Hamilton/HFC/Endeavour - Reclaim PPI

[di30]

Re: Hamilton/HFC/Endeavour - Reclaim PPI

Di, thats what the FSA were supposed to be for - to provide guidelines for fianncial services companies to follow that protect vulnerable consumers from sharp practices like this. And it is a sharp practice and the burden of responsibilty lies on THEM to sell it correctly and to explain everything not on the consumer to know to ask. Of course, the whole economic culture is to screw everyone over and, disgustng and low as that is, it is for the FOS,TS, FSA etc to help protect the consumer. Remind me, have you gone to Trading Standards and the FSA on this one yet? 'tis a long thread!

Hi
Yes that is so right TDS.

I did contact the FSA some time ago and they did not help, but the Trading standards is another one to try for, not thought of these lol, cheers.

Re: Hamilton/HFC/Endeavour - Reclaim PPI

Di, thats what the FSA were supposed to be for - to provide guidelines for fianncial services companies to follow that protect vulnerable consumers from sharp practices like this. And it is a sharp practice and the burden of responsibilty lies on THEM to sell it correctly and to explain everything not on the consumer to know to ask. Of course, the whole economic culture is to screw everyone over and, disgustng and low as that is, it is for the FOS,TS, FSA etc to help protect the consumer. Remind me, have you gone to Trading Standards and the FSA on this one yet? 'tis a long thread!

[di30]

Re: Hamilton/HFC/Endeavour - Reclaim PPI

It came to mind that the lender should never have changed the loan term or added the ppi, this must be wrong, and if this was the case shouldn't another application form with our consent for ppi be completed?

We have every single piece of paperwork from start to finish through the SAR and there is no mention of where the PPI came in, only on the loan agreement.

As said though, we were so stupid not to have questioned this to them then, being slack on how these products worked back then, we didn't have the foggiest, it was all jargon to us. And with this one being our VERY first secured loan.

Re: Hamilton/HFC/Endeavour - Reclaim PPI

Cheers mate.
yeah, Bill's spreadies are winning the day!

[di30]

Re: Hamilton/HFC/Endeavour - Reclaim PPI

BTW, on my Egg PPI claim I have managed to get the FOS to re-open the complaint and they WILL look at the calcs and if they agree them order Egg to settle. So you are 100% right about that.

That is great news, was about to come across your thread to catch up on it, they will sort this out for you now TDS. Great news, and thank you for the above as well.
I'm so glad to be back online, I couldn't handle it being off just for one full day, and a half lol.

Re: Hamilton/HFC/Endeavour - Reclaim PPI

BTW, on my Egg PPI claim I have managed to get the FOS to re-open the complaint and they WILL look at the calcs and if they agree them order Egg to settle. So you are 100% right about that.

Re: Hamilton/HFC/Endeavour - Reclaim PPI

They've opened the door mate. This is the turn of the tide I think

[di30]

Re: Hamilton/HFC/Endeavour - Reclaim PPI

I can't believe they finally accepted on selling the PPI, this goes to show they did not investigate this properly over the last few years, and this should have been our adjudicators work not mine lol

Re: Hamilton/HFC/Endeavour - Reclaim PPI

yes, the discrete issue of HSBC misleading you and not reading letters properly etc leading to their total apology. Ask for compo. If you don't get it open a sep complaint with the FOS. Will cost the bank £500 plus what they pay you.

As for the PPI, your famed persistence is defo paying off. stick with it.

Good to see your 'phone line has been restored!

[di30]

Re: Hamilton/HFC/Endeavour - Reclaim PPI

yes and it has been wholly upheld. calls for a separate complaint imo ie I woulkd think at least £150 for distress and inconvenience

Yeah defo, well they did say we could get in touch by phone, even though its a final decision letter, so yeah will do, this has been going on since about 2008 lol.

Re: Hamilton/HFC/Endeavour - Reclaim PPI

yes and it has been wholly upheld. calls for a separate complaint imo ie I woulkd think at least £150 for distress and inconvenience

[di30]

Re: Hamilton/HFC/Endeavour - Reclaim PPI

Ask them direct for redress? They effectively sold you the PPI and there has to be a duty of care owed by them to you, does there not?

Does this give you something to refer back to the FOS?

Thank you TDS, yes maybe they missed the point of the redress lol, and this was the letter i was waiting for to send back to the FOS, wonder what they will think now as its upheld?

Re: Hamilton/HFC/Endeavour - Reclaim PPI

Ask them direct for redress? They effectively sold you the PPI and there has to be a duty of care owed by them to you, does there not?

Does this give you something to refer back to the FOS?

[di30]

Re: Hamilton/HFC/Endeavour - Reclaim PPI

Will write the letter as having some issues on attaching this at present.




REF:

Mr & Mrs



7 Sept 2011

Account *********

I am writing to your email dated 20 August 2011, received by the Chief Executive Officer's office at HSBC Bank, informing us of your complaint. HSBC have forwarded your email to Endeavour Personal Finance (EPF), in order to allow us to respond accordingly.
This matter has now been referred to me as member of the Central Complaints Department for investigation. Please accept my apologies that you have had cause to contact us and for the delay in my response.

Having completed my enquiries into the issues you have raised and having given careful consideration to all the information available, I have now made a decision to uphold your complaint. I have summarised below the basis on which I have made my decision.

I am aware your complaint is that you are confused as to which company sold the Payment Protection Insurance (PPI) on the above account. EPF have previously stated that the PPI on your account was sold by Click Finance Ltd, who were the brokers for this loan. You have been provided with a copy of the original application form completed by Click Finance Ltd, however, this does not indicate that you wished tp purchase PPI. Furthermore, the Legal Agreement for your loan was for a greater amount than was quoted on your original application, and had a longer term. In addition, the additional amount borrowed appears to have been in payment for PPI, which the Legal Agreement indicates was taken out on the loan.
you have therefore requested written confirmation of which company sold the PPI, and that we provide evidence of this in our response.

The above amount was an EPF Secured loan, secured against your property, which was opened 30 July 2004, the amount of £21,000. In addition, you opted to take out optional PPI, which was paid for by a single premium of £2,835.00 incorporated into the loan. Therefore the starting balance of the loan was £23,835.00. This was originally to be repaid by 300 monthly instalments of £208.51, with an interest rate of 9.9% Annual Percentage (APR). The interest rate of your account was variable, and was based upon the Finance House Base Rate (FHBR).

The details of the loan were clearly specified on the Legal Agreement which you had signed.
May I respectfully advise that is remains the customer's responsibility to read through the Terms & Conditiond of their Legal Agreement before signing it. By signing the Legal Agreement you confirmed your understanding and acceptance of the Terms & Conditions of the loan.

I have reviewed a copy of your original application form completed by Click Financial Ltd, and can confirm that you originally requested for a sum of £21,000 over a term of 240 months. In addition, I am in agreement that the original application form did not indicate that you wished to take out optional PPI. Finally, I am also aware that you had a telephone conversation with a member of our customer services department on 26 July 2004, prior to the signing of the Legal Agreement. The final details of the loan would have been agreed during this telephone conversation, following which the legal agreement would have been sent to you to read, sign and return.

As the details of the loan specified on the legal agreement differ slightly to the original application, it is clear that EPF changed some of the details of the loan following receipt of the application from Click Financial ltd. In addition, normally would be paid to the broker for arranging the optional PPI on an account. I can confirm on this that no commission was paid to Click Finance ltd in relation to PPI, which would indicate that the PPI was sold by EPF and not by Click Financial ltd.

In view of the above, I can confirm that the optional PPI on your account was sold by EPF.
Regrettably, I am unable to find any record of any record of the correspondence or conversation when it was agreed that the optional PPI would be added to your account. Consequently, I am unable to provide you with written evidence or proof that PPI was sold by EPF. Please note, however, this letter acts as written confirmation that we accept the optional PPI on your account was sold by us.

Please accept my sincere apologies that EPF incorrectly stated the PPI on your account was sold by Click Finance LTD, and for any inconvenience or concern caused by this matter, as this certainly was not our intention. EPF strives to provide the highest level of customer service and it is evident, on this occasion, we have failed to meet your expectations.

In summary, the details of the loan specified on the Legal Agreement differ slightly to the original application form completed with Click Financial Ltd. In addition no commission was paid to Click Financial Ltd for arranging your optional PPI on your account. In view of this, I can confirm the optional PPI on your account was sold by EPF. Therefore, we were previously incorrect in stating that PPI on your account was sold by Click Finance Ltd.

Should you have any further enquiries, please do not hesitate to contact our Customer services Department between the hours of 9-5 Monday to Friday.

I would like to thank you for bringing this matter to my attention. Whilst I appreciate that this may not be the response that you were hoping to receive, I trust I have clariffied our position in this matter.
This brings to an end the steps available to you through our internal complaints procedure as this letter constitutes our final response.

I am obliged to inform you that should you remain dissatisfied, you have the right to refer this matter to the Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London, E14 9SR, telephone 0845 080 1800.
Website:
I enclose a brochure entitled, "your complaint and the Ombudsman" which explains their role. If you wish to refer this matter to the FOS, you should do within 6 months of the date of this letter.

Yours sincerely

Complaints Investigator.
Central Complaints Dept.

[di30]

Re: Hamilton/HFC/Endeavour - Reclaim PPI

Some sort of good news.

In regards of my query sent to Endeavour/HFC (copy of this above post), I finally received the letter today and they finally accepted liability that Endeavour sold the PPI and have UPHELD my complaint, but there is nothing about any redress just sincere apoligies.

I will attach a copy of this later on, but the letter did say that I have 6 months to complain to the FOS as I have rights to do this.

As many of you know, the FOS could not adjudicate against Endeavour because they were not governed by either FSA or GISC, but said it was the broker Click anyway, but these had dissolved and the FOS wanted to go the underwriter direction.

So I take it then to have sold PPI, the lender should have had a licence to sell PPI, so whereas the FOS can look into this complaint against them?