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  • FIRST POST
    • Former MSE Wendy
    • By Former MSE Wendy 26th Oct 07, 2:11 PM
    • 868Posts
    • 1,782Thanks
    Former MSE Wendy
    PPI Reclaims not covered by the FOS
    • #1
    • 26th Oct 07, 2:11 PM
    PPI Reclaims not covered by the FOS 26th Oct 07 at 2:11 PM
    This thread is specifically for discussing your PPI Reclaiming case if it is not covered by the Financial Ombudsman Service.



    To report your case click post reply



    You can take your complaint to the FOS if your lender was regulated by the Financial Services Authority at the time you signed your agreement. This can be checked on the FSA Register.
    Last edited by Former MSE Wendy; 20-02-2008 at 11:01 AM.
Page 3
  • tiggrnads
    PPI and Welcome Finance
    Dear all,

    Can anybody give me some advice please

    I have been querying my PPI as per this sites advice.

    Three of these accounts were loans with a company called Welcome Finance. They paid me one amount back + interest and with little hassle ("out of good faith and not admitting resposibility etc etc). In the same letter they said that I could not take to Ombudsman as they were not within their jurisdiction at that time.

    Ombudsman has since confirmed this. Does anybody know what I can do now??? Any suggestions would be greatly appreciated.

    Eddie :confused:
  • rosemahairy
    i too have 4 loans with welcome finance all with whopping ppis adding ranging from 1k to 3K!!!! i have just written to them for copies of the contracts i dont understand what you mean about the dates and being regulated by fos my loans were taken out between 2003-2005 d oyou think i will have the same problem? What date do they say they joined this regulatory thing?
    • smitchy73
    • By smitchy73 12th Feb 08, 7:41 PM
    • 1,823 Posts
    • 3,658 Thanks
    smitchy73
    Tigernads/rosemahairy,

    Welcome only signed up to be regulated by the Financial Ombudsman around January 2005, therefore if you signed your loan papers before this, then they didnt have to answer to their guidelines, however, they should have been regulated by another financial body before this, which is sometimes the Financial Leasing Authority, you can google them, and you can check companies names there, or get their phone number and phone them to ask if Welcome were regulated by them at the time you signed your loan.

    Some people offer services on here and they can check the legality of the loan papers sometimes there are missed signatures etc etc that make the loan papers not worth the ahem! paper they are written on, therefore voiding your loan, and you have to get the money back but I don't know much about them.

    There should also be a whole section on Welcome as there has been hundreds of people on here affected by them and their PPI's, have a good look through the site.

    Hope this helps you both.
    2015/16 - 200 High Street Vouchers/Vodafone Prize pack+Beats Headphones(600)
    Thanks to all the comp posters.
  • Kaia
    Hi all,

    I've had a response from Bespoke finance that in short says the following:

    "Your complaint has been passed to us by Firstplus - we have completed our investigation as follows:

    At the time of conducting business with you, Freedom Finance (acting on behalf of Bespoke finance) was not required to be autorised and regulated by the FSA.

    It has always been our policy to provide clear documentation and to ensure our customers are provided with comprehensive information before committing to securing a loan against their property or taking optional PPI.

    Our policy for the sale of PPI operated from a purely optional perspective. At the time of application Freedom Finance provided you with a booklet outlining the beneifts and conditions of the optional PPI, it also stated the policy term was 5 years. This booklet was designed by your loan lender and issued by freedom finance prior to the signature of the credit agreement. Employees joining the business are briefed and assessed at induction on their understanding of the payment protection products and would have been keen to answer any questions or concerns.

    Our records indicate that you signed the credit agreement to include payment protection to cover your loan. The agreement stated that signing the doc confirmed that you had read and understood the PPplan summary and that the premium for the insurance was added to your loan paid for within your monthly installments.

    Based upon this information we are unable to uphold your complaint."

    Now what is the best course of action now? Do I simply send template letter 2? Or do I send template letter 2 but also include reference in it to the FSA's notes from Oct 2005:
    • There was an over-reliance on product documentation given to the customer at the expense of explaining the policy to the customer orally: most firms selling by telephone did not give sufficient information on exclusions;
    I am not prepared to be fobbed off at all with this as the PPI was not explained to me, I was told that I would not be approved unless I took it, and also on my agreement forms the PPI boxes were pre-checked when my documentation came through for me to read and sign prior to loan approval...

    Help much appreciated.....
    Originally posted by arthurp8
    Hi there, I am in much the same position as you....have you had any luck yet?
  • rosemahairy
    i have got trading standards looking into welcome finance. because my loans were 2003-2005 i am anticipating them telling me the rubbish they are others that they can lie and cheat you because they are not in the FOS at the time. i followed tiggrnads instructions and welcome finance are regulated by the FLA also but cannot find dates of which body they were with and when. anyways just to update everyone i have my mother in law at trading standards finding out the dates welcome finance became regulated by which body and what criterion they should have been following at what dates. hopefully once we know this we will know what to threaten them with when they fob us off... il keep you posted
  • Lindawh
    Unable to Claim PPI
    Can anyone tell me the next step please I wrote to GE Money trading as First National Bank to reclaim PPI, they advised me that I could not claim my PPI back. I then wrote to the FOS (Financial Ombudsman Services) complaining about GE Money. They wrote back to me advising that the complaint was on 30th April 2004 and on 14th January 2005 as a result of legislation the FSO became responsible for looking into complaints against former members GISC about events that occured while the firm was a member of GISC. AS GE Money Home finance trading as First National did not have membership of GISC at the time the advice was given they (FOS) are unable to consider my complaint the loan protection payment amounted to 1791.30 - where do I go from here or is this the end of the road.
  • angelwillow
    Is there a 'list' anywhere of companies that ARE regulated by the F.O? - just so I can see my next course of action if my loan company say no,which I expect they will!
    • Former MSE Wendy
    • By Former MSE Wendy 20th Feb 08, 11:03 AM
    • 868 Posts
    • 1,782 Thanks
    Former MSE Wendy
    There is no list as such but you can check if your lender was regulated by the Financial Services Authority at the time you signed your agreement, as these are the companies that are covered by the FOS, by checking the FSA Register.

    Wendy
    • ALIBOBSY
    • By ALIBOBSY 25th Feb 08, 4:03 PM
    • 4,442 Posts
    • 16,470 Thanks
    ALIBOBSY
    I go on another forum, and on there most seem to be going down the court route. So far like the early charges claims the banks are settling out of court. However this is early days and there is always a chance you could go to court and lose.
    good luck
    ali x
    "Overthinking every little thing
    Acknowledge the bell you cant unring"

    Make up to 10 a day-November 610.22/750

    Make up to 10 a day-December 73.84/620
  • SUFC
    I go on another forum, and on there most seem to be going down the court route. So far like the early charges claims the banks are settling out of court. However this is early days and there is always a chance you could go to court and lose.
    good luck
    ali x
    Originally posted by ALIBOBSY
    Hi Ali,
    Thanks for this, which forum is it? Regards, SUFC
    • m.colak
    • By m.colak 5th Mar 08, 9:51 AM
    • 1,080 Posts
    • 921 Thanks
    m.colak
    Hi another method is going on the FISA website will will list all the regulatory bodies the some other companies signed upto including the FLA which has companies such as black horse and GE money.
  • petermb
    Can anyone tell me the next step please I wrote to GE Money trading as First National Bank to reclaim PPI, they advised me that I could not claim my PPI back. I then wrote to the FOS (Financial Ombudsman Services) complaining about GE Money. They wrote back to me advising that the complaint was on 30th April 2004 and on 14th January 2005 as a result of legislation the FSO became responsible for looking into complaints against former members GISC about events that occured while the firm was a member of GISC. AS GE Money Home finance trading as First National did not have membership of GISC at the time the advice was given they (FOS) are unable to consider my complaint the loan protection payment amounted to 1791.30 - where do I go from here or is this the end of the road.
    Originally posted by Lindawh
    Hi Linda,
    There is stuff you can do without having to go through the court process. The fact that your loan was pre fsa also means that there are likely to be a few other issues that you can pursue GE with apart from just ppi. You may get a nice surprise. I will gladly assist if i can.
    I am a former Broker, former IFA and former compliance officer, for my sins.

    However, I have since seen the light.
    • mortimerrankine
    • By mortimerrankine 9th Mar 08, 9:03 AM
    • 67 Posts
    • 18 Thanks
    mortimerrankine
    i too have 4 loans with welcome finance all with whopping ppis adding ranging from 1k to 3K!!!! i have just written to them for copies of the contracts i dont understand what you mean about the dates and being regulated by fos my loans were taken out between 2003-2005 d oyou think i will have the same problem? What date do they say they joined this regulatory thing?
    Originally posted by rosemahairy
    FOS have responded they cannot deal with my compalint as they were both 2003 by welcome finance so off i go to hand it over to the proffessionals, yes i know i wont get as much as they will charge a fee but at least they wont get away with it
    • MISHEL02
    • By MISHEL02 11th Mar 08, 12:13 PM
    • 417 Posts
    • 500 Thanks
    MISHEL02
    Hi Petermb
    Ive PM'd you but your inbox is full, can you clear some out please
    Thanks so much
    2010
    2 BAGS OF HORSE POO, SOCKS, 32" TV, BOOKS, DVDS, TRIP TO NEW YORK OMG, HALO N HORNS GOODY BAG, MCAINS GARDEN GAMES, 6 MONTHS IAMS CAT FOOD
  • DavyM
    PPI when you don't need it.
    Hi Folks,

    My Daughter got a loan from Welcome Finance in 2003. It was partly to pay off an existing loan with them. The loan amount was £1112.00. They told her that she could have PPI and although it was optional, if she took it the loan would be sure to be approved. She was in financial hardship at the tme and this made her feel pressured into taking it.

    She signed for the loan and the PPI as one agreement. The PPI was added to the loan as a single premium and was £447.24. With interest the PPI would cost more than she could ever claim. Her payments are £38.62pcm

    My daughter is a single parent with a daughter who is now 10. She has worked for the NHS for over 10 years. At the time of signing for this PPI she already had separate life insurance as well as employers life insurance of 4.5 times salary. Her employment contract gives her sickness pay of 6 months full pay and then a further 6 months on half pay. The chances of her being made redundant were remote. Should maybe mention she had a part time job in a pub at the same time.

    I have written a letter to claim a refund of this, but having read this thread I wonder if it will be forelorn hope. Should I send it? I know they will fob me off, so what to do after that?

    I will be watching out for success stories, particularly with Welcome.

    Good luck to you all with your claims. Lets hope fairness prevails.
    Last edited by DavyM; 25-03-2008 at 2:09 PM.
  • blade1730
    ppi failure.know who your loan is with.
    Several years ago I applied to Freedom Finance for a loan.
    During a phone call they advised me loan could only proceed if I took 2400 ppi which I did not need or want.
    After seeing Martins programme I sent a letter to reclaim ppi only to be told by Freedom Finance that they only processed the loan application for Bespoke Finance who are based in Gibraltor.
    This was news to me as Bespoke had never been mentioned before but I wrote to them to reclaim and was refused.Wrote again and again was refused.
    Contacted FSO who have now advised me that as Bespoke Finance have never been a member of the General Insurance Standards Council my complaint was not one they could consider.
    So be sure you know who your loan is actually with and whether they are members of the GISC.
  • petermb
    Several years ago I applied to Freedom Finance for a loan.
    During a phone call they advised me loan could only proceed if I took 2400 ppi which I did not need or want.
    After seeing Martins programme I sent a letter to reclaim ppi only to be told by Freedom Finance that they only processed the loan application for Bespoke Finance who are based in Gibraltor.
    This was news to me as Bespoke had never been mentioned before but I wrote to them to reclaim and was refused.Wrote again and again was refused.
    Contacted FSO who have now advised me that as Bespoke Finance have never been a member of the General Insurance Standards Council my complaint was not one they could consider.
    So be sure you know who your loan is actually with and whether they are members of the GISC.
    Originally posted by blade1730
    You really should be going after the lender not the broker.
    In this instance there will be a good chance that you could challenge the loan itself.
    I am a former Broker, former IFA and former compliance officer, for my sins.

    However, I have since seen the light.
  • petermb
    Hi Folks,

    My Daughter got a loan from Welcome Finance in 2003. It was partly to pay off an existing loan with them. The loan amount was 1112.00. They told her that she could have PPI and although it was optional, if she took it the loan would be sure to be approved. She was in financial hardship at the tme and this made her feel pressured into taking it.

    She signed for the loan and the PPI as one agreement. The PPI was added to the loan as a single premium and was 447.24. With interest the PPI would cost more than she could ever claim. Her payments are 38.62pcm

    My daughter is a single parent with a daughter who is now 10. She has worked for the NHS for over 10 years. At the time of signing for this PPI she already had separate life insurance as well as employers life insurance of 4.5 times salary. Her employment contract gives her sickness pay of 6 months full pay and then a further 6 months on half pay. The chances of her being made redundant were remote. Should maybe mention she had a part time job in a pub at the same time.

    I have written a letter to claim a refund of this, but having read this thread I wonder if it will be forelorn hope. Should I send it? I know they will fob me off, so what to do after that?

    I will be watching out for success stories, particularly with Welcome.

    Good luck to you all with your claims. Lets hope fairness prevails.
    Originally posted by DavyM
    I think you will have a chance of gaining redress. I really depends on a number of issues with this company.
    I am a former Broker, former IFA and former compliance officer, for my sins.

    However, I have since seen the light.
    • Tescodealqueen
    • By Tescodealqueen 14th Apr 08, 8:30 PM
    • 712 Posts
    • 4,127 Thanks
    Tescodealqueen
    Hi I am more of a lurker than a poster but have now got to the stage where I am not sure what to do next.
    Had a loan from First Plus arranged through Ocean Finance in 2001 so more than 6 years ago. Loan was 35000 and PPI about 6000. PPI box was ticked by Ocean Finance after a telephone discussion, but we did not really want it but felt we had no choice. After paying 550 per month until May 2003 we settled the loan at over 41000, so hadn't paid anything back at all in over 2 years. First Plus simply said it was Oceans Fault and visa versa. Wrote to Ombudsman but they say FP not covered until 2005.We believe we were missold but also that we were charged full amount of PPI plus interest for only 2 years "cover". when we settled. Not sure where to go next, can anyone help?
    I posted yesterday on a different thread but hope that someone on here can help please
  • petermb
    Hi I am more of a lurker than a poster but have now got to the stage where I am not sure what to do next.
    Had a loan from First Plus arranged through Ocean Finance in 2001 so more than 6 years ago. Loan was 35000 and PPI about 6000. PPI box was ticked by Ocean Finance after a telephone discussion, but we did not really want it but felt we had no choice. After paying 550 per month until May 2003 we settled the loan at over 41000, so hadn't paid anything back at all in over 2 years. First Plus simply said it was Oceans Fault and visa versa. Wrote to Ombudsman but they say FP not covered until 2005.We believe we were missold but also that we were charged full amount of PPI plus interest for only 2 years "cover". when we settled. Not sure where to go next, can anyone help?
    I posted yesterday on a different thread but hope that someone on here can help please
    Originally posted by Tescodealqueen

    In all ppi cases there are far more vital issues than whether the cover was mis-sold. You are likely to be able to challenge the loan itself in many circumstances.
    I am a former Broker, former IFA and former compliance officer, for my sins.

    However, I have since seen the light.
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