3 Year Wait as Couple Goes It Alone
A couple who decided to instigate there mis-selling of payment protection insurance on their own have so far clocked up a total of three years and are still awaiting any sort of financial compensation.
Stephen Pattison and Katrina MacKay took out an £11,000 personal loan with Welcome Financial Services back in 2006. The loan was sold with PPI, life cover and a personal accident plan for an additional £2,868. With an added £235 acceptance fee on top, the total amount for the loan was £28,099 over 180 months at an APR of 20.41%.
In 2008 the clients complained to Welcome Financial Services that the insurance and live cover were mis-sold, however Welcome rejected the complaint.
Mr Pattison and Ms MacKay dealt with the case themselves rather than taking the issue to a claims specialist and instead referred the case directly to the Financial Ombudsman Service (FOS). The couple explained the PPI payment was spread over fifteen years, yet the cover only lasted three.
As a result an adjudicator upheld the complaint and Welcome Financial Services made what they described as a “goodwill gesture” which removed the cost of the cover but recalculated the loan at a high APR of 21.8%.
In 2010 an adjudicator from the FOS upheld a second complaint against Welcome, which the financial company appealed against.
This example clearly demonstrates the overwhelming struggle of attempting to instigate a PPI claim on your own, especially if the lender is proving to be particularly uncooperative and can even result in putting consumers off perusing a claim they are actually entitled to.
The FOS has since decided the matter should be passed onto another ombudsman for a formal decision which the couple have been assured will be within the next eight weeks.
The clients complained about the amount of time their PPI complaint has taken stating, “The length of time this has all taken is not fair on us and is not what we expected from the FOS.”
For more information on as well as how we can help with your claim visit our PPI section.
