Thread: Loans.co.uk refuses to accept adjudicator's recommendation

hello fco,

After 12 long months, the adjudicator with the fos found in my favour and ruled that Loans.co.uk hand mis-sold me PPI. That is 1-0 to you. The adjudicator even referenced the FSA's Final Notice and noted that my claim was identical to those cited by the FSA. Nonetheless, Loans.co.uk has refused to accept his recommendation and has demanded that my claim go to the Ombudsman. Does anyone have any idea what the chances are that the Ombudsman will uphold the adjudicator's decision in my favour? (IMO it would be unlikely that the Ombudsman will not go through all the details more finely but will IMO back up his adjudicator) The thing here is: it will delay the outcome by months possibly but on the upturn the Ombudsman as well as upholding your compaint is also in a position of being able to add damages if they see fit. I cannot believe Loans.co.uk is fighting this since the facts are so plain and they have already been fined by the FSA for precisely the abuses I allege. I am getting desperate.

The financial institutions play on this they know people need the money repaid and so make derisory offers in the hope it saves them a bit of money and or time as time for staff is also money.

I turned down a goodwill offer from RBS £2.6k and complained to the FOS after adjudication the goodwill offer was increased to £3.8k so there you go worth the extra wait IMO

aa

Hi there Fco1922. This exact same thing happened to me and I have just recently received the Ombudsman decision. It was in my favour. Needless to say I am very happy.

Loans.co.uk like to stall and that is all they are doing. Even though they rejected the fadjudicators decision they were not very forthcoming with the info that was needed to help their appeal. the fos asked them for the tapes of the so called recorded conversations. when the fos received them they were blank so the fos asked for them again, again they were blank. The fos asked for transcripts. Loans.co.uk sent nothing. In the end loans.co.uk stalled for too long that the fos Ombudsman decided in my favour for a whole list of reasons. So I really would not be too worried. The Fos have now given loans.co.uk 4 weeks to arrange the settlement. We will see if they keep to that.

The Ombudsman decision is final and I have had to agree to make it binding as well.

Good luck. Any questions please just ask

olives xx