PPI Reclaiming Discussion part 4

di3004

dreamer33 wrote: »

:T :T :T Very good news DI:T :T :T :T :beer:

Thanks hun.
With a bit of luck it will be good news on the 19th as well.......:D , fingers crossed.;)

Incipience

marshallka wrote: »

So if on the documents you received with the loan papers there is a disclosed commission then that would not be a "secret commission". I remember someone on here putting their docs on and it actually stated the commission payment in them. Would this be deemed as "secret" then?

https://secure.moneymarketing.co.uk/cgi-bin/item.cgi?id=144441&d=pnd2&h=pndh2&f=pndf2

If the commission was not disclosed at point of sale or prior then yes it could be argued that it was a secret commission

Incipience

"The case establishes that, as a matter of common law, where an adviser receives commission for arranging a loan on behalf of a lender, the lender must not only ensure that the borrower is aware of the commission payment, but must also obtain the borrower's informed consent to the payment. If that consent is not obtained, the lender will be an accessory to the adviser's breach of fiduciary duty in failing to disclose the commission payment.

dreamer33

Incipience wrote: »

dreamer I have my legal counsel working on this at the moment, just to get the exact wording, however as I said I will not post details on the open forum

I think I may leave it, I have peter looking into it for me at the minute

Incipience

its a precedent, however the only problem is the Restitution/counter restitution scenario, and for that you would need to read all about this area of law.

marshallka

FISA had a meeting about it here
Tuesday 23rd September 2008


Claims Company activity in relation to Commission Disclosure
Over the past few months, several members have received correspondence from claims companies, alleging there has been a breach of fiduciary duty by failing to adequately disclose the amount of commission, and not obtaining the customer s informed consent to allow the broker to keep the commission.
The purpose of the seminar is for legal and practical guidance to be disseminated, about how to respond appropriately to such correspondence.

dreamer33

Incipience wrote: »

"The case establishes that, as a matter of common law, where an adviser receives commission for arranging a loan on behalf of a lender, the lender must not only ensure that the borrower is aware of the commission payment, but must also obtain the borrower's informed consent to the payment. If that consent is not obtained, the lender will be an accessory to the adviser's breach of fiduciary duty in failing to disclose the commission payment.

How long has the law on this been out? We never gave informed constent to FP then again I don't even know how much comm was paid.

marshallka

Incipience wrote: »

"The case establishes that, as a matter of common law, where an adviser receives commission for arranging a loan on behalf of a lender, the lender must not only ensure that the borrower is aware of the commission payment, but must also obtain the borrower's informed consent to the payment. If that consent is not obtained, the lender will be an accessory to the adviser's breach of fiduciary duty in failing to disclose the commission payment.

What date does this apply from for claimers on here to give them hope with their PPI claims?

Incipience

dreamer33 wrote: »

I think I may leave it, I have peter looking into it for me at the minute

Yes, peter has a sample letter, and we worked together on making some other amendments to it, based on my discussions with the QC that is working my case.

dreamer33

Incipience wrote: »

Yes, peter has a sample letter, and we worked together on making some other amendments to it, based on my discussions with the QC that is working my case.

I hope you win your case incipience you have worked very hard in every aspect.;)