Central Capital (Debtbuster loans) PPI

[Suzy9024]

Hi

I originally posted regarding my mis sold ppi on loan taken out with first plus but first plus have directed our complaint to Central Capital (Debt Buster loans) as it was them that actually sold us PPI. Now we have sent full complaint to them as well and have had a very unsatisfactory conclusion, basically they have said that
1. No tapes are available as they are corrupted (very convenient)
2. They have no documentation as it was all forwarded to first plus
3. They were not regulated at time sold me PPI so they have no set rules to abide by therefore it is perfectly ok for them to tell me a load of rubbish and not be accountable for it.
4. Because at time they were not regulated it was down to me to understand the booklets they sent us even though we didnt receive them until 10 days after we signed credit agreement
5. they have said FOS will not be interested as it is out of their jurisdiction as it was taken out prior to 2005 (taken out Dec 03).

So even though they have mis sold us policy we can do nothing about it.

This is obviously made us furious and even more determined to fight them but what I need advice on is can we actually do anything about it? Surely they must have had to abide by some kind of regulation or code of conduct and be accountable for such bad practice.
I have spoken to FOS who took down the details and have sent me a complaint form which I have returned to them today, I had quite a long phone call with the FOS and did explain that it was prior to 2005 , they did not say they couldnt deal with it and said they would look into it, would they have told me straight off if they couldnt help me??

I would be really grateful to hear from anyone in similiar situation or who can advice me on what to do next.
Thanks
Suzy

[Suzy9024]

Hi all, no replies to my post just wondered if anyone can advise me what I can do if FOS cannot help me as at time it was out of their jurisdiction. Will that be it or can I pursue them anywhere else, it just seems so ridiculous in this day and age that a financial company can treat a customer like this and not be accountable

[hellhasnofury]

Hello Susy,

I must admit that I am a little unsure re the answer to your question. You have said that the Fob has sent you a complaint form for them to look at, I would look on that as a positive gesture. although it may take some time for them to reply ( I do believe they are rather busy re the consumer revolt that is going on).

Have you asked for written clarification re the company being unregulated.
Have you sent a Subject Access Request or a Credit Agreement request for the information that you need? will you post and explain a bit more detail.

I am a firm believer that there is more than one way to skin a cat , but we need all the information for ammunition against them

[Suzy9024]

Thanks for your reply, to give you more info I did ask for Subject Access Request which has been declined due to the fact that apparently the tapes were corrupted so of no use, they claim they have no documentation as they forwarded to first plus ( first plus have no knowledge). In their final response they have said that due to the fact that they were not regulated they had no obligation to supply us with advice and it was down to us to have read and understood the terms and conditions of PPI even though we were not sent these until 10 days after credit agreement was signed. They accept no responsibility for the bad advice and misleading sales call their advisor gave us and seem to think that we cant do anything about it, they were very happy to tell me that the FOS did not regulate them until 2005 so would not be interested, I have tried to research and unbelievably it would seem that this company were not regulated by anybody at the time. As far as the FOS are concerned I had a brief telephone conversation were I explained full situation to them, they sent me a form which I have returned and am waiting further news, however I am concerned as I cant seem to find anyone who has any luck with them pre 2005. If they cant help me then I dont know what else we can do. The worst thing is that this PPI is lumped onto loan and as we cannot claim, get a refund or receive the cashback we were promised after 5 years it will stay on the loan until loan paid off which at the moment stands at 22 years so will end up costing us thousands more, surely this cant be fair??

Any advice greatly received, the only other tact I could think of was to pursue first plus for fact that they are only offering me £107 refund on policy that cost £7500, they were regulated at time by GISC could this be unfair contract or something similar particuarly as they are now saying we cant get cashback either.

[hellhasnofury]

Originally Posted by Suzy9024

Thanks for your reply, to give you more info I did ask for S.A.R - (Subject Access Request) which has been declined due to the fact that apparently the tapes were corrupted so of no use, they claim they have no documentation as they forwarded to first plus ( first plus have no knowledge). In their final response they have said that due to the fact that they were not regulated they had no obligation to supply us with advice and it was down to us to have read and understood the terms and conditions of PPI even though we were not sent these until 10 days after credit agreement was signed. They accept no responsibility for the bad advice and misleading sales call their advisor gave us and seem to think that we cant do anything about it, they were very happy to tell me that the FOS did not regulate them until 2005 so would not be interested, I have tried to research and unbelievably it would seem that this company were not regulated by anybody at the time. As far as the FOS are concerned I had a brief telephone conversation were I explained full situation to them, they sent me a form which I have returned and am waiting further news, however I am concerned as I cant seem to find anyone who has any luck with them pre 2005. If they cant help me then I dont know what else we can do. The worst thing is that this PPI is lumped onto loan and as we cannot claim, get a refund or receive the cashback we were promised after 5 years it will stay on the loan until loan paid off which at the moment stands at 22 years so will end up costing us thousands more, surely this cant be fair??

Any advice greatly received, the only other tact I could think of was to pursue first plus for fact that they are only offering me £107 refund on policy that cost £7500, they were regulated at time by GISC could this be unfair contract or something similar particuarly as they are now saying we cant get cashback either.

Hello Suzy

Have a read of this, there is some interesting info regarding the cancelling and refunding of ppi. This is the financial service authority guidence on ppi and the mis-selling of. They took over from the GISC

You can maybe ring them for advice on the refund of £107 they are offering you

Payment protection insurance

The FOS may get somewhere yet. you have to give them time (I think they are rather busy) and if there is no action from them you always have the right to take the company to court. A issue of a court claim may wipe the smiles of their smug faces

Just be patient, it may take a while, but you are certainly heading in the right direction

Keep us posted