Mis-sold PPi and I am trying to claim it back from Future Mortgage and Loans.co.uk

[gaz776]

I bought my property out right in 1994. I was self-employed and needed an injection of cash in 2001 so took out a £60,000 mortgage with igroup who are now owned by GE Money my broker was Loan.co.uk who are still in business. In 2003 I needed more cash so took a further £55,000 with Southern Pacific Loans who are now owned by Acenden and the broker was Future Mortgage who are still also in business. By the end of 2003 my business had gone to the wall and the companies were chasing me for arrears so I was forced to sell my property and pay them back in full. In doing this I paid around £8000 in early redemption fees and over £15000 in PPi. Neither company would let me use the PPi at the time for whatever reason. PPi was never mentioned to me when taking out the mortgages by either broker and when I signed the paperwork I just thought it was part of the finance package and never questioned it as I needed the cash. Both companies gave me PPi and from what I understand now, if you are self-employed PPi does not cover you, hence why they wouldn't allow me to use it even though the brokers new I was self-employed.

I don't have any paperwork for GE Money/Loans.co.uk accept my account number but I do have the original signed paperwork for Southern Pacific/Future Mortage and account number.

I want to ask if anyone else has had dealings with any of these companies especially the Brokers as I understand it is the brokers who are liable for mis-selling PPi. I know for a fact PPi was never explained and it was just given as part of the original finance deal and they new I was self-employed. I would like advice from anyone on how to proceed and if I have a case. I would like to add that I let Gladstone Brook run with it about 18 months ago but nothing came of it as they said it was to long ago, no other reason or details were given to me. It was not till my best mate got PPi paid back to him for loans and mortgages from 20 years ago that I decided to have a go myself. After much research I found paperwork, account numbers and the names of the broker companies and addresses. I am now in the position to write to them but want to be prepared first.

I spent the last 10 years licking my wounds and have now retrained in the last 6 years as a Psychologist and I have a lot of student loans, so some cash would be great to repay them.

Any advice or help would be much appreciated.

Thanks
Gaz

[di30]

Re: Mis-sold PPi and I am trying to claim it back from Future Mortgage and Loans.co.u

Hi Gaz and welcome.

You appear to have reasons to make a reclaim and for the fact that you could not claim on them as well, it was a waste of money for you.
You are correct that you complain to the brokers at first and take it from there.

Have you tried requesting for copies of the paperwork from the ones where you've no paperwork?
If not you can do this by requesting your information by sending a Subject Access Request (SAR) to the business data dept, you can of course ask for the info to the lender of broker, as the broker would usually forward your information to the lender anyway, then you complain to the broker.
A SAR is of course optional but it may help, however as long as you have the account number you can still complain with your reasons.

(If you wish to SAR, and require the template letter, let us know, one of us will be happy to post this up for you).

If you want to continue to make a reclaim, there is a reclaim complaint questionnaire issued by the Financial ombudsman service (FOS) for customers to use to complain directly to the business who mis sold the policy (not to get confused with the FOS complaints form - for when you complain to them (if you need to later on).

Here on this link (page) you will find the link to a PPI complaint form, and how to complain to the FOS later with another form, so to complain to the broker, use the complaint for for PPI complaints here;
http://www.financial-ombudsman.org.u...complaints.htm

Keep copies of what you send and receive, in case you need to refer to this again later on. They do have up to 8 weeks to send a final decision, but they should acknowledge your complaint within a week maybe 2.
I would also suggest using signed for/recorded delivery to ensure secure posting.

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

[gaz776]

Re: Mis-sold PPi and I am trying to claim it back from Future Mortgage and Loans.co.u

Thank you Di for replying. I followed the link you left but it takes me to a complaints form for the Ombudsman not for the Broker. I was wondering if you know of a template to follow to complain directly to the Broker. I have the account numbers for the mortgages but I do not have the PPi policy numbers, however the account numbers should be enough,am I right in thinking they keep mortgage information for up to 12 years? Also does anyone know if PPi should be sold to self-employed people?

[di30]

Re: Mis-sold PPi and I am trying to claim it back from Future Mortgage and Loans.co.u

Hiya

Sorry you were unable to find the direct complaint form. Usually there are 2 types on the FOS website, one to complain to the FOS themselves and the other in a box stating PPI complaint form that is usually used for the broker.
Account numbers will be the same as the actual policy number because the insurance being included in one monthly payment, so just use the account number which is the same as policy number, that is fine ;-)

Businesses can vary but usually they should hold information at least 6 years, where some will be longer, with mortgage ppi, it is possible they will still hold info for 12 years or more, if the mortgage is still active, they should I assume hold all the information from the beginning of the application.

I will post a link in a post below now on a template letter to complain if you wish to do the complaint in letter rather then complaint form, if they still require you to complete a form, they will send you one in the post ;-0

Give me a min or 2, cheers ;-)

[di30]

Re: Mis-sold PPi and I am trying to claim it back from Future Mortgage and Loans.co.u

.........as promised, below takes you to a link from this site to template letter(s) to complain and reclaim ;-)

http://www.legalbeagles.info/forums/...iminary-Letter

Good luck.

[gaz776]

Re: Mis-sold PPi and I am trying to claim it back from Future Mortgage and Loans.co.u

Thanks again its much appreciated. Im not sure what my chances are as its been 9 years since i paid them off. Do you know of anyone who has won a ppi case that was closed 9 years ago?

[di30]

Re: Mis-sold PPi and I am trying to claim it back from Future Mortgage and Loans.co.u

Your welcome.

Yes there's been lots of success from loan/mortgage ppi reclaims from years ago, even from the 90's, I am one of them ;-)

[IanM]

Re: Mis-sold PPi and I am trying to claim it back from Future Mortgage and Loans.co.u

I bought my property out right in 1994. I was self-employed and needed an injection of cash in 2001 so took out a £60,000 mortgage with igroup who are now owned by GE Money my broker was Loan.co.uk who are still in business. In 2003 I needed more cash so took a further £55,000 with Southern Pacific Loans who are now owned by Acenden and the broker was Future Mortgage who are still also in business. By the end of 2003 my business had gone to the wall and the companies were chasing me for arrears so I was forced to sell my property and pay them back in full. In doing this I paid around £8000 in early redemption fees and over £15000 in PPi. Neither company would let me use the PPi at the time for whatever reason. PPi was never mentioned to me when taking out the mortgages by either broker and when I signed the paperwork I just thought it was part of the finance package and never questioned it as I needed the cash. Both companies gave me PPi and from what I understand now, if you are self-employed PPi does not cover you, hence why they wouldn't allow me to use it even though the brokers new I was self-employed.

I don't have any paperwork for GE Money/Loans.co.uk accept my account number but I do have the original signed paperwork for Southern Pacific/Future Mortage and account number.

I want to ask if anyone else has had dealings with any of these companies especially the Brokers as I understand it is the brokers who are liable for mis-selling PPi. I know for a fact PPi was never explained and it was just given as part of the original finance deal and they new I was self-employed. I would like advice from anyone on how to proceed and if I have a case. I would like to add that I let Gladstone Brook run with it about 18 months ago but nothing came of it as they said it was to long ago, no other reason or details were given to me. It was not till my best mate got PPi paid back to him for loans and mortgages from 20 years ago that I decided to have a go myself. After much research I found paperwork, account numbers and the names of the broker companies and addresses. I am now in the position to write to them but want to be prepared first.

I spent the last 10 years licking my wounds and have now retrained in the last 6 years as a Psychologist and I have a lot of student loans, so some cash would be great to repay them.

Any advice or help would be much appreciated.

Thanks
Gaz

Who was your solicitor when you used Future Mortgages?

[gaz776]

Re: Mis-sold PPi and I am trying to claim it back from Future Mortgage and Loans.co.u

I didnt have a solicitor, I dealt direct with them.

[gaz776]

Re: Mis-sold PPi and I am trying to claim it back from Future Mortgage and Loans.co.u

Thats positive at least Di :-D

[gaz776]

Re: Mis-sold PPi and I am trying to claim it back from Future Mortgage and Loans.co.u

Ian I bought my property with cash but got a mortgage 7 years later so didnt need a solicitor...hope that answer your question?

[IanM]

Re: Mis-sold PPi and I am trying to claim it back from Future Mortgage and Loans.co.u

Ian I bought my property with cash but got a mortgage 7 years later so didnt need a solicitor...hope that answer your question?

There will have been a solicitor involved somewhere even if it was a solicitor acting for the mortgage company to process the paperwork for the land registry and a bankruptcy check etc., and if they told you you didn't need one they were probably lying. £8000 in redemption fees for a £55k loan sounds like a bit too much and you should double check how they got this figure to see if you can get some of it refunded, do you have a breakdown of the account?