Hamilton/HFC/Endeavour - Reclaim PPI

[di30]

Re: Hamilton/HFC/Endeavour - Reclaim PPI

Well I've not heard a dickie bird from HFC/Endeavour about my query, wonder if I got them stumped lol.

The Adjudicator though have given again more time for these to get back to me, it's unlikely now though, but I did forward a copy of the query to the Adjudicator.

Been doing some searching around though. My broker or Lender were NOT members of GISC, but here I have copied from a extract from a website of this information.


If a lender of insurer is a member of GISC then compliance with the code will be an implied term, if not, it will be viewed as Industry Standard and this will be good evidence for a claim for breach of an implied term that PPI would be sold with reasonable care, skill or negligence.

Mispresentation is also relevant cause of action in respect of all Financial Mis-selling - primarily on the basis of partial non-disclosure. Negligence is the sense of negligent mis-statement relevant too. As far as negligence properly so-called, there is a debate at the moment whether there is a duty of care owed by lenders to customers, but negligence as a cause of action is currently being pleaded too.

If Financial mis selling can be proved damages may amount to the return of PPI instalments already paid, with interest at contract rate from the date they were paid until repayment.

If the PPI is sold by a broker, the lender bears no liability of the mis selling - unless the Credit Agreement is regulated. In the case of a regulated agreement Section 56 of the Consumer Credit Act will often make the ender liable for antecedent negotiations by the broker.

Because a broker owes fiduciary duty to a borrower (Arising from the relationship of the Principal & Agent), the broker should pay the commission to the borrower if it did not give informed consent to receive it.

If the broker is in liquidation - an action can be brought against the lender who paid the commission for procuring the broker's breach of fiduciary duty.
There is no fiduciary duty by the lender direct to the borrower.

[The Debt Star]

Re: Hamilton/HFC/Endeavour - Reclaim PPI

The toothless, spineless FOS are going to be the problem. Kick up a stink with them, they should be sorting this out, not you the consumer who has suffered.

[di30]

Re: Hamilton/HFC/Endeavour - Reclaim PPI

The toothless, spineless FOS are going to be the problem. Kick up a stink with them, they should be sorting this out, not you the consumer who has suffered.

Yes I should do shouldn't I?

I seem to be doing all his work for him, I was hoping the adjudicator would follow my letter up sent to the HFC.Endeavour, but no mention of it!
I will certainly kick up a stink if they don't resolve this, don't you worry.

[The Debt Star]

Re: Hamilton/HFC/Endeavour - Reclaim PPI

you and me both di.

[di30]

Re: Hamilton/HFC/Endeavour - Reclaim PPI

you and me both di.

Thank you.
Good luck with yours as well TDS.

[di30]

Re: Hamilton/HFC/Endeavour - Reclaim PPI

I really don't think my adjudicator have actually questioned the lender on the PPI, with it being added on their own loan agreement, yet it wasn't on the broker application form lol.
None of my SAR paperwork shows anything that could have happened in between the loan process, just that its not added on the application form but on the agreement and different loan terms as well.
Shame I cannot make them responsible really and they were not regulated by either FSA or GISC!!

[di30]

Re: Hamilton/HFC/Endeavour - Reclaim PPI

I've been doing some chasing to the HFC/Endeavour CEO, as its been almost 20 days since they received my email/letter, I did actually email with some questions and think I have them stumped.

This is what I previously sent them.

Address

19 August 2011

Central Complaints Department
HFC Bank
PO Box 5055
Coventry
CV3 9EF


Dear Sir/Madam

Account Number:

I had contacted Direct Group, who had contacted Aviva in relation of the Insurance of the Policy.
Aviva had passed on your address in regards of my query.

You confirmed just previously that Hamilton Insurance now known as Direct Group was the company that managed the Insurance Policy.

I understand that Click Finance were the Introducers of the policy, (we have collected written evidence for this). However, the Insurance Payment Protection Insurance (PPI) was not added on the Click Application Form, as shown on many copies of the applications received through SAR paperwork and one recently sent to me in the post by your company.

You will also note that on the application it states £21,000 for over a 240 month term, and on our lender Agreement the term is that of 300 months. The loan agreement also shows PPI added.
Please could you confirm with Click Finance being a Introducer on where the Insurance came into the loan process, and provide written evidence with your explanation to this? Thank you, I look forward to your response.

Yours sincerely

.................................................. .................................................. ...................

And let the Adjudicator know, he also has a copy, and last week or so gave more time because of waiting for some feedback about the above (he should be chasing as well i think) its his job afterall!

And here is the email just received from HFC who apologises and says our query is currently under review.





Dear Mr & Mrs

I am writing further to your recent e-mails.

I confirm that your query has been forwarded to my team to investigate.
Your query is currently under review and you will receive a response
shortly. Please accept my sincere apologies for the delay in our response.

Kind Regards

E
Team Leader of Central Complaints | HFC UK
Camden House West, Birmingham, B1 3PY, UK
_____________________________________________

Email e@hfcbank.co.uk
_____________________________________________

[di30]

Re: Hamilton/HFC/Endeavour - Reclaim PPI

As we are waiting for a letter from HFC/Endeavour, the Adjudicator have now granted us a further week again, so this now takes it to 16 September instead of the 9th Sept, I just hope HFC get back to us way by then.

[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?

[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.

[The Debt Star]

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

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?

[The Debt Star]

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

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.

[The Debt Star]

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!