Central Trust/London Scottish PPI policies

[kkatiew]

Hi,

 

I've not been on here for a good few months due to an emotional time at home. As you can imagine, there loads for me to catch up on ! I am looking into reclaiming the PPI on 3 previous loans with the above companies. I, as I'm sure many others, never realised that this was optional and I certainly don't think it was even mentioned as i thought it was compulsory when taking out a loan. Anyway, I've kept hold of my paperwork and on the credit agreement it does list 'optional payment protection' and the amount. Would I still be able to claim even though it does clearly say that (athough I've never noticed it before) ?

 

Many thanks, Katie

[alanalana]

hello Katie,

 

Hi,

 

I've not been on here for a good few months due to an emotional time at home. As you can imagine, there loads for me to catch up on ! I am looking into reclaiming the PPI on 3 previous loans with the above companies. I, as I'm sure many others, never realised that this was optional and I certainly don't think it was even mentioned as i thought it was compulsory when taking out a loan. Anyway, I've kept hold of my paperwork and on the credit agreement it does list 'optional payment protection' and the amount. Would I still be able to claim even though it does clearly say that (athough I've never noticed it before) ? The optional box does not let the creditor off the hook. They have to ensure your needs and wants were met and that all the relevant questions were asked when the policies were taken out. As follows:

1) Did you have any pre existing medical conditions?

2) Were you self employed?

3) were you a student?

4) were you retired?

5) were you over 65 years of age?

6) were the PPI premiums single premiums added to the loan? These have now been banned by the FSA.

For more information please see these links.....................

For claims before 2005 and the FSA ruling from which campaign

How to tell if you’ve been mis-sold PPI

Quick check: were you mis-sold? - How to tell if you’ve been mis-sold PPI

Some more info here

Another useful site to help you reclaim missold PPI UPDATED 16 JUN 08

Reclaim your PPI premiums - payment protection insurance | This is Money

 

This is a little snippet from the above link....

 

Can I reclaim on any PPI policy?

Your claim for compensation is dependent on when you took the insurance. PPI sales only came under the jurisdiction of the FSA on 14 January 2005. Any sales made before then are not covered by the latest rules.

However, it may still be worth complaining to your lender if you feel you have been mis-sold. If you bought before January 2005 it is likely that they will have been covered by a previous regime of rules. This means that the Financial Ombudsman Service will be able to consider these complaints. If you took PPI after January 2005, your claim is subject to the latest rules.

Also please check this out for more information it is in the stickies at the top of the forum...................

links

Many thanks, Katie

 

Hope this helps you get on the reclaim road.

 

Just post and Someone will pop in to help you I am sure.

 

aa

[kkatiew]

Hi there,

 

Hope someone can give me a bit of advice.

 

I've sent a request for mis-sold PPI to Central Trust where I held 2 loans in 2003 and 2004. I have kept all paperwork and credit agreements. I received a first letter back which said no way, I then sent the second letter to which they say they have fully investigated the claim and as per their first letter 'final response' no way. This is an extract from the letter :

 

Whilst I cannot obstruct you referring the complaint to the Obudsman it is timely to point out that it is likely to fall outside their juristriction for the following reasons :

 

1. The product was not regulated by the FSA at the time of sale

 

2. Central Capital Ltd did not come under the voluntary jurisdiction of FOS at the time of sale

 

3. Central Capital Trust Ltd was not members of the GISC at the time of sale.

 

Now looking on the FSA website, Capital Trust plc WERE covered and have been since 2000. I'm not sure who Central Capital are or what they have to do with anything.

 

What should I do now ? Am I to take it to the Ombudsman ?

 

Many thanks

Katie

[alanalana]

Hello katie,

 

Hi there,

 

Hope someone can give me a bit of advice.

 

I've sent a request for mis-sold PPI to Central Trust where I held 2 loans in 2003 and 2004. I have kept all paperwork and credit agreements. I received a first letter back which said no way, I then sent the second letter to which they say they have fully investigated the claim and as per their first letter 'final response' no way. This is an extract from the letter :

 

Whilst I cannot obstruct you referring the complaint to the Obudsman it is timely to point out that it is likely to fall outside their juristriction for the following reasons :

 

1. The product was not regulated by the FSA at the time of sale

 

2. Central Capital Ltd did not come under the voluntary jurisdiction of FOS at the time of sale

 

3. Central Capital Trust Ltd was not members of the GISC at the time of sale.

 

Now looking on the FSA website, Capital Trust plc WERE covered and have been since 2000. I'm not sure who Central Capital are or what they have to do with anything.

 

What should I do now ? Am I to take it to the Ombudsman ?

 

Many thanks

Katie

 

At first glance YES but let me do some research on Central Capital Trust and I will get back to you.

 

aa

[kkatiew]

Many Thanks AA

 

Katie

[alanalana]

Can you tell me which company it is as there are several different names posted.

 

Central Trust Plc

 

Central Capital Ltd

 

Central Capital Trust Ltd

 

Capital Trust plc

 

can you provide me with the address on your agreements.

 

aa

[alanalana]

Hello everyone,

 

We got £11,600 ppi back from Central Capital/Trust yipeeee:lol: with loads of help from Hellhasnofury...thanks H your a star:-D

 

Checkout my posts 'sara vs paragon'

 

Cheers everyone we are going to get drunk now yipeeeeee:smile:

 

 

saranev

 

If this is the same company as yours then it looks like they will pay up:-D Sara vs Paragon

 

aa

Edited April 24, 2009 by alanalana
linkadded

[kkatiew]

Right the credit agreement says 'We/us (The lender) CENTRAL TRUST PLC. So I'm going to take it the ombudsman now and see what happens ?

 

Thanks for looking into it for me

 

Katie

[alanalana]

Good luck be prepared for the long haul.

 

aa

[kkatiew]

Can I ask you a quick question AA ? I've been trawling the threads but I've not come across any template to send to the Ombudsman. Is there one or do I just send me own ?

 

Thanks Katie

[alanalana]

Can I ask you a quick question AA ? I've been trawling the threads but I've not come across any template to send to the Ombudsman. Is there one or do I just send me own ?

 

Thanks Katie Today 20:39

 

Links that may help with your claim for Mis-sold PPI

Financial Ombudsman Service

 

http://www.financial-ombudsman.org.u...-insurance.pdf

 

FOS details of some PPI claims and the rulings

issue 71 - complaints about payment protection insurance

 

Just click the link and the FOS website will give you everything you need.

 

A phone call to them will start the ball rolling but make sure you have copies of all your correspondence and any agreement paperwork as the FOS will require you to submit this with your complaint form they will probably allocate a complaint number during your call and then send the form to you for completion.

 

aa

[kkatiew]

Brilliant , many thanks

 

Katie

[kkatiew]

Hi guys,

 

I am just completing the online complaint form on the FOS website. When it asks what the complaint is about is the following ok ?

 

I purchased a policy from Central Trust in October 2003 but now believe that I was mis-sold this policy for the following reasons:

 

This is due to the fact that I paid a single premium for my policy but did not see it through to the end of it’s initial term after paying back my loan earlier than planned.

 

The fact that I contacted the company and they informed me that I could not cancel the policy only if I took out a new credit agreement. As the FSA has now stated ‘no refund’ terms are considered unfair I would like my original cancellation request to be honoured.

 

The salesperson stated / implied that taking out the policy would assist my credit application.

 

• The salesperson was very pushy in selling me the policy so that I felt I could not say no.
  

 

• The salesperson stated / implied that taking out the policy was essential for me to get the associated credit even though I informed them that I already had alternative insurance cover.
  
• The salesperson did not give me full information on what the policy would and would not cover.
  
• i am concerned the sales assistant that sold me the policy has no financial background and the policy was not sold in my best interests.
  
• having recently looked at the paperwork for my loan I now realise that I have been paying for insurance that I did not know I had taken out so could not have been explained to me.
  
• 
  

Many thanks, Katie

[alanalana]

Hi guys,

I am just completing the online complaint form on the FOS website. When it asks what the complaint is about is the following ok ? ( I would phone them first before banging in a complaint)

I purchased a policy from Central Trust in October 2003 but now believe that I was mis-sold this policy for the following reasons:

This is due to the fact that I paid a single premium for my policy but did not see it through to the end of it’s initial term after paying back my loan earlier than planned.

 

The fact that I contacted the company and they informed me that I could not cancel the policy only if I took out a new credit agreement. As the FSA has now stated ‘no refund’ terms are considered unfair I would like my original cancellation request to be honored.

 

 

• The salesperson stated / implied that taking out the policy would assist my credit application.
  
• The salesperson was very pushy in selling me the policy so that I felt I could not say no.
  

 

• The salesperson stated / implied that taking out the policy was essential for me to get the associated credit even though I informed them that I already had alternative insurance cover.
  
• The salesperson did not give me full information on what the policy would and would not cover.
  
• i am concerned the sales assistant that sold me the policy has no financial background and the policy was not sold in my best interests.
  
• having recently looked at the paperwork for my loan I now realise that I have been paying for insurance that I did not know I had taken out so could not have been explained to me.
  
• 
  
  

Many thanks, Katie

 

I would tend to rethink this letter as there is a conflict.

 

You obviously did know it had been taken out by the previous pointers.

 

you could perhaps use my letter but cobbled to your own circumstances you will have to make sure before posting that you are 100% happy with it.

 

I am now convinced that I was mis-sold these PPI policies for the following 7 reasons:

 

1. Responsibilities When Underwriting a Policy of Insurance: On each occasion, when the details of a loan were discussed Your sales advisors failed to check my personal circumstances at the time of the sale, which they are under obligation to do when underwriting a Policy of Insurance. If they had done so, they would have realised that the PPI policies were useless to me. At no time was any attempt made to ascertain if the product provided was fit for purpose, suitable for my needs or if indeed it was required at all.

 

2. Alternative Insurance Cover: Your sales advisors in each case failed to ask me if I had any alternative arrangements for insurance cover. My employer has a generous illness package which would cover a period of sickness as follows: 6 months full pay followed by 6 months half pay. I would also be entitled to a generous redundancy package and a substantial payment would be made in the event of my death in service (more than suffice to clear the balance of the loan).

 

 

3.Failure to Supply Important Information with Regard to Significant Policy Exclusions: I was most definitely not informed that the PPI policies could contain certain exclusions which could affect me and my ability to claim on the policies if I should need to. Additionally I was never told that Pre Existing Medical Conditions could invalidate my policy and I was never asked if I had any Pre Existing Medical Conditions. Indeed your Loan Customer Duty of Care Checklist and the Loanguard Certificate of Insurance to which the Customer Duty of Care Checklist refers (forwarded under cover of Reference N) contain no reference to any Pre Existing Medical Conditions or includes any questions to me on the subject. I am in fact in receipt of a 40% War Disablement Pension from Her Majesty’s Government (HMG) since 1991. One element of this pension includes back injury which I now know is an exclusion in your PPI Policies. I also believe that I would also be excluded on at least one other existing condition.

 

4. Widespread PPI Mis-Selling: I cancelled the PPI policy on xxxAccountNo xxx on 7 Jan 2007 after becoming aware of the widespread mis-selling of PPI by some financial institutions, following recent media coverage and recent OFT and FSA investigations regarding the mis-selling of PPI. I believe this is borne out by Point 3 above. I am also aware that the question of PPI cover is the subject of an ongoing inquiry by the Competition Commissioner.

 

5. Wholly Inappropriate PPI Selling Bonuses: I understand that some employees are paid higher bonuses if they get prospective creditors to take out PPI with loans. How can the best interests of the customer possibly be met, if there is a clear conflict of interest between your responsibilities to me, and the drive of your employees to sell Payment Protection Insurance whether it is suitable or not in order to receive bonuses?

 

6. PPI Loan Interest payments miscalculated: Since I cancelled the policy, I have actually received a smaller reduction in the PPI loan interest payments than the figure stated on the agreement. The explanatory letter sent to me has, I believe, confirmed that I have paid for single premium PPI policies on each loan taken with your establishment.

 

7. True Nature of Single Premium PPI Not Explained: No explanation was forthcoming from any advisor on any occasion on the full extent of single premium PPI policies or the fact that they would offer little or no refund if the loan was settled early or if the insurance was cancelled. The statements you have forwarded on accounts xxx and xxx, show no element of any refund of PPI or PPI interest when the accounts were settled on refinancing. There was also no explanation that the cost of the PPI premium would be added to the total cost of credit and interest added for the full term of the agreement. I believe this practice is unlawful.

 

I now believe that the single premium PPI policies attached to the loan accounts were both extremely unfair and totally unreasonable and offered me very little, if any protection value whatsoever. I am therefore requesting a full refund of all costs including all single PPI premiums that have been paid, the interest added to these premiums and the payments, that I have paid to date.

 

Furthermore as I believe I have been unlawfully deprived of this money, I also expect the repayment of the interest at the Statutory Interest rate of 8% applicable to of each of the single premiums

.

 

 

Please amend to suit your own claim with your own issues and complaints.