Hi guys,
I have a car HP with Welcome Finance which my husband and I took out on 21/02/06.
The car was bought from a local garage and we used the broker 'Cashdrive' who found us Welcome to fund the finance.
We believe we were mis-sold the PPI and
I recently sent a PPI request to welcome asking for the premiums to be refunded.
Welcome responded saying that it was Cashdrive (the broker) who are responsible for the sale of the PPI to us and to contact them.
Yes this is a typical response as the finance supplier blames the broker and vice versa this makes life very difficult for anyone trying to claim back mis-sold PPI.
I phoned Cashdrive 2 days ago and spoke to a gentleman.
I asked him who was responsible for the PPI sale to us and he didn't answer that question, I wonder why the question was avoided? he just said they have a policy for these kind of complaints and to email the complaint to Cashdrive which I did that evening.
He replied saying he was going to fully investigate the matter.
Again usual stuff we will do this or that and then sorry we are not responsible. I recieved a letter from him on behalf of Cashdrive today- very fast! Only took 24 hours for him to 'fully investigate'!
Considering the HP was taken out 3 years ago, I would presume would take some time to investigate!
The letter is as follows:
Dear .........
R.e payment protection Insurance:
We have now had an opportunity to investigate your complaint regarding advice provided when taking out the optional Payment Protection Policy (PPI) when purchasing your Vauxhall Tigra.
We strenuously deny that you were mis-sold the optional Payment Protection Insurance Policy. Deny away, the proof of mis-selling comes later
This was your choice and you took out the policy of your own free will and no pressure was exerted upon you. Some proof will be required on this issue ie customer duty of care questionnaire/needs and wants questionnaire and of course copies of all the documentation which will be requested as per the Data Protection Act 1998 and yes the £10.00 fee will be submitted to enable you to send all the data I require.
At the time of taking out the policy the product was explained to you ina clear, accurate and easy to understand language and it was explained that the payment protection insurance was entirely optional. (they will need to provide proof of this statement either telephone recordings or transcripts of such recordings. The benefits, limitations and exclusions of the policy were explained and you were provided with severals ets of monthly payment figures including and excluding the optional payment protection. They will need to provide proof of this as you are claiming mis-selling the onus is on them to provide all the necessary proof it was not mis-sold.
You informed us that you did not have any stand alone Insurance policies which would cover the additional outgoing of the credit. We checked this to ensure that a duplicate/conflicting policy was not offered. Again they have to provide proof of the above especially as they checked this, Time to ask for taped evidence, documentary evidence to back up the above statement.
We explained the cancellation rights attached to the policy which gave you the opportunity to make an informed decision.
After recieving this advice it was identified that there was a need for the product and you decided to take out the policy. Statement without any proof attached
We also sent you details in writing on how to cancel the policy if needed. Where are they?
To proceed with the finance you sent us copies of payslips bank statements and proof of address.
If you did not want to take out the payment protection policy then you would not have provided these documents. Total irrellevance as the document would be required for the loan and not the PPI this is totally not to do with PPI but to do with any loan they are sticking in the PPI to try and avoid the mis-selling of it.
There was no pressure exerted on either of you to provide this information. We are not to blame statement
The PPI was not merely added at the garage on the day you signed the agreement. Figures for the Finance and optional PPI were shown seperately on the statement you both signed. Proof required
The directors and staff of cashdrive (uk) have over 25 years experience in the financial sector. (so what cashdrive experience is not the issue so why mention it) The company is regulated by the financial services authority and all staff are trained to treat customers fairly.
The employees of the company advise customers on financial products in a clear and accurate manner and use easy to understand language to ensure customers fully understand their position. Customer care questionnaire on the needs and wants of the customer is required here. Were all the appropriate and necessary questions asked. Were they properly recorded as part of the requirements of the Data Protection Act 1998 and if so they should be available now on the issue of a Data Subject access request
on the submission of the statutory fee of £10.00.
It was your own decision to take out the policy and it was sold in a fair and reasonable manner.
You were not mis-sold the policy and therefore no monies are to be refunded.
Yours sincerely
And this is where you start to fight back
I Could have posted a lot more but IMHO cashdrive have given such a comprehensive denial of any liability they have something to hide or somthing to answer for
Keith Chow
Director.
Ok- he sounds very sure that we weren't mis-sold the policy doesn't he?
I am asking myself what concrete evidence they have to support their defence?
The response was very fast- written and posted 24 hours after my email of complaint.
Does this constitute a FULL investigation??????
The HP was taken out 3 years ago!
We didn't speak on the telephone to this particular gentleman when we used them 3 years ago. How can he be so sure that we were fairly and accurately sold the PPI?
He said we would not have provided all the ID/proof of address if we didn't want the PPI. We forwarded this to apply for car finance! Not to apply for or agree to PPI! What a stupid statement!!!!!
We were NOT shown several payments with or without the PPI added to the agreement.
All we did was sign a contract from welcome which was faxed over to the garage on the day we bought the car and this included the PPI details.
The only details we recieved on the PPI were sent by welcome after the car was bought.
If the PPI was explained so ACCURATELY and in an 'easy to udnerstand language' then why do we believe it was mis-sold????????????
We did not make any informed decision to take the PPI, it was on the contract the day we bought the car and we thought we had to sign for it because it was essential to the HP agreement.
We would not have thought this if it WAS indeed explained as this gentleman cleverly put it 'In an easy to understand language'!
My husband and I are on an average income and if we were under the impression the PPI was not essential and entirely optional we'd have chosen NOT to have it and save ourselves 2k, don't you think????
I have emailed him back tonight asking for any supporting evidence he has that proves we were fairly sold the policy.
I also said as he investigated the matter so quick and wasn't the one who sold us the PPI, I assume he has some kind of concrete evidence that makes him so sure that it was fairly sold!
I've also told him I am going to pursue this through the
fos as the tone and manner of his letter indicates he is not going to be very helpful!
This guy is the director of the company. I am assuming they are very short staffed or a very small business as he answered the telephone when I called to complain and it was the general sales number I called.
He obviously will not want to refund us as the amount owed would be nearly 2k!!!!!!!
What are your thoughts?
What would you advise to be the best course of action for us?
Thanks in advance
Cashdrive- please help! :(
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