London Mortgage Co/ Capstone PPI

[Ellis27]

Forgive me if this is a long post but I really do need help with this.
Back in 2003 I took a secured loan with London Mortgage co For £15000.

All went well and after first 12 months I received statement showing all payments made and balance was reduced- so far so good.

After further 12 months statement was showing balance had increased, after many phone calls I was told this is correct we forgot to add PPI to statement Number 1. PPI was £3450 added to loan but only covered us for 5 years.

Since that time I have done everything to reclaim PPI with no success. London Mortgage Company deny they are responsible because loan was arranged by Central Trust.
Central trust say back in 2003 they were not regulated so today's rulings don't stand.

The financial Ombudsman say they can only help with cases before June 2004?

I have even gone down the route of a claims company who said my next step would be the court route and because I only have a 50% chance of success and it could end up costing me thousands and they advise not to take it any further.

It is something which is really bothering me because now London Mortgage have sold to Capstones who are really hammering us because we fell into arrears.

The ppi was definately mis-sold because both myself and my partner are self employed. I even have a recording of the sale of the loan where nothing was explained about the PPI. It was mentioned fleetingly and the sale person even said we would be covered if similar business opened and took our trade - which was a lie!

Any thoughts please.

[enaid]

Re: London Motgage Co/ Capstone PPI

Hi Ellis and welcome to Beagles
I can't understand how they can add PPI onto your loan after 12 months, do you have a copy of the agreement?

I have read that when the loan is pre regulations and have been refused help by the FOS then you should try reclaiming from the Insurance Underwriters and then the FOS will help because they would have been regulated. It may be worth your while to give the FOS a call and tell them you believe that this is the case and see what they say.

I do hope the claims co you used was a no win no fee one and did they get all the paperwork for this and go through it?

[Ellis27]

Re: London Motgage Co/ Capstone PPI

Hi Thanks so much for your reply.

I have my agreement and the PPI is on there although the box for this was already ticked. I honestly did not know we had agreed to PPI .
The agreement states by signing we agree to all terms and conditions overleaf. On reading terms and conditions overleaf it says by signing we agreed we had received PPI policy which we never did. I know we have been stupid but I still feel conned.
Central Trust have stated in one of their relies
1. The product was not regulated by FSA at time of sale.

2.'Central Capital (they have changed their name I presume) did not come under the voluntary jurisdiction of FOS bat the time of sale'

3. Central Capital was not members of GISC at time of sale.
I have looked on the FSA website and I am sure Capital Trust WERE covered and have been since 2000.
I seem to be going round in circles

As regards to the claims people it was a no win no fee basis

Any help with this is very much appreciated.

[TUTTSI]

Re: London Motgage Co/ Capstone PPI

You know that sometimes the motions of threatening action might make them stand to attention and repay your PPI. I know that as a self employed person myself, I would never take PPI as it invariably does not cover a self employed person and is a waste of time.

Also, because they added it a year latter - something is fishy here.

I would send them a Subject Access Request (SAR) cost £10 which will obtain all the information that they hold on you and you send this to the DATA controller of the Mortgage Company. You must ask for everything including documents, transcripts and telephone recordings. This should show up about the PPI- you never know it may not even be your PPI policy.
Have a look here for some SAR letters see first post /Tools = http://www.legalbeagles.info/forums/...ad.php?t=14196 also you want to know what commision they received, what interest you have paid on this PPI policy and when they were first advised that you had taken the PPI policy and what documentation they have supporting this policy and anything else you can think of.

Tuttsi

[Ellis27]

Re: London Motgage Co/ Capstone PPI

Thank you I will do as you say

[Ellis27]

Re: London Motgage Co/ Capstone PPI

Hi again,
I sent SAR as advised

Can anybody advise where I might find info to see if Central capital were covered by any regulating bodies at the time they sold PPI to me?

[enaid]

Re: London Motgage Co/ Capstone PPI

Hi again,
I sent SAR as advised

Can anybody advise where I might find info to see if Central capital were covered by any regulating bodies at the time they sold PPI to me?

Try these for starters
http://www.fsa.gov.uk/pages/register/

[TUTTSI]

Re: London Motgage Co/ Capstone PPI

Central Loans Limited

• Registered in England 4205508
• Registered Office: Austin House, Stannard Place, St Crispins Road, NR3 1PX.
• Is a licensed credit broker under the Consumer Credit Act 1974. Licence number 505626
• Is a wholly owned subsidiary of Central Trust PLC
• Is an appointed representative of Central Trust PLC which is authorised and regulated by the Financial Services Authority.
• VAT number 765 3535 12

I found this on their web site and hope that this helps.

Tuttsi

[Ellis27]

Re: London Motgage Co/ Capstone PPI

Thanks very much for your quick replies

[Ellis27]

Re: London Motgage Co/ Capstone PPI

Thanks very much for your quick replies
------------------------------- merged -------------------------------
Been doing lots of research phoned FSA
Central Trust PLC was not regulated by FSA at time of sale
Phoned FOS who advised me that Central trust were not members of GISC at time of sale. They reiterated that they cannot take the case on against Central Trust.
I asked if all was lost but this time FOS advised me to approach underwriters of my policy, if they refuse refund FOS will then look at case. A little bit of light at the end of the tunnel I hope.

[enaid]

Re: London Motgage Co/ Capstone PPI

[quote=Ellis27;173425]Thanks very much for your quick replies
------------------------------- merged -------------------------------
Been doing lots of research phoned FSA
Central Trust PLC was not regulated by FSA at time of sale
Phoned FOS who advised me that Central trust were not members of GISC at time of sale. They reiterated that they cannot take the case on against Central Trust.
I asked if all was lost but this time FOS advised me to approach underwriters of my policy, if they refuse refund FOS will then look at case. A little bit of light at the end of the tunnel I hope.[/quote

I mentioned about claiming from the underwriters in my first reply to you, the letters you need are in the PPI forum just adapt them to suit and Good Luck.
Enaid x

[Ellis27]

Re: London Mortgage Co/ Capstone PPI

oops! Stupid me, sorry my head is all over with this, I wasn't ignoring you honest.
Thanks so much for your help, I will let you know how I get on.

[enaid]

Re: London Mortgage Co/ Capstone PPI

I do hope I didn't come across as sounding rude, I was just trying to say you still have a chance with this, thats all.
Don't be fobbed off, keep going and when you get a final response go back to FOS if no joy with the insurers. If you need any more help just ask and please do keep us in formed.
Thanks Enaid x

[Ellis27]

Re: London Mortgage Co/ Capstone PPI

You didn't sound rude at all, I am more than grateful for all your help and I will definitely keep you informed.

[Ellis27]

Re: London Mortgage Co/ Capstone PPI

Well the underwriters have ignored my first letter.

LBA sent today so we shall see what happens.