PPI claim against debt management company

[turnipdodger]

Hi all. Having seen all the press about mis-sold PPI insurance, I've done some web searching to see if I could reclaim for mis-sold insurance against a debt management company (Gregory Pennington) but I've been unable to find any useful information.

I entered into a DMP with GP in 2001/2 having debts of about £15,000 and due to the stress I was under didn't fully consider what I was signing up to. The monthly payments to GP included both a monthly management fee and PPI. Reflecting on the PPI now however this is not something I would have opted for and I find it difficult to understand what it was supposed to cover (as I was already on a reduced payment plan if my income had dropped I would have just needed to agree further reduced payments).

Does anyone have any useful information/guidance on filing a PPI compensation claim against a debt mangement company please? Any advice gratefully received!

[di30]

Re: PPI claim against debt management company

Hi all. Having seen all the press about mis-sold PPI insurance, I've done some web searching to see if I could reclaim for mis-sold insurance against a debt management company (Gregory Pennington) but I've been unable to find any useful information.

I entered into a DMP with GP in 2001/2 having debts of about £15,000 and due to the stress I was under didn't fully consider what I was signing up to. The monthly payments to GP included both a monthly management fee and PPI. Reflecting on the PPI now however this is not something I would have opted for and I find it difficult to understand what it was supposed to cover (as I was already on a reduced payment plan if my income had dropped I would have just needed to agree further reduced payments).

Does anyone have any useful information/guidance on filing a PPI compensation claim against a debt mangement company please? Any advice gratefully received!

Hi and welcome

I believe you still pursue the ones that set up your policy, even if its now with a DMP.
As the bank or business were responsible for selling you the policy.

So complete the reclaim questionnaire, send to the ones as stated above, and keep copies.

However, please be aware if successful, the refund is mostly awarded to the debt, anything remaining and interest I understand should be awarded directly to you.

They have 8 weeks to send a decision.

Hope this helps, good luck and ask for further help if required.

Please feel free to also post up any calculations you may have on the ppi account, and one of the kind guys here will be happy to check them over for you.

[turnipdodger]

Re: PPI claim against debt management company

Hi di30. Sorry, maybe my post wasn't very clear. The PPI claim I want to make is against the debt management company not against the loans which I was using them to pay off. As part of the total I was paying to GP, each of my creditors received a chunk, GP received a management fee and an amount was also charged for PPI. I don't see what this PPI could have ever done for me and this is what I therefore wish to claim against.

Thanks for your help.

[di30]

Re: PPI claim against debt management company

Hi di30. Sorry, maybe my post wasn't very clear. The PPI claim I want to make is against the debt management company not against the loans which I was using them to pay off. As part of the total I was paying to GP, each of my creditors received a chunk, GP received a management fee and an amount was also charged for PPI. I don't see what this PPI could have ever done for me and this is what I therefore wish to claim against.

Thanks for your help.

Hiya

Sorry I probably mis read.

I would therefore pursue the dmc, and make them aware how worthless the policy is to you, and of course cancel the policy as well.

[Celestine]

Re: PPI claim against debt management company

OMG!! PPI with a DMC?? What on earth was that to protect you from? In case your circumstances improved lol? Good grief....now I've seen everything.

Greedy XXXXX!!

File that claim please!

[turnipdodger]

Re: PPI claim against debt management company

Thanks for the info. I'll fire a letter off today and see what happens!

[ludvig]

Re: PPI claim against debt management company

Have a similar case, I called the money manager to register my unhappiness with the whole PPI con and they offered to cancel it. I then said NO... what I need is all the money I paid you for this fake PPI plus intrest, and they sent me a long letter telling be to get on my bike... I said fine ... I will take it with the ombudsman.... I am in the process of taking it further as Gregory Pennington where foolish enough to refuse my offer... Looking through the documents that I signed it is very clear that PPI was added as an easy cash cow. Most people in the situation I was in tend to listen to these debt management companies and fail to see it when they are being sold a dead donkey...I started doubting their Credibility when they started offering me car loans through their Think Money brand,... and also sold me insurance policy that did not seem to make much sense.... in summary they prey on the weak and it has to stop.

[turnipdodger]

Re: PPI claim against debt management company

I've now received a response (several weeks later) from GP refusing my claim and stating that if they don't receive a response from me within 8 days they will consider the matter closed - the letter arrived about 10 days after it was dated so was obviously designed to be inflamatory!

Anyway, time to take it up with the ombudsman and see how things progress as I remain convinced that the policy was both mis-sold and useless.

[ludvig]

Re: PPI claim against debt management company

I recieved a similar letter from them, and I also agree that I will not give up. This whole PPI was a con and Gregory Pennington will have to pay me back my money plus intrest. How can one justify a PPI on a non loan product, reading through the terms of the PPI I do not think the underwriter was aware that GP was using this product as such. If we look deeper both the undewriter and GP have to be fined for this mess...

[chickenman83]

Re: PPI claim against debt management company

Hi All,

Happy New Year! I'm a newbie to the Beagles!

I have also been taken up the garden path with Gregory Pennington with PPI.

I paid £15 per month for 3 years £540, I have written to GP in May 2011 and they said they did not mis sell the ppi and refused to refund me.

I have since gone to the Financial Ombudsman and they have been working on the claim for around 5 months I have spoken with the Ombudsman and they are unable to tell me when the case will be closed.

I really feel they have mis sold the insurance.


Has anyone had any luck with getting a refund from GP on mis sold PPI?

Any news or advice would be appreciated.

Thanks

[chickenman83]

Re: PPI claim against debt management company

can anyone help on this

[di30]

Re: PPI claim against debt management company

Hi All,

Happy New Year! I'm a newbie to the Beagles!

I have also been taken up the garden path with Gregory Pennington with PPI.

I paid £15 per month for 3 years £540, I have written to GP in May 2011 and they said they did not mis sell the ppi and refused to refund me.

I have since gone to the Financial Ombudsman and they have been working on the claim for around 5 months I have spoken with the Ombudsman and they are unable to tell me when the case will be closed.

I really feel they have mis sold the insurance.


Has anyone had any luck with getting a refund from GP on mis sold PPI?

Any news or advice would be appreciated.

Thanks

Hi there

Sorry for the delay & Happy New Year!

I've not had any dealings myself with this business and hopefully maybe someone will come along who have dealt with them.

How often do you hear from the FOS?
As far as I am aware they should keep in touch every 2 to 3 months with an update.
Although they do have backlogs to deal with at the moment, so in this case may take some time before its resolved.

Hopefully it will all go in your favour, the FOS will take a look at both sides and must take your evidence into consideration and the reasons you have for being mis sold the insurance.

Although I was not aware that these companies added insurance but going by your case they did.
The annoying thing is, you used this company for a reason to help you, and by them adding the PPI/insurance have only made the outstanding debt balance higher for you where your trying to reduce the amount owing.

What was your reasons you gave them for being mis sold?

Cheers.

[hippyminky]

Re: PPI claim against debt management company

Hi there,

I've just joined this forum but have been helping my friend since last year to try and sort out some debt issues.

He had several debts and went into a DMP with Gregory Pennington in 2004.
He had been in a bit of a panic and basically had not really looked at/understood it and just wanted to be in a situation where he paid his money every month so that he was getting out of debt and hadn't wanted to think about it further.

Of course when he lost his job he had to look at it and what we found was not good. He was still paying PPI on some of the debts they were managing, they had not negotiated interest on one of his bank account debts and at one point these had escalated massively and he was still paying bank charges etc.

In addition he had been paying them £40 to "manage" his debts! ha! i'd of done a much better job and saved him huge sums of money!

And to top it off he was paying around £35 in PPI to cover the amount he was paying to them each month for them to pay to his creditors who he'd already got into trouble with..... hmm no hint of a money making scheme here then.....

So he spoke to them on the phone and said he thought they'd been missold as he had not recollection of taking out the policy and would you really need payment protection on payments you've already defaulted on?? And the policy was pretty useless when he actually needed it....

They sent out a letter last summer saying of course they followed the correct procedures etc...

I got a bit stumped then as this isn't really like a ppi on a loan or anything and i couldn't find much out there on the web. Eventually i got it together to send them a SAR with a £10 voucher which they claim they didn't receive it... how convenient.

i need to get back on the case with this so will be grateful for any other feedback as this has to be an overlooked area of miselling.

Also what, if any, is the scope for complaints about their mismanagment of it all??

Many thanks

Jane x

[Bill-K]

Re: PPI claim against debt management company

I haven't been involved with this kind of PPI myself, but it seems to me that it should be viewed in the same way as PPI on a loan or credit account. The only difference I can see is that it wouldn't attract any account interest, but the payments should still be eligible for 8% compensatory interest.

The spreadsheet attached could be used to calculate this, and then the total to be claimed.

[jenkus84]

Re: PPI claim against debt management company

Hi, i know this is an old message but did you manage to claim back from GP?

Thanks

- - - Updated - - -

How did you get on with the Ombudsman?