Is This A Serious Error On My Credit Agreement ???

bozobro0

I have recently been trying to get a claim for miss sold ppi. I contacted the loan provider to ask about the ppi to be told that they did not sell the ppi but the broker did. After searching on the net for the broker i found that they were not authorised to sell ppi after feb 2005 ,my agreement is dated oct 2005. The agreement has the loan providers company name all over it and the ppi is part of the loan , the agreement has been checked and signed of by the loan provider aswell. Why is the loan provider dealing with someone who is unregulated and has commited a illegal act in selling me the ppi.
And can anyone let me know how this leaves the credabillity of the agreement as it has a serious problem on it...

jonesMUFCforever

From what you have written it seems to me that the broker advised you to take out PPI but uses 'part' of the loan to pay for it?

IMO you did not need authorisation to sell PPI - what makes you think that they did not have authorisation?

Why do you think it was missold?

bozobro0

In my opinion the broker was acting as an agent for the loan provider ,after jan 2005 you had to be regulated to sell ppi by the FSA ,i checked the fsa register and found the company the broker worked for was not regulated. ?? , Cheers for the reply btw

bozobro0

OK ,The loan provider was Welcome , The finance arranger was Style finance. The loan was for home improvements. Style finance is a trading name of H.P.A.S Ltd ( double glazing firm known as Safestyle ) The broker sat in my house and sold me the finance , workred out all intrest and repayment figures , and final sum payable. Iv contacted OFT and explained my situation and have been told that this is illegal an to make a complaint. Contacted the FOS who have never heard of this situation and are looking into it. Contacted the FSA who told me to phone back welcome finance and ask them why they dealt with a compant that was not regulated to sell pii at the time. Welcome had no answers.. So i would be greatful for your opinions on the situation. Cheers

jonesMUFCforever

...You have not answered why it was missold?

bozobro0

It was missold as the broker did not have authority to sell it , or is it just me being thick. I cant sell alcohol as i dont have a license to do so. Get what i am saying . It is not the ppi i am intrested in right now ,but the overall agreement. There could be a flaw in it.

Apples2

Are you saying you want the ppi back or that you don't want to repay the loan itself any more and maybe get all your payments back?

bozobro0

I would like my ppi back if i am entitled to it ,but in looking into the ppi it has brought up other possible problems with the agreement , i am not a loan dodger , but if there is a discrepency on the agreement that i could act on , like everyone else on the forum ,i would do so . I am only asking for peoples opinions , Thanks

dresdendave

bozobro0 wrote: »

I would like my ppi back if i am entitled to it ,but in looking into the ppi it has brought up other possible problems with the agreement , i am not a loan dodger , but if there is a discrepency on the agreement that i could act on , like everyone else on the forum ,i would do so . I am only asking for peoples opinions , Thanks

Please don't judge everyone by your own moral standards. If I had a loan I would pay it back at the agreed terms, regardless of finding a technicality that might make it unenforcable.

Good luck with the PPI, you may have a case there, as regards the loan itself, you borrowed it so pay it back.

lifebeginstoday

The company you purchased a product through offered you a means to pay for it (A finance package?) They may have offered you the PPI did you sign up for it? Check your agreement?

bozobro0

I have the agreement , and yes there is a tick in the ppi box. Anyone who took a loan with welcome were being sent a ppi reclaim by the FSCS as they had been miss selling ppi. I never got a reclaim form and enquired why had had not had one. That is where all this started.