PPI Reclaiming discussion Part III

Incipience

The broker issue, is such a misconception.. and people are believing it.. even the FSA and FOS say it at times.

However it is clearly not true in most cases.

The broker is an introducer, for all intents and purposes and have agency agreements with the lenders.

It is the Lender that is the Intermediary in the sale of insurance.

There is a common law principle called "The law of Agency",[FONT=&quot][/FONT][FONT=&quot] whereas a company or person being the intermediary in law becomes the clients agent.

If you look through your policy documents you will see who the intermediary is, and in 90% of the cases the intermediary for you and the insurer is the lender.


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Incipience

also most agency agreements between lender and broker, has a clause that transfers ownership from the broker to the lender..

I know you have all been told numerous times that this is the case, however the Lender pays the broker a commission and the insurer pays the lender a commission, much like other statutes from common law, with regards to profiting from an action, leads all parties to be responsible, equally.

Lenders have a due dilligence to insure that the information is correct when the loan is taken out and the insurer has a due diligence to ensure that the information from the Lender is correct..

Failures in this information trail, again make all parties liable.

booi666

marsh ,

Just pm.d you

marshallka

Incipience wrote: »

The broker issue, is such a misconception.. and people are believing it.. even the FSA and FOS say it at times.

However it is clearly not true in most cases.

The broker is an introducer, for all intents and purposes and have agency agreements with the lenders.

It is the Lender that is the Intermediary in the sale of insurance.

There is a common law principle called "The law of Agency",[FONT=&quot] whereas a company or person being the intermediary in law becomes the clients agent.[/FONT]

[FONT=&quot]If you look through your policy documents you will see who the intermediary is, and in 90% of the cases the intermediary for you and the insurer is the lender.[/FONT]

So from what are you saying then? FOS and the FSA are misleading us about the broker issues. I have tried this one with FOS about mine and they would not contemplate the issues. I know of others too whereby they have tried to complain to the lender as the broker is outside the jurisdiction of the FOS but FOS has thrown the complaints out. Also people have written to the FSA about issues like this and they have not directed them anywhere other than the courts...

marshallka

booi666 wrote: »

marsh ,

Just pm.d you

kk.........;)

dreamer33

booi666 wrote: »

Now then Now then Now then,


CaN ANYONE GIVE ME ANY INFO ON MBNA?

My Bro has had a loan with them for about 3 yrs now,

He got canned in novemebr 08 from his job and when he went to claim on his ppi they said that he only had critical illness cover W.T.F:eek:

They are ringing him daily asking him about paying for his loan which i am trying to fix for him and i told him about is ppi,he was going to go ring someone about this ppi but i said i would chew the cud with my mucka's on here 1st:rotfl:

Anyone had dealings with these,

What are they like,shall i tell him to send a sars allthough im not sure he can cope 4 40 days untill it comes through:cool:

Hi Boo

MBNA are a complete nightmare and will try to make his life hell:mad: we've been there.

We constantly received calls from them after sending them a letter confirming the situation with a token payment of £50. The calls were upto 10 a day and sometimes they didn't even speak just hung up.

I called my local trading standards office and he told me they are not allowed to harass you and gave me a letter to send to them.

Get him to send a letter 1st with a token payment (what he can afford) explain the situ.

Then send the below letter:

I consider that your conduct is boarding on harassment. As you will be aware it is a criminal offence to harass a debtor under Section 40 of the Administration of Justice Act 1970.

In addition I believe that as a holder of a consumer credit licence that your company should comply with the Office of Fair Trading guidance for debt collections. If you do not comply with these guidelines this could affect your companies suitability to hold a consumer credit licence.

In particular these guidlines state it would be an unfair practice to ignore or disregard debtors legitimate wishes in respect of when and where to contact them and also contacting debts at unreasonable times. Also it would be an unfair practice to put pressure on debtors or third parties, which is considered oppressive which would include contact debtors at unreasonable time and unreasonable intervals. Plus pressuring debtors to pay in full or increase payments when they are unable to do so.

I would therefore request that you stop telephoning me, as I am unable to increase my monthly repayments to your company.

I would therefore request you take note of this letter if not I will have no alternative but to contact my local Trading Standards Service.

The above letter worked, however they will eventually sell the debt onto a 3rd party, Arrow Global maybe. They go straight to court and threaten bankruptcy.

I have a complaint in with FOS due to their attitude and behaviour towards us in financial difficulties.

dreamer33

Sorry not been on much my head done in with worry.

Hubby finds out tomorrow about job:eek:

booi666

dreamer33 wrote: »

Hi Boo

MBNA are a complete nightmare and will try to make his life hell:mad: we've been there.

We constantly received calls from them after sending them a letter confirming the situation with a token payment of £50. The calls were upto 10 a day and sometimes they didn't even speak just hung up.

I called my local trading standards office and he told me they are not allowed to harass you and gave me a letter to send to them.

Get him to send a letter 1st with a token payment (what he can afford) explain the situ.

Then send the below letter:

I consider that your conduct is boarding on harassment. As you will be aware it is a criminal offence to harass a debtor under Section 40 of the Administration of Justice Act 1970.

In addition I believe that as a holder of a consumer credit licence that your company should comply with the Office of Fair Trading guidance for debt collections. If you do not comply with these guidelines this could affect your companies suitability to hold a consumer credit licence.

In particular these guidlines state it would be an unfair practice to ignore or disregard debtors legitimate wishes in respect of when and where to contact them and also contacting debts at unreasonable times. Also it would be an unfair practice to put pressure on debtors or third parties, which is considered oppressive which would include contact debtors at unreasonable time and unreasonable intervals. Plus pressuring debtors to pay in full or increase payments when they are unable to do so.

I would therefore request that you stop telephoning me, as I am unable to increase my monthly repayments to your company.

I would therefore request you take note of this letter if not I will have no alternative but to contact my local Trading Standards Service.

The above letter worked, however they will eventually sell the debt onto a 3rd party, Arrow Global maybe. They go straight to court and threaten bankruptcy.

I have a complaint in with FOS due to their attitude and behaviour towards us in financial difficulties.

Hi dreamer,

Thanks for that,

The actual loan i can take care of that for him, its the ppi.
as ive only just sent my sars off and im not 100%sure what to expect or to do.

Im going over to see him 2moz to tell him 1 or 2 things reg his loan.

marshallka

Incipience wrote: »

The broker issue, is such a misconception.. and people are believing it.. even the FSA and FOS say it at times.

However it is clearly not true in most cases.

The broker is an introducer, for all intents and purposes and have agency agreements with the lenders.

It is the Lender that is the Intermediary in the sale of insurance.

There is a common law principle called "The law of Agency",[FONT=&quot] whereas a company or person being the intermediary in law becomes the clients agent.[/FONT]

[FONT=&quot]If you look through your policy documents you will see who the intermediary is, and in 90% of the cases the intermediary for you and the insurer is the lender.[/FONT]

I quoted some laws etc to the FOS and they said that they were not the courts either and could not get involved with such things. They called it legal advice..

di3004

Hi Folks

I can see it hasn't been that quiet without me then lol......:D