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Could anyone help me with a letter I have had from Creation in reply to my request to cancel and refund my PPI.
In the letter Creation say that the policy was sold to me on a 'non-advisory basis' and as the policy is 'systematically generated, the salesperson is not required to determine the suitability of the policy for my needs'.
Furthermore they say that the policy, which was purchased in 2004, is outside the scope of the fos as it was bought prior to the FSA regulations.
Is this true?
Creation have however cancelled my policy with effect of my initial letter and are perpared to return the premium paid since this date. Which will total approx £15.
Could anyone help me with a letter I have had from Creation in reply to my request to cancel and refund my PPI.
In the letter Creation say that the policy was sold to me on a 'non-advisory basis' and as the policy is 'systematically generated, the salesperson is not required to determine the suitability of the policy for my needs'.
Furthermore they say that the policy, which was purchased in 2004, is outside the scope of the fos as it was bought prior to the FSA regulations.
Is this true? Only if they were not regulated by any other body like GISC, FLA etc. Howerver just use this link to find out more information on Creation.....
Just type in Creation in the firms name box and submit you will get a result choose the appropriate firm click on the red link on the left to get the information on them. There are a couple of results so check them out to see if it matches your paperwork
Creation have however cancelled my policy with effect of my initial letter and are perpared to return the premium paid since this date. Which will total approx £15. ( Can you confirm this is the full amount of PPI you have paid?)
If your are sure that is the full premium you have paid then fine but also check out this as you have not posted details of you loan.
Thanks for your reply, there is alot there for me to get started on.
The £15ish they are offering to refund is for one months premium from the date of my inital letter not the whole amount, the loan was for £600 and they added a £280.05 PPI premuim on to this, subsequently I have been paying interest on this as you will know.
I think to date I have paid in the region of £600.
I spoke to the fos today who have told me that they have no details of Creation and that they are unlikely to have been regulated by the GISC as they have no record of them.
I have since found out that they are a memeber of the CCTA (consumer credit trade association) but i don't know much about them.
Is it possible to reclaim from a company which was not regulated, or am i misunderstanding something along the way?
I spoke to the fos today who have told me that they have no details of Creation and that they are unlikely to have been regulated by the GISC as they have no record of them.
I have since found out that they are a memeber of the CCTA (consumer credit trade association) but i don't know much about them.
Is it possible to reclaim from a company which was not regulated, or am i misunderstanding something along the way?
Thanks
Here is a link to the CCTA. I do not believe this is a regulatory body and would probably not want to become involved in any dispute. If the FOS has no record and state they were probably not regulated by GISC then I believe your course of action should be to Court. You will need the assistance of others with this as I have very limited knowledge on the Court procedures.
Help with Creation PPI
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