Black Horse PPI taken out before 2005

[pudsey7]

Hi,

 

Was looking for some advice. I am trying to reclaim PPI from a Black Horse loan that I took out in 2004. They have written back with a standard response saying that they do not agree that the PPI was mis sold. They have said because this was pre 2005 I cannot take this to the Financial Ombudsman and I just wondered what my options were to take this further?

 

Thanks

[landy_alert]

Hi pudsey7:)

 

I'm not an expert on this and I hope someone will correct me if I'm wrong here, but as far as I'm aware PPI sales came under the jurisdiction of the FSA on 14/1/05. Any sales made before that date are not covered by the latest rules, but would have been covered by a previous regime of rules which means that the FOS will still be able to consider complaints regarding PPI sold before this date.

 

Before 14/1/05 most firms were covered by a code of practice set by one of the following 3 trade bodies -

 

1) The Association of British Insures (ABI)

 

2) The General Insurance Standards Council (GISC)

 

3) The Finance and Leasing Association (FLA)

 

All 3 of the above have codes of practice that required advisors to provide information at the time the insurance was taken out to help you decide if the policy was suitable for you.

 

Essentially the advisors and firms were required to cover the same points as they do according to the current rules.

 

The main difference between sales before and after 14/1/05 is that all sales before regulation were 'non-advised' sales as the 'advised' regime didn't come in until regulation was introduced.

 

Banks and building societies which are more widely regulated by the FSA are more likely to have been covered before 14/1/05.

 

As Black Horse is part of LTSB I would have thought they would have been covered.

 

We are currently in the process of reclaiming several lots of PPI from LTSB, most of which date from before 14/1/05 and all of which are currently being investigated by the FOS.

 

Indeed the FOS told us on the telephone that the date the PPI was taken out is irrelevant - it's the fact that it was mis-sold that counts.

 

Hope this helps - good luck with your claim!

 

Regards,

 

Landy x

[pinknico]

Call the FOS, they will let you know if they can look into your claim.

[fedupwithitall]

Hi

 

I took out a loan in 2004, wrote off to complain miss-sell, got the usual bog standard fob letter, telling me I wasn't miss-sold and that I couldn't go to the FOS because they weren't registered until Jan 2005. I rang the FOS and they told me that they were now looking at all claims. They took my details, rang BH and told them that they had 8 weeks to give me a final response. I then wrote again, with a stronger letter, giving them my reasons why I knew I was mis-sold, and what the FOS had told me.

 

Got a letter back saying that they were upholding my complaint and that I would get back what I had paid with Interest on top.

 

I am now waiting for my money. They told me 3-4 wks.

 

Don't give up, write them again and I am sure you will win.

 

Good luck.

 

FUWIA

[pudsey7]

Thanks for the reponse. Since posting my message I have noticed that although my boyfriend is not a named person on the loan as the loan is in my name only they have included him as a named person on the PPI (Obviously so they could increase the premium). Can they do this if he did not sign anything and neither of us realised that he was on the PPI?

 

Thanks

[alanalana]

Thanks for the reponse. Since posting my message I have noticed that although my boyfriend is not a named person on the loan as the loan is in my name only they have included him as a named person on the PPI (Obviously so they could increase the premium). Can they do this if he did not sign anything and neither of us realised that he was on the PPI?

 

Thanks

 

He may have been a named person but would there have been any benefit to him if he tried to claim? My PPI covered me and my OH as named on the policy but it would only cover me for a claim. Maybe this is another way they have boosted the cost of PPI by costing it against two people but only covering one. It would not surprise me in the least.

 

aa

[pudsey7]

Hi,

I will need to check that out. Can they put him on there though if he hasn't signed anything on the agreement to say that he agrees to the PPI? Come to think of it there was nowhere on there for me to sign for the PPI either, but he wasn't even there when I took the loan out.

Thanks

[pudsey7]

Bump

[pompeyfaith]

In short no they cant, did you phone the FOS to see if they will take your complaint on ?

 

PF