PPI Reclaiming discussion Part II

marshallka

maxdp wrote: »

You probably got three now so sorry. If it helps in any way then I am pleased lots of different stuff there but is obviously looking at things from different angle. If it helps then I am pleased:D

Cheers maxdp. I did email you earlier tonight...

Getting some shut eye now but catch you tomorrow.

Night all...

maxdp

marshallka wrote: »

maxdp, can I send this to Firstplus or is it the broker you send this to. Tron_ess said the commission was equal liability...

Going to try to find the post again..

Wilson v Hurstanger


A broker negotiating a loan was paid a fee by his consumer clients and a commission from the lender. Although the clients were told about the commission, the broker had breached his fiduciary duty because he did not disclose the actual amount. The lender was held liable to the borrowers as accessory to the broker's breach


Re Hurtanger/Commission - all firms are playing this one close to their chests. They know this unlikely to be under FOS jurisdiction, so they'll almost ignore this unless the complaint is specific on this.
They still have to comply with FSA DISP rules so even if they FOB you off they should still address the issue raised in the complaint - so i'd consider going back on this point alone.
This issue has joint liability! If commission wasn't disclosed by either broker or lender then they are jointly liable to re-imburse you the value of that commission. Problem of course is that this is slightly more legally technically, and considering some firms exposure you may find they'll fight this one all the way.

Quite agree was given this info from somebody who knows:D Worth a try me thinks worked with one of my A and L or MBNA as was later known got extra 500 on top of PPI plus interest plus 8%.

Many years ago, the year of the big storm was on the jury of a case against two big as in you would know them insurance companies. The agents!!!!! were selling insurance and as soon as they sold them were getting huge amounts e.g. 500 plus into their account. What they were doing was selling them to relatives etc. then cancelling the insurance. They were in those days from other countries so they could use their names in various ways e.g. david john smith adam, then john adam, david smith etc. They would open up bank accounts by changing their name around which is what they did within their culture and pay their commission into it. As soon as they received this they would cancel the policies. They still kept their commission though. My point was these people had no training whatsoever and were able to sell insurance as they saw fit or to fill their budgets. The trial went on for three weeks. Very interesting and gave me a very good insight into the insurance industry.:D

maxdp

dreamer33 wrote: »

Right my head is killing and my eyes are sleepy but I have been looking through the SAR given by Freedom Finance, trying to see if I can make up my own case and present it to a solicitor for their thoughts.

I cannot let this go Freedom Finance cannot get away with what they have done.

One thing I asked for ages ago was a copy of all my telephone calls made from Telewest (then) am having to write another letter as need more reports.

I wondered if anyone could answer this question?

Bearing in mind that my credit agreement is unregulated, does the broker still have to give me a certain length of time and not call us before signing the app form?

I often wonder why also the broker who sold us the ppi is no longer working at freedom?(you don't have to answer this bit lol)

I think under common law you have I think seven days though may be 14 to change your mind. Anything over telephone or door stop sales you have the right to change your mind. Need to find out if it is 7 or 14.:D

marshallka

maxdp wrote: »

I think under common law you have I think seven days though may be 14 to change your mind. Anything over telephone or door stop sales you have the right to change your mind. Need to find out if it is 7 or 14.:D

Good point maxdp, yeah you are right if you sign on the premises there is not a cooling off period..;)

dreamer33

marshallka wrote: »

Freedom will always tell you the broker no longer works there and yes, they have to still give a 7 day period of no contact. I did not get one either...

Take a rest from this tonight dreamer and come back tomorrow. It is damn stressing. It will eat you up....

Just been reading the FISA website they have to give you 7days before giving you a signable agreement then 7 days to consider I have telephone calls and their diary notes right upto signature, one note states "Quick call to see if c/a (credit agreement) received had to leave message asking to contact" that was 28/01/04 he already asked us that the day before 27/01/08 and was told we had it. Then my husband called on 29/01/04 to let him know had sent it. It was at this point when he told me that we had to hurry up and sign because of changes and did not know if he could get us the loan. This is the info that is missing :mad:

Thought the below might help any members in need:

THE FISA LENDING COMPANIES

28

Black Horse Ltd.

0870 242 7878

Blemain Finance Ltd.

0870 112 5006

Endeavour Personal Finance Ltd.

0845 300 3965

Firstplus Financial Group plc.

02920 303020

Future Mortgages Ltd.

08457 388873

GE Money Home Lending Ltd.

01923 426426

Nemo Personal Finance Ltd.

02920 207000

Paragon Personal Finance Ltd.

0121 712 2383

Picture Finance Ltd.

01633 717 800

Swift Advances plc.

0845 074 8811

For the full address of a FISA Lender you can look at the FISA website https://www.fisa.co.uk

The companies listed above are FISA lending companies. This list is correct at the time
of printing. If you wish to confirm if any other lender is a FISA lender or if you wish to
confirm if any broker is FISA Registered you may do so by contacting the
nite nite all i'm whacked FIA

diso

di3004 wrote: »

Hi there again.

Right hun, I just want to make sure here now:

Do you still have the copy of the agreements of both loans ?

If not request for these and a written breakdown of all calculations of the first loan going into the 2nd loan.

They may be able to provide these to you free of charge, or you may have to pay I think its just a £1 for these.

A reclaim letter can be sent to cover both of these loans, you just add the 2 account numbers, and they should investigate this for you.

I will add a link here for you like I do with all requesting a template reclaim letter for this,
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

This link will also give you an idea of what reasons you may have beem mis sold PPI with altogether, now add you own reason in your letter and any information you feel that will help your reclaim that is not added on the template.

You will find the template on the above link.

They have 8 weeks to get back to you and if you receive a knock back letter first time, please post back here, so we can get sorting out some extra information for your 2nd letter, you should then receive the final decision letter from them, hopefully it will be successful, but if not after receiving the final decision, it can then be taken to the Financial Ombudsman Service (FOS), but we will not deal with that yet until you know the outcome of this first.

Please feel free to ask anything at any time, there is always someone here to help guide you through this, every step of the way.;)

Hope this helps, but like I said post anytime, your very welcome.

PS, still continue with the letter for as soon as possible, everything else can be dealt with later.

Di.
x

Hi and thanks.I didn't have a copy of both loans, mainly because they never gave me a copy of the second, they in fact gave me a reworked version of the first one, which had me under the impression that I would have repayed everything by 2009.

I've been chasing them up for the last few months to get copies, and I finally did get a copy of the paperwork for the second loan last week (although they still have failed to provide me with a signed copy of the first loan). I'm still trying to get a breakdown of the first loan going into the second loan tho.

I sent a PPI reclaim letter and they recieved it Monday morning so I'm looking forward hearing from them now.

It brightened my day up to think that I'm finally doing something about my debts, well, until I read my Egg card statement and saw the £98 interest for the month, that kinda put me in a bad mood again.

marshallka

maxdp wrote: »

Marshallka is the person best to sort figures out but I would say after paying 3 payments and actually owing less than you borrowed it is a good deal usually they front load the interest and you are left owing more than you borrowed for at least 12 months.

That is my input you are so lucky you are not having the I believe 78 rule.

Marshallka will help on a more sensible note.:D

Actually maxdp, rule of 78 works out less on this one according to the calculator
http://www.drcalculator.com/calc/rule78.cgi

£21,645.83

redrosegirl paid £21,809.47

at 12 months it would have been
19936.16

but with the other method that is the newer method at 12 months it would have been about £18000 so actually gets worse with rule 78 the longer you have the loan....


Ie mine using rule 78
Repayments £285 per month

Original loan £21163 6/01/00

so after repayments of 15 x 285.00 totalling £4275 i repaid £57.00 off the loan

Settlement as at 14/04/2001 £21220 (this was after making repayments of 15x285)



then I made another 6 repayments totalling 21 in all and this cost £5985 and bought the settlement down by a whopping £276 in total


Settlement as at 30/10/2001 £20887 (this was after making another 6x285 being 21 in all)






Settlement as at 15/04/2003 £20410 (this was after making another 18 repayments of 285 being 39 in total)

So after repayments of 39 x £285.00 totalling £11115 I had repaid £753.00 off the loan in all.


How can they justify this to anyone... Making repayments of £11,115 and that reducing the loan by £753.00

mlucyminx

thanks for info everyone

marshallka

diso wrote: »

Hi and thanks.I didn't have a copy of both loans, mainly because they never gave me a copy of the second, they in fact gave me a reworked version of the first one, which had me under the impression that I would have repayed everything by 2009.

I've been chasing them up for the last few months to get copies, and I finally did get a copy of the paperwork for the second loan last week (although they still have failed to provide me with a signed copy of the first loan). I'm still trying to get a breakdown of the first loan going into the second loan tho.

I sent a PPI reclaim letter and they recieved it Monday morning so I'm looking forward hearing from them now.

It brightened my day up to think that I'm finally doing something about my debts, well, until I read my Egg card statement and saw the £98 interest for the month, that kinda put me in a bad mood again.

Good luck with the reply...

maxdp

Cant send or receive e mails this morning with BT is anyone else having trouble:mad: