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    • Hi, I have found this group very helpful hence I am here seeking help and advice.   I got myself into a situation where I have now more than £50k in unsecured debts (personal loans & credit cards) and things are now getting out of control as I am struggling to make payments. This is purely my own created situation and I am taking 100% responsibility for it. I am keen to get out of this situation as soon as possible hence I would appreciate any help and advice in this process. I am employed at the moment and don’t want to risk going into IVA or bankruptcy as this would risk losing my job. Being sole bread earner of my family, I cannot afford to lose my job. I have been trying to keep up with the payments so far and had few missed payments instances until 3/4 months ago but got caught up with missed payments somehow using my savings. All my debts are still with original lenders. However I know I am getting into same situation again shortly and won’t be able to get out of it again. I have started exploring Debt Management Plan (DMP) option through StepChange but haven’t submitted it yet. Based on budgeting, I have around £820 available to make payments to all lenders after taking care of all other essential expenses. This is definitely lot more affordable than what I am currently paying to different lenders. 1. Is DMP right option for me in current situation? 2. what are the negative consequences of availing DMP? 3. is there something else that I can do to get out of this situation? I’m determined to clear out all my debts but need bit of breathing space and time. Let me know please if you need any additional information. Thanks in advance for all your help and guidance. MM  
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    • nope  and  neither dx
    • Ok Thank you DX will do just that . will keep you up dated.
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Funding Corporation - possible reclaim of ppi


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Having sorted out son in laws debts thanks to this site and taken control of the situation,

 

I am looking to reclaim any ppi he might have had on a series of loans he had when trying to support his parents

whilst his mother was terminally ill and his Dad a full time carer.

 

had a credit report and

 

as well as Welcome - a nightmare to deal with and currently on back burner

- came across The funding corporation and a loan from August 2004 til October 2008 - 50 months at £81

- looks like no defaults on it but suspect some form of ppi.

 

Read a few old threads on various sites which all seem to peter out very quickly due to not being regulated by FOS.

 

Guess starting point is a SAR to TFC as have no paperwork and see what turns up.

 

in meantime will trawl the web for any info/success stories.

 

sorry for typing - just out of hospital after op - only got wrong hand to type with

- will also start a thread for the lloyds loans he has/had when i can make some sense of the timeline.

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A SAR is needed so you can look at the agreement and confirm if there was PPI, and how much. If you are dealing with this on his behalf you will need a signed letter of authority, you may already have found that out with Welcome.

 

For your information - http://companycheck.co.uk/company/04055624/THE-FUNDING-CORPORATION-LIMITED

THE FUNDING CORPORATION LIMITED

Registered Address: I M House, South Drive, Coleshill, West Midlands, B46 1DF

 

I'm just on with Welcome - http://www.consumeractiongroup.co.uk/forum/showthread.php?415458-Welcome-PPI-claim-pre-2005

Be good to those who give you advice that helps - click the star to give them your thanks by way of a reputation credit.

 

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Cheers hillards - thanks for address - will type up SAR letter today and send off. off to read your thread on Welcome and refresh my memory of my dealing - know involved the compensation scheme people (FCSC?) but got no joy.

 

guess it is going to be a long process

 

intend

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  • 2 weeks later...
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  • 3 months later...

Got all info from TFC - ppi of £700 on top of a loan for £2000 - work that out at 25% of monthly payment down to PPI. About to input into spreadsheet. Hope my % calculation correct!

 

Also has about a dozen unpaid DD fees of £25 - is it worth reclaiming these? - sure that the amount acceptable was reduced to £12, plus letter fees of £85, ranging from £15 to £30 per letter.

 

Have been off-line for a while - had surgery and off work for 6 months then really busy with work - but good to be back - off to look at the Llyods ppi now.

 

All advice gratefully received.

 

Intend

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Loan was taken out in August 2004 - does this mean it was not regulated by FOS?

 

Hi,

 

To the best of my knowledge, the Ombudsman claim that they can't consider any complaint against a company because the ppi policy was sold before 14 January 2005, the date when all businesses selling insurance became regulated, only if the seller was a member of a precursor to the FSA, like the GISC

 

Although general insurance broking was not subject to the jurisdiction of FOS until 2005, if the firm subscribed to the General Insurance Standards Council's code of practice at the time it will do if the firm subsequently came under FOS jurisdiction and, since all consumer credit licence holders now are, I think it might.

Any advice I give is honest and in good faith.:)

If in doubt, you should seek the opinion of a Qualified Professional.

If you can, please donate to this site.

Help keep it up and active, helping people like you.

If you no longer require help, please do what you can to help others

RIP: Rooster-UK - MARTIN3030 - cerberusalert

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  • 2 months later...

TFC were members of The Association of British Insurers and signed up to the Code of Practice for the selling of General Insurance. Hopefully this allows the FOS to investigate. All the paperwork from TFC states that if unhappy could I may be able to complain to FOS - guess the "may" will stump me!!

 

Also requested they repay late payment fees of £25 on grounds the PPI contributed to financial hardship.

 

Form and letter off tomorrow.

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Form and letter off tomorrow.

 

Good luck with that.

Any advice I give is honest and in good faith.:)

If in doubt, you should seek the opinion of a Qualified Professional.

If you can, please donate to this site.

Help keep it up and active, helping people like you.

If you no longer require help, please do what you can to help others

RIP: Rooster-UK - MARTIN3030 - cerberusalert

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Also requested they repay late payment fees of £25 on grounds the PPI contributed to financial hardship.

Needs to be made as a totally separate claim - I did PPI first and then claimed charges, just in case there was anything that affected interest applied or the charges themselves. That could have meant duplication of an amount being claimed.

 

Say they said that a PPI amount was the cause of a default charge being applied, through going overlimit, then they should repay that as part of the PPI claim. In effect, you cannot determine the total amount of charges until they've cleared the PPI claim :-) IMHO obviously.

Be good to those who give you advice that helps - click the star to give them your thanks by way of a reputation credit.

 

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  • 4 weeks later...
  • 3 weeks later...

Letter rec'd - claim rejected. Will post up details when I get sight of the letter. Not surprised from what I have read about TFC. Will need some sound advice on how best to proceed but will not give up without a fight.

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