please could someone check this agreement!!

~Brock~

halifax71 wrote: »

Who's the PPI with?

Are you certain there's no agent? Not read the full smallprint but my experience tells me that there will be an insurer and the bank will have brokered hence it will apply.

Happy to be proven wrong.

The original loan was supplied by the Co-op Bank who, as far as I am aware, provide these loans directly to the borrower instead of through brokers. Unless the borrower instructed a broker (agent) and paid them a fee for the service of finding them a loan then I doubt very much that such a challenge would succeed.

Whether the PPI insurer is a different company or not makes no difference. The bank cannot be deemed to be the customer's agent and therefore no commission disclosure rules apply. This is also consistent with FSA guidance on the matter.

This is a very common misconception and the cause of many flawed claims against lenders.

I suspect that this example is little different (apart from the difference in the type of credit facility) to the situation considered by the courts in MBNA v Thorius last year. Whilst the court did find cause to suggest that the relationship was unfair, the matter of breach of fiduciary duty caused by a failure to disclose commission was dismissed completely. Check out paragraph 39 of that judgement.