PPI Reclaiming Discussion part 4

dreamer33

liam12779 wrote: »

havent got the paperwork for the loans but surely the bank would be able to supply them? Just reading what people are saying on here about being mis-sold and remember the pressure put on me to take the insurance out, as if they wre saying 'if you dont then you wont get approve for the loan'.

Thanks for your advice!!!

You can request details from your bank, you will need to prove that you were mis-sold the ppi. Evidence can be found within a SAR, the cost is £10 and they can take upto 40days to send you the info. Put SAR letter in the search box and you will find the template letter.

Send your letter recorded delivery so you have proof of your letter arriving.

Incipience

marshallka wrote: »

Can anyone remember Tiggrae posting this to me about Fiduciary Duty many many months ago. She seemed to think it wrong. I just wanted to show others views onn this matter. Not that I took any notice lol.

Quote:
Originally Posted by tiggrae
I really don't think you can claim breach of Fiduciary Duty, that is the highest standard of care in the English Courts and is usually reserved for a person acting as a Trustee. The fiduciary duty is a legal relationship between two or more parties (most commonly a "fiduciary" or "trustee" and a "principal" or "beneficiary") that in English common law is arguably the most important concept within the portion of the legal system known as equity

What they owed you in tort is a Duty of Care, you have to be careful what you put in writing as it can be seen as Libeless

---

I then replied




I have googled "fiduciary duty" here

Fiduciary duty

People who occupy positions of trust (fiduciaries) have specific obligations to those people who place their trust in them and must:

• ensure that they have the necessary knowledge to perform their duties
• disclose any limitations, conflicts of interest or issues that would prevent them from performing their duties appropriately
• comply with any legal and professional requirements that relate to their roles, and also with any relevant ethical guidelines
• not take unfair advantage of their relationship (e.g. misuse information) in a way that could have adverse effects for those who place their confidence in them.

This fiduciary duty has similarities to the implied duties that we have under employment contracts.

I thought it was "fiduciary duty"?????

http://legal-dictionary.thefreedicti...fiduciary+duty




I wanted Incipience to take a look at what I was told. Didn't change my view though:D

Ok.. the whole issue on Fiduciary Duty.. Lets get it clear.

The Broker is your Agent, you approached them, basically saying.. I need a loan. So as your agent they put you in touch with the lender. Now, to ensure that the broker is acting in your best interest, and not its own. The broker must disclose any kick backs or bungs, otherwise the Broker would just pick the best lender that was going to pay the broker the most cash. Which would not be suitable for you... Remember the KEY ISSUE, the broker is your AGENT and not the Lenders, well that is the way it should be.

If the Broker Chooses the best lender for them, then this is a conflict of interests, but to avoid any conflict the broker MUST disclose commissions being paid to them, so as to ensure that you are able to make an informed decision. If the broker does not disclose then they are making a secret profit in form a bribe from the lender.

Clearly then, the broker is a double-agent (not like 007).. which is blatantly a conflict of interest.

Now. What does this mean.. Well as the Lender paid the bribe, then they are party to the brokers breach of it agent duties (fiduciary duty to avoid conflicts of interest and disclose commission)

Legally this is a breach of common law. IT IS ILLEGAL, yet lenders and brokers get away with it. Until they are taken to court.. so why have you heared nothing about more court action.. eh well it never actually gets before a judge.

So think about it... you never hear of people winning or loosing these cases.. so why is that... I guess you will have to figure that one out yourselves..

• Pay Offs
• Non-Disclosure Agreements

dreamer33

mrs_wul wrote: »

Hi

Q I havr a personal loan with Northern Rock. Was informed that in order to get the loan I would have to take out the PPI. Which I stupidly done !!

Phoned them recently in order to make a complaint re the PPI. I was informed that they could cancel it but "would have to restart the loan" with the amount that is left on it, which would accrue all the interest again.

Is this correct - can they do this??

I think I have a claim

Any assistance is appreciated

If you believe you were mis-sold ppi then you should gather together as much evidence as possible, request a SAR also enclose £10. You should receive all paperwork and telephone calls regarding your account. Send this recorded delivery, put SAR letter in search box and it will bring up the template letter. It can take 40days to receive your info.

Once you cancel the ppi on a loan they have to re-arrange the loan if you want it removed.

Hope this helps

mrs_wul

Hi

I took a loan out 3 years ago with Northern Rock (5 yr loan). I was informed at this time that in order to assist with me getting the loan I had to take out PPI. Stupidly I done it.

I recently called them to cancel the PPI and was informed that it would not be worth it as they would have to cancel the loan and re-start it with the amount left which in turn would accrue more interest.

Is this correct????

Any assistance is appreciated

marshallka

Incipience wrote: »

Ok.. the whole issue on Fiduciary Duty.. Lets get it clear.

The Broker is your Agent, you approached them, basically saying.. I need a loan. So as your agent they put you in touch with the lender. Now, to ensure that the broker is acting in your best interest, and not its own. The broker must disclose any kick backs or bungs, otherwise the Broker would just pick the best lender that was going to pay the broker the most cash. Which would not be suitable for you... Remember the KEY ISSUE, the broker is your AGENT and not the Lenders, well that is the way it should be.

If the Broker Chooses the best lender for them, then this is a conflict of interests, but to avoid any conflict the broker MUST disclose commissions being paid to them, so as to ensure that you are able to make an informed decision. If the broker does not disclose then they are making a secret profit in form a bribe from the lender.

Clearly then, the broker is a double-agent (not like 007).. which is blatantly a conflict of interest.

Now. What does this mean.. Well as the Lender paid the bribe, then they are party to the brokers breach of it agent duties (fiduciary duty to avoid conflicts of interest and disclose commission)

Legally this is a breach of common law. IT IS ILLEGAL, yet lenders and brokers get away with it. Until they are taken to court.. so why have you heared nothing about more court action.. eh well it never actually gets before a judge.

So think about it... you never hear of people winning or loosing these cases.. so why is that... I guess you will have to figure that one out yourselves..

• Pay Offs
• Non-Disclosure Agreements

And some can never talk to tell the tale too I bet:D

Its all a mine field. Its all above me:eek: . All these acts and laws, gosh I wouldn't know where to start. :eek:


I myself NEVER give up though... just carry on battling.

I just wanted to show you what I went up against when i mentioned this on the site. Thats all. And Tiggrae was an expert too.

dreamer33

mrs_wul wrote: »

Hi

I took a loan out 3 years ago with Northern Rock (5 yr loan). I was informed at this time that in order to assist with me getting the loan I had to take out PPI. Stupidly I done it.

I recently called them to cancel the PPI and was informed that it would not be worth it as they would have to cancel the loan and re-start it with the amount left which in turn would accrue more interest.

Is this correct????

Any assistance is appreciated

If you are paying for PPI that you cannot claim from and is useless to you, then it may be wise to cancel it, you need to look into this before you cancel you can also maybe get a cheaper PPI elsewhere if you need it.

When they cancel the PPI I don't think they are allowed to give you a higher interest rate, not too sure about this though.

dreamer33

pinknico wrote: »

I wonder how Tiggrae is, have'nt seen her for a while.

I saw tiggrae on ppi 111 but then they dissapeared. Not been back since I dont think

pinknico

dreamer33 wrote: »

I saw tiggrae on ppi 111 but then they dissapeared. Not been back since I dont think

Hope she is doing ok, she was lovely.:A

marshallka

dreamer33 wrote: »

I saw tiggrae on ppi 111 but then they dissapeared. Not been back since I dont think

Yeah she was our "expert" on here.

She had a claims company but helped on here for free.

pinknico

Yes she helped me out an awful lot.