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

opinions4u

The loan agreement is enforceable.

You might have fallen through a hole for reclaiming the PPI.

Although you still haven't explained why PPI was unsuitable for you.

roonaldo

bozobro0 wrote: »

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

Correct, the FSA register show they were authorised until 10/6/05. Not Feb 05 as you said.

bozobro0 wrote: »

Why is the loan provider dealing with someone who is unregulated

You dont have to be regulated to see a credit agreement that comes under the Consumer Credit Act, you only need a consumer credit licence. The FSA does not regulate the CCA, thats for the Office of Fair Trading. The FSA did regulate insurance sales at the time.

Are you sure Welcome did not resume responsibility for the insurance sale?

The loan is enforceable although the PPI may well be mis-sold.

lifebeginstoday

I would imagine Welcome will tell you to take it up with the 'introducer' in this case Safestyle. This is because they didn't sell you the loan in the sense you didn't go into a branch or contact them directly it was introduced tou you via a third party.

Hence the complaint is with the third party.

Tiddlywinks

It always amazes me as to how much effort and research sometimes goes into reclaiming - if only the same thought had been put into the initial agreement to the loan and PPI.

Anyway, for the record, not everyone on MSE would tried to wriggle out of their obligations on loan repayment just because of a 'technicality'. You've had the money, you're enjoying what you bought with it, so just pay up.

bozobro0

Have I said I want to wriggle out of paying the loan ,No
As I have said " I am not a loan dodger "
Yes the loan was regulated by the CCA.
Somebody pointed me to section 56 of the CCA , have a look and we what your interpretation of it is.
I have said it was miss sold as that is what the FSA told me.
As I said before , if there was no wrongdoing , why have the OFT told me to make a formal complaint to them. Thanks for the replies.

[Deleted User]

bozobro0 wrote: »

As I said before , if there was no wrongdoing , why have the OFT told me to make a formal complaint to them.

Because that's what the OFT always say.

Peelerfart

I believe there are one or two companies around who may be able to help you claim your PPI back.

gb12345

bozobro0 wrote: »

Have I said I want to wriggle out of paying the loan ,No
As I have said " I am not a loan dodger "
Yes the loan was regulated by the CCA.
Somebody pointed me to section 56 of the CCA , have a look and we what your interpretation of it is.
I have said it was miss sold as that is what the FSA told me.
As I said before , if there was no wrongdoing , why have the OFT told me to make a formal complaint to them. Thanks for the replies.

Section 56(1)(c) would appear to cover your situation - SafeStyle were acting as an agent for Welcome. Assuming that SafeStyle held A CCL at the time they discussed the loan with you then I can't see any reason for the loan being treated as missold. You wanted windows SafeStyle offered you a finance agreement, which you agreed to.

The PPI is another and totally separate thing - you should definitely be looking at putting a claim in for reclaiming that.

Tiddlywinks

bozobro0 wrote: »

Have I said I want to wriggle out of paying the loan ,No
As I have said " I am not a loan dodger "

So, why these kind of qeuries then?

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

Or this...?

bozobro0 wrote: »

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...

bozobro0

So I take it that if most people find a issue with an agreement , they just ignore it and carry on paying there monthly payment. So why all the fuss over miss sold ppi , as you say you signed for it at the end of the day , we should just ignore the miss selling and carry on !!!!