PPI Reclaiming discussion Part II

maxdp

marshallka wrote: »

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.

plus 8% plus damages

maxdp

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..

Yes you can challenge these but only if you still have a balance on them if you have settled them you cannot challenge as if you challenge it makes the amount outstanding Void. If you have settled obviously that amount is not outstanding so is not void:D

pinknico

marshallka wrote: »

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.

This is the bit I dont get "credit" and "charge for credit" how do these differ and how do they show on a credit agreement?

Maxdp, how are you today ? Hope you are coping ok and best wishes to you and yours. xx

Marshallka when I take someone to court I want you as my brief!!
Rooting for you all the way which ever course you take.

Di hope you get a result this week.

marshallka

maxdp wrote: »

Yes you can challenge these but only if you still have a balance on them if you have settled them you cannot challenge as if you challenge it makes the amount outstanding Void. If you have settled obviously that amount is not outstanding so is not void:D

So what about settled loans done and dusted...

marshallka

pinknico wrote: »

This is the bit I dont get "credit" and "charge for credit" how do these differ and how do they show on a credit agreement?

Maxdp, how are you today ? Hope you are coping ok and best wishes to you and yours. xx

Marshallka when I take someone to court I want you as my brief!!
Rooting for you all the way which ever course you take.

Di hope you get a result this week.

Ahh thanks pinknico, I want this company so bad (BARCLAYS FIRSTPLUS) but cannot go anywhere with the authorities due to stupid jurisdictions issues...
It makes my blood boil...

I will not give in as long as i have an hole in my ****...

marshallka

di3004 wrote: »

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.......

Are you on about cancelling the PPI policy... I had no cancellation rights on the PPI policy documents that they sent to me with the SAR. The only cancellation rights on the PPI policy were that if you cancel then this would not be in proportion but rather under the use of the rule of 78.

No actual cancellation rights of 14 or 30 days...

It says here on which site

http://www.which.co.uk/advice/cancelling-your-ppi-policy/index.jsp



If you’re really sure you don’t need the insurance, it’s easy to cancel it. Everyone has a legal right to cancel a policy within either 14 or 30 days of the start date (depending on the terms), but you can still cancel the policy even if you have kept it beyond this period.
BUT WE HAD NOT RIGHT IN LAW TO CANCEL BEYOND THE 7 DAYS AFTER SIGNING THE AGREEMENT AND THE AGREEMENT DATE WAS THE DATE THAT THE POLICY STARTED.

I don't know when this came into force but it looks like we had an unfair agreement if we had 7 days to cancel after signing the agreement (their rights) and ours of cancelling the PPI policy were then stopped due to the PPI being a loan creating an unfair relationship and unfair contract.

di3004

More on my agreement.
IMPORTANT : you should read this carefully:

The Consumer Credit Act 1974 covers this agreement and lays down certain requirements for your protection which must be satisfied within the agreement is made.
If they are not, we cannot enforce the agreement against you without a court order.

INSURANCE:
Where payment protection insurance has been selected, this document constitutes a proposed confirm that you have received details of the PPI and are aware that a copy of the policy, setting out all the terms and conditions, is available on request.
The insurers are not obliged to accept the proposal.
If the insurers do not accept the proposed premium specified in the Schedule overleaf will be cancelled and the Total Loan Amount and instalments will be reduced accordingly.
If the insurers do not accept the proposal , following execution agreement by us, the insurers will issue a policy document to you.
Under the term and conditions of the policy, payment by the insurers of any benefit will be made to the lender and will be used to discharge all or as much as possible of the Total loan amount other sums in relation to it.

WARNING:
If you fail to disclose any material facts that the insurers regard as likely to influence assessment and acceptance of the proposal, the insurance may be declared void at at (cannot see that word) insurers.
if you are unsure as to whether or not facts are material, you should disclose them.

di3004

pinknico wrote: »

This is the bit I dont get "credit" and "charge for credit" how do these differ and how do they show on a credit agreement?

Maxdp, how are you today ? Hope you are coping ok and best wishes to you and yours. xx

Marshallka when I take someone to court I want you as my brief!!
Rooting for you all the way which ever course you take.

Di hope you get a result this week.

Hi there Pinknico hope your okay hunni.;)
Thank you and I hope you get some very good news this week too.:beer: .

di3004

marshallka wrote: »

Ahh thanks pinknico, I want this company so bad (BARCLAYS FIRSTPLUS) but cannot go anywhere with the authorities due to stupid jurisdictions issues...
It makes my blood boil...

I will not give in as long as i have an hole in my ****...

And we're all behind you all the way......:D :T .

marshallka

Can I cancel my policy?
You always have the right to cancel the policy within the
first 14 days, or 30 days if there is any life cover included,
and you will usually get a full refund. This is known as a
‘cooling-off period’.
Sometimes, the insurance provider may make a charge
to cover their costs. You should usually get a full refund if
your insurer has not paid you any benefits within the
cooling-off period.
The 14-day cooling-off period is from the start of the policy
or from the date you renew a policy you already have.
If payment protection insurance has been added to your
credit agreement, your credit agreement may have to be
rewritten if you cancel your PPI policy



http://216.239.59.104/search?q=cache:fO8ua7L0BOMJ:www.santanderconsumer.co.uk/pdfs/PPI%2520LEAFLET%2520FINAL-%2520OCT.PDF+cancellation+rights+of+PPI+policy+14+days&hl=en&ct=clnk&cd=2&gl=uk