PPI Reclaiming discussion Part III

marshallka

This is confusing here as they mention the CCA 1995 . But looks to be the right legalisation

Cooling off period

Also known as a cancellation period, under the Consumer Credit Act, 1995, you have the right within 10 days to reconsider a credit agreement (loan or credit card offer) and refuse in writing the agreement on offer without obligation. If you choose to waive this entitlement, the agreement takes effect immediately.

Similarly, you have a 14-day period, in the case of investments and insurances during which you may change your mind about an investment you have just made and have your money back instead. However, there are exceptions, for example, in the case of life insurance and individual pensions, the “cooling off” period will be 30 days.
Cooling off periods apply only to some investments (there is no “cooling off” period for services such as share purchases where the price depends on fluctuations in the market) and are not available if you buy off-the-page in response to an advertisement or as an execution-only customer.


This is for Ireland....that why they mention 1995 consumer credit act here...

di3004

I thought it was all sort of strange when it was first announced when Carol Vorderman was leaving, from then onwards with FP they have been big news......:rolleyes: .
What I do know is that many staff have gone from their jobs with these and if I hear rightly more are likely to go, so something have not been right with these for a good while now.

dreamer33

marshallka wrote: »

If this was a new agreement then again they should have given you the cooling off period before paying the money out... You should also have had a pre contract agreement (we never had one either!!)..This should be sent out 7 days before the original one and then after that you get the proper agreement and then you sign and get the money...

Yes your right new agreement 7 days not given. No we didn't have a pre-contract nothing like that was ever mentioned. Only sending out loads of credit agreements with ppi.

marshallka

dreamer33 wrote: »

I'm sure justice will come to us all. Like I say the worst time is waiting for it to come.

Yes us to fp worst decision of our lives too:mad: could kick myself sometimes for being so stupid

You and me too. We could kick each other so we are not self harmers...lol

dreamer33

di3004 wrote: »

I thought it was all sort of strange when it was first announced when Carol Vorderman was leaving, from then onwards with FP they have been big news......:rolleyes: .
What I do know is that many staff have gone from their jobs with these and if I hear rightly more are likely to go, so something have not been right with these for a good while now.

I think just the fact that Barclays got rid of them is saying somethings not right

matty4113

marshallka wrote: »

Great for you... they are doing automatic paybacks...but I would still give them a nudge...;)

Yeah hopefully the ombudsman will as i cancelled it in 2007 but am still paying £30 on top of my loan, that must be something to do with the ppi.

Thanks Di, appreciate it

di3004

dreamer33 wrote: »

I think just the fact that Barclays got rid of them is saying somethings not right

Yep definately......:rolleyes:

dreamer33

marshallka wrote: »

You and me too. We could kick each other so we are not self harmers...lol

pmsl :rotfl: :rotfl: :rotfl: :rotfl:

marshallka

dreamer33 wrote: »

Yes your right new agreement 7 days not given. No we didn't have a pre-contract nothing like that was ever mentioned. Only sending out loads of credit agreements with ppi.

Loan sizes of £25,000 and under are regulated by the consumer credit act which is overseen by the office of fair trading. Loan sizes over £25,000 are not regulated. The main difference between the two loan types is that when applying for a regulated loan £25,000 and under, the customer will receive a cooling off period over which time consideration is given as to whether to proceed with the credit agreement.
Unregulated loans do not have this compulsory cooling off period. You may be charged a penalty if you repay your loan earlier than agreed, and you should check each lender's individual policy.

di3004

matty4113 wrote: »

Yeah hopefully the ombudsman will as i cancelled it in 2007 but am still paying £30 on top of my loan, that must be something to do with the ppi.

Thanks Di, appreciate it

With pleasure matty.;)

I do know they are supposed to be contacting customers if your sale was amongst the tel calls time etc, but if you wait for that call or letter you may be waiting for ever, at least you have made a start and its likely to be a very strong case that should and will go in your favour.;)