basilxx PPI

[basilxx]

Hi I am new to this site so am not sure if I am in the correct forum - I had a joint secured loan with my partner with SPPL and the broker was Central Trust they applied £9,000 PPI in October 2004. My partner died two years ago and I am having big issues with SPPL. I have approached Central Trust on many occasions to reclaim the useless PPI but they keep telling me it was pre regulation and they did not have to make sure that the PPI was suitable for me. They say they only became regulated by the FSA in 2005 so they reject my claim and have stated that I would not stand a chance if I took them to court. Can anyone give any advise?

[pandora]

Re: Mortgage PPI

Hi Basil ...

Answer is really quite simple - as long as the company has given you their final response - go straight to FOS with this. They will decide whether there has been a mis-sale (for the reasons given in my earlier post in this thread).

FOS will also look at how the company has handled the complaint, your comments surround the sale and why you feel the policy was unsuitable for you, and the point of sale docs from the broker/lender - who ever sold the policy.

They will issue their decision, and if upheld what they expect the company to do in resolution of the matter. (which should be refund of premium/s paid & interest).

Here is the link to FOS website - http://www.financial-ombudsman.org.uk/

Hope this helps

P:beagle:

[Amethyst]

Re: basilxx PPI

Is this what the letter says ?

Whilst I cannot obstruct you referring the complaint to the Ombudsman it is timely to point out that it is likely to fall outside their juristiction for the following reasons :

1. The product was not regulated by the FSA at the time of sale

2. Central Capital Ltd did not come under the voluntary jurisdiction of FOS at the time of sale

3. Central Capital Trust Ltd was not members of the GISC at the time of sale.

You can take the complaint to the financial ombudsman. If it helps, the FOS figures for complaints came out yesterday and they report that they upheld 97% of insurance complaints about central trust - that's complaints central trust have said no to and the complainant has continued to the ombudsman. (Link >> Complaints data )
)

So I'd say you have a pretty good chance.

[Amethyst]

Re: basilxx PPI

On the other subject, whats the issue with SPPL ?

[basilxx]

Re: basilxx PPI

Thank you so much for your replies it has taken me a long time to find out how to get back on to this thread. I have been down the line with the FOS and they have told me that they cannot help with the issues I have with SPPL. This is because the loan was taken out in October 2004 and they were not regulated at that time. When my partner died two years ago the insurance paid out in full (or so I thought) but as it took the insuracnce 6 months to pay out SPPL charged me six months payments plus interest plkus late fees plus litigation etc., making it that I still had £5.000.00 to pay them - to add to this they did not inform me of this until 10 months after the death. So now they are threatening repossesion! Any help would be

[Amethyst]

Re: basilxx PPI

So the PPI did pay out ? Just took a ridiculously long time and caused a major arrears problem - exactly what the PPI is bought for avoiding in the first place. I think you would be better off looking at the PPI policy on payouts and how it links with the SPPL loan rather than misselling.

Have you got your PPI documents - might be worth a look through the terms and benefits of that as you might be able to sue the insurers for the additional arrears caused by their delay?

[WendyB]

Re: basilxx PPI

Well forgive me if I'm wrong, but if the insurance (presume you mean the PPI??) paid out in full, surely that would mean that yo have made a valid claim on it, and as such, if you have made a claim and been paid, then you would not be entitled to a refund of the premiums, and how could you claim mis-selling?

[pandora]

Re: basilxx PPI

Ah ... it appears that the PPI has already been successfully claimed on - but I must confess your postings are not clear in what exactly went on, or why you are so far down the line with a possession order.

It sounds that your argument is not the mis-selling of the PPI, but that the delayed claim processing procedure caused further fees of £5k to be added.

Why did payment take 6 mths, did you keep control over the claim - chasing it etc ?
What communication did you have from the insurer or the lender regarding the status of the claim or missing mge payments?
What have you discussed with your mge lender regarding this situation? Have they been sympathetic ?

I would suggest that the PPI provider may be able to be sued for the monies owed to the mge lender - if the PPI cover completely covered your outstanding mge at the time of your partners death - and the delays were all down to their inept dealing of the matter, and not down to any negligence on your part.

I would really suggest, as you are on the way to a possession order, that you seek urgent legal advice from CAB or a Solicitor - even if just to stall the possession process.

P:beagle:

[WendyB]

Re: basilxx PPI

You say they are threatening repossion, how far has this actually got? Is there a court date? Also as this loan is for 9k, is it the first charge on your home or do you have a mortgage with another lender? If it's a second charge then they wouldn't be able to repossess, would they?

[pompeyfaith]

Re: basilxx PPI

Well forgive me if I'm wrong, but if the insurance (presume you mean the PPI??) paid out in full, surely that would mean that yo have made a valid claim on it, and as such, if you have made a claim and been paid, then you would not be entitled to a refund of the premiums, and how could you claim mis-selling?

That is no longer the case following FSA involvement, if it can be proved that the policy was MIS-SOLD (mis-sold being the operative word here) then they can indeed go down this route and what will happen according to FOS Guidelines and indeed as stated in my offer letter any claims you have made will be deducted from the final redress figure.

Hope that clears that little matter.

PF

[basilxx]

Re: basilxx PPI

Ok maybe I have not made myself clear my partner and I had two separate policies his policy paid out but was very late in paying out which accrued the arrears. My policy is the one that I am claiming was mis sold as I am self employed . This company has a second charge on my house and at the moment it is on a suspended repo while I try and sort this out. My complaint is with Central Trust for the mis selling but my argument about the repo is with SPPL/Capstone Mortgages. The FOS cannot deal with SPPL/Capstone as they say they were not regulated in October 2004 and they also say that the same applies to Central Trust as they also were not regulated in 2004. So all I am saying is where do I go from here. I feel that the company had £68.000.00 from me in just over 3 years for a £39.000.00 loan and that should be that and to pay them another £9.000.00 makes my blood boil.

[Angry Cat]

Re: basilxx PPI

http://www.out-law.com/page-11299

[pompeyfaith]

Re: basilxx PPI

Before 2005 insurance was regulated by the General Insurance Standards Council (GISC)

They will be able to take you complaint on

I will find there details for you and post them here.

PF
------------------------------- merged -------------------------------
General Insurance Standards Council
110 Cannon Street
London EC4N 6EU

or

http://www.fla.org.uk/home

or

http://www.abi.org.uk/

Cant find a website for GISC but I suggest you call one of the other two and they will tell you who will take the complaint on.

[Angry Cat]

Re: basilxx PPI

The ABI & GISC, had codes that should have been observed by firms selling: General Insurance.
http://www.fsa.gov.uk/pubs/other/tra...ations_ppi.pdf

Payment Protection Insurance (PPI), came under the banner of, General Insurance.

Shame on the firms that, hide in the long grass; time to pay up!