrote: »

No, not yet I sent my first letter 12th April, so they have replied well within the timescales. If i get the docs this week though that will be pushing it a bit


Won't be able to tell though will I? As pretty much most Natwest employees are vermin

ROFL! :rotfl:

YEOSAL

Kaia wrote: »

Yeosal....
Hi there,I just emailed them to ask if Freedom was on their list and they e-mailed back within a day or two
I just clicked this link and ask them.... [EMAIL="audra@fisa.co.uk"]audra@fisa.co.uk[/EMAIL]

Thanks Kaia

I have just emailed them re: LLoyds TSB so hopefully will get a reply soon.

Yeosal

homer_j_3

The secret commissions that I have mentioned are not the broker fees. Its the remuneration that the PPI insurance company pay the loan company as a commission for selling it.

tiggrae

katiekittykat wrote: »

I'm not too sure as it doesn't say - they got my letter on monday and i had a reply by friday.

Hi, by experience the FOS is taking 5-6 months to complete a case review

tiggrae

YEOSAL wrote: »

Thanks Kaia

I have just emailed them re: LLoyds TSB so hopefully will get a reply soon.

Yeosal

Hi I've probably missed a previous post - but if it's lloyds TSB why would you need the FISA - as a bank their actions have always been covered by the FSA - apologies if you've answered this elsewhere

Kaia_2

homer_j wrote: »

The secret commissions that I have mentioned are not the broker fees. Its the remuneration that the PPI insurance company pay the loan company as a commission for selling it.

Ahhhhh....I see

Kaia_2

YEOSAL wrote: »

Hi, you have been busy!

In the defence from LLoyds solicitors it quotes;
"The Defendant denies any claim in negligent misrepresentation and/or a claim for breach of the Financial Services & Markets Act 2000 and breach of the Misrepresentation Act 1967"

So the FSMA does apply, news to me as my POC included only the Misrep Act so I will now be using stuff from FSMA too in my claim.

Did the FISA have a list of who they regulated prior to 2005?

Sally

YEOSAL.....
Please note that tiggrae has said the FSA have ALWAYS regulated the banks, regardless of pre-2005, so no need for you to contact FISA like I did.

gamekeeperturnedpoacher

Hi, unfortunately, Abbey are not the quickest however, they have only 8 weeks to make a complete and final response to you then you can go to the FOS. From experience, you will probably not get a response in the 8 weeks. I would send a letter to the FOS now, companies that are FSA registered have to account for all complaints and are particularly keen to action those received/referred from the FOS. Therefore, although the 8 weeks have not passed, the fact that the FOS will refer your letter to Abbey asking them to respond direct to you, Abbey will likely prioritise your case over and above those complaints received direct from the consumer.

Be aware however, the FOS have the same poor turnaround times in responding!!!

jonnypb wrote: »

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