bankingcollapse
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Thanks dx - I don't have a scanner I am afraid. Letter is 3 paragraphs, short and sweet - first paragraph talks about the business who sold it to me being unregulated, so FOS were unable to investigate against the seller. Next paragraph talks about how they have looked into "whether the underwriter who was regulated at the time could be held responsible, and I am pleased to confirm that the underwriter has now agreed to accept responsibility." Final paragraph talks about what happens next - they look at the evidence to see if it was mis-sold.
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Aside from whether or not the adjudicator thinks my PPI was mis-sold, are there any other hurdles to overcome? Loans were from 2000 onwards and BMW were unregulated at this time, did they have to subscribe to the General Insurance Standards Council code though for the FOS to have jurisdiction? I guess my real question is what does it actually mean in real terms when the FOS say 'the Underwriter has accepted responsibility'. Thanks for the help thus far, I appreciate my case is quite complicated!
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Thanks dx - out of interest were there many / any car finance PPI deals pre-2005 that would have been suitable for self-employed , or were they all for employed persons? Surely that is systematic gross mis-selling if so? I read somewhere that for self-employed to be able to claim they would have had to go bust or have ceased trading! I have all of my signature pages detailing PPI and loan amounts but none of the actual paperwork that went with them, so impossible to see the finer details of my agreements
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Well, after a very long wait and much legal arguing the FOS have written to me stating "the underwriter has now agreed to accept responsibility." My case now goes to an adjudicator who will examine the details and make a decision. Any ideas how this might pan out? I was self employed at the time, is that by itself a valid reason for mis-sell? I have no idea if my policy would have ever paid out, not that I would have needed it to as I had other ways to make payments if anything had happened. Also the PPI was single premium, isn't that frowned upon by the FOS? I don't really understand PPI now, even with the vast knowledge available on forums etc - so what chance did I have back then! The whole issue was never properly explained, which is just wrong and I was certainly never told I could buy a cheaper policy on the high street. PPI was never discussed on future agreements, it was just assumed I needed it. The wait goes on, but at least somebody is liable should it fall in my favour.
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Thanks, I have found my original rejection letter from last year: "According to our records you did purchase PPI with your agreements, you may not be aware however that for claims in contract the cause of action accrues on the date of the breach of contract and a six year limitation period runs from this date. The agreements commenced prior to September 2002 so any alleged mis-selling would have taken place before this date, therefore the limitation period has expired". They go on to say I should complain to the dealership. Now, I only became aware of any mis-selling during the media hype surrounding the 2011 high court ruling, so I like the majority are still within time, right? That's what the FSA guidelines above seem to say anyway. So do I simply go back to BMW, reiterate why I was mis-sold and ask them politely to stop obstructing my claim and re pay all of my premiums + interest? Not that simple I am sure, interested in what you think my next move should be.
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Ok thanks, will do. Anything specific I am looking for within FSA guidelines?
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Yes I gave up with BMW after initial rejection letter, naturally. I thought that door had closed so moved on to Underwriters on the advice of FOS. I guess thinking about it the FOS are only going after Underwriters because they are regulated and they can, but are you saying I should go back to BMW? Does the fact BMW's non regulation simply protect them from the FOS getting involved, but I can still go after them directly? This sounds like it could be fun, who needs claims companies anyway ;-)
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Yep -- FOS Questionnaire all completed and submitted. Initially wrote to BMW -- rejected as Unregulated so I then complained to London General Insurance - - rejected as they didn't sell the policy. I am in the queue with FOS and have been for 9 months. I called for an update this morning and they say a specialist team will look at my case to see if there is a relationship between BMW & London General Insurance, and go from there. Claims against Underwriters apparently take a lot longer than the current 12-18 month wait, so am wondering if there is a quicker way for me to deal with this? Do I need to speak to a Lawyer and get some proper legal advice re the court route perhaps? Not sure who I would be taking to court though, BMW or London General Insurance?
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It is very frustrating as the circumstances surrounding my case have all the hallmarks of grossly mis-sold PPI! Am I able to take BMW to court or are the FOS the only body that can rule on this - meaning if you were unregulated you can effectively do as you please? Tricky as I guess BMW have not broken the law as such, just wondered if you knew of any test cases -- is the Underwriter liable seeing as the policy they provided was something I clearly could never have claimed on? Sorry for all the questions, it's just a bit of a minefield to the uninitiated! Is there anything you think can be done? Seems so wrong that they can get away with it.
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Finance was for the purchase of several BMW's. All included front loaded single premium PPI and I have at least 6 reasons for mis-sell. I will find out tomorrow who the Bank behind BMW Financial Services was, but they did not mis-sell me the the policies - BMW did who were unregulated, so I am still confused as to what my options are? I have read up a lot on PPI, is there one of your sigs that is relevant to my particular circumstances?
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I have no idea! How do I find that out? Is that who I need to pursue, and not the Underwriter's?
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Oh right, ok! BMW Financial Services mis-sold the PPI (unregulated at the time) and London General Insurance were the Underwriter's. I am sure I will go down the FOS path with this complaint as they have told me they will go after London General Insurance in this instance, any insight you can give me into complaints against Underwriter's would be a real help.
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In instances where the loan provider was non regulated does anybody have an experience of PPI claims against the Underwriter? The FOS have said it's not a problem that the provider was non regulated and they will go after the Underwriter, who is regulated. Now, I was mis sold PPI several different ways, and even though the Underwriter had nothing to do with the actual sale of the policies the product they provided was impossible for me to claim on - amongst other things I was self employed at the time of the sale. Regardless of my claim being successful or not, does anybody on here have any experience of claims against the Underwriter, whether or not the process is longer than a normal FOS PPI adjudication and whether not not I am able to take the Underwriter to court, if that is a quicker path?
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A really quick question for anybody in the know - I have paperwork for several loans I took out between '98-'01 (they were all churned one into the other) and I have spoken to the FOS who said I am fine to put in a claim. The car dealership who sold me the product were not regulated by the FSA at the time, however the loan underwriter / product provider was and I presume this is who the FOS will go after? I was bankrupt in 2008, discharged 2009. Loans in question were not part of BR as they were paid off in full 7-9 years prior to BR. I have several compelling reasons why I believe each policy was mis sold, so if I put a claim in and am successful would any monies be mine to keep? It seems clear where a loan forms part of the BR then any PPI monies would go straight to the estate, however all of my loans were paid off by the end of 2001, and BR was not until some 8 years later. I have had a quick look around the internet and opinion on this is varied: yes / no / don't know / definitely / definitely not! I am a bit confused, hence my post. Nothing a good lawyer won't be able to get their teeth into - if I end up needing one! I thought I would try and get a heads up on here to begin with. Many thanks
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