I have un-enforceable loan - but company say they will default me, if I stop paying?

Credit-Crunched

"Indeed post #70, which is one I responded to said:
I am sorry but you do not know what you are talking baout, it is ILLEGAL (fsa, fsma2000 and EU regulations) for banks to take insurances to pay out fines and compo relating to mis-selling.

That is exactly what IFAs and adviser firms have to have by law. Yet that poster is saying it is illegal."

Please READ the post, i was not referring to IFA's i was referring to Banks having insurance to pay fines and that IS in breach

~Brock~

Credit-Crunched wrote: »

"Indeed post #70, which is one I responded to said:
I am sorry but you do not know what you are talking baout, it is ILLEGAL (fsa, fsma2000 and EU regulations) for banks to take insurances to pay out fines and compo relating to mis-selling.

That is exactly what IFAs and adviser firms have to have by law. Yet that poster is saying it is illegal."

Please READ the post, i was not referring to IFA's i was referring to Banks having insurance to pay fines and that IS in breach

I think the confusion is down to a misunderstanding about what Proffesional Indemnity Insurance is about.

http://www.fsa.gov.uk/pubs/policy/04_02/buying_pii.pdf

PII is a requirement to cover claims of loss by 3rd parties. It will not cover FSA fines.

Credit-Crunched

~Brock~ wrote: »

I think the confusion is down to a misunderstanding about what Proffesional Indemnity Insurance is about.

http://www.fsa.gov.uk/pubs/policy/04_02/buying_pii.pdf

PII is a requirement to cover claims of loss by 3rd parties. It will not cover FSA fines.

Thank you Brock, a person with a brain!

Why on earth would the FSA allow companies to purchase insurance to pay fines? think about it, what is the reason to avoid having them if someone else will pay for them?

Prof indem insurance is for 3rd party cover, i.e if during your prof. actions you make a mistake i.e on a house pruchase etc and your client suffers a financial loss you can use this insurance.

dickoa

Just ignore the idiots saying your stealing!! you go for it!! put the boot on the other foot these banks have been taking the money from us for years and paying big whack off bonus for no reason you miss a payment on a loan what do they do? Give you a default. Banks get what they deserve i couldnt pay my mortgage one month as my partner left me so i rang them asked if i could pay double next month i got sorry sir no can we will have to register that as default. Thanks for nothing. A bank is a business they make money when they not making so much we suffer higher interest rates. But when they are making lots who suffers??

Credit-Crunched

dickoa wrote: »

Just ignore the idiots saying your stealing!! you go for it!! put the boot on the other foot these banks have been taking the money from us for years and paying big whack off bonus for no reason you miss a payment on a loan what do they do? Give you a default. Banks get what they deserve i couldnt pay my mortgage one month as my partner left me so i rang them asked if i could pay double next month i got sorry sir no can we will have to register that as default. Thanks for nothing. A bank is a business they make money when they not making so much we suffer higher interest rates. But when they are making lots who suffers??

Just wait until you need a loan/mortgage/hp you may be speaking very differently when no banks are lending due to having to pay out all these so-called un-enforceable loans.

Do you really think it will hit them, or will it hit the average joe trying to buy a car/house etc...

I am not condoning banks behaviour, however i am saying we need them as much as they need us

dunstonh

Thank you brock. It didnt seem logical that banks were not allowed to take out cover for mis-sale redress.

dickoa

Credit-Crunched wrote: »

Just wait until you need a loan/mortgage/hp you may be speaking very differently when no banks are lending due to having to pay out all these so-called un-enforceable loans.

Do you really think it will hit them, or will it hit the average joe trying to buy a car/house etc...

I am not condoning banks behaviour, however i am saying we need them as much as they need us

Too buy a car you save the money thats how its going to work for me. Thats how i ended up in a mess the first time. and as for a house you save a decent deposit and buy one just look at the figures for banks profits for the last ten years. Look how much it costs if you go overdrawn for a day by a tenner does this reflect the cost? Look PPI actual costs thousands of pounds for something which when alot of people have tried to use and failed due to the complex terms and conditions? We should be demanding better customer service from these people. The only winners are the banks bout time the customers got something back. All banks will carry on giving out loans thats how they make money they will just charge higher interest to recoevr the costs and seen as i dont wish to borrow any money in the future i dont care. If i did want to borrow it the way forward would credit card with 0% interest for year then switch to another and so on till its paid off. So higher interest wouldnt affect me

~Brock~

dickoa wrote: »

Too buy a car you save the money thats how its going to work for me. Thats how i ended up in a mess the first time. and as for a house you save a decent deposit and buy one just look at the figures for banks profits for the last ten years. Look how much it costs if you go overdrawn for a day by a tenner does this reflect the cost? Look PPI actual costs thousands of pounds for something which when alot of people have tried to use and failed due to the complex terms and conditions? We should be demanding better customer service from these people. The only winners are the banks bout time the customers got something back. All banks will carry on giving out loans thats how they make money they will just charge higher interest to recoevr the costs and seen as i dont wish to borrow any money in the future i dont care. If i did want to borrow it the way forward would credit card with 0% interest for year then switch to another and so on till its paid off. So higher interest wouldnt affect me

You have made it quite clear where you are coming from on this matter.

Just spare a thought, no matter how small, for those who pay their own way in life, because believe me if everyone thought the same way as you then the ability to even make a claim would be legislated out of existence before you knew it - escpecially now banks are part government owned.

willo65

dickoa wrote: »

Too buy a car you save the money thats how its going to work for me. Thats how i ended up in a mess the first time. and as for a house you save a decent deposit and buy one just look at the figures for banks profits for the last ten years. Look how much it costs if you go overdrawn for a day by a tenner does this reflect the cost? Look PPI actual costs thousands of pounds for something which when alot of people have tried to use and failed due to the complex terms and conditions? We should be demanding better customer service from these people. The only winners are the banks bout time the customers got something back. All banks will carry on giving out loans thats how they make money they will just charge higher interest to recoevr the costs and seen as i dont wish to borrow any money in the future i dont care. If i did want to borrow it the way forward would credit card with 0% interest for year then switch to another and so on till its paid off. So higher interest wouldnt affect me

So when you have a decent deposit for a house the rest of the money is coming from??

Credit-Crunched

willo65 wrote: »

So when you have a decent deposit for a house the rest of the money is coming from??

Lol - i also thought that!

Thats a lot of saving!