Thread: Bigegg vs Welcome - No.1

S.A.R - (Subject access request) sent to welcome. And I'm gonna start to claim back the c. 10,000 in missold PPI they owe me.

RFC on the below letter please? Do I need to put "formal complaint" and "letter before action"? on there?

I believe I have been missold a payment protection insurance policy and would like to request a full refund of my premiums, plus interest paid.

I took out a £x000 loan with your company on xx xxx 2000 and also bought a payment protection policy which cost me an extra £1xxx.

When I took out the loan, my wife and I were told that my application would be refused if I did not also buy a PPI policy. The Financial Services Authority’s advice to consumers is that, while it does not breach FSA guidelines, a borrower should not be refused a loan if they choose not to buy an insurance policy.

At the time, I said I did not need the PPI as my employer provided a generous illness and redundancy package.

I do not believe being forced to buy this policy as part of the loan was a fair and reasonable obligation as I did not need this insurance and said at the time of taking the loan that I did not want it.

Interest was charged at a rate of 2.05% per month was charged on this PPI payment until this agreement was ended on 30th May 2001, when a refund of £xxx.xx was given.

The balance of the cost of this PPI was added to subsequent loan agreements with your company and up to the closure of my final agreement with you cost in total £xxxx.xx.

A spreadsheet is included to explain how I arrived at this figure.

I am requesting a full refund of all my insurance payments, plus interest, which total £xxxx.xx

If I do not receive a favourable response from you I will pursue this claim through the Financial Ombudsman, and also the courts if necessary

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reply to first letter rcvd yesterday (saturday):

"thank you for your letter received yesterday, 9th July we are investigating".

Actually posted on 2nd July, so MIGHT have taken that long to reach them.

Can't check recorded delivery until tomorrow, cos I left slip at work.

What exactly should my lba consist of (template anywhere?) - I'd prefer to let fos handle my claim in the first instance, but not sure if they will since original agreement dates back to 2000

final response from welcome today - no refund, surprise, surprise.

They're claiming that because the agreement was settled in 2001, it doesn't come under the remit of FSA, that fos won't touch it because of "FOS rule DISP 3.3.1 (3) R" whatever that is, and also falls under statute of limitations 1980.

So: complaint to FOS tuesday, affa davit (sp?) from wife as witness to mis-selling (will I need this for FOS?).

Should I reply to welcome telling them Statute of Limitations runs from date misselling was discovered (ie, when I started reading CAG) not from close of account, or leave them to it?

I have come across a lot of complaints like this where they state you cannot pursue through the fos, however, I would check to see if they were under GISC, if so you can then continue to complain to the FOS.

GISC

The General Insurance Standards Council (GISC) is an independent, non-statutory organisation that was officially launched on 3 July 2000 to regulate the sales, advice and service standards of its members. GISC members may be insurers or intermediaries or others involved in general insurance such as claims handlers. The main purpose is to ensure that general insurance customers are treated fairly.

As at October 2002 GISC had some 6,500 member businesses. A non-member business which claims to be regulated by GISC could be prosecuted by Trading Standards under Section 14 of the Trade Descriptions Act 1968