PPI Reclaiming discussion Part II

marshallka

Am i going mad here but hear me out

Just been thinking about if a PPI is added to an agreement. I said this a few weeks ago but only just got thinking about it again.

We all had PPI added to our credit agreements. Our agreements are regulated under the CCA.


Under the consumer credit act we have a cooling off period of 7 days.
Under the PPI most people should by law have a cancellation period of 14 days for sickness, accident, redundancy and 30 days if this included insurance for life.

If we cancelled the PPI would they have been able to enforce the loan for the PPI (as the PPI was sold by way of a loan) and on the loan there is only 7 days to cancel.

If this is the case then its a totally unfair contract...as we should have been allowed the 14 or 30 days cooling off period.

The company that you had the agreement with would be within their rights after only 7 days to say that you they would enforce the whole agreement including the loan bit for the PPI but your statutory rights in cancelling a policy within 14 days or 30 days is not allowed this way so this in actual fact means the whole contract is an unfair contract.

di3004

marshallka wrote: »

Am i going mad here but hear me out

Just been thinking about if a PPI is added to an agreement. I said this a few weeks ago but only just got thinking about it again.

We all had PPI added to our credit agreements. Our agreements are regulated under the CCA.


Under the consumer credit act we have a cooling off period of 7 days.
Under the PPI most people should by law have a cancellation period of 14 days for sickness, accident, redundancy and 30 days if this included insurance for life.

If we cancelled the PPI would they have been able to enforce the loan for the PPI (as the PPI was sold by way of a loan) and on the loan there is only 7 days to cancel.

If this is the case then its a totally unfair contract...as we should have been allowed the 14 or 30 days cooling off period.

You have made a very good point here Marshallka, we need someone who would also know how these work to confirm this here.

marshallka

di3004 wrote: »

You have made a very good point here Marshallka, we need someone who would also know how these work to confirm this here.

Added this now Di

The company that you had the agreement with would be within their rights after only 7 days to say that you they would enforce the whole agreement including the loan bit for the PPI but your statutory rights in cancelling a policy within 14 days or 30 days is not allowed this way so this in actual fact means the whole contract is an unfair relationship and contract.

marshallka

The Consumer Credit Act & Charges For Credit
The law under the Consumer Credit Act is intended to protect consumers by giving them the chance to fully understand the loan agreement they are signing up to, therefore allowing them to compare the different credit available on a like for like basis.

If a document fee or the cost of a PPI policy is considered to not represent “credit” in the loan agreement, but rather a “charge for credit” as defined by s.9(4) of the Act, the loan agreement will not have been correctly executed in line with s.61(1)(a) of the Act.
The effect of such an improperly executed loan agreement is that the loan will be declared unenforceable, as stated in s.65 of the Act, without an application by the defendant to the courts. However any such request will fail under s.127(3) as there is no signed agreement between lender and consumer, containing all of the correctly stated “prescribed terms”.
In basic terms, due to strict consumer laws, there is a chance that if you have a loan of £25,000 or less, you could have it written-off and the payments made returned to you plus interest.

marshallka

http://news.bbc.co.uk/player/nol/newsid_7190000/newsid_7195100/7195126.stm?bw=bb&mp=wm&news=1&nol_storyid=7195126&bbcws=1

Just had a listen to this..

maxdp

marshallka wrote: »

maxdp, have you seen this.... may be of interest:D

Oooooh:rotfl:
Have e mailed you earlier. Ta for that

maxdp

marshallka wrote: »

This is what i was trying to explain the other night...

Do quite agree. Total of loans am taking through FOS are tiddly compared to some of these. They have been front loaded and the rebate is unfair so am going to resubmit complaint.:D

di3004

marshallka wrote: »

http://news.bbc.co.uk/player/nol/newsid_7190000/newsid_7195100/7195126.stm?bw=bb&mp=wm&news=1&nol_storyid=7195126&bbcws=1

Just had a listen to this..

Just had a listen.......and I think I seen this on the news a while back, wonder if they have a current website of their to use now??

maxdp

marshallka wrote: »

Am i going mad here but hear me out

Just been thinking about if a PPI is added to an agreement. I said this a few weeks ago but only just got thinking about it again.

We all had PPI added to our credit agreements. Our agreements are regulated under the CCA.


Under the consumer credit act we have a cooling off period of 7 days.
Under the PPI most people should by law have a cancellation period of 14 days for sickness, accident, redundancy and 30 days if this included insurance for life.

If we cancelled the PPI would they have been able to enforce the loan for the PPI (as the PPI was sold by way of a loan) and on the loan there is only 7 days to cancel.

If this is the case then its a totally unfair contract...as we should have been allowed the 14 or 30 days cooling off period.

The company that you had the agreement with would be within their rights after only 7 days to say that you they would enforce the whole agreement including the loan bit for the PPI but your statutory rights in cancelling a policy within 14 days or 30 days is not allowed this way so this in actual fact means the whole contract is an unfair contract.

Yes you are quite right you have a cooling off period and the loan should not go ahead until that period is over. It covers anything sold out of office as far as I am aware so telephone or cold calling on doorstep. So loan should not go ahead until after the cooling off periodm

di3004

So on my actual Credit Agreement CCA 1974 does this mean anything?

(Endeavour)
Your rights:
Under the Consumer Credit Act 1974, we should have given you a copy of this agreement at least 7 days ago to allow you time to consider whether or not to go ahead, if we did not, the Agreement cannot be enforced without a court order.

And Yet I still find nothing on this about cancelling this if I wanted to.......