Central Trust were a Home Finance Specialist. They arranged secured loans over the phone and sold Single Premium PPI polices at the same time. The Financial Ombudsman can look into complaints dating back to 2005.
Step 1: Complain to Central Trust
Where to write
Central Trust PLC
Edward Hyde Building
38 Clarendon Road
Herts WD17 1JJ
What to write
You need to describe what happened when you bought the policy. This should be in your own words - it helps the lender to understand the background to your complaint. In addition, you can list precise reasons why you think this wasn't fair. You should also include in your first letter that you are seeking to recover compensation including all sums paid and payable in connection with the policy together with interest as per DISP APP 3 (currently 8%).
Step 2: Ask for a 'final response'
Your lender may respond refusing to uphold your complaint or they may ask for more information. If they uphold your complaint, go to step 3 for guidance on how to assess whether the offer is fair. If they do not uphold your complaint, look to see whether their letter contains the words 'this is our final response' or contains the address and leaflet regarding the Financial Ombudsman Service. If it does not, you will have to write to them again saying that you do not accept their point of view and ask for their 'Final Response' to your complaint. You cannot ask the Financial Ombudsman to consider your complaint until the business you are complaining about has had a fair chance to hear your complaint and put things right. However, you are not expected to wait unduly for a fulsome response and you are entitled to take your complaint to the FOS 8 weeks after the business receives your first letter.
Step 3: Check any offer is fair
A fair offer should put you back into the position you would have been in if you had not taken out PPI in the first place. This should consist of a refund of all the premiums you've paid so far, the interest charged on them and 8% statutory interest on top. If the loan is still active, PPI should be removed from the loan and the loan restructured so that your monthly payments are reduced by the full amount you were contributing to the PPI.
Step 4: Take it to the Financial Ombudsman
If you have had a 'final response' from your lender, or if more than eight weeks has passed since they received your letter of complaint, you are entitled to take your case to the Financial Ombudsman Service. The Financial Ombudsman can take quite a long while to resolve your complaint, however - sometimes as long as 9 - 12 months. Visit www.financial-ombudsman.org.uk for full details.
Offers resulting from intervention by the Financial Ombudsman Service are fair and, if you accept the offer, legally binding on your lender.