PPI Intelligent Finance Reclaim

TomBoyNI · 16 June 2012 at 1:26PM

Hi there,

Was just wondering if anyone has had any luck with a reclaim from Intelligent Finance.

I just got a letter stating that I was not mis sold as this product was sold online so basically you can't be mis sold it as no one makes you buy it. The also say their loans were approved in principle prior to PPI being added and as such are not compulsory. They go on to mention their 14 day cooling off period so basically it's a big fat no!

They also state I didn't have sufficent means in place to cover the loan should something happen in relation to my employment. Don't know how they came to that conclusion but they have.

My question is it best to just leave that one or try again with a follow up letter.

Has anyone had any success with IF who can point me in the right direction.

I honestly feel PPI was useless for me, and when I did get into financial difficulties that was proven.

Thanks.

Tommy

dunstonh · 16 June 2012 at 2:20PM

I just got a letter stating that I was not mis sold as this product was sold online

Whilst that doesnt eliminate the possibility of being missold, it certainly reduces the chances as no sales rep or adviser was involved.

The also say their loans were approved in principle prior to PPI being added and as such are not compulsory.

They would only say that if something in your complaint said it was compulsory. Did you use a template letter by any chance and leave incorrect comments in it?

They also state I didn't have sufficent means in place to cover the loan should something happen in relation to my employment. Don't know how they came to that conclusion but they have.

Again that tends to be mentioned when people say they have enough savings. Although why they would want a loan in that case is always a strange one.

My question is it best to just leave that one or try again with a follow up letter.

You havent said what your reasons for complaint are. We can guess some from the response (but then they may have added them without you asking).

I honestly feel PPI was useless for me, and when I did get into financial difficulties that was proven.

So, why did you buy it? It sounds more like buyer remorse than mis-sale.

TomBoyNI · 16 June 2012 at 4:23PM

Thank you for your quick and detailed reply.

Quote:
I just got a letter stating that I was not mis sold as this product was sold online
Whilst that doesnt eliminate the possibility of being missold, it certainly reduces the chances as no sales rep or adviser was involved.

- OK so there's a little hope, that's good!

Quote:
The also say their loans were approved in principle prior to PPI being added and as such are not compulsory.
They would only say that if something in your complaint said it was compulsory. Did you use a template letter by any chance and leave incorrect comments in it?

- Yep I used a templates letter, I wasn't too sure how it was sold as it was quite some time ago, but now I can put this section to bed, as I know it is not the case.

Quote:
They also state I didn't have sufficent means in place to cover the loan should something happen in relation to my employment. Don't know how they came to that conclusion but they have.
Again that tends to be mentioned when people say they have enough savings. Although why they would want a loan in that case is always a strange one.

- I didn't have saving to cover to loan, but I feel that I any sickness etc, would have been covered adequately for at least 12 months by my employer.

Quote:
My question is it best to just leave that one or try again with a follow up letter.
You havent said what your reasons for complaint are. We can guess some from the response (but then they may have added them without you asking).

- My reasons are I paid money into a policy that would never benefit me, even when I did hit financial troubles this policy was useless. I was never properly told that how it worked, and a leaflet explaining it, well how do they know if I can even read?

Quote:
I honestly feel PPI was useless for me, and when I did get into financial difficulties that was proven.
So, why did you buy it? It sounds more like buyer remorse than mis-sale.

- I bought it at the time as I thought it would protect me, I had experiences with other companies and thought having it made my chances of getting the loan better. At the time I wanted to get debt free in a managed way and thought another loan would be useful, and I was pretty much prepared to accept whatever to get that loan.

Hope that helps somewhat and thanks again!

Tommy

dunstonh · 16 June 2012 at 4:44PM

Whilst that doesnt eliminate the possibility of being missold, it certainly reduces the chances as no sales rep or adviser was involved.

- OK so there's a little hope, that's good!

Little hope is in tiny. The FOS doesnt like pre-selected tickboxes or tick to opt out. A small number of providers did this. However, if you had to select to have it then its game over on that front.

- I didn't have saving to cover to loan, but I feel that I any sickness etc, would have been covered adequately for at least 12 months by my employer.

That is only relevant on advised cases or some sold cases. Not on bought cases.

- My reasons are I paid money into a policy that would never benefit me, even when I did hit financial troubles this policy was useless. I was never properly told that how it worked, and a leaflet explaining it, well how do they know if I can even read?

They have no requirement to see if it was suitable to you as you were not being advised on it. It is little different to going into a shop and buying an item. The retailer doesnt know if it is suitable for you or not. advised cases certainly do have to check suitability. Non-advised cases do not.

TomBoyNI · 16 June 2012 at 6:22PM

Thanks again.

I'll check if it was a pre tick box then otherwise it looks like game over on that front.

PPI Intelligent Finance Reclaim

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