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Over a year ago I had a loan advance, with Nemo personal finance, this case was finally resolved and won by the fos, it had taken well over a year as it was quite a complex case. They pressurised both me and hubby to continue with the Payment protection insurance as we had an existing product with the first loan, this was arranged by the brokers of e-loan/Twopart ltd........although Nemo were then the lenders that the brokers arranged for us.
However, since learning we were mis sold on that one, we have since been trying to pursue other complaints we had prior to this due to learning of the mis selling cases both in the media and these reclaiming websites.
We always used to have the PPI with all our agreements as we assumed that was part of the agreement and never told otherwise.
Now, in the paperwork we received from the FOS when he was dealing with our complaint, there is a write up that Nemo did try to pass the buck onto to the broker of e-loan, the ombudsman made a point in his statement by adding these are 2 separate loans, and should be treated as 2 separate cases, and if Mr & Mrs XXXXX want to pursue the brokers if they believe they were also mis sold they are free to do so.
Reading this we thought we should then try to pursue this with the broker, because again, this was not explained to us, we were not informed it was optional, no exclusions were explained, and hubby has a back condition/also stress related conditions, and we were not told the cost of the cover not it was mentioned that it would be added together which meant additional interest and so on, so we believe we have grounds here for a complaint. This loan by eloan was arranged in late Nov 2005 and they were also covered by the FSA.
Now looking back when we had the loan advance with Nemo, the first one run into approx 9 months before we had the advance, even though the same lenders its classed as a start again loan.
I have noted when the first loan was cancelled to go into the advance the rebate of the first loan ppi was rebated against the new loan, but I have all different calculations, which I find rather confusing.
For instance, if this first loan only ran for 9 months - that would be classed a used cover - whereas if this was mis sold, this amount would be requested to reclaim, am I correct here ?
The protection cover alone for the first loan was that of just under £9K, and approx under a grand was what they classed as 9 months of used cover, would it be that amount only that I would have to try to reclaim ?
We now know this was mis sold, but when they calculated this loan/ppi into settling for the first loan I assume both loan and ppi are calculated together, so in case there is something missed due to having the full whack of this thrown on the loan at the beginning of the policy would there be anything else to reclaim ?
I have to make sure here because this claim is now going to be in the hands of the compensation scheme as the brokers went into liquidation just recently, and I have filled out the forms that were sent me ready but do not want to give the wrong information by mistake.
Thanks folks, and I am sorry if this is so long and confusing but will appreciate any help/advice here, thanks again.;-)
I had 3 loans with GE 2 through broker and 1 through GE, GE refunded on the account that they sold but they blame the broker for the other 2 which the broker did sell the figures I have been sent do not add up like yours.
I am going to pursue the broker for the missing amount armed with tons of evidence!
Do you have all the paperwork or do you need to do a SAR asking for the credit agreements in particular wich will have all the PPI on it for each loan?
Lloyds TSB (SARS) request sent 9th June 2006
£2191 Moneyclaim Issued 11/08/2006, Acknowleded 17th August Defence 14 Sep, AQ returned 5/10/2006.SETTLED IN FULL £2,670 26/11/2006/ Lloyds Credit Card SETTLED IN FULL £267 MBNA SETTLED IN FULL 15/09/2006 £829 Citicard (SARS) request sent 22nd June 2006 Moneyclaim issued 19th Sep, Defence and AQ received 5/10/2006, AQ returned 5/10/2006, part refund received 10/10/2006
GE MONEY SETTLLED IN FULL £400
Barclaycard Me and Mrs SARS sent 19/10/2006 settled £350
Welcome Finance PPI 2 accounts one settled £1018 waiting on other
GE Money PPI 1 account settled 8/5/2008 £560 2nd account SETTLED IN FULL £3,599.78p 15thAugust 2008
Lloyds TSB PPI CC complaint sent 10/04/2008
Black Horse PPI with FOS 20/05/2008
HFC PPI complaint sent 22/05/2008
I still have the agreements and most of the paperwork, apart from the 'demands and needs', but unfortunately because the brokers went into liquidation only just recently I have been sent a claim form from the FSCS, the compenstation scheme.
The only SAR I received was from the lenders during the loan advance, due to the brokers dissolved although I requested a SAR before I was aware of this, unfortunately no paperwork can be supplied.
The figures I have here on the PPI like you said does not add up, it states they have rebated about £7.5 against the loan advance, yet I have come across paperwork with £2.3 rebated, and its all to do with the loan arranged by the broker.......
I feel this is going to be a long old haul here, but going to give it my best shot anyway.
Pursuing broker/info-advice needed please.
, it had taken well over a year as it was quite a complex case. They pressurised both me and hubby to continue with the Payment protection insurance as we had an existing product with the first loan, this was arranged by the brokers of e-loan/Twopart ltd........although Nemo were then the lenders that the brokers arranged for us.
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