Partial settlement/benefits advice

[Deleted User]

-taff wrote: »

If the company are no longer in business, complain to the FSCS.

Can't do this if the sale of the insurance was prior to regulation in 2005.

Brodiebobs

anyone have advice about the loan rather than the PPI as i think thats a dead end now....

sourcrates

Well they have sent you a non compliant credit agreement haven't they ?

My suggestion would be to try that angle now.

Although there respective solicitors may have to fight this one out in court, could be costly.

Brodiebobs

The solicitors have advised the company have refused to remove the charge unless the full outstanding balance is paid off, they have advised not to fight the charges applied.

Absolutely appalled, but don't know what else can be done, i want to fight it but the person whats to just get it paid off, the equity release have agreed to increase the funding to cover the full balance outstanding.

sourcrates

Brodiebobs wrote: »

The solicitors have advised the company have refused to remove the charge unless the full outstanding balance is paid off, they have advised not to fight the charges applied.

Absolutely appalled, but don't know what else can be done, i want to fight it but the person whats to just get it paid off, the equity release have agreed to increase the funding to cover the full balance outstanding.

The thing is you have to know where to draw the line.

Fighting the validity of the credit agreement in court would be a costly exercise, with no guarantee of success.

If the equity release will fund the outstanding balance, then maybe its time to cut the losses ?

Brodiebobs

Yes thinks that's what's going to happen.

I know the person agreed to the terms but the company charging £300 plus fees to get out of the agreement is disgusting.

Brodiebobs

Now it's come to redemption our solicitors have been in touch to say tha the company have added a further £1,500 "completion and legal " costs into the figure that had already given.

The equity company will not release any more funds so with the legal costs there's just over £2000 shortfall.

The solicitors helpfully suggested the person get a family member to lend them the money.

It's getting beyond the joke now, one step forward two back.
The solicitors said they won't enter into negotiations with the loan company we have to do that... is it worth just saying this is what we have take it or take nothing?

sourcrates

Oh hell, this is not proving to be easy is it !!

With secured loans, there are always certain fees and charges that tend to appear when you least expect them.

You should write and explain how much they can afford to pay, and that by adding these charges they are making a deal impossible.

How they will react to that is anyone's guess, they have the charge on the house to fall back on you see.

Difficult one to advise on.

Brodiebobs

Thanks, that what I thought, they are refusing to remove the charge without this extra paid.


I suppose we can only try.