PPI Reclaiming discussion Part II

dreamer33

Also checked out the limitations act and a creditor has 6 yrs to take you to court but could not find info for a borrower taking a creditor to court?

dreamer33

moneysaver1234 wrote: »

Hi I'm looking to claim for PPI but I'm confused to what department ad to whom to post the letter too it would be great if some one could help me out??? :S

Thanks.

You would address your letter to the complaints department at whoever sold you the PPI.

marshallka

di3004 wrote: »

I am confused.......
Yet this info is added in a separate sheet to the agreement and has the heading of Terms & conditions above.

I have not even found anything to do with termination of the loan and do now have anything else, all this was amonst the SAR, all the other stuff is underwriters work of workings out.

So why does it state terms and conditions in big writing above ??

Its not anything to do with termination of the loan Di. You are not getting my point here. Its about cancelling the policy and termination of the policy and is nothing to do with the loan at all. Forget the loan ... this is about unfair rebate of the PPI policy so you need your PPI policy for these terms but I can guarantee that this PPI was not front loaded and use of rule 78 (in the way that troness explaints) used against it. Please take a look at the piece about this that I posted from the competition commission. I know tiggrae has told you to make this claim and I hope she is right here for you!!!!

marshallka

dreamer33 wrote: »

Also checked out the limitations act and a creditor has 6 yrs to take you to court but could not find info for a borrower taking a creditor to court?

The statute of limitations gives you 6 years from when you had the problem. It also states that if you were aware of a problem with something then you have 3 years from that date. If you actually became aware of a problem 4 years ago and wrote to them of this problem then they could have this thrown out of court in that you were aware 4 years and did nothing about it therefore making it statute barred from there.

It works for both creditor and debtor too..

The complainant is not time-barred from bringing a claim to court if he can bring his
case within one of these categories
1. Six years from the completion of the transaction - see sections 2 & 9 Limitation Act
1980
2. Three years from the date on which the complainant learned of or should have
known of the probability of financial loss up to 15 years from the transaction - see
section 14A Limitation Act
3. Six years from any breach of contract - see section 5 Limitation Act
4. Six years from the date on which the complainant could reasonably have discovered
negligence or breach of duty and probable financial loss if the breach of duty was
deliberate and the circumstances make it unlikely that the breach of duty will be
discovered for some time or where the defendant discovered the error and deliberately
concealed it - see section 32 Limitation ACt


and then the Ombudsman here


(ii) The Financial Ombudsman Service will not consider a complaint brought to the
firm more than
1. Six years after the event complained of and
2. Three years from the date on which he became aware (or ought reasonably to have
become aware) that he had cause for complaint (DISP 2.3.1(1)(c

di3004

dreamer33 wrote: »

Hi

Just wanted to let you all know have sent online complaint to Finance and Leasing association.

Also complaint sent to director at Freedom Finance.
Letter sent to FSA, competition commission, OFT. Regardin the human rights act (worth a try) "right to receive a fair trial"

Letter sent to firstplus asking how they calculated their settlement figure also where was the information for the calculation taken from and was it firstplus who calculates the figure or another company.

Worth a try but will let yous know the outcome.

Well done and hope all goes well for you.
Keep us posted.;)

Di.
x

di3004

marshallka wrote: »

Its not anything to do with termination of the loan Di. You are not getting my point here. Its about cancelling the policy and termination of the policy and is nothing to do with the loan at all. Forget the loan ... this is about unfair rebate of the PPI policy so you need your PPI policy for these terms but I can guarantee that this PPI was not front loaded and use of rule 78 used against it. Please take a look at the piece about this that I posted from the competition commission. I know tiggrae has told you to make this claim and I hope she is right here for you!!!!

Have pm'd ya.....:D
Yeah I know what you mean hun cheers.;)

The only part which states about the cancelling is on the agreement and not the terms and conditions where it says:
Your rights:
Under the Consumer Credit Act 1974, we should have given you a copy of this agreement at least seven days ago to allow you time to consider whether ot not to to ahead.
If we did not, the agreement cannot be enforced without a court order.

I will have another look after though amonst the other paperwork just in case, but so far this is what we have.

di3004

moneysaver1234 wrote: »

Hi I'm looking to claim for PPI but I'm confused to what department ad to whom to post the letter too it would be great if some one could help me out??? :S

Thanks.

Hi there, and you are in the right place.

(apologies for the delay in getting back to you).

If you check above in the red box reclaim £1000's there is some explanation of mis selling of PPI.

There is also a template on that link, use that to guide you but add your own reasons and keep the letter strong.

They have 8 weeks to get back to you, if unsuccessful first time, another letter can be sent to request them to reconsider, if still unsuccessful then its time to move on to the financial ombudsman service if the company that sold and arranged the loan were covered by either GISC or the FSA.;)

We will work on that one if we have to, but the very best of luck anyway.

Please keep us posted, and if your having any problems finding the template, please let us know.;)

Di.

marshallka

Tron_ess did try to help us here too and I never read it AGAIN yesterday properly:o

Re your issues with Companies like Freedom and Click (Brokers)... you need to establish:
who sold you the loan
who underwrites the loan
who sold / advised you on the insurance (if an advised sale)
who underwrites the insurance.

To advise/sell insurance in the uk - they must be regulated with FSA. Freedom Finance are indeed regulated. Basically if your complaint is about "how" the product was sold then it sits with the Broker.
If the complaint is about the product itself ('the what') then complaint normally to the insurance providers (normally the lender or lenders insurers).

pinknico

marshallka wrote: »

Its within the

Termination of cover and benefits....

Mine is here

TERMINATION OF COVER AND BENEFIT

If you cancel Your policy before its normal expiry date You will receive a rebate of Your premium provided You have not made a successful claim. Your insurers will not calculate Your rebate proportionally, rather under the Rule of 78 set out in CCA 1974. This means allocatiing more of your premium to the early part of the policy when the Insurers bear more of the risk

Also Rule 78 is not set out in the CCA 1974 is it... going to check that one out...

The rule of 78 penalises borrowers early repayments by frontloading interest charges beyond what standard compound interest rules would prescribe.
The proportion of each re-payment that’s interest is frontloaded - re-pay your loan early and nearly all the capital’s still owing!


.

In my insurance policy for Future Mortgages in 2003 it says:

"If you redeem the loan early and you have not been paid for a claim, you will
receive a premium refund.It will be calculated under the Rule on 78 set out in the Consumer Act 1974. It will not be a strictly proportional refund. This is because the insurers have to allonate more of the premium to the early part of the loan where their liability is greater than it is towards the end of the loan."

di3004

I did actually come across a bit of info, not in the terms and conds though, it was just a part of the paperwork: This is when you settle and not cancel.

If your method payment is direct debit, please cancel this with your bank on the day remit your settlement payment to us.
Please note that if you wish to settle before the settlement date your may be entitled to a "Refund".

Still nothing on cancellation though.......