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Post by giammy on Dec 30, 2023 0:44:27 GMT
Finally FOS has appointed a case officer. Despite a very long wait for this to happen I am nevertheless very encouraged by the recommendations that the case officer has made to AC. Watch this space...... Stick in there my friend. You will be successful, I hope. The FOS has found in my favour against the miscreants that are AC. The FOS have surmised that AC mislead and took advantage of us. However, AC have challenged the FOS's decision and are invariably dragging out matters as long as possible so they can unethically continue to take as much money from us as possible before they put themselves into administration and then their staff disappear into the ether. What's the latest on this?
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p2pfan
Member of DD Central
Full-Time Investor
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Post by p2pfan on Dec 30, 2023 16:23:56 GMT
Stick in there my friend. You will be successful, I hope. The FOS has found in my favour against the miscreants that are AC. The FOS have surmised that AC mislead and took advantage of us. However, AC have challenged the FOS's decision and are invariably dragging out matters as long as possible so they can unethically continue to take as much money from us as possible before they put themselves into administration and then their staff disappear into the ether. What's the latest on this? The FOS is a public sector body and therefore extraordinarily inefficient. AC have challenged the decision but not submitted the reasoning for their challenge. The deadline for AC to do so has long since passed. Therefore, my FOS investigator has said she is placing the complaint in a queue for the ombudsman's "final decision". That is not fair, because the decision was already found in my favour. I keep chasing her to finally resolve matters, but expect months more of waiting.
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rscal
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Post by rscal on Dec 30, 2023 19:36:57 GMT
What's the latest on this? The FOS is a public sector body and therefore extraordinarily inefficient. AC have challenged the decision but not submitted the reasoning for their challenge. The deadline for AC to do so has long since passed. Therefore, my FOS investigator has said she is placing the complaint in a queue for the ombudsman's "final decision". That is not fair, because the decision was already found in my favour. I keep chasing her to finally resolve matters, but expect months more of waiting. I decided to put the toe in the water following the two reports here of initial findings in complainant's favor - thinking 'strategically'. Here's my exchange with my Investigator (since 26 October last): The response: So with what I am hearing from p2pfan one can assume that AC is adopting time-delaying and the complainant is obliged to take this is good spirit. But what if I should now write back and say (something like)
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Dec 30, 2023 19:55:14 GMT
The FOS is a public sector body and therefore extraordinarily inefficient. AC have challenged the decision but not submitted the reasoning for their challenge. The deadline for AC to do so has long since passed. Therefore, my FOS investigator has said she is placing the complaint in a queue for the ombudsman's "final decision". That is not fair, because the decision was already found in my favour. I keep chasing her to finally resolve matters, but expect months more of waiting. I decided to put the toe in the water following the two reports here of initial findings in complainant's favor - thinking 'strategically'. Here's my exchange with my Investigator (since 26 October last): The response: Think strategically... which is more likely to get return of capital? Evidence would suggest anything that doesn't involve administration or even the possibility?
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rscal
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Post by rscal on Dec 30, 2023 20:01:29 GMT
ilmoro If you don't want to become part of the solution then don't be part of the problem. I suggest you buzzoff if you have nothing more constructive to add.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,315
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Post by ilmoro on Dec 30, 2023 21:52:44 GMT
ilmoro If you don't want to become part of the solution then don't be part of the problem. I suggest you buzzoff if you have nothing more constructive to add. So what is the solution? Happily become part of it if it doesnt involve me spending years working to get cash back for investors.
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Post by scepticalinvestor on Dec 31, 2023 23:33:40 GMT
ilmoro If you don't want to become part of the solution then don't be part of the problem. I suggest you buzzoff if you have nothing more constructive to add. So what is the solution? Happily become part of it if it doesnt involve me spending years working to get cash back for investors. There isn't going to be any concerted action by all/most lenders, or even among the subset that know of this forum. There isn't any 'solution' that will tick everyone's boxes or guarantee any cash back from the saints running AC. The course of action that I deem appropriate is one that I am pursuing through two complaints (mine and partner's) that are taking a similar route to the one described by the posters above. I'm sure some others don't agree and perhaps would rather AC was left alone to get on with what they're doing now and that's a perfectly okay approach to take, to each their own.
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Post by scepticalinvestor on Dec 31, 2023 23:51:46 GMT
What's the latest on this? The FOS is a public sector body and therefore extraordinarily inefficient. AC have challenged the decision but not submitted the reasoning for their challenge. The deadline for AC to do so has long since passed. Therefore, my FOS investigator has said she is placing the complaint in a queue for the ombudsman's "final decision". That is not fair, because the decision was already found in my favour. I keep chasing her to finally resolve matters, but expect months more of waiting. Thanks for the update. I fully get why you're frustrated but the approach displayed in your post is consistent with how they've approached a past complaint of mine (not AC). If the initial assessment is rejected by either party, they can ask for it to be referred to the Ombudsman, no further explanation or reason is required. The Ombudsman will then look at ALL details of the complaint afresh, and make a decision - sometimes a provisional one (with a chance to make final representations or comments) followed by a final decision.
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iann
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Post by iann on Jan 1, 2024 14:24:49 GMT
So what is the solution? Happily become part of it if it doesnt involve me spending years working to get cash back for investors. There isn't going to be any concerted action by all/most lenders, or even among the subset that know of this forum. There isn't any 'solution' that will tick everyone's boxes or guarantee any cash back from the saints running AC. The course of action that I deem appropriate is one that I am pursuing through two complaints (mine and partner's) that are taking a similar route to the one described by the posters above. I'm sure some others don't agree and perhaps would rather AC was left alone to get on with what they're doing now and that's a perfectly okay approach to take, to each their own. The each their own does have potential impact on others. At the moment I see one of 5 results, unfortunately lots of unknowns (to me):
* Via complaints - AC provide recompense and adjust approach as per ombudsman recommendations, wind "active" loans to completion - some upfront money but remaining returns may differ
- AC provide recompense and adjust approach as per ombudsman recommendations, wind "active" loans until they file for administration - some upfront money but who knows how much else
- AC file for administration - some money back but who knows what
* Via AC approach - AC continue to pay out as they wind down "active" loans to completion - not quick and who knows how many loans will stay "active"
- AC continue to pay out until they file for administration - some money back but who knows what
The biggest unknown is what AC will do in response to any judgement(s) from the ombudsman, the next biggest is how long AC will/can continue to wind down "active" loans with or without any judgement(s).
To me there seems to be a lot of hand waving and not much transparency / clarity from AC.
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Post by oliveau on Jan 17, 2024 17:25:13 GMT
FOS investigator found in my favour. AC then 'appealed' & investigator has now e-mailed -
"Further to the below, please note that we are reviewing our findings following Assetz' response to our initial assessment of your complaint.
Therefore, your case has been returned to investigation for further consideration.
We'll be in touch as soon as we've finalised our response."
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Post by bob2010 on Jan 17, 2024 17:44:55 GMT
FOS investigator found in my favour. AC then 'appealed' & investigator has now e-mailed - "Further to the below, please note that we are reviewing our findings following Assetz' response to our initial assessment of your complaint. Therefore, your case has been returned to investigation for further consideration. We'll be in touch as soon as we've finalised our response." That's surprising. Surely it should go to the Ombudsman rather than back to the investigator?
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Post by Ace on Jan 17, 2024 18:14:03 GMT
FOS investigator found in my favour. AC then 'appealed' & investigator has now e-mailed - "Further to the below, please note that we are reviewing our findings following Assetz' response to our initial assessment of your complaint. Therefore, your case has been returned to investigation for further consideration. We'll be in touch as soon as we've finalised our response." That's surprising. Surely it should go to the Ombudsman rather than back to the investor? The FOS is the Ombudsman.
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Post by bob2010 on Jan 17, 2024 22:05:10 GMT
That's surprising. Surely it should go to the Ombudsman rather than back to the investigator? The FOS is the Ombudsman. There are different stages
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Post by giammy on Mar 19, 2024 2:00:04 GMT
What's the latest on this? The FOS is a public sector body and therefore extraordinarily inefficient. AC have challenged the decision but not submitted the reasoning for their challenge. The deadline for AC to do so has long since passed. Therefore, my FOS investigator has said she is placing the complaint in a queue for the ombudsman's "final decision". That is not fair, because the decision was already found in my favour. I keep chasing her to finally resolve matters, but expect months more of waiting. no news since?
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rscal
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Post by rscal on Mar 19, 2024 9:03:15 GMT
The FOS is a public sector body and therefore extraordinarily inefficient. AC have challenged the decision but not submitted the reasoning for their challenge. The deadline for AC to do so has long since passed. Therefore, my FOS investigator has said she is placing the complaint in a queue for the ombudsman's "final decision". That is not fair, because the decision was already found in my favour. I keep chasing her to finally resolve matters, but expect months more of waiting. no news since? According to MY Investigator (28 Feb) not so! I did think of asking the FOS to clarify what 'submissions' of a legal nature this could possibly be since AC must accept it is under arbitration and this is not a court procedure (in fact it's not even a Micky Mouse one) But in saying they had objected with 'something' but we're not going to tell you because it's 'legally complex' makes you think (or is intended to) that AC has some genius lawyers on staff whereas they have shown they can't even handle DD on loans - and how legally complex is that? Yes, moan, moan, moan - but what can you do. Could YOU make a complex legal argument for instance that using the FOS is supposed to give consumers a 'fair crack' at firm's doing precisely this and the FOS is there to cut away to dross and come straight to a point? It's just like Court in reality - they have their own sets of rules and then they don't follow them when the public asks them to.
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