Endeavour Loans & PPI

[StokiePotter]

Good Morning...

 

Just wondered if somebody could offer a little advice before I consider claiming back PPI which was added to a loan I took out in 2004.

 

Upon having a "clear-out" I have stumbled across my initial agreement that was used to open my loan - 10K over 5years, which will be paid up in November of this year. I have noticed that PPI was added to my loan (@1.5K) and cannot for the life of me remember agreeing to it

 

Now,

 

A - Is it worth my persuing as my memory is vague to if I actually agreed to it or not, or

 

B - As I am so close to the loan ending will I have any chance of getting the monies back?

 

Thanking you

[dx100uk]

yes and yes.

 

there is a long thread in the stickies

have a read of that [guidance notes etc]

 

dx

[StokiePotter]

Cheers dx....

 

Ill have a ganders now

[StokiePotter]

The SAR will be off on its way, hopefully by the end of play today (or tomorrow)

 

;-)

 

Thinking of it, I am almost certain that I wouldnt have agreed to the adding of the PPI, I have been in "Full-time" work since 2000 and would be paid 13 weeks full pay and 13 weeks half pay if I was off work through sickness etc....

 

Once I have the details back off them, could somebody advise on the next step?

[alanalana]

Just post and someone will pick up and respond.

 

aa

[StokiePotter]

Delayed the sending of the letter, but it will be off via recorded mail this afternoon / Monday.

 

From past experience (I claimed charges from Crapital One), I assume I will get the usual speal from them?!

[StokiePotter]

Nothing back off them yet....

 

They have taken the £10 from out of my account though :-/

 

Will give them to the end of the week, then will give them a gentle nudge.

[alanalana]

If you posted the SAR on 29 May you should have had a response by 8 July. 40 days.

 

I would tend to make that gentle nudge a swift kick in the pants.

[StokiePotter]

Im back

 

Right... Ive been calculating the days as I have not heard anything back off them as of yet (15th September).

 

Upon "Double Checking" I didnt actually actually get the letter sent until the 13th July so if thats the case then I should have had a reply on or around the 4th September (this is NOT counting weekends).

 

The cheque I sent was cashed on the 4th August so 40 days from that date will be the 25th September (Again, this is NOT counting weekends).

 

Have I been too leanient and should I have counted weekends and bank holidays? if so then they are well overdue and if so, is there a letter I can send to inform them they are in breach of my request?

 

Thanking you in advance,

 

hi.send this

 

http://www.consumerforums.com/resources/templates-library/48-bank-templates/129-data-protection-act-non-compliance-template-letters

 

SAM

 

Sam....

 

You are like a guardian angel

Edited September 17, 2009 by StokiePotter

[alanalana]

Stokie,

 

from the date of your Subject Access Request they have 40 calander days to comply. After that complain to the Information Commissioners Office and send them the non compliance letter posted ny SAM

 

aa

[StokiePotter]

Both followed through...

 

Compliance Letter sent and complaint to ICO made..... now just sit and wait

[alanalana]

I will try and follow the detail but I do have a lot to reply to so if I fall behind just prompt me.

 

aa

[StokiePotter]

Received a huge "PACK" from EPF yesterday "Finally"....

 

The covering letter basically informs me that the loan was sold by Freedom Finance and that EPF were only the brokers.... any issues regarding PPI need to be taken up with Freedom Finance :-/

 

Next step anybody? Im assuming the £10 I paid to EPF for my SAR is a 10er well wasted?

[alanalana]

It is possible a tenner spent in the wrong area but if you are claiming back a bit of cash it is worth chasing up woth Freedom Finance.

 

There seems to be a very big issue on PPI between the creditor and the broker.

IMO chase the creditor as you will no doubt be paying them for the loan including the PPI which they will have settled with a broker.

 

I goes something like this:

 

I need a loan

 

Bank agrees to loan with PPI attached (whether you are aware of it or not) in a lot of cases it was a NOT.

 

The bank then quote you a figure for the loan plus extortionate apr of XX%

and add on the PPI at xx% more extortionate rates.

 

Then the bank add all of this together and add on interest over the full period of the loan just to ensure you are keeping the banking bonuses extemely high.

 

Then the bank find a cheap insurance cover for the loan pay the cheaper rate to an independent insurance company and make sure you keep paying the higher rate.

 

Then when you want to make a claim on the insurance you will find it difficult or impossible to do and then when you decide the PPI was mis-sold for whatever reason you get the bank and broker blaming each other.

 

This makes your life more than difficult so IMO claim from whoever you pay your monthly direct debit to.

 

long post but this is how I see some of the issues of PPI causing major problems to the consumer trying to reclaim mis-sold PPI.

 

aa

[StokiePotter]

Any ideas on a following letter?

 

I have tried to comtact Freedom via telephone but to no avail......

[StokiePotter]

Ttt

 

Will the following suffice to Freedom, obviously the only account number is the one that EPF supplied me with.... but they should have my details from my name and address details shouldnt they?

 

Mr XXXX

XXXXXXX

XXXXXX

XXXXXX

29th September 2009

Freedom House

Church Street

Wilmslow

Cheshire

SK9 1AX

Dear Sir or Madam,

Account number: XXXXXXX

I purchased the above policy from you in September 2004, but now believe that I was mis-sold this policy for the following reasons,

This is due to the fact that I was not given the correct information when the policy was sold to me, as

• your salesperson stated / implied that taking out the policy would assist my credit application.
  
• your salesperson was very pushy in selling me the policy so that I felt I could not say no.
  
• your salesperson did not give me full information on what the policy would and would not cover.
  
• i am concerned the sales assistant that sold me the policy has no financial background and the policy was not sold in my best interests.
  
• having recently looked at the paperwork for my loan, I now realise that I have been paying for insurance that I did not know I had taken out so could not have been explained to me.
  

Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

Yours faithfully,

XXXX

Edited September 29, 2009 by StokiePotter

[alanalana]

The letter is ok but perhaps you could flesh it out a bit by using some of this. Which was my letter of complaint to RBS.

 

I repeat the grounds for mis-selling as detailed in my points 1 to 7 listed below.

 

 

1. Responsibilities When Underwriting a Policy of Insurance: On each occasion, when the details of a loan were discussed your sales advisors failed to check my personal circumstances at the time of the sale, which they are under obligation to do when underwriting a Policy of Insurance. If they had done so, they would have realised that the PPI policies were useless to me. At no time was any attempt made to ascertain if the product provided was fit for purpose, suitable for my needs or if indeed it was required at all.

 

 

2. Alternative Insurance Cover: Your sales advisors in each case failed to ask me if I had any alternative arrangements for insurance cover. My employer has a generous illness package which would cover a period of sickness as follows: 6 months full pay followed by 6 months half pay. I would also be entitled to a generous redundancy package and a substantial payment would be made in the event of my death in service (more than suffice to clear the balance of the loan).

 

 

3. Failure to Supply Important Information with Regard to Significant Policy Exclusions: I was most definitely not informed that the PPI policies could contain certain exclusions which could affect me and my ability to claim on the policies if I should need to. Additionally I was never told that Pre Existing Medical Conditions could invalidate my policy and I was never asked if I had any Pre Existing Medical Conditions. Indeed your Loan Customer Duty of Care Checklist and the Loanguard Certificate of Insurance to which the Customer Duty of Care Checklist refers (forwarded under cover of Reference N) contain no reference to any Pre Existing Medical Conditions or includes any questions to me on the subject. I am in fact in receipt of a xx% War Disablement Pension from Her Majesty’s Government (HMG) since xxxx. One element of this pension includes back injury which I now know is an exclusion in your PPI Policies. I also believe that I would also be excluded on at least one other existing condition.

 

 

4 Widespread PPI Mis-Selling:I cancelled the PPI policy on xxxxxxxx Account No xxxxxxx on xxxxxxx after becoming aware of the widespread mis-selling of PPI by some financial institutions, following recent media coverage and recent OFT and FSA investigations regarding the mis-selling of PPI. I believe this is borne out by Point 3 above. I am also aware that the question of PPI cover is the subject of an ongoing inquiry by the Competition Commissioner.

 

 

5. Wholly Inappropriate PPI Selling Bonuses: I understand that some employees are paid higher bonuses if they get prospective creditors to take out PPI with loans. How can the best interests of the customer possibly be met, if there is a clear conflict of interest between your responsibilities to me, and the drive of your employees to sell Payment Protection Insurance whether it is suitable or not in order to receive bonuses?

 

 

6. PPI Loan Interest payments miscalculated: Since I cancelled the policy, I have actually received a smaller reduction in the PPI loan interest payments than the figure stated on the agreement. The explanatory letter sent to me has, I believe, confirmed that I have paid for single premium PPI policies on each loan taken with your establishment.

 

 

7. True Nature of Single Premium PPI Not Explained: No explanation was forthcoming from any advisor on any occasion on the full extent of single premium PPI policies or the fact that they would offer little or no refund if the loan was settled early or if the insurance was cancelled. The statements you have forwarded on accounts xxxxxxxxx and xxxxxxxxx, show no element of any refund of PPI or PPI interest when the accounts were settled on refinancing. There was also no explanation that the cost of the PPI premium would be added to the total cost of credit and interest added for the full term of the agreement. I believe this practice is unlawful.

 

I now believe that the single premium PPI policies attached to the loan accounts were both extremely unfair and totally unreasonable and offered me very little, if any protection value whatsoever. I am therefore requesting a full refund of all costs including all single PPI premiums that have been paid, the interest added to these premiums and the payments, that I have paid to date.

 

Furthermore as I believe I have been unlawfully deprived of this money, I also expect the repayment of the interest at the Statutory Interest rate of 8% applicable to of each of the single premiums.

 

In my letter dated 2 June I listed what I believed were the costs due to me for the recovery of mis-sold PPI on three accounts. All were single premiums for each account with interest added to each account. I have now made further investigations and enclose the revised figures that I now require to be repaid to me.

 

Details of the single premiums for each account with the interest payments made are as follows:

 

xxxxxxx

 

Hope this helps, the more hard hitting and specific the letter the better IMO

 

aa

[StokiePotter]

Had a reply from Freedom yesterday.....

 

Dear Mr XXXX

 

I refer to your recent written complaint received 7th October 2009, and our telephone conversation of 13th October 2009.

 

On investigating the issues raised in the complaint it appears that in this instance Freedom Finance Plc was acting as an outsourced processor on behalf of the credit broker Bespoke Finance Ltd (formally Karacus Ltd) who placed your loan with the lender Endeavour Personal Finance. Therefore it is Bespoke Finance Ltd's responsibility to answer your complaint.

 

We have therefore forwarded the complaint to them on your behalf, they should respond to you in the next 28 days.

 

Their contact details are as follows:

 

 

We trust that this clarifies Freedom Finance Plc's position regarding your complaint.....

 

Yours sincerely

 

 

So its a game of sit and wait again....

 

[marshallka]

Did you know they are based in GIbraltar.

They were not regulated here in the UK at the time and that is why Freedom say prior to regulation of insurance Bespoke sold the policies.

 

They will say that Freedom only acted as a processor for Bespoke and Bespoke will no doubt write back (if they do reply) and say that they sold it fairly.

Its a bummer really.

 

By the way I am a stokie too.

[StokiePotter]

Received my response today....

 

Echoing exactly what you said. I also decided to contact the FOS and they said exactly the same,

 

1 - Because the loan was taken out in 2004, it wasnt under certain regulations and...

2 - The company "Bespoke Finance" are based in Gilbraltar with no registered UK Offices

 

Tw@ts!!!!

 

At least I tired.....

 

CitiFinancial next I think....

 

Another Stokie?!?! This site is full of us lol

[sweetjane]

We're in the same position - any news on your claim?

We're going to the police because we think there's fraud involved.

 

Ours was an I group loan processed / brokered by Freedom Finance.

I group was bought out by GE Money.

 

Ge say it's FF's responsibility.

FF say they were "acting as an outsourced processor on behalf of the credit broker Bespone Finance Ltd (formally - sic - Karacus Ltd)."

 

They insist Bespoke

- who are in Gibraltar

- are responsible but we never heard of them

- all our paperwork is FF.

 

I wonder how many people are in similar situation.

Our loan was paid off by consolidation but we want the PPI back

- it was seriously mis-sold and there are other problems with sales process.

sj

[StokiePotter]

I gave it up as a bad job as the FOS informed me that they were outside of regulations so there was nothing they could do....

 

Obviously if you get any further please let me know.... Im expecting a couple of grand back off them "at least"

[StokiePotter]

sweetjane... did you ever get anywhere with your claim?

[StokiePotter]

Morning All....

I'm like a dog with a bone now that Ive read on here that new legislation is in place which could possibly assist with my claim against Freedom Finance

 

Now I want to try the water again and throw the CCA 1974 Section 56 at them to see if it makes a difference...

I know you guys are constantly repeating yourselves with n00bies etc

but I cant see anything for the life of me that says anybody has had any luck getting their cash back off FF or EPF or even Bespoke etc,

 

just dead posts with no outcomes?!?

[StokiePotter]

I emailed Freedom.... this was the reply...

 

Thank you for your email.

 

Moneio Limited has purchased the brand and website Freedom Finance in 2010 from Wilmslow Financial Services Limited (which was formerly Freedom Finance Plc).

 

Moneio Limited has never sold PPI insurance.

Unfortunately we understand that Wilmslow Financial Services Ltd is in administration and therefore all complaints are to be referred to the Financial Services Compensation Scheme (FSCS).

 

We have contacted the administrator to confirm this and they have provided the FSCS’s contact details as follows:

 

Financial Services Compensation Scheme 7th Floor, Lloyds Chambers 1 Portsoken Street London, E1 8BN Telephone: 0800 678 1100 or 0207 741 4100 Fax: 020 7741 4101

 

We are sorry that we are unable to help further but wish you every success with your complaint.

Yours sincerely Complaints

 

Am I flogging a dead horse?!?