Mis sold insurance on loans???

[MICHFERGIE]

Re the PPPI I have spoke to Welcome finnance and they have said they will do a partial refund but not full and it will come off the balance I have demanded I want the refund in cash if they can do partial then they can do full, where do I go to now they are sending me a complaints form.

[di0430]

Hi

Well at this present time, I have sent complaint forms back to the ombudsman, really dont't know how long this will take as such, but i do know it can take up to 6 mths in total.

When i complained by letter dated 24th Sept 2006 to my loan provider of Nemo-loans regarding the mis-sold insurance policy it had taken last week for me to receive their final decision, nothing resolved, so with that decision they sent they also provided a leaflet if i wanted to take this further to the ombudsman.
I had emailed the ombudsman anyway whilst i was waiting for the decision, and was sent forms by them last week, I had sent them back with as much evidence as possible to help support the complaint.

I had also asked nemo-loans on cancellation for a full refund plus any interest added, but like yourself they had deducted off the payments.
My loan is secured, and this was on the loan advance, as we already had insurance added with the first loan we had from them last Nov 2005, they automatically added this to the advance, when asked for a quote, when we asked for a quote without one, (as to our knowledge-new loan and optional insurance as stated in policy booklet and documents), they did not advise it, even when we did mention we would get it covered with a standalone cheaper one, but they would not hear of it, and said if we did not continue with the insurance we would have to borrow a further approx £8k to the loan advance to cover of costs of the first one !!
Weird considering they stated as a new loan they to end the last one, they recalculate it as the first loan ended earlier.

This was also recorded in which i am surprised when nemo sent the decision they had sent this Disk, but when adding it into the CD tower it came up on screen that the recordings were not in any particular order of dates, very jumpy too, and parts of conversation were definately missing.
The main one with the quote lasted approx over 20 mins, in which that was the loan adviser and my hubby, but mine was not found, i had really questioned into this to the loan adviser about the insurance, i dug deep, but as it was only within a few days of when my hubby was talking to her, mine should of been on the recording too !!!

When the ombudsman will hopefully listen to this, they will have to really listen to the part with the quote when my hubby asked for a quote without insurance, as she was cutting in on my hubby, but i could hear it, the loan adviser was saying we would really have to continue with this or borrow more again, and look what we would get back in 5 years if we kept it going and not claim !!! She was pushy and we didnt end up with a quote without, but there was definately parts missing of the conversation too that i really hope the ombudsman will pick up. we then assumed we had no choice down to our circumstances of the first loan insurance.

I was going to also contact my phone provider to ask if they could send statements of all incoming and outgoing calls made to us and nemo from when it all started to see if they mins add up, as all calls recorded were made by them and not us !!

If i were you, try to get as much evidence as possible.

How long ago did you take the loan/ins ?

I expect you may have these, but here are some contact details for you in case you want to get in touch with the ombudsman dept. Here is the website:

Financial Ombudsman Service

or write to:
Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
London
E14 9SR

Tel 0845 080 1800

email:
complaint.info@financial-ombudsman.org.uk

What i did at first was email them, they advised me where to go from here like wait for the final decision, so as i was waiting for the final decision i wrote to ombudsman whilst i was awaiting for the final decision as i thought nemo was taking their time, considering they did inform me 28 days i would hear, but never did, but when i did sent the letter off ther final decision arrived was not resolved then asked for complaint forms from the ombudsman.

Was that your final decision you received, or have you actually sent off a letter of complaint to your loan company regarding your insurance ?
If not do that first, make sure you have copies to keep for yourself, and anything they send back keep as your evidence and send off with your complaint form from the ombudsman if it goes this far.
Hopefully your issue will be resolved after you complain to your provider.

There are many people on these forums with same problems, they will also advise you what to do, in the meantime i am hoping mine will be resolved soon too, as this insurance is over £10k, they are still adding this cover to my loan even though i cancelled the insurance !!

Good luck and hope it works out for you.

Di. xx

[di0430]

RECEIVED A REPLY FROM OMBUDSMAN DEPT REGARDING THE MIS SOLD PPI, DIDN'T EXPECT A REPLY SO SOON BUT HERE IT IS:

Dear Mr & Mrs xxxxx

Your Complaint about Nemo Personal Finance

Thank you for contacting us.

I am now passing your complaint to our casework area for further consideration. The attached information explains more in detail what will happen next.

One of my colleagues will write to you as soon as possible to keep you informed of how your complaint is progressing. In the meantime if you have further information which might help us, please send it to us quoting our reference number above.

Please note that when the services of a solicitor, accountant or other paid adviser are used to bring a complaint to us, we do not normally award professional fees, in full or part.

Yours Sincerely
Mr xxxxxx xxxxx.
Consumer consultant.
......................... ......................... ......................... ......................... .
ok, case not resolved as yet, but another step taken. It can take upto 6 mths or so, but hopefully if this can be resolved sooner all the better. I really cannot see a problem due to the recordings taken, but i suppose this may depend on how the case worker see's it. Hopefully it will go our way. I am not going to give up, we were forced into keeping this on or borrow a further £7-£8k extra on top of the advance loan to pay for the existing ins cover, yet classed as a new loan and ins etc.
Will keep you informed. In the meantime, all you fighting for anything, the best of luck.

Good luck honey I'm watching with interest.

Wxx

[di0430]

Hi
Thank you, I will keep you informed of the process.
I have been informed once the case reaches the Ombudsman staff they are very good at dealing with these issues.

So fingers crossed all will go well !! !!

Have a lot to deal with right now, because where my hubby works there will be redundancies this week, in which he did attend an interview last Friday just in case, and also waiting to hear if he will be successful for a local company for an interview too.
We have 2 kids, and with xmas coming, its a very hard time, with one of my children under special needs where i support him full time.

I just hope the company that sold us the insurance policy can see sense with the way they pressurised and sold us the insurance.

As now we were informed by an adviser this sounds like a mis sold policy and to cancel and to request full refund of the insurance and interest, this was done, we put in a complaint to the firm. They had cancelled, and only reduced it by £15 and with the new loan repayments the insurance is still in with the amount as we cancelled it after the 30 days.

We have since had a letter from the company that due to the rise of interest rates, they have now put up the repayments of the loan, so now we are paying a lot more than what we did in the first place with insurance, and even though we planned to remortgage, and get optional cover for this loan, we now cannot afford too, and cannot continue with the remortgage until this is resolved. !!

I have also asked on the complaint form as we feel we were treated unfairly by the company we expect them to compensate us too, because of this not being resolved by them when we complained they have now put us in financial difficulties, also to the our existing mortgage deal that ended last month and where we will be paying now over £56 more a month. So the longer this goes on for the more we will be asking due to the inconvenience they have caused.

I will keep you well informed.............chee rs.

[di0430]

Hi folks.
Its been a while that I have added any info on here but have an update regarding my sale of ppi with Nemo.

We finally won the battle after this was with the FOS since Nov 2006, it was agreed by the FOS it was mis sold but had taken a good while for the process due to high numbers of complaints of ppi.

This January 2008 we were refunded just under £13K from Nemo personal finance, we had actually paid off the loan with nemo in August 07 due to remortgaging.

So from my experience if you think you have a case don't give up, you will get there in the end. .

I am now going to try claiming for others but need to get a move on and am aware that maybe then the companies were not then regulated by the FSA........ , but if we don't try then we don't know, so gonna give it a go anyway.

Good luck to everyone else on your claims.

Di.

[alanalana]

Well done Di0430
Have you put this success in the successes thread It may help peeps to see they can win against the huge financial institutions.



good luck with your future battles

aa

[di0430]

Hi aa

Thank you very much indeed. .

Yes I'm sure I did add to the success thread and will double check on this. .

Many thanks againa and from here its onwards and upwards.

I would like to wish everyone else who are going through a claim all the very best of luck too, in my opinion you must fight until you win as long as it can take we will get there eventually.

Many thanks hun.

Di.