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I seem to have run into a brick wall regarding my claim for a refund on PPI.
I will make it brief,I was sold PPI on a loan with the Funding corporation in
August 2005.I have been stewing over this since early last year thinking its not right but not knowing what to do as unaware i could claim for mis-selling.
It cost over £6000 with interest and was a single premium type.The reason i think i was mis sold it is that the salesman at the showroom made a point of asking my wifes name,which is Wendy.he then said if you miss any of the payments we will be chasing wendy for this money but this insurance will cover you.So like anybody would when the wife looks like she would be in bother i agreed to the insurance.He never at any point told me how much it cost
Now,the loan was not in any way a joint account and in fact the wife did not go to the showroom,she has never signed or been asked to sighn anything.
I personaly sighned the CCA in my name and mine alone.If i had not been told about my wife being in the firing line i would not have taken the insurance.
Can anyone give any thoughts on this as two different soliciters seem to think its not a strong case and would rather i was told i had to have the insurance or there would be no loan which is not the case and to say that would make me as bigger liar as the company who sold me it.
I seem to have run into a brick wall regarding my claim for a refund on PPI.
I will make it brief,I was sold PPI on a loan with the Funding corporation in
August 2005.I have been stewing over this since early last year thinking its not right but not knowing what to do as unaware i could claim for mis-selling.
It cost over £6000 with interest and was a single premium type.The reason i think i was mis sold it is that the salesman at the showroom made a point of asking my wifes name,which is Wendy.he then said if you miss any of the payments we will be chasing wendy for this money but this insurance will cover you.So like anybody would when the wife looks like she would be in bother i agreed to the insurance.He never at any point told me how much it cost
Now,the loan was not in any way a joint account and in fact the wife did not go to the showroom,she has never signed or been asked to sighn anything.
I personaly sighned the CCA in my name and mine alone.If i had not been told about my wife being in the firing line i would not have taken the insurance.
Can anyone give any thoughts on this as two different soliciters seem to think its not a strong case and would rather i was told i had to have the insurance or there would be no loan which is not the case and to say that would make me as bigger liar as the company who sold me it.
cheers
Ian
Hello Ian and welcome,
I do believe the salesperson told you a bit of a porky, regarding if you miss any payments, the insurance would cover you
Did you receive any insurance policy, terms and conditions from them.
During the sales process, did they ask you about your employment status, medical history, etc.
They have to had followed a process to ensure the insurance was sold to you correctly and fit for purpose.
Also this ppi was a single front-loaded premium, which attracted I would imagine vast interest, these are the ppi premiums, which are most frowned upon by the fsa.
You have spoken to two solicitors who have stated that they do not think you have a strong case Being told that you have to have the insurance or you don't get the loan, is only one case of mis-selling.
I disagree and for £6,000 I would certainly start the ball rolling with them. You can do this process yourself without the need for a solicitor
As your loan was taken out in august 2005, and if the company reject your claim, you can refer it for investigation by the fos
If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW
thanks for the reply,at last someone who agrees there is at least a possability this would be a case for mi selling. Thay have already rejected the claim in the middle of last year after i sent them a recorded letter stating my thoughts on it and asking for the insurance to be cancled and premiums returned.I got the standard responce of a copy of the agreement and a letter basicaly saying sorry you sighned for it. I suspect the salesman was desperate to sell the insurance which would open up other possabilitys i suspect but how to prove this i dont know. What would be the next couse of action the to take then, fos or wait and look into the comision issue,if someone can explain how i can do that. Ian
Just a thought is it true that these monkeys can make my wife liable for my debt even though the CCA is mine?
Firstly NO they cannot make your wife responsible as it was not a joint loan as it was you and you only that signed only you are responsible.
For the fos to take over the complaint you have to star that within 6 mths of getting no response from the financial organization is this the case?
If it is not the case you will have to start over again with the Funding corporation until they say no or you both reach deadlock then you can refer it to the FOS.
I recommend that you read this as it may give you other grounds for being mis-sold the policy:
I fear i may have to start again then as it is over six months since this kicked off.
I do have more time now to get my teeth into this so is it possable to do all this without involving the fos,can i go all the way myself or is it best to let there govening body do it?
I know i may need to take them to court myself but i am sure i have read other people doing this.
Yes i would start again yourself and as i said before if you reach deadlock with them it can go straight to the fos.
Now while you are doing this a few points to remember keep copies of everything your letters and theirs because if it does end up with the FOS they will need copies of everything to take your case on.
Always use recorded signed for to send letters and get a postal receipt as again they maybe needed later on.
When sending the fee use a postal order and put a returning address on envelopes just in case it dont get there.
No need to use the FOS at this stage as you will get all the help you need here.
Bear in ind if it does go to the fos in the end it could take upto 12 mths to get a result due to the high demand of their services but if you get no recourse from them you still have the court route which is final where as if you went to the court first thats it you could not then use the FOS.
Hope this is of help to you if you need anymore answers post here and someone will be along.
I sent a SARN for all the paper work for this and somthing has just croped up regarding the CCA.
A quick explanaition is the loan was for a motocycle and this is listed inthe first column as amount of credit and charges ect.
The second column is for the PPI and listed in the same way.
All this seems fine BUT. There is only one mention of the monthly amount to be paid and it is only one figure.
Should the CCA treat the two loans seperate to the extent there should be two monthly repayment figures(one for each loan)which together total the monthly payment.
I hope you understand what i am trying to say.
Ian
Another way to explain is that from the CCA i cannot tell how much per month the bike is and how much per month the PPI is,therefore,how would i be able to work out how much PPI i have paid for instance or for that matter how much i would be paying without PPI,also the APR for each is different.Surely the CCA is wrong?Another thing is i have read but cannot seem to confirm it is that any agreement after 31/05/05 must have a seperate box to say you want the PPI.Does anyone know about this and does that mean on the actual cca agreement?
Hi
Theres a slight mistake in the above post.It was not a SARN i sent it was a CCA request,the one that you need to send a £1 fee with.
They only sent a copy of the CCA and BOS.Are thay suposed to send a copy of T&C and statment of acount aswell plus i asked for a copy of the assignment as it is a DCA who i am dealing with till i get it sent back under dispute.Needless to say this has not been sent aswell.
Under a CCA request you will only get a copy of the agreement, to get a full account of what other information they hold on you a S.A.R letter will have to be sent.
This will supply all statements telephone recordings notes on your file etc
mis-sold PPI(wernt we all)
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Originally Posted by ian6pot
Being told that you have to have the insurance or you don't get the loan, is only one case of mis-selling.