misselling and the fos

[cappo]

Re: misselling and the fos

1 You were not in work or self employed at the time of sale

2 You were told that you had to take the PPI out at the same time as the loan or not at all

3 You were not asked whether you had any other insurance which would cover the loan

4 You were not told you could buy PPI elsewhere to cover the loan

5 You were sold a policy which had age restrictions which you fell outside of

6 You were led to believe that Payment Protection Insurance was compulsory

7 You were told that you would stand more chance of getting the loan if you took the Payment Protection Insurance

8 It was not explained to you that there were certain exclusions within the policy that could affect you

9 You were pressured into buying the PPI

10 You paid upfront for the PPI but it was not explained that there were some PPI policies where you could pay monthly

11 Your PPI was an upfront premium and you repaid the loan early and received no refund

12 You increased your loan and the PPI was increased automatically

13 The Terms & Conditions of the small print were not fully explained to you

as always p.f spot on that takes it up to 4, i,ve think i,ve got a better chance with the fos than with the cmc on that one (cap 1) have you got your cheque yet partner?

[cappo]

Re: misselling and the fos

Out of curiosity, which 2 do you fit?

point 2 and 3,the bank never bothered finding out if i had other insurance/employer package

[MEGLOS]

Re: misselling and the fos

Out of curiosity, which 2 do you fit?

[cappo]

Re: misselling and the fos

In no particular order:-

When loans were taken out consumers were told that their applications would be refused if they did not also buy a PPI policy.

Consumers were not asked if they had adequate insurance cover through a separate income protection policy.

Consumers did not need the PPI as their employers provided generous support.

The costs of PPI were not included in the quoted interest rate of most loans.

A lot of people were self-employed or not working at all and couldn't claim.

However, I think the biggest cause for claims is that the terms and conditions of the policies (ie what they would/wouldn't pay out for) were never explained to consumers at the point of sale.

thats great meglos well i fit two of those reasons

[pompeyfaith]

Re: misselling and the fos

1 You were not in work or self employed at the time of sale

2 You were told that you had to take the PPI out at the same time as the loan or not at all

3 You were not asked whether you had any other insurance which would cover the loan

4 You were not told you could buy PPI elsewhere to cover the loan

5 You were sold a policy which had age restrictions which you fell outside of

6 You were led to believe that Payment Protection Insurance was compulsory

7 You were told that you would stand more chance of getting the loan if you took the Payment Protection Insurance

8 It was not explained to you that there were certain exclusions within the policy that could affect you

9 You were pressured into buying the PPI

10 You paid upfront for the PPI but it was not explained that there were some PPI policies where you could pay monthly

11 Your PPI was an upfront premium and you repaid the loan early and received no refund

12 You increased your loan and the PPI was increased automatically

13 The Terms & Conditions of the small print were not fully explained to you

[MEGLOS]

Re: misselling and the fos

In no particular order:-

When loans were taken out consumers were told that their applications would be refused if they did not also buy a PPI policy.

Consumers were not asked if they had adequate insurance cover through a separate income protection policy.

Consumers did not need the PPI as their employers provided generous support.

The costs of PPI were not included in the quoted interest rate of most loans.

A lot of people were self-employed or not working at all and couldn't claim.

However, I think the biggest cause for claims is that the terms and conditions of the policies (ie what they would/wouldn't pay out for) were never explained to consumers at the point of sale.

[cappo]

Re: misselling and the fos

what do you think out of curiosity is the main quoted reason for misselling, this isn,t a question and answer session,i,m just curious

[MEGLOS]

Re: misselling and the fos

In response to the OP, the FOS appear to be processing my complaint regarding Egg without any discernible difference. Its woefully slow and they have been looking into it for 9 months already anyway but I gather this is normal for the FOS with PPI cases anyway. I have just received a letter from the FOS who are still chasing Egg, so seems like business as usual.

[pompeyfaith]

Re: misselling and the fos

useful post ppi i,ll try to get a claim through, i,m going to put it in to the fos and give it a go all it,s going to cost me is time and a very very long wait,dare nothing and win nothing as they say but good points,very well put,cheers

But remember, the longer it takes the more it costs them in statutory interest
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hi guys just been reading some info about the ppi fine of cap 1 apparently the fine is between jan 05 and 2006 the fsa did,nt start regulating cap 1,s insurance arm until jan 15th 2005 i was sold my ppi in november 04 do you think i might slip in with a claim with fos rules being as they are within 1-2 months of the fine i know the fos looks at what is "fair and reasonable" and even though the fsa wasn,t regulating the ppi side quite that early wouid it have been fair to assume that if the fsa had been regulating ppi earlier cap 1,s fine wouid have taken 2004 into account as well does any of that make any sense or am i babbling i just want to pin something on these clowns,especially if i was indeed missold i think with the fos and there "fair and reasonable" stance i might creep in there the more points i can make stick the better,or am i being a bit hopefull?

Best person to answer that is PPItechexp I would send him a PM and ask him

[cappo]

Re: misselling and the fos

hi guys just been reading some info about the ppi fine of cap 1 apparently the fine is between jan 05 and 2006 the fsa did,nt start regulating cap 1,s insurance arm until jan 15th 2005 i was sold my ppi in november 04 do you think i might slip in with a claim with fos rules being as they are within 1-2 months of the fine i know the fos looks at what is "fair and reasonable" and even though the fsa wasn,t regulating the ppi side quite that early wouid it have been fair to assume that if the fsa had been regulating ppi earlier cap 1,s fine wouid have taken 2004 into account as well does any of that make any sense or am i babbling i just want to pin something on these clowns,especially if i was indeed missold i think with the fos and there "fair and reasonable" stance i might creep in there the more points i can make stick the better,or am i being a bit hopefull?

[cappo]

Re: misselling and the fos

Hi There

If you applied via the post, and did not have any contact with the company involved this wil be a non advised sale. what this means is that the bank did not need to ensure that the policy was suitable for you, but only had to show that they gave you enough informaiton to enable you to make an informed decision. Therefore, if the documentation you were given shows that pre existing medical conditions were excluded in enough detail then that isnt likely to be a viable arguement.

In relaiton to the optionailty, if you ticked the tick box then you cannotuse optionality as an arguement as you had the option not to tick the box but chose to do it without being prompted by anybody else.

I just want to point out to the group that the brokers did not need to tell you that you could get a better policy elsewhere. Its the same as going into currys and buying a tv for 500 quid, and then complaining because they did not tell you at the point of sale you could buy it form comet for 350.

I hope some of this is of help.

Cheers

useful post ppi i,ll try to get a claim through, i,m going to put it in to the fos and give it a go all it,s going to cost me is time and a very very long wait,dare nothing and win nothing as they say but good points,very well put,cheers

[PPItechexp]

Re: misselling and the fos

it was 6 years ago now p.f i applied by filling in an application form and sending it back through the post can,t remember much about it though, think i,ve got them on about 6 points at the moment, i probably filled the tickbox in but like everyone else i did,nt realise this ppi wouid never pay out,i had a stroke and i never claimed it which might be a good thing as i never put a claim in,my family have a rare family chloresterol condition which contributed to the stroke and a hole in my heart i did,nt know about those at that point but cap 1 never even asked me any med questions,i think i,ve got them we,ll have to see.

Hi There

If you applied via the post, and did not have any contact with the company involved this wil be a non advised sale. what this means is that the bank did not need to ensure that the policy was suitable for you, but only had to show that they gave you enough informaiton to enable you to make an informed decision. Therefore, if the documentation you were given shows that pre existing medical conditions were excluded in enough detail then that isnt likely to be a viable arguement.

In relaiton to the optionailty, if you ticked the tick box then you cannotuse optionality as an arguement as you had the option not to tick the box but chose to do it without being prompted by anybody else.

I just want to point out to the group that the brokers did not need to tell you that you could get a better policy elsewhere. Its the same as going into currys and buying a tv for 500 quid, and then complaining because they did not tell you at the point of sale you could buy it form comet for 350.

I hope some of this is of help.

Cheers

[cappo]

Re: misselling and the fos

i think i,ve got a pretty good case of misselling and of course with the fsa fine of capital 1 for misselling now i,m hoping that,s going to help my claim a bit, i,ve cancelled the ppi now on the card as you,ve all advised nearly filled in the fos forms including the questionare just waiting for a few bits and bobs from the cmc and i shouid be able to proceed

[cappo]

Re: misselling and the fos

Your Welcome.

It is ironic that since my stroke I have always been steadfast which was not the case before lol maybe that is a good thing because I would not have been able to bring my claim though 2.5 yrs.

Now that I have seen the fruits of that success it is time to move on and help others.

that is a long time and i think with that amount of time you deserve the fruits of your labour

[pompeyfaith]

Re: misselling and the fos

Your Welcome.

It is ironic that since my stroke I have always been steadfast which was not the case before lol maybe that is a good thing because I would not have been able to bring my claim though 2.5 yrs.

Now that I have seen the fruits of that success it is time to move on and help others.