Rejected by FSCS - totally gutted !

[billypre]

Hi guys.

I had a loan taken out in 2003 which i had ppi on of £991 which was front loaded. It was with GE Money, but the broker was Compass Finance.

Sent ppi claim to GE Money but they directed me to Compass Finance. Compass Finance went into default in 2008 so my only route was via the FSCS.

Been about 2-3 months and was passed to Deloitte for investigation. Called Deloitte today and they said they had sent it back to FSCS claim handler for a final adjudication and i should receive notice in 2 weeks at most. ;-y

Couldn't wait as i was excited, so i called FSCS and they told me that because the loan was "pre-scheme", then it was being rejected. The cutoff date is for loans AFTER January 2005. I am absolutely gutted. It was a clear mis-sell and FSCS even said this on the phone, but they cannot pay out as the loan was pre-2005. I asked where do i go from here, and was told that there is basically nothing more they can do, and that they do not know of any other way to claim.

Basically, it's the end of the road. ;N

I had my hopes up on this one so i am gutted to get rejected without a penny :aaw

What totally pi***s me off is that why did they bother with me filling in forms and phoning and investigating if they knew the dates from the outset ? What a total waste of my time and energy. I am not happy at all, but what can you do ?

If anyone has some other way then i'd love to hear it but for now i will drown my sorrows ;EEK

[di30]

Re: Rejected by FSCS - totally gutted !

Hi Billy (nice to see you here, welcome).

Don't panic right yet!

I am sorry to hear this but there is another way.

The Financial Ombudsman service (FOS) are suggesting to pursue the insurer/underwriter of the loan company.

I actually have a case, due to the same circumstances are yourself with an Adjudicator right now.

With mine, it was a pre 2005 where they were not regulated, the business dissolved so the FSCS are not able to deal with these cases, not even the FOS, but if you pursue the underwriter/insurer they would have been governed/regulated (as an insurer).

Now what you should do.........

Contact the FOS anyway by ringing them for the quickest method
http://www.financial-ombudsman.org.uk/c ... index.html
Explain your situation.

The FOS is likely from here to suggest the insurer/underwriter as they are now also investigating to see if these were also part responsible.
For example, when your loan was accepted, its down to these to check your details to give the go ahead, and they had to make sure you were eligible for the loan/ppi etc.

If they FOS do not mention this direction, then do so yourself by making them aware you have been informed others have been told to do this.

So what you do then is write to the lender and ask for a copy of the Loan insurance details, ask if they can supply by 14 days as from the date on your letter.
(these documents you do not always receive with your documents you received from your loan).

When these arrive, check the details of the insurer/underwriter, the full details of how to complain will be or should be enclosed.
Write to them the same way as you would with the broker to make a reclaim, and if they don't come back with a favourable decision, then complain to the FOS who will be willing to take this on to investigate.

It have been suggested to myself and others in the same situation as yourself and mine have recently been passed on to an adjudicator, however it may take some time, but its another direction to try.

Hope this helps, but ask for help if you require any further details on this.

Good luck.

[billypre]

Re: Rejected by FSCS - totally gutted !

Hi Di. Sounds like a glimmer of hope ! I'll take it

So i need to send my loan provider the letter asking for a copy of "Loan Insurance Details".

Do they HAVE to send me this ? Is there a template ? Do i need to send them a payment for the info or do you think they will just send it to me no fuss ?

I know you said yours is with adjudicator etc and others in same boat but has anyone actually been successful with a pre-2005 like this before ?

So many questions lol sorry.

It's certainly perked me up a bit knowing there may be something in it and fingers crossed.

[di30]

Re: Rejected by FSCS - totally gutted !

Hi Di. Sounds like a glimmer of hope ! I'll take it

So i need to send my loan provider the letter asking for a copy of "Loan Insurance Details".

Do they HAVE to send me this ? Is there a template ? Do i need to send them a payment for the info or do you think they will just send it to me no fuss ?

I know you said yours is with adjudicator etc and others in same boat but has anyone actually been successful with a pre-2005 like this before ?

So many questions lol sorry.

It's certainly perked me up a bit knowing there may be something in it and fingers crossed.

Hi Billy

Hope your well

What I would do is get all this rectified by the FOS first, although you can still continue to write to the lender for the policy document if you want to.

What I did was, just write a letter along the lines to this.....(keep it simple)


Dear Sir/Madam

Account number XXXXXXXXXX

Please could you send my a copy of the Payment Protection Insurance booklet to me by 14 days to my above address, this document should enclose details of the Insurer, my account number is shown above. I am entitled to receive these details on request.

I expect to receive the above details 14 days from the date of this letter.


Yours sincerely

.................................................. .................................................. .......................
No payment required.

I was told to keep everything in writing and post by recorded delivery, for proof of posting.

And when that arrives, you can either make the reclaim yourself or ask the FOS if they could write to them on your behalf, many have done this method, but they MUST supply this document to you.

You can let me know when you receive these first if you want to and we shall take it to the next step, or ask the FOS to write to them on your behalf.

To what I am aware of, I'm sure someone was successful this way, but uncertain if this was to do with a rebate or a ppi mis selling issue, but if the FOS have been asking customers to go this direction they must believe they are also part liable too.

It will probably take some time, mine was sent to the FOS about a year ago and it was passed to an adjudicator about 2 months back.

[billypre]

Re: Rejected by FSCS - totally gutted !

Thanks Di.

Not too fussy about the timescale as if it is succesful then it's interest added all the time ! In saying that, i would just like it settled ASAP as would everyone i suppose.

I think i'll take your advice and just give the FSO a call and get them to write and ask....... had them write to Aviva about another reclaim and Aviva got in touch with me in under a week ! Seems FSO probably scare them a bit and know they can't muck you around i suppose.

Will post how i get on. All advice greatly appreciated

[di30]

Re: Rejected by FSCS - totally gutted !

Your very welcome Billy.
Please keep us posted, that would be good thanks.

I shall keep you posted on mine too, as soon as i hear. k

[billypre]

Re: Rejected by FSCS - totally gutted !

...........and we're back in the game :xmas9

Will post more tomorrow when i get time but you were 100% spot on Di, Thank You.

[billypre]

Re: Rejected by FSCS - totally gutted !

Update

Took Di's advice and called FSO asking about what can be done next. FSO immediately came up with same solution as DI and said we could go for underwriters. Unfortunately i don't know who the underwriters are so FSO told me to get the name of underwriters by writing to my loan provider as Di said.

I'm never good with patience so decided just to call up GE Money and ask them who were my underwriters for the ppi. To my surprise they told me who it was and their address and number. RESULT and saved writing and waiting on replies to letter.

Rang FSO back and they said they would write a letter to the underwriters and they now have 40 days to respond. If they reject complaint then FSO will take over. RESULT ;-y

I also decided to give the FSCS a call. They had previously investigated my complaint and rejected on the timescale grounds. As i have absolutely NO paperwork from the loan or ppi i asked FSCS if they would be able to send me all the details they have gathered for my case, including my original application from for reclaim etc. No problem they said, they will photocopy my entire file and send it out first class. RESULT ;K7

So, the balls rolling again. Pinnacle (underwriters) have 40 days to investigate my complaint. Pretty sure they will reject but then the FSO can take over. Big bonus for me is that FSCS have agreed to give mne my case files and it has copies of original loan, ppi, dates etc so i don't have to use guesswork anymore

Feeling better now than i did yesterday morning thanks to your lifeline Di. Hope your case moves along quickly as it seems to have dragged on a bit. Hope mines moves even quicker !! You never know, the underwriters may just back down and pay out.......... or maybe not lol.

[di30]

Re: Rejected by FSCS - totally gutted !

Great news Billy, pleased to hear it.

And hopefully there is a light at the end of the tunnel for us both going this direction, fingers crossed.

Look forward to hearing the outcome of yours Billy, keep your chin up okay, if they refuse then let the FOS sort them out for you, good luck X k

[billypre]

Re: Rejected by FSCS - totally gutted !

Small update. Just a reply from Pinnacle saying they are still investigating.

[di30]

Re: Rejected by FSCS - totally gutted !

Hi Billy

Hope the next letter will be more hopeful news, fingers crossed.