Loans.co.uk

[frisp]

Some questions for the knowlegeratti out there

Trying to reclaim PPI on a loan brokered by this company. Are they still trading as the address I have gets the mail returned.

I've written to FirstPlus who provided the product, they say that its not their responsibility to refund PPI payments but that of the broker - is this correct?

If loans.co.uk are responsible and they've gone out of business who do I seek redress on mis-sold PPI.

[enaid]

Re: Loans.co.uk

is it the same co?

http ://www.loan.co.uk/


FSA fines loan broker £455,000 for PPI selling failures

[frisp]

Re: Loans.co.uk

is it the same co?

http ://www.loan.co.uk/


FSA fines loan broker £455,000 for PPI selling failures

Could well be, thanks the address is different than the one that was on this site in June.

I'll resend them a letter and see how it goes

cheers hon

[EXC]

Re: Loans.co.uk

Usually it's the broker that the complaint should be directed to. If they are no longer in business or in default then talk to the Financial Services Compensation Scheme.

FSCS Home

[EXC]

Re: Loans.co.uk

Loans.co.uk aren't listed as being in default (and therefore not covered by FSCS) according to FSCS. FSCS Search for companies in default

[frisp]

Re: Loans.co.uk

I've tried their web contact form to ask for a name to write to on this matter and it gets a send error.

I'll send the letter to customer services
------------------------------- merged -------------------------------
Thanks EXC

[Angry Cat]

Re: Loans.co.uk

MBNA bought Loans.co.uk in 2005:
MBNA Europe Acquires Loans.co.uk

BBC NEWS | Business | Broker fined for PPI mis-selling

[di30]

Re: Loans.co.uk

Hi

What year did you take out the loan?

When I went to the FSCS, the business I made a reclaim, they were then awaiting to go into default, so they were not listed until they were confirmed in default, although they still send a claim form in readiness.

[skv123]

Re: Loans.co.uk

We are still regularly corresponding with Loans.co.uk at the chester business park address.

Be warned they are incredibly slow at dealing with these. We have some complaints they upheld in April where we are yet to receive the figures offered.

[frisp]

Re: Loans.co.uk

We are still regularly corresponding with Loans.co.uk at the chester business park address.

Be warned they are incredibly slow at dealing with these. We have some complaints they upheld in April where we are yet to receive the figures offered.

If the FOS has said pay up and depending on what the amount was would it not be in ur best interest to send them a claim form adding the cost of said to the bill.

That would surely get their attention!!

[frisp]

Re: Loans.co.uk

Hi

What year did you take out the loan?

When I went to the FSCS, the business I made a reclaim, they were then awaiting to go into default, so they were not listed until they were confirmed in default, although they still send a claim form in readiness.

The year was 2004, the amount was £40k to which they added £9.7k PPP. I made my first attempt at getting this back in 2008.

Wot with everything else that was going on at that time I didn't follow up on my complaint with the FOS.

This is me catching up now especially as the FOS/FSA have made it clear what is expected.

[TUTTSI]

Re: Loans.co.uk

I did actually speak to their CEO a couple of years ago, they are based at MBNA's offices in Chester I believe. Not an easy company to get hold of but I will try and find an email address and the name of the person I actually spoke to. I have actually deleted loads of emails from from computer so hope that I can still find it. I have deleted it appears on my emails but I found it here on LB from my communication with Mr Gregory.

Neil C Gregory
Customer Advocate Office
Phase IV South
Tel Chester: 01244 672326
Mob: 07919 300232
Fax Chester: 01244 672190
Email: neil.gregory@bankofamerica.com

Looking at the link that Enaid posted up they have an adress at:- Loan.co.uk
105 Hamlet Court Road, Westcliff-on-Sea, Essex SS0 7ES they may be a different company.


Read more at: Data Stolen from loans.co.uk - temp thread for edits - Legal Beagles Consumer Forum

This company some years ago had a huge amount of data stolen and I had applied to them for a loan - thank goodness I was turned down by them. My personal details started being used by a CMC a couple of years ago supposedly the data was sold on.

You may also want to look at this article FSA fined them for mis-selling PPI http://www.fsa.gov.uk/pages/Library/...2006/105.shtml


FSA fines loan broker £455,000 for PPI selling failures



Margaret Cole

Loans.co.uk Limited failed to make sure adequate processes were in place to ensure the suitability of its PPI recommendations and treat its customers fairly.



FSA/PN/105/2006
26 October 2006
The Financial Services Authority (FSA) has fined Loans.co.uk Limited (LCUK) £455,000 for failing to treat its customers fairly when selling Payment Protection Insurance (PPI). The regulator found that LCUK did not have appropriate systems and controls to minimise the risk of unsuitable sales.
At LCUK, PPI was sold on an advised basis over the telephone. The FSA investigation found that the firm failed to gather and record information to show that the policy recommendations it made were suitable. The FSA discovered that customers did not receive enough information at the point of recommendation to make an informed decision about the PPI policy being offered. Therefore, customers could not be sure if LCUK's recommendation was the right option for them.
LCUK's breaches were particularly serious as the failings exposed approximately 14,400 customers to the risk of the sale of PPI which was unsuitable for their needs.
Margaret Cole, FSA Director of Enforcement said:
"We have highlighted Payment Protection Insurance as an FSA priority due to the potential level of risk to consumers. Loans.co.uk Limited failed to make sure adequate processes were in place to ensure the suitability of its PPI recommendations and treat its customers fairly. The principle of Treating Customers Fairly should be embedded in firms' business models to help prevent such failings and it is important that all firms review their systems and controls to reach this standard.
"PPI can provide valuable protection against changes in personal circumstances but customers should come away from the sale having been given the best possible information to understand that the PPI is optional, what the policy will and will not cover and how much it costs. We encourage consumers to ask straightforward questions of sales staff when PPI is mentioned to help them to identify whether the product is right for them.”
The FSA also found that LCUK failed to have appropriate compliance monitoring procedures in place to identify failings in the sales process. LCUK did not provide guidance to staff on how to identify a complaint or adequately communicate its complaints handling procedure to them.
Following discussions with the FSA a remedial action plan for consumers has been implemented which involves a customer contact exercise and redress where appropriate.



This PPI enforcement action follows the publication of the FSA's latest work into the PPI market last week which found that sellers are still not treating customers fairly. The key findings included:

• Firms are not giving customers clear information during the sales conversation;
• Customers are still not being made fully aware that there may be parts of the policy under which they cannot claim; and
• Where customers are sold single premium policies, this is not always done with the best interests of the customer in mind.

The FSA has previously taken action for PPI failings against Regency Mortgage Corporation Limited and fined it £56,000 in September 2006.
By agreeing to settle at an early stage of the FSA investigation LCUK qualified for a 30% discount under the FSA’s Executive Settlement Scheme – without the discount the financial penalty imposed would have been £650,000.
Notes to editors

1. The Final Notice is available on the FSA website.
2. Loans.co.uk Limited's primary business is as a secured second charge loan broker with a secondary focus on small amounts of mortgage and unsecured loan business. LCUK undertakes a significant amount of general insurance business through the sale of PPI. Only the sale of mortgages and general insurance is regulated by the FSA.
3. The FSA's work into PPI is available on the FSA website (see Press Notice 104/2006).
4. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
5. The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness

[joemichael]

Re: Loans.co.uk

How is your case going?
I am in the same boat as you! Waiting for the redress figures to be sent out by Loans.co.uk. Sent an e-mail to there CEO today to try and hurry things along!