PPI Reclaiming Discussion part 4

Incipience

mrsright21 wrote: »

They were first who i sent my complaint to but they said,,although we provided the finances company who arranged my credit were Zenith,so go to them,, and basically they got nothing to do with all this..Im lost

They were the lender and therefore they have to take the responsibility. Just ask them if they profited from the transaction!

mrsright21

Incipience wrote: »

They were the lender and therefore they have to take the responsibility. Just ask them if they profited from the transaction!

Will do ..So in this case i'll better send GEmoney secont template letter and maybe include copy of agreement;).So its back to square one..And then straight after to FOS..
But how do i make them realise that they're responsible ?

bathgatebuyer

I'm pretty sure there's a rule somewhere that the consumer has the right to be told the commission someone earned if asked? Does this sound familiar to someone?

Incipience

bathgatebuyer wrote: »

I'm pretty sure there's a rule somewhere that the consumer has the right to be told the commission someone earned if asked? Does this sound familiar to someone?

That is correct, what's more if they did not disclose commissions when taking out the loan or policy it could be deemed as a secret profit or a bribe.

In such cases the broker, lender and insurer are in breach or party to a breach of the common law principles of agency.

Case law exists, if no disclosure, the entire loan and PPI could be recinded (written off)

Incipience

Some Bed Time Reading for you, if you need it explained then let me know :-P

A fiduciary must not profit from the fiduciary position. This includes any benefits or profits which, although unrelated to the fiduciary position, came about because of an opportunity that the fiduciary position afforded. It is unnecessary that the principal would have been unable to make the profit; if the fiduciary makes a profit, by virtue of his role as fiduciary for the principal, then the fiduciary must report the profit to the principal. If the principal consents then the fiduciary may keep the benefit. If this requirement is not met then the property is deemed by the court to be held by the fiduciary on constructive trust for the principal.

Secret commissions, or bribes, also come under the no profit rule. The bribe shall be held in constructive trust for the principal. The person who made the bribe cannot recover it, since he has committed a crime. Similarly, the fiduciary, who received the bribe, has committed a crime. Fiduciary duties are an aspect of equity and, in accordance with the equitable principles, or maxims, equity serves those with clean hands. Therefore, the bribe is held on constructive trust for the principal, the only innocent party.

Bribes were initially considered not to be held on constructive trust, but were considered to be held as a debt by the fiduciary to the principal. This approach has been overruled; the bribe is now classified as a constructive trust. The change is due to pragmatic reasons, especially in regard to a bankrupt fiduciary. If a fiduciary takes a bribe and that bribe is considered a debt then if the fiduciary goes bankrupt the debt will be left in his pool of assets to be paid to creditors and the principal may miss out on recovery because other creditors were more secured. If the bribe is treated as held on a constructive trust then it will remain in the possession of the fiduciary, despite bankruptcy, until such time as the principal recovers it.

mrsright21

Incipience wrote: »

They were the lender and therefore they have to take the responsibility. Just ask them if they profited from the transaction!

Oh i though you were joking,so i can actually ask them?:p
I looked at template letter but it does not cover all i want to say to GEmoney,shall i add someething from myself,i just afraid i can get carried away,and i dont want to sound rude

Incipience

mrsright21 wrote: »

Oh i though you were joking,so i can actually ask them?:p
I looked at template letter but it does not cover all i want to say to GEmoney,shall i add someething from myself,i just afraid i can get carried away,and i dont want to sound rude

Post the letter you have at the moment and I will have a look, either tonight or in the morning.

mrsright21

[FONT=&quot]I am writing in response to your letter dated ...... with regards the insurance sold with my loan. Your reference is ..........[/FONT]
[FONT=&quot] [/FONT]
[FONT=&quot]I do not feel your letter has offered a satisfactory justification that my policy was sold fairly, reasonably and within my best interests so I request that you look into my complaint again. If I do not receive a more favorable response within 14 days I shall be taking my complaint to the Financial Ombudsman.[/FONT]


This is template letter from this site.is this ok
[FONT=&quot][/FONT]

mrsright21

Incipience wrote: »

Post the letter you have at the moment and I will have a look, either tonight or in the morning.

I've got letter where is saying that PPI with them,i thinking include copy of it.And i just want to make it clear to them,that i think they're the company who should sort it out..Just need to make it casually.

P.S.thank u for all your help:A

Incipience

Did you get a response from GE money?