Volkswagen Finance & PPI

[clueless24]

Hi can someone offer some further advise please, I am helping my daughter reclaim ppi on a car finance agreement and today have recieved a response from them which says that they have checked their position with the FOS and have been told that as they were not regulated at the time of the sale (2005) she does not have any claim against them. They have not denied that it was missold (on several fronts). I have read everything I can find on the subject but cannot find anything relevant to these particular circumstances. Can someone point me in the right direction please

[di30]

Re: Volkswagen Finance & PPI

Hiya

I would contact the FOS on this, even though the FOS will not be able to adjudicate against a business who were not then regulated when it was taken out, they will normally suggest the underwriter/insurer avenue.
The dealer should on request provide details of the insurer/underwriter and these would have to be regulated.

[clueless24]

Re: Volkswagen Finance & PPI

Thank you for that Di I am grateful for your help. If I request this information from the dealership would I then send the FOS questionaire and covering letter to them or should my complaint be sent to the insurers/underwriters or back to the FOS, sorry that sounds like double dutch basically who do I send the complaint/reclaim to and should it be on the FOS questionaire?

[di30]

Re: Volkswagen Finance & PPI

Thank you for that Di I am grateful for your help. If I request this information from the dealership would I then send the FOS questionaire and covering letter to them or should my complaint be sent to the insurers/underwriters or back to the FOS, sorry that sounds like double dutch basically who do I send the complaint/reclaim to and should it be on the FOS questionaire?

Your very welcome..
Yes you can complete the reclaim questionnaire, send to the underwriters once you know who they are, they will probably deny any liability of the sale, but the FOS will consider taking it on as they would have been regulated and they will look into what involvement they had with the dealership in the insurance.

It may take a little time but hopefully worthwhile. x
Remember to keep a copy as well, good luck.

[clueless24]

Re: Volkswagen Finance & PPI

Thank you so much Di.
My daughter still had all the original paperwork and having just had another read through it, it actually has the name and address of the administrators and underwriters, Financial Insurance Co Ltd & Financial Assurance Co Ltd, so I will send off the questionaire and covering letter to them. Thank you once again for your help.

[di30]

Re: Volkswagen Finance & PPI

Excellent stuff
Any problem let me know, fingers crossed and its my pleasure x

[clueless24]

Re: Volkswagen Finance & PPI

Hi Di
I am sorry to trouble you again so soon can I ask another question. As the original FOS questionaire asks who is your complaint about and I put the dealership if I am now going to the company who provided the ppi insurance to the dealership should I do a new FOS form and make the complaint about them? Thank you for your time and patience

[di30]

Re: Volkswagen Finance & PPI

Hi Di
I am sorry to trouble you again so soon can I ask another question. As the original FOS questionaire asks who is your complaint about and I put the dealership if I am now going to the company who provided the ppi insurance to the dealership should I do a new FOS form and make the complaint about them? Thank you for your time and patience

Hi there

No trouble at all.

What I would do in my opinion is send them a copy of you original complaint and attach it to the new questionnaire, do put in the underwriters details, then brackets (Dealer name). Make a note that you previously made a complaint to the dealer which have failed, and have enclosed a copy of the complaint, but have completed a new complaint as advised to the underwriter as you feel they would also have liabilities as a licensed and regulated organisation.

When you complete the questions, tell them you understand when the policy was sold to you that the underwriter/insurer also have connections to the account where this is arranged with the dealer but the policy was not checked to make sure you would be eligible if you were to make a claim, for example, sickness and unemployment etc.

Hope this helps x

[clueless24]

Re: Volkswagen Finance & PPI

Hi Di
Can I trouble you for some more advise please, I sent off the FOS questionaire and track and trace shows it as delivered on the 1/12/11. To date there has been no response or acknowledgement from them, should I now send the complaint to the FOS? as always thank you for your help.

[Never-In-Doubt]

Re: Volkswagen Finance & PPI

Send a chaser, i.e. a one liner saying "please can you acknowledge my letter which was signed for as received by your offices on 01.12.2011 - a further copy is attached"

That way you're showing you're giving them ample opportunity to put things right before the FOS complaint.....

[di30]

Re: Volkswagen Finance & PPI

Hi Clueless, sorry for my delay in responding (server problems).

I would do what Niddy's suggested, send a chase up letter with a copy of the original.
Hopefully within a week from now you should receive written confirmation.

Then let us know if any further problems, as Niddy says, by doing this at least they will be given the opportunity to look into this before deciding on the FOS.

Please keep us posted and we can make the next move from there, fingers crossed.

[clueless24]

Re: Volkswagen Finance & PPI

A phone call from the FOS this week has prompted me to update this post, this claim has gone on now for nearly 3 years and I had almost given up on it ever being resolved. I have been informed that FIC (underwriters) have taken responsibility for the sale of the policy and the case has been assigned to an assessment officer, who called me to inform me after nearly 3 years that this policy is not a PPI reclaim as the policy was a Life and Critical Illness only policy, however that said she informed me that as my daughter had informed them she had a pre existing medical condition the policy was useless to her so it was miss sold in her opinion.
The reason this has taken so long I am told is because it took a long time for anyone to accept liability for the policy and because of the implications of a small company such as Financial Ins Co taking responsibility could potentially close the business such would be the flood of complaints, but also this will open the floodgates for a lot of people to claim miss sold policies for Life and Critical Illness Insurance taken out with other companies.
Not sure I understood every thing that was said but either way she is confident a settlement should be reached within the next 12 weeks. I will update when I have some news.