Ppi claiming

[Deleted User] · 02/07/13 - 15:36

Hi this has probably been done before but can't find it. I took out a loan through a broker. But I was told through a ppi company I cannot claim because it was a broker. Is this true? I feel cheated. I got the loan from I think it was ocean finance.

Rorschach · 02/07/13 - 16:27

As I understand it, it's not that you can't claim at all just that your claim has to be made against the Broker rather than the body you regularly paid the money to.

It sounds odd but I believe that is the view of the Financial Ombudsman Service and, last I heard, that view had been upheld in a court of law. .

[Deleted User] · 02/07/13 - 16:55

Thanks for your advice, I'll give it a try.

artnada · 02/07/13 - 17:05

Fiona72 wrote: »

Hi this has probably been done before but can't find it. I took out a loan through a broker. But I was told through a ppi company I cannot claim because it was a broker. Is this true? I feel cheated. I got the loan from I think it was ocean finance.

Please DON'T use a "ppi company" they will sting you for up to 35% of your money and possibly add an "Admin charge" of hundreds to it.

You do it. It's so easy, and the ppi company would do exactly what you could do.

Tweacle Tart II · 02/07/13 - 17:46

Rorschach wrote: »

As I understand it, it's not that you can't claim at all just that your claim has to be made against the Broker rather than the body you regularly paid the money to.

It sounds odd but I believe that is the view of the Financial Ombudsman Service and, last I heard, that view had been upheld in a court of law. .

Correct. The claim for misselling has to be made against whoever sold the policy. Nothing odd about that.

Rorschach · 02/07/13 - 20:00

Tweacle Tart II wrote: »

Correct. The claim for misselling has to be made against whoever sold the policy. Nothing odd about that.

Well the odd bit is that if you have been giving thousands of pounds to Lloyds TSB for years (for example) you might then consider that they should be the people to give you the money back, not your broker Andy Smith.

Similarly if you had ever made a claim against the PPI policy it would be Lloyds TSB who would hae paid out, again not the broker Andy Smith.

[Deleted User] · 02/07/13 - 21:19

So I have to Make the claim against ocean finance who found me the loan not Chelsea building society who I got the loan. Sorry I sound thick lol

JJ75 · 02/07/13 - 21:35

artnada wrote: »

Please DON'T use a "ppi company" they will sting you for up to 35% of your money and possibly add an "Admin charge" of hundreds to it.

You do it. It's so easy, and the ppi company would do exactly what you could do.

Is there anyway i can go back somewhere and find out details for old loans & credit cards? I havent kept all the info

I think Experian let you go back 6 years.

artnada · 02/07/13 - 22:21

JJ75 wrote: »

Is there anyway i can go back somewhere and find out details for old loans & credit cards? I havent kept all the info I think Experian let you go back 6 years.

If you know what bank you got the loans from, ask them for details. They will have some sort of record somewhere.

Tweacle Tart II · 02/07/13 - 23:55

Fiona72 wrote: »

So I have to Make the claim against ocean finance who found me the loan not Chelsea building society who I got the loan. Sorry I sound thick lol

If you want to make a claim for misselling then you have to approach who sold you the PPI.

Darthchaffinch · 03/07/13 - 00:35

Fiona- go look at moneysavingexpert.com

[Deleted User] · 03/07/13 - 00:35

Hi Fiona, we have an endowment through a broker. We are currently claiming for ppi through the financial services compensation scheme as our broker has disappeared. Have a look at which magazine, there is an article in it regarding claiming against brokers. Good luck.

[Deleted User] · 03/07/13 - 02:17

Thanks for your advice I will take a look tomorrow x

Hey there!

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