essentialloans, SPPL, SPML eurosail, Covea insurance - secured loan PPI reclaiming??

[Tired and Weary]

Just wondered if anyone has went through the FSCS to try and get refunded ppi linked to a secured loan ?

Im wanting to go after the broker,who comes up in the list of companies at the FSCS website under default.

 

I have an application form thats been sitting around for a few months and it seems rather complicated . needing info like PPI policy number etc...

 

 

The original loan provider is currently in administration and has been for several years .

 

They also want loads of id, i dont currently have a passport, driving license or eu identity card !

Any one like to share any experience of the FSCS?

 

The policy was not explained to me by the broker at all ,

i was self employed at the time and still am .

 

The broker only spoke to my wife who was told we needed ppi to be accepted for the loan

(even though its a single person policy i.e me and i was the only person working)

 

The policy was paid as a lump sum by the lender and added to the loan.

 

The policy only lasted 3 years apparently and in order to claim i would have had to declare the business dissolved and be signing on for job seekers allowance.

Which wasnt going to happen so the policy was no use to me.

 

Also the policy documents that we received were sent after the loan cooling off period had passed.

(has no policy number or name on just a booklet of terms and conditions)

 

This was 10 years ago and we still have 5 years more with this loan..

...but are still paying the ppi every month plus interest all tied into the loan payment.

 

Thanks

[dx100uk]

name names

if the original creditor has gone why are you still paying..

 

 

all the history please

[Tired and Weary]

Why am i still paying ?

we dont have a choice do we its a secured loan and the PPI is part of the loan repayment from the start.

If we dont pay the repayment then we have arrears and they go for repossession.

 

The loan was transfered to another company (but they are really all the same)

 

We have already been to the ombudsman and know that they (the lenders) claim that they dont sell ppi and it is the brokers responsibility.

 

I dont particularly want to name the companies but they are always being mentioned on here.

 

Lets just say they are linked to Leyman brothers.

 

The broker was a company called essential loans.com ,

the insurance was with Sterling Insurance company (who are now part of Covea).

 

Does no-one have experience of the FSCS??

 

Heres an FOS upheld complaint which is similar to my situation on the point of having to declare my business dissolved and sign on ,in order to make a claim.

 

But who do i complain to ,

the broker ,

the insurance company,

the original lender (in administration)

or the present owner of the loan??

[dx100uk]

good shows its possible then.

 

 

but we cant ever be able to help when someone is playing secret squirrel

[Tired and Weary]

Secret squirrel????

 

Ok but i know these companies read this forum.

 

essentialloans.com - broker,

SPPL original lender ,

eurosail are now the owners.

 

Surely someone must have experience of the FSCS??

 

Or if FOS route who to complain to initially,

i know for a fact that ASS-enden will claim that it is nothing to do with eurosail ,

they have already pointed that out to the FOS in a previous complaint.

 

SPPL are in administration and have been for years .

Borker is no longer operating .

Insurance company have been merged into Covea insurance.

 

Also despite SPPL being in administration they were an appointed representative of SPML who are not in administration (according to the FCA they are responsible for anything their appointed representaive does or did?)

[dx100uk]

that's better

and I now see you've read cruz's theads too so that has the latest info there from cosmo too.

[Tired and Weary]

I have found this regarding the transfer of sterling insurance to covea in January 2016.

 

Does this mean i can try making a ppi claim to them.

 

I did read a thread a while ago on a different forum regarding sterling insurance and they paid out over £5000 for MPPI.

 

Our loan commenced late 2006.

 

Ive also noticed that SPPL are on our policy booklet front cover as well as Sterling.

[dx100uk]

well lets put it this way

you wouldn't be harming yourself if you did.

[Tired and Weary]

Hi Im confused as to why the FOS wont take on our complaint against the underwriters of the PPI.

Can someone explain to me if this is correct and nothing we can do through the FOS.

Thanks

wont take on.pdf

[Tired and Weary]

Is it maybe better if this thread can be transferred to the main PPI forum, as its all PPI.

[dx100uk]

thought it was in PPI

done anyway

 

 

ok i'm not going to waste my time explaining the FOS letter...

 

 

its all quite clear why

and who to go after and via

 

 

just send a copy of your current CTAX bill along with the FSCS form

those q's you cant answer then you leave blank.

 

 

ideally most of this information should be able to be copied from the FOS PPI questionnaire you filled out and sent to them?

 

 

the FSCS was you route from day one sadly.

 

 

your should get 90% of the PPI back quite easily

that will come off the outstanding balance

and your monthly payment should reduce too.

 

 

dx

[Tired and Weary]

Thanks DX,

I really would like to understand the letter from FOS as it isn`t clear to me at all.

They say that anyone selling insurance has to be regulated after Jan14th 2005 , in which Essential loans were ?? Then its says because of this we are unable to accept claims against underwriters after this date. It may make sense to you but it doesnt to me.!!!

Thanks

[dx100uk]

the underwriters cannot be your target due to the takeout date of your loan , 10yrs ago.

 

 

all sellers of loans containing PPI after jan 2005 had to be regulated by the FOS.

 

 

essential do not exist now so complain to the FSCS

[Tired and Weary]

I still don`t follow sorry , i thought the FOS investigated firms that are regulated and this happened after the said regulations.

I don`t follow how the underwriters can not be held to be responsible but if it had beem 3 years earlier they would or could be held responsible.

 

Why was this decision made in 2014 (taken from ombudsman decisions ) of another case concerning a loan taken out in 2006 if the underwriters cant be investigated.??

document(1).pdf

[dx100uk]

??

because lenders were unregulated until jan 05

so not legally held responsible for the actions of others in the 'chain' .

but the underwriters or PPI providers were, under GISC and ABI codes.

 

after that date all lenders were regulated by the FOS

and were thus responsible for the actions of anyone in the 'chain'

[dx100uk]

I've merged your post as you posted whilst I was replying.

 

 

that case was an internet application where no face to face meeting took place,

yours was face to face with a broker,

whose actions were the responsibility of the loan provider as it was after jan 05 and thus responsible for their actions.

 

 

essential do not exist now so complain to the FSCS

[Fade888]

Hi thought I could help you out here.

 

 

 

 

Firstly the FOS outcome explanation:

 

 

Underwriters can only be held responsible for the sale of PPI if the seller at the time was not regulated as they would have been the only regulated party at the time who could be held responsible for the advice (the lender in this trio is not involved in the advice)

 

 

To further confuse this, they can only be held responsible if there is a direct relationship between them and the seller so with random brokers it usually won't stick, whereas with major sellers it will (i.e. Genworth/AXA for Santander Store cards)

 

 

I hope this helps make sense of the FOS response. If it had been sold pre 14/1/2005 then you could not have claimed against the in default broker or used the FSCS but the underwriter may have been a valid option.

 

 

Lucky you it was sold post 14/1/2005 as this gives you two options:

 

 

1. The FSCS

 

 

The forms are a bit of a nightmare but not too complicated. You can call them and they are very helpful, as for ID, if you don't have any then call them and they can arrange verification in another way e.g. over the phone, other ID elements accepted like utility bills. They only do this in exceptional circumstances for vulnerable clients or when you really have no ID.

 

 

There is a lot of info you might not be able to fill, however, so long as you have the name of the broker, lender (current and original) and underwriter you will be fine. there are two forms at the back of the form which you sign giving the FSCS authority to get the information from them. Alternatively you can jimmy it along by getting it yourself, call the lender and the underwriter and ask them to provide the full account statements and agreement (lender) and a letter stating all the elements of the policy such as cost and claims (underwriter).

 

 

Once all this is done and signed they will confirm they have what they need and make a decision which can take a few weeks/months - they don't have a timescale

 

 

If they uphold in your favour you will get back 90% of the premiums and interest and 'notional' interest on your losses - much less than a standard PPI refund from a bank but better than nothing

 

 

Remember this service is FREE!

 

 

 

 

You have another option...

 

 

2. Use a solicitor and litigate

 

 

Because you are still paying your loan it puts it in range for a solicitor who specialises in claiming PPI.

 

 

You can find them easily on the internet.

 

 

Any solicitor worth their salt would be able to litigate against the lender for PPI using the CCA and win your case with 100% returns.

 

 

Some charge a fee for services, others will change a % of the redress - however the redress will likely be higher as they will get PPI, premiums, interest and 8% compensatory interest (not notional) which, as a rule of thumb, doubles the refund if its 10 years since you took out the PPI.

 

 

You can, of course, use the FSCS first and then a solicitor to get the rest as the infamous Susan Plevin case demonstrates - the choice is yours, a solicitor may take the pain out of those forms and provide a service to get the money back.

 

 

To clarify, the win is not guaranteed though so No win No fee is a better option than paying upfront if you choose to use this option.

 

 

 

 

There is a third parallel option you can do regardless which could get you some quicker cash. Complain to the lender about secret commissions, they will put your complaint on hold until guidance goes live on 29/8/17

 

 

They will then return the % of the premiums that were over 50% with interest - a smaller refund but as this is a sub prime broker sold loan it could be 20%+ of the value - this refund is all but guaranteed with the current guidance

 

 

You are complaining to the lender as this is CCA stuff again and the broker/underwriter become irrelevant. PPI regulation also becomes irrelevant (i.e. pre 2005) as this is CCA 1974

 

 

 

 

Sorry this wasn't meant to be such a long post! If you have any more questions i'll be happy to reply

[dx100uk]

thank you

or the op could litigate themselves

certainly never use a CMC!!

[Fade888]

Indeed they can litigate themselves! It's all about choice.

 

 

If you feel confident enough to do so then litigate, if not you can use the services of a solicitor but you pay for it - Solicitors, unlike CMCs, have expertise and qualifications which put them in good stead to represent you.

 

 

Alternatively, avoid altogether and do the FSCS and Secret Commission claims yourself - you certainly don't need to use a CMC or a solicitor for those.

 

 

To clarify I am not a solicitor or affiliated with one!

[Tired and Weary]

Thanks DX and Fade888, i think i understand alot better now.

I am a little irritated because i have done PPI claims for my mother and been 100% successful in all cases , i even got a live LLoyds loan for £14k written off as missold for my mother ,

 

 

BUT when i claim for myself and my wife i seem to constantly run into hurdles ,although i did get a better than usual result against the secured loan lender though the FOS , even getting legal fees refunded with interest.

 

I will have more questions later.

I did start a claim with the FSCS around a year ago but didnt follow through as i wasnt sure whether they would pay out as much as the FOS could get.

 

 

ALso do the FSCS force the lender to restructure the loan as if it didn`t exist in the first place or is that outside their remit.

 

Also will they (FSCS ) take back on the claim i started 12 months ago???

Or is a new claim needed?

Thanks

[Fade888]

PPI is sometimes simple and other times terribly complex. It all depends when you took it and with whom. High street banks = mostly easy street. Sub prime lenders and brokers = potential hurdles and brick walls.

 

 

Well done on your successes, you can win this one too.

 

 

If you call the FSCS with your reference (or just personal details if you cant find it) and ask them to resend you the paperwork they will re-open the case (they are never really 'closed' unless a decision is made).

 

 

FSCS will not pay out as much as a full refund from a bank (directed by FOS or otherwise) will as they pay 90% and the 8% simple interest is replaced with a notional return which is pitiful in comparison. Alternatively they have a new online 'portal' but I don't know about you I prefer a trusty human.

 

The FSCS form does ask you to give details of the loan if it is live, has been refinanced etc. I do not know if it will be restructured and defer to anyone who does - I believe it will be as the lender will have to follow the same rules as if a non FSCS PPI refund had been given and this would seem just. I only have experience of people I know / have helped family etc.

 

Remember, big nasty form, not sure, call them for help and guidance. if in doubt, fill in as best you can and they will let you know if they need more details.

 

 

Make sure to sign and date the two declarations AND the two forms at the back which allow them to get info on your behalf. Policy number? Call Covea or just stick in the loan number! The key firms here are still trading (lender and underwriter) so you will get that info easily.

 

Best of luck and I'll look out for more questions and progress! New to this site its ace.

[dx100uk]

welcome aboard 888, we need someone like you

we lost our best PPI expert a few years back

and even though I'm pretty ok with it all

its great to have someone onboard that can remind me all I forget and correct me whatever necessary!!

 

 

dx

siteteam

[Fade888]

Glad to be on board! I love waffling about PPI, PBA and the rest. Plenty of stuff in my head which is useless in any other setting that might be able to help others - two heads (or on this forum 320,000 heads) are better than one!

[dx100uk]

'll point you to a head banger thread in the welcome finance forum once you settle...

[cruzhughes]

'll point you to a head banger thread in the welcome finance forum once you settle...

 

 

That's got to be mine?!!