PPI - The Funding Corporation

[Snapples]

In 2004 I took out a loan with The Funding Corporation to purchase a car along with the loan I was sold a payment protection policy (Single Premium Policy) financed over 48 months. I was mis-sold the PPI, however The Funding Corporation deny it and refused to budge.

I have now tried 3 different No Win, No Fee claims companied and they have all told me the following ....

On 14th January 2005 the FOS became responsible for looking into general insurance complaints but only where events took place whilst the advising firm was a member of the General Insurance Standards Council. Unfortunately, when your policy was arranged, your adviser was not a member of General Insurance Standards Council and we believe this considerably reduces your chances of success as the FOS will not be able to adjudicate in the event of a dispute.


I am not sure what to do next I have had a nightmare with The Funding Corporation since 2004. Does anyone have any advice to how I move forward with my PPI claim?

[di30]

Re: PPI - The Funding Corporation

Hi and welcome

If you contact the Financial ombudsman service (FOS), although they will not be able to adjudicate a non regulated policy, they will probably suggest the underwriter/insurer avenue, as these may have been regulated (its very possible) and may have some liabilities of the policy of when it was sold to you.
The lender/broker on request should provide you with details of the insurance policy free in the post, and details of the underwriter/insurer are enclosed on them.

I would though first contact the FOS, explain the situation and see what they suggest from here, but this is usually the avenue they do suggest.
Good luck and please let us know how you get on, cheers.

[Snapples]

Re: PPI - The Funding Corporation

Hi di ...... I may already have this information as a couple of years ago I sent The Funding Corporation a Subject Access Request, however having battled with The Funding Corporation for several years It would not surprise me if they conveniently forgot to disclose this information.

I will contact the FOS as you suggested and this time I will not be using a PPI claims company as all they want to do is make an easy buck for no work.

[miliitant]

Re: PPI - The Funding Corporation

THERE ARE NO TIME LIMITS ON PPI CLAIMS

the funding co allways use the excuse you gave

Before 14/1/05 most firms were covered by a code of practice set by one of the following 3 trade bodies -

1) The Association of British Insures (ABI)

2) The General Insurance Standards Council (GISC)

3) The Finance and Leasing Association (FLA)

All 3 of the above have codes of practice that required advisors to provide information at the time the insurance was taken out to help you decide if the policy was suitable for you.

Essentially the advisors and firms were required to cover the same points as they do according to the current rules.

The main difference between sales before and after 14/1/05 is that all sales before regulation were 'non-advised' sales as the 'advised' regime didn't come in until regulation was introduced.

[Snapples]

Re: PPI - The Funding Corporation

THERE ARE NO TIME LIMITS ON PPI CLAIMS

the funding co allways use the excuse you gave

Before 14/1/05 most firms were covered by a code of practice set by one of the following 3 trade bodies -

1) The Association of British Insures (ABI)

2) The General Insurance Standards Council (GISC)

3) The Finance and Leasing Association (FLA)

All 3 of the above have codes of practice that required advisors to provide information at the time the insurance was taken out to help you decide if the policy was suitable for you.

Essentially the advisors and firms were required to cover the same points as they do according to the current rules.

The main difference between sales before and after 14/1/05 is that all sales before regulation were 'non-advised' sales as the 'advised' regime didn't come in until regulation was introduced.

Hi miliitant .... I have just had a look at the (FLA) and The Funding Corporation do subscribe to the (FLA) lending code. I have several ongoing disputes and complaints with The Funding Corporation and the PPI is the latest complaint. I did instruct a firm of Solicitors who did a bit of ground work until my legal aid ran out and then they wanted a £5000 deposit to carry on the work.

I have dealt with other finance companies and banks, but The Funding Corporation have been the worse!

[miliitant]

Re: PPI - The Funding Corporation

been there, done that, got the tshirt

no need to use a solicitor or claims management

write back to the funding co on what i have said above and that they are culpable

i would love to know their reply

so the insurance advisor/ car sales man, man in the moon, who ever, was employed by the funding co so the funding co are responsible as they had to abide by the codes of practice in selling the ppi

[Snapples]

Re: PPI - The Funding Corporation

Update

I have contacted the FOS and they are going email me within the 3 days with a guideline on how I should proceed.

I am also digging out all my Funding Corporation paperwork to see if I can find out who provided or underwiten the PPI policy.

Over the weekend I will draft a letter as miliitant suggested.

[Snapples]

Re: PPI - The Funding Corporation

I have managed to dig up some paperwork ....

I originally wrote to The Funding Corporation in May 2007 claiming that PPI had been mis-sold and that I wanted to cancel the policy and that I wanted any premiums already paid refunded. The response from The Funding Corporation is as follows....

*The PPI is optional and none of our documentation states otherwise.
*The sales staff of ACF Car Finance are highly trained and are monitored to ensure the PPI is sold correctly.
*We have been unable to find any evidence the PPI was mis-sold and therefore, while we can cancel the PPI, we will not be funding any of the premiums paid.
*If we cancel the PPI your monthly loan repayments will not reduce it will just mean that the term of your loan would be shorter.


Also in the paperwork I dug up was the actual policy scedule....

Product Supplier: The Funding Corporation
Product Administrators: Direct Group Limited on behalf of AXA Sun Life (the insurers) and The Funding Corporation

In the Policy Schedule Wording is states the following ....The Funding Corporation has undertaken to comply with the Association of British Insurers Code of Practice for selling of general Insurance and is designated as a Company Agent for whom the Companies it represents accept responsibility.

So it's time to have a look at the Insurers Code of Practice... Should I write again to The Funding Corporation and try to claim my PPI or make a complaint about The Funding Corporation to the Association of British Insurers?

[miliitant]

Re: PPI - The Funding Corporation

i bet you were never given

1/ a statement of means

2/statement of price


when the ppi was sold at point of sale

demand those documents

[Snapples]

Re: PPI - The Funding Corporation

i bet you were never give
1/ a statement of means
2/statement of price

when the ppi was sold at point of sale



demand those documents

Who do I demand these documents from?

[miliitant]

Re: PPI - The Funding Corporation

you need to send a subject access request to the fiunding co to get those docs but as a rule, these people used a company called direct group

give them a call and just ask them if you are on their system

http://www.google.co.uk/url?sa=t&rct...khQ3seun9KJFHQ

[Snapples]

Re: PPI - The Funding Corporation

you need to send a subject access request to the fiunding co to get those docs but as a rule, these people used a company called direct group

give them a call and just ask them if you are on their system

http://www.google.co.uk/url?sa=t&rct...khQ3seun9KJFHQ

I have already sent a subject access request to The Funding Corporation and they duly complied to the request, however the only statement of price is on the credit agreement and I do not have a statement of means.

I will contact direct group in the morning.

[imrwlnd]

Re: PPI - The Funding Corporation

I have already sent a subject access request to The Funding Corporation and they duly complied to the request, however the only statement of price is on the credit agreement and I do not have a statement of means.

I will contact direct group in the morning.

I am looking into how to get a PPI claim from TFC/Direct group and came across this thread. I was reading it all, and it sounded like what I will have to go through and then I got to the comment above and then there was nothing more, like someone had ripped out the final page of a book (or to put it in a 2013 way - like the sky planner had not recorded the final part of a film!). So, I would be very interested if Snapples could reply saying how they got on, I'm hoping it is a success story.

Many thanks,

[Snapples]

Re: PPI - The Funding Corporation

I am looking into how to get a PPI claim from TFC/Direct group and came across this thread. I was reading it all, and it sounded like what I will have to go through and then I got to the comment above and then there was nothing more, like someone had ripped out the final page of a book (or to put it in a 2013 way - like the sky planner had not recorded the final part of a film!). So, I would be very interested if Snapples could reply saying how they got on, I'm hoping it is a success story.

Many thanks,

Hi imrwind ...

It has been like banging my head against a brick wall and I have virtually give up.

Product Supplier: The Funding Corporation (Refuse to acknowledge that the policy was mis-sold)

Product Administrators: Direct Group Limited on behalf of AXA Sun Life (the insurers) and The Funding Corporation (Both have failed to respond to my letters or emails)

[sarah nicholson]

Re: PPI - The Funding Corporation

Hi there

I am looking at pursuing an old ppi claim. I have all original documentation despite it being pre 2005. The car salesman told me at the time (whenb I asked if I can find an alternative ppi as the one quoted seemed steep) and was told it had to be taken out at the same time and with same company.

Would love to know if you were successful in the end? Also how can anyone prove the policy was mis sold. Surely its one persons word against the other?

I hope you got there in the end. Sounds like you have to be very tenacious in these matters

Sarah