PPI claim against Underwriter

[kat78]

In summary, we took out a loan via loanline ltd in 2003. This was a paragon loan, and was unregulated.

As pre 2005, the fcsc wont help however the Ombudsman have took on our claim and have stated they will write to the Underwriters ( aviva uk)

Do you guys know of this avenue ever being successful?

Thanks
kat

[di30]

Re: PPI claim against Underwriter

Hi there

this is the avenue the FOS suggest in these cases.
The FOS will check any liabillity the underwriter/insurer had when the policy was sold to you. It may take some time, but hopefully it will be worth it.

I'm sure I have come across success, but it's just a matter of now peservering.

The best of luck with this, please keep us informed, cheers.

[kat78]

Re: PPI claim against Underwriter

Thanks. The fos said thy would give aviva uk 8 weeks to reply.

Not sure what happens after this time though?

[Bill-K]

Re: PPI claim against Underwriter

Hi and welcome, kat. I've not directly been involved with any PPI claims where it has had to go back to the underwriters, but this is occasionally the route taken where there is no route of redress to the Original Creditor. I suspect that you will receive a smaller payout than you might have received from the OC, as the underwriters will probably only be required to repay the premiums they actually received from the OC - and not any debited account interest. 8% Statutory interest may possibly be added, as the underwriters enjoyed the benefit of the premiums paid.

[kat78]

Re: PPI claim against Underwriter

Hi, thanks for this.

So we paid i n total £11,600 ppi. How much wouldyou reckon is reasonable payout?

[Bill-K]

Re: PPI claim against Underwriter

I don't know what portion of the PPI you were charged was actually passed to the underwriters. Anything less than 50% would be scandalous, but that's about all I can dare to suggest, Kat. I guess something around £8K would be a good outcome.

[kat78]

Re: PPI claim against Underwriter

On this, would the underwriters have to prove how much of the £11600 they actully got from paragon?

[Bill-K]

Re: PPI claim against Underwriter

Just guessing, but I think the underwriters would be expected to deal with you honestly, and refund all the moneys received from Paragon. But - unless you choose to challenge their honesty, you will have to take their word for it. At least put them on the spot and make it clear that you MAY challenge their declaration. If you do challenge it, then I guess it would have to be via the Insurance Ombudsman - which, as far as I can make out - is the FOS !!!

[kat78]

Re: PPI claim against Underwriter

Just a quick update.

Got questionnaires from aviva. Filled them out and posted back. Been advised a response will be recvd in 8 weeks.

Fingers crossed.

So has anyone heard of successfull ppi claims against the underwriters?

[skv123]

Re: PPI claim against Underwriter

Just a quick update.

Got questionnaires from aviva. Filled them out and posted back. Been advised a response will be recvd in 8 weeks.

Fingers crossed.

So has anyone heard of successfull ppi claims against the underwriters?

Last week i saw my first successful claim against an underwriter. However, i also know of many cases at the FOS where they are "seeking to establish whether or not they have jurisdiction" and have been doing so for at least the last 2 years.

[cornflake]

Re: PPI claim against Underwriter

Just a quick update.

Got questionnaires from aviva. Filled them out and posted back. Been advised a response will be recvd in 8 weeks.

Fingers crossed.



So has anyone heard of successfull ppi claims against the underwriters?

Hi

Did you get anywhere with this as I am in the same boat myself with a paragon loan which was underwritten by Aviva although I was unaware who it was until the FOS advised me as we were never sent any policy details etc

[cornflake]

Re: PPI claim against Underwriter

Hi

Did you get anywhere with this as I am in the same boat myself with a paragon loan which was underwritten by Aviva although I was unaware who it was until the FOS advised me as we were never sent any policy details etc

Phone call today from fos advising nothing they can do as a link can not be established between aviva and the actual sale

[di30]

Re: PPI claim against Underwriter

Phone call today from fos advising nothing they can do as a link can not be established between aviva and the actual sale

I did not end up taking mine to the FOS, and wrote directly to the underwriter/insurer myself, but what I did was contact the broker and asked who was responsible for holding the insurance (as its all about wording really) and they did confirm this.
I was successful by doing this myself.

If you do not get anywhere, and know who the insurer was for definate, pm me for a copy of my letter if you wish to x

However, there was one a few years ago i did take to the FOS in regards of the underwriter/insurer and was being told on each update the same as what you've been told.

[hhopkins123]

Re: PPI claim against Underwriter

Phone call today from fos advising nothing they can do as a link can not be established between aviva and the actual sale

Hi

Not sure if it is a bit late, but my situation is the same. I waited nearly 3 years for the FOS to advise they cannot confirm a link between Aviva (Underwriter) and the the seller of the product.
There is still some hope. The FOS will let you appeal their decision. You need to do his in writing and explain why you feel you want to appeal. The Obudsman will look at the case again and will make a final decision in a few months (approx)
My letter is going off now so hope it works.

HH

[di30]

Re: PPI claim against Underwriter

Hi

Not sure if it is a bit late, but my situation is the same. I waited nearly 3 years for the FOS to advise they cannot confirm a link between Aviva (Underwriter) and the the seller of the product.
There is still some hope. The FOS will let you appeal their decision. You need to do his in writing and explain why you feel you want to appeal. The Obudsman will look at the case again and will make a final decision in a few months (approx)
My letter is going off now so hope it works.

HH

Hi there

It frustrates me that the FOS suggest this avenue, take it on, only to hold on to it for years then to confirm that they cannot establish the relationship! From what I know of going by many others who have got the FOS to look into this for them, they are told the same on mostly every one of them.
The reason why I thought "Stuff it" I'm not going to ask the FOS to deal directly with the underwriter/insurer for me, and have a go myself. Yes I was fortunate and successful by doing this myself, with writing a letter of my own.

However, I do know not everyone are that lucky, as it can depend on how lenient the underwriter/insurer is, but the fact here is, there is a relationship from broker to lender to underwriter, as the underwriter are the one's at the end of an application who check, or should check if the loan/insurance are suitable for that customer before allowing it to go ahead!

I suggest if the FOS have closed down the case, you could give it a go yourself by writing to the CEO of the underwriting business, you can take a look at my letter to give you an idea on what to write, as the wording it important.

Let me know, I will help all I can.

Cheers.