Advice Needed - BOS Creditcare Insurance

Sharon30

Hi

I'm looking for some advice after lurking around and reading the forums!! I took out a £4000 loan with the BOS in 2002. After hitting some financial problems I defaulted on the loan, charges were added etc etc etc and it eventually was passed onto a debt collection agency (a few). I have had several health problems over the years which resulted in me losing my full time job etc. I have managed to pay some of the loan of over the years coming to agreements etc and continue to pay a small arrangement each month to date. I still have the original paperwork and just looked it out as I remember getting charged extra but at the time it wasn't explained to me as it was a quick loan application over the phone!!! I borrowed £4000 over 48 months and the BOS added Creditcare Gold Insurance onto it which totalled £1478.00 which meant a loan amount for £5478 over 48 months plus the charge for credit was £2268.24 which came to the grand amount of £7746.24!!! No wonder I'm in debt. I honestly don't remember being asked if I wanted this and I thought it was a must have in order to get the loan. Is this credit insurance the same as payment protection insurance and do you think I have a case to reclaim??

Any advice would be greatly appreciated

Sharon x

di3004

Hi there Sharon.;)

It seems you do have a good case here, go for it.

Yes that is right this extra does not help the debt at all and it all adds up, you were out of pocket and deprived of your money, so you have a good point here.

For more on reclaiming, check the link below to also help you through this.
Template letters, a checklist of mis selling reasons and so on, they have 8 weeks in full to respond and post by recorded delivery for your proof of posting.
Do not worry about writing down the figures on the letter though, if successful they should provide these to you in written detail.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Ask for help anytime and please keep us posted, good luck.;)

Sharon30

Thanks a lot, I'll get the letter typed tomorrow using the link etc. Thanks for the information. It's worth a try after all the problems I've received from the debt collection agencies over the years!!! I'm also going to check as I had a credit card which was taken out with them round about the same year but due to the same financial problems this was also defaulted on and a lot of charges were added although I have totally paid the debt of now. I'll keep you posted on how I get on as what have I to loss!!!

Thanks again :beer:

di3004

Sharon30 wrote: »

Thanks a lot, I'll get the letter typed tomorrow using the link etc. Thanks for the information. It's worth a try after all the problems I've received from the debt collection agencies over the years!!! I'm also going to check as I had a credit card which was taken out with them round about the same year but due to the same financial problems this was also defaulted on and a lot of charges were added although I have totally paid the debt of now. I'll keep you posted on how I get on as what have I to loss!!!

Thanks again :beer:

Your very welcome Sharon.;)

Keep at them, and ask us for further help if required.

In regards of the charges, maybe you could keep this separate to the PPI reclaiming and post for help on the credit card charges thread here:
http://forums.moneysavingexpert.com/forumdisplay.html?f=102

You will know where you are then and reclaim all that is owed to you.;)

Hope this helps, please keep us posted and good luck.:beer:

Di
X

Sharon30

Thanks was wondering about all the charges that were applied to the account. Wasn't sure how this would stand as it was charges for missed payments etc on a loan agreement and not the typical standard bank charges for being overdrawn etc especially after the latest court battle!!!

Thanks again all this has got me thinking!!! :think:

x

Sharon30

Sorry ignore the previous reply just realized you were meaning the credit card charges!!! I'm getting too carried away now!!! :rotfl:

I'll check out trying to reclaim the charges on the credit card, would actually be scared to add up everything I was charged as I only owed £1200 on the card to start with then they add late payment charges and over the limit fees and before you know it your in an even bigger hole!!!

Thanks again I'll keep you posted..............I'm going to be a busy bee over the weekend!! :beer:

x

di3004

Lol, not to worry hun, :rotfl::D.

You will get through this, so not a problem.

Good luck X;)
Link here to credit card charges for you, thought I would post it up for you again not to confuse you.
http://forums.moneysavingexpert.com/forumdisplay.html?f=102