Only relying on documents

[pinknico]

I have had a letter today in regards to mis selling of PPI in 2003.
Their argument is that I was given the documents and that as they werent regulated by the FSA thats all they had to do.
They did not have to say what the total interest would be.
Or that it was optional.Or anything at all.
They just had to give a quote with or without depending on age (!)
And it was my responsability to read and find out about the insurance from the documents sent.

Is this correct? I thought I was quite savvy when it came to mis selling but this has me now unsure.

Any comments gratefully received:confused2:

[Paule]

Re: Only relying on documents

A few questions

Which Company?
What have you sent?
What were your reasons for miselling?

A bit of background would be helpful

PKea

[pinknico]

Re: Only relying on documents

Central trust looked into the complaint and a subsidiary Central Capital provided the loan and insurance.

Sent a letter saying mis sold because :

Not told policy for only 5 years out of 15.
Not told of full cost of ppi being added to the loan.
Not told total interest or that I would be paying it for the term of the loan
Not aware optional or that there was cheaper cover
No terms or conditions discussed
Consolidating loans so not sold in best interest as expensive.

Not mis sold because everything was in writing and sent out to me although nothing discussed at point of sale.

[natweststaffmember]

Re: Only relying on documents

Pinknico, worth reminding them of the FSA guidance on PPI issue 71 - complaints about payment protection insurance and furthermore back page on this one issue 72 - ask ombudsman news