The Funding Corporation PPI

[drob]

I took out car finance with the Funding Corporation and was told that i had to take out PPI. The PPI premium was £1940.75 which i pay monthly at an APR 0f 40.3%

 

Can anyone tell me if i am able to cancel this Insurance? I have read my terms & conditions for Information about cancelling the PPI but cannot find anything. Also do you think it is worth trying to claim all my PPI payments back??

 

Does anybody have a template for a letter to cancel?

 

Thank You In advance

[hellhasnofury]

I took out car finance with the Funding Corporation and was told that i had to take out PPI. The PPI premium was £1940.75 which i pay monthly at an APR 0f 40.3%

 

Can anyone tell me if i am able to cancel this Insurance? I have read my terms & conditions for Information about cancelling the PPI but cannot find anything. Also do you think it is worth trying to claim all my PPI payments back??

 

Does anybody have a template for a letter to cancel?

 

Thank You In advance

 

Hello,

 

Please read this sticky it is extremely useful to decide whether you feel the ppi was mis-sold to you.

 

PPI - Some Notes for Claimants

 

This is new info and equally important to read

 

PPI Claims

 

See what you think after you read these.

There are a few letter to send re canceling your ppi about the different threads.

Ask if you need help

 

Good luck

[laurab08]

Hello, i work for a company who deal with PPI and ASU claims ... i have read that some people are being charged for claiming back their payments ... we do not do this. we are NO WIN NO FEE. If anybody would like any more infomation please dont hesitate to email me ... {[edit]

Edited October 24, 2008 by freakyleaky
Watch out, there are Claims Touts about!

[freakyleaky]

Please read the site rules Laura.

 

Forum rules. Please read these before posting

 

A topic/post will be edited or deleted if it contains:

 

Touting for business in any way

 

Offering to advise members by PM or email without good reason - If it is felt that a subject is "sensitive" and would be better discussed off-forum, we ask that members contact a member of the site team BEFORE asking for contact details. This rule is in place to protect our members from claims touts, and also to ensure that any advice given is open to debate, qualification, and where necessary, correction.

[mpgs]

Hi all

 

going through a lot of crap with this firm,i've been paying since Feb 06, I have a new car now so i spoke with TFC and asked can i early terminate(only have a year left to pay) their answere roodley was I can not settle early as the contract is a BILL OF SALE not HP.

any advice on this?

ps

Gillypam if i have to pay it off am gonna pay 50pence per month lol

[gavv8]

i would advise anyone considering claiming back ppi from TFC to go for it, but be prepared for a dirty fight and use the FOS, they are still very good despite what some say, TFC will fight you every step of the way and even when you win they will still keep trying with the most underhand tactics to avoid paying you, they are cocky and threatening and they like to try and re write financial law, keep your cool, don't give up and make sure you keep every letter and record the details of every phone call, also keep notes on who you speak to and what dept they are from, i am still fighting them and i won my ppi case almost 5 months ago!!.

GDC

[drob]

**Update**

 

TFC have refused my claim for PPI twice so I have tried a couple of PPI "No Win No Fee" claims companies. Both of the PPI claim companies have returned my claims to me and have told me that the only way forward is to use the FOS. Unfortunately because my PPI was taken out in 2004, TFC apparently wherenot regulated by FOS.

 

Any suggestions on my next move?

[gavv8]

I would try submitting a complaint to the FOS anyway and see what happens, they may look at it on merit if it is a strong claim, just because TFC were not regulated before 2004 doesn't mean they can do what they like, give it a try and see what happens.

GDC

[drob]

I would try submitting a complaint to the FOS anyway and see what happens, they may look at it on merit if it is a strong claim, just because TFC were not regulated before 2004 doesn't mean they can do what they like, give it a try and see what happens.

GDC

 

 

It has been over 18 months since i personaly asked TFC to refund the PPI although a couple of claims monkeys have tried recently. Should i try for 1 more final time before i use the FOS?

[gavv8]

I doubt you will get any joy from TFC, try FOS and if they don't take it , try a complaint to the FSA.

[drob]

Thanks gavv8

 

I am also thinking of using the PPI refund as a trading tool...... I have after 2 years got the TFC to remove £838 charges they have added to the account. They have told me that they will add the charges back on again if i do not pay the outstanding balance by the end of June.

 

Now the PPI is more than the outstanding balance so I may ask TFC rather than dragging the PPI and charges out would they write the balance off and consider the matter closed.

[kabuiya]

Hi there,

I am also a victim of The Funding Corporation Loans. I took a personal loan of £6,000.00 with company on 24/2/2004, on the phone, so I was told was that the number of years the loan will take and also how much I will be paying per month. I was also told that the credit agreement will be couried to my house (biker) who brought the agreement and stood there for me to sign and then take the original back so to be honest I did not have time to read the agreement at all. Because of the way PPI has been highlighted recently, I decided to find out whether my loan had ppi and guess what yes my loan had ppi which I did not know about. This is the way the credit agreement stated

PP1 £2,884.40

Loan £6,000.00

Interest £2,487.60

Total £11,352.00

========

 

Payment per month £189.20 for 62 months - APR 9.9%

I settled this loan 30/6/2004 - settlment amount - £9,252.73

 

If anyone on this thread has similar case or knows how I should go about this please help me. From previous threads, I know they are a hard nut to crack so I need alot of help to deal with them. Thanking you all in advance.

[dx100uk]

post 2 applies

 

dx

[dj1971]

Kabulya,

 

According to my calculations and in line with the FOS guidelines your claim should be:

 

PPI: £2884.40

Compound interest: £811.93

8% on monthly repayments: £1,173.41

8% on total since settlement: £371.05

 

Total claim = £5,240.79

 

Now go get your money back.

 

DJ

[kabuiya]

Hi DJ,

 

Many thanks for your encouragement. I have drafted a letter to send it to them by special delivery on Monday morning. I will keep you posted when I receive a reply from them.

 

Thanks also for calculating how much they owe me. I want that money now.

[dj1971]

You welcome.

 

Now go get your money and keep us up to date with any developments.

 

DJ

[kabuiya]

Hi DJ,

 

I will definitely post the reply to my letter.

[kabuiya]

Hi DJ,

 

As promised to come back to report reply to my complaint letter to Funding Corporation, it arrived this morning 8/10/2010, below is the content of it:-

 

Thank you for your letter dated 4 October 2010.

 

You entered into the Credit Agreement on or around 23 February 2004. The basis of your claim is that you were mis-sold Payment Protection Insurance (PPI) on or around the same date. As more than 6 years have passed since the date of the alleged mis-selling of the PPI, your claim is statute barred pursuant to Section 5 of the Limitation Act 1980.

 

Due to the date that you were sold PPI we also do not believe that your complaint falls under the jurisdiction of the Financial Ombudsman Service,

 

Signed by Complaints Officer.

 

DJ - any ideas on what to do next.

[dx100uk]

wrong

 

PPI complaints are coverd by section 32c

 

'when' you became aware'

 

not from the date of contract/agreement.

 

dx

[kabuiya]

Hi DX,

Thanks for this. So should I write back quoting this section 32C? I need more information on how it works etc or what to write.

[dx100uk]

39. Section 32 of the Act provides, so far as relevant:

"(1) …. where in the case of any action for which a period of limitation is prescribed by this Act, either—

(a) the action is based upon the fraud of the defendant; or

(b) any fact relevant to the plaintiff's right of action has been deliberately concealed from him by the defendant; or

© the action is for relief from the consequences of a mistake;

the period of limitation shall not begin to run until the plaintiff has discovered the fraud, concealment or mistake (as the case may be) or could with reasonable diligence have discovered it. ….

 

 

dx

Edited October 8, 2010 by dx100uk
opss missed the imp bit!

[kabuiya]

Hi DX,

 

Many thanks for the info. I really do appreciate your prompt replies.

 

One question - should I reply to Funding Corporation or complain to Financial Ombudsman Services now.

[dx100uk]

the FOS will love that quote esp if you have the agreement too!

typically now if you have the agreement, the FOS make to Co. cough.

 

dx

[kabuiya]

Hi DX,

 

I now have the agreement plus the letter, I think it would be pointless to write because it would just be dragging things so to be honest I should just contact the FOS with copies of my agreement plus this letter - what do you think. Any suggestion on how I should word the letter to the FOS?.

 

DX - you are a treasure - thanks for everything.

[dx100uk]

it'l drag anyway even if you go to the FOS

 

pers i'd write the woman back and point out the crass error and the need to research things before trying to fob-off customers.

 

 

your 1st letter from the FOS would only be have you got a final responce from the OC yet anyhow.

 

dx