PPI Reclaiming discussion Part II

marshallka

take a look at this about the loan insurance premium part of the credit or part of the charge for credit..bottom paragraph

I cannot copy and paste this article cause it will not let me but a VERY interesting read

https://www.financialworld.co.uk/Archive/2005/2005_10oct/learning_corner/Law/law_meadows_case_appeal/2634-print.cfm

It says in here

Following a technical analysis of various sections of the Act the Court of Appeal decided that the insurance premium was part of the charge for credit as it was compulsory.

The loan document wrongly included it as part of the amount for credit and the agreement was therefore irredeemably unenforcable. This technical point was sufficent for the Meadows to win their case and illustrates how errors in the way in which components of a loan are categorized can render the entire agreement unenforceable.

In this case the insurance policy had effectively been missold: new rules for the selling of insurance which came into force in January, 2005, will make it less likley that such policies are missold in the future. However, the case is a timely reminder that the misselling of insurances as part of a credit agreement can have the effect of making the agreement unenforceable.

di3004

Shellbell wrote: »

its glorious sunshine where I am but very very cold :-)

Are loan companies supposed to tell you that you are taking out a single premium policy?

:-)

Yes hun, they are supposed to go through the details of the loan and the ppi with you to make sure you were eligible for this.
Unfortunately this seems to not be the case for many......:rolleyes:

Shellbell

oh I can feel my blood boiling now, looking at both my loans I can now see that they both look like single premium policies, is there any website that states you should be informed about this when taking out a loan.

Now one of my loans ended in 2006 apart from other mis-selling on the PPI does the selling of single premium policy count

My head is now becoming battered!
:-)

marshallka

milliemonster wrote: »

Hi everyone

Well I have had a very quick reply from First Plus about our PPI reclaim case and this is the response:

I note from our records that the loan and payment protection insurance were actually sold to you by The Personal Loan Express. Unfortunately as this is the case, First Plus does not have access to the records of the sale between you and the broker. I am therefore unable to investigate the sale of the insurance.

Unfortunately, the Personal Loan Express are no longer trading and as such will be unable to review your concerns. Your case however may be able to contact the FSCS at.....

Now, I have no recollection of going through this Personal Loan Express company whoever they are, and thought we went direct to First Plus, so what do we do now? any advice?

milliemonster, why is it whenever someone goes to Firstplus for the misselling of a policy that we are all told we actually went through brokers and none of us have any recollection of this...there are too many to mention...

I requested a sar from them and they had no details of Freedom/Bespoke Finance at all only heading on their print outs of my loan account. I really think there is more to than this..

I think that someone needs to investigate this company good style. I really smell a rat here..:mad:

di3004

Some PPI advice/info

http://www.which.co.uk/advice/finding-the-best-ways-to-borrow/payment-protection/index.jsp

di3004

marshallka wrote: »

milliemonster, why is it whenever someone goes to Firstplus for the misselling of a policy that we are all told we actually went through brokers and none of us have any recollection of this...there are too many to mention...

I requested a sar from them and they had no details of Freedom/Bespoke Finance at all only heading on their print outs of my loan account. I really think there is more to than this..

I think that someone needs to investigate this company good style. I really smell a rat here..:mad:

I agree..........:rolleyes: , something needs to be done.....:mad:

di3004

Shellbell wrote: »

oh I can feel my blood boiling now, looking at both my loans I can now see that they both look like single premium policies, is there any website that states you should be informed about this when taking out a loan.

Now one of my loans ended in 2006 apart from other mis-selling on the PPI does the selling of single premium policy count

My head is now becoming battered!
:-)

Not sure if you had the chance to check out the above advert of Martin's "reclaim £1,000's" think there may also be some info on these single polices.

Yes I know its very confusing......:rolleyes:

Shellbell

again thank you, computer crashed but I will take a look at the reclaiming section again re single premium policies, would it be advisable to ring both my loan companies and query exactly what type policy I do have ie is it a single premium?

marshallka

Shellbell wrote: »

thank you :-)

I have just read the back of my loan agreement and it says "You: authorise us to pay over the insurance premium for the cover to the insurers at the time and in the way they require"

what does this mean, does it mean that Abbey are not the insurers?

No, it means that your policy is underwritten by someone else and is with someone else. You had the loan to pay the insurance from Abbey and this loan is sometimes sold by a broker and the insurance is a seperate policy. You can find the details of the insurance on yor policy and who actually the insurance is with. Sometimes you do not get a policy but have to write off for one...

marshallka

Shellbell wrote: »

again thank you, computer crashed but I will take a look at the reclaiming section again re single premium policies, would it be advisable to ring both my loan companies and query exactly what type policy I do have ie is it a single premium?

The way to see if this was a single premium is if its a loan to pay the PPI. If it is then its a single premium..