PPI Claim from The Funding Corporation

[tauseefakhan]

Dear All,

 

I need some advice from the experts in here please,

 

I took out the loan from The Funding Corporation for a vehicle in Nov-2006.

 

I cleared the account in May 2010.

 

I took the PPI, which was sold to me as a compulsory by car showroom advisor. (During my visit I wanted to buy another car for which I got declined and was told for this particular car that I had to take it else they will not be able to process the application)

 

The loan was provided to me by TFC, but PPI was provided by AXA even though both are on the same contract which I signed.

 

I recently contacted TFC and they replied that they have looked into my account and can confirm that they are the wrong respondents. They did not advised in the letter whom shall I contact.

 

My question in here,

 

Whom shall I contact? TFC, AXA or shall I go to Ombudsman Service.

 

 

Many Thanks in advance.

[ims21]

Have you had a try with the dealer who sold it?

 

Are they still in business do you know?

 

You could also try using S56 Consumer Credit Act with TFC and see if that does any good.

 

56 Antecedent negotiations.

 

(1)In this Act “antecedent negotiations ” means any negotiations with the debtor or hirer—

(a)conducted by the creditor or owner in relation to the making of any regulated agreement, or

(b)conducted by a credit-broker in relation to goods sold or proposed to be sold by the credit-broker to the creditor before forming the subject-matter of a debtor-creditor-supplier agreement within section 12(a), or

©conducted by the supplier in relation to a transaction financed or proposed to be financed by a debtor-creditor-supplier agreement within section 12(b) or ©,and “negotiator ” means the person by whom negotiations are so conducted with the debtor or hirer.

(2)Negotiations with the debtor in a case falling within subsection (1)(b) or © shall be deemed to be conducted by the negotiator in the capacity of agent of the creditor as well as in his actual capacity.

(3)An agreement is void if, and to the extent that, it purports in relation to an actual or prospective regulated agreement—

(a)to provide that a person acting as, or on behalf of, a negotiator is to be treated as the agent of the debtor or hirer, or

(b)to relieve a person from liability for acts or omissions of any person acting as, or on behalf of, a negotiator.

(4)For the purposes of this Act, antecedent negotiations shall be taken to begin when the negotiator and the debtor or hirer first enter into communication (including communication by advertisement), and to include any representations made by the negotiator to the debtor or hirer and any other dealings between them.

[dx100uk]

if you paid TFC they are your target.

 

how did you 'complain'

 

did you use the FOS Customer Questionaire & a Spreadsheet?

 

or just a speculative letter?

 

dx

[tauseefakhan]

Have you had a try with the dealer who sold it?

 

Are they still in business do you know?

 

You could also try using S56 Consumer Credit Act with TFC and see if that does any good.

 

56 Antecedent negotiations.

 

(1)In this Act “antecedent negotiations ” means any negotiations with the debtor or hirer—

(a)conducted by the creditor or owner in relation to the making of any regulated agreement, or

(b)conducted by a credit-broker in relation to goods sold or proposed to be sold by the credit-broker to the creditor before forming the subject-matter of a debtor-creditor-supplier agreement within section 12(a), or

©conducted by the supplier in relation to a transaction financed or proposed to be financed by a debtor-creditor-supplier agreement within section 12(b) or ©,and “negotiator ” means the person by whom negotiations are so conducted with the debtor or hirer.

(2)Negotiations with the debtor in a case falling within subsection (1)(b) or © shall be deemed to be conducted by the negotiator in the capacity of agent of the creditor as well as in his actual capacity.

(3)An agreement is void if, and to the extent that, it purports in relation to an actual or prospective regulated agreement—

(a)to provide that a person acting as, or on behalf of, a negotiator is to be treated as the agent of the debtor or hirer, or

(b)to relieve a person from liability for acts or omissions of any person acting as, or on behalf of, a negotiator.

(4)For the purposes of this Act, antecedent negotiations shall be taken to begin when the negotiator and the debtor or hirer first enter into communication (including communication by advertisement), and to include any representations made by the negotiator to the debtor or hirer and any other dealings between them.

 

Hi,

 

Thanks for the reply,

 

I just googled it and they went into liquidation some time ago.

 

Can I contact ombudsman service? or shall I write another letter based on above?

 

Please advise.

 

Many Thanks in advance

[tauseefakhan]

if you paid TFC they are your target.

 

how did you 'complain'

 

 

 

did you use the FOS Customer Questionaire & a Spreadsheet?

 

or just a speculative letter?

 

dx

 

 

Hi,

 

I filled out Ombudsman questionaire along with a letter which I downloaded from The Guardian Website.

I also included the copy of agreement and copy of policy cover.

 

TFC replied with two lines in Letter,

 

 

"Thank you for your letter dated 27 November 2012. Having reviewed the account I confirm we are the wrong respondents in this case as we did not sell you the Payment Protection Insurance.

 

Yours Sincerely"

 

 

Please advise what to do next?

[dx100uk]

write back to TFC regarding sec 56

 

the fos also take a very dim view of such a short one letter [in this case] one LINE brush off!!

 

i'm sure we've had successes with TFC already

 

dx

 

 

dx

[TFC Customer Relations]

Dear customer

We are sorry to hear you feel you have been mis-sold Payment Protection Insurance (PPI). As you have stated, The Funding Corporation has written to you advising they are the wrong respondents. This means that whilst your car finance payments were made to The Funding Corporation, the PPI was sold by the dealership where you bought your vehicle.

As the dealership would have been independently regulated by the FSA in order to sell this product, they are liable for the sale and subsequently any redress you may be due as a result of your complaint. If they are no longer trading you can contact the Financial Services Compensation Scheme (FSCS) on 0800 678 1100 who may be able to help with your complaint.

If you wish to discuss this further please contact our Customer Services Department on 0845 271 7824. We hope this information is useful to you.

Kind regards

The Funding Corporation

Edited December 10, 2012 by TFC Customer Relations
Formatting issue

[dx100uk]

i am not totally happy with any company simply writing off any PPI complaint with a blunt letter & dismissing the claim.

 

Under Section 56 of the Consumer Credit Agreement Rules, a Company is resposible for the actions of ant/all of its agents.

 

dx

[intend]

This is a real gray area, is it the broker, the lender or the underwriter. All parties stating they are not responsible. This gives the claimant a real hurdle to climb. Could do with a knowledgeable thread on how to tackle these claims.

 

Intend

[dx100uk]

actually it not a gray area

 

its just being allowed to be so.

 

section 56 CLEARLY states that the LENDER iS responsible for ALL the agents in the 'chain'.

 

sadly far too many are being allowed to GET AWAY with shirking THEIR responsibility to refund the Mis-sale.

 

if the LENDER has to then go after the broker/underwriter, thats THEIR problen. NOT the punters.

 

after all, the LENDER takes your MONEY, and must have/are/had PAID whomever mis-sold the PPI.

 

dx

[intend]

Cheers for that. Unclear about section 56?? Do not want to hijack thread but do you have a link to this.

[ims21]

56 Antecedent negotiations.

 

(1)In this Act “antecedent negotiations ” means any negotiations with the debtor or hirer—

(a)conducted by the creditor or owner in relation to the making of any regulated agreement, or

(b)conducted by a credit-broker in relation to goods sold or proposed to be sold by the credit-broker to the creditor before forming the subject-matter of a debtor-creditor-supplier agreement within section 12(a), or

©conducted by the supplier in relation to a transaction financed or proposed to be financed by a debtor-creditor-supplier agreement within section 12(b) or ©,and “negotiator ” means the person by whom negotiations are so conducted with the debtor or hirer.

(2)Negotiations with the debtor in a case falling within subsection (1)(b) or © shall be deemed to be conducted by the negotiator in the capacity of agent of the creditor as well as in his actual capacity.

(3)An agreement is void if, and to the extent that, it purports in relation to an actual or prospective regulated agreement—

(a)to provide that a person acting as, or on behalf of, a negotiator is to be treated as the agent of the debtor or hirer, or

(b)to relieve a person from liability for acts or omissions of any person acting as, or on behalf of, a negotiator.

(4)For the purposes of this Act, antecedent negotiations shall be taken to begin when the negotiator and the debtor or hirer first enter into communication (including communication by advertisement), and to include any representations made by the negotiator to the debtor or hirer and any other dealings between them.

 

http://www.legislation.gov.uk/ukpga/1974/39/section/56