PPI Reclaiming discussion Part II

marshallka

tiggrae wrote: »

I'll bet you my dog (who's sooooo cute) that they'll all come back and deny mis selling !!! You don't have to get a final response to start proceedings.

This is what the statute of limitations says about chasing a debt - it's the last sentence which is important - although this is about a debt you could argue the same applies to mis selling if they go for the statute barred route

Limitation Act 1980 and Unsecured Debts.

The 1980 Limitation Act 1980 states how long a creditor can chase someone for an unpaid debt. This articles explains how the limitation act applies to unsecured lending in England and Wales.

The Limitation Act 1980 applies only when no contact has been made between the creditor and debtor within a certain time limit, and applies to residents of England and Wales only.
The time limit depends on the type of debt. For unsecured loans it is 6 years. If the debtor acknowledges the debt in writing or pays an installment within the original limitation period, then the time limit begins again from the date of acknowledgement or the date of payment.
If the creditor does not contact the debtor for 6 years or more, the debtor may be able to claim that the outstanding debt is Statute Barred under the conditions of the Limitations Act. Statute Barred means the creditor cannot use the legal system to enforce payment.
When a Creditor can pursue an unsecured debt.

A debtor may think (or hope) a creditor has written-off a debt if they have not heard from them for a long time. This may be because of failure to tell the creditor of address changes. The debt still exists and creditors are entitled to chase payment indefinitely.
Creditors can pursue an unsecured debt if:

• There is a CCJ outstanding against the debt.
• Payment to the account has been made within the past 6 years. This includes from other people named on the credit agreement.
• Contact has been made with any party named on the credit agreement. This can be by telephone, letter or email in order to request a balance or change details. An exception to this is contact for reasons to deny the debt exists.

My loan was secured but its settled now. How does this apply to debt that was secured. I presume its now debt unsecured as its settled . Am i right

money2008

sarahc5388 wrote: »

Just found this in another thread - hope it helps:

Complaints department

Bank's name & address
Re: account 999999999999999999999
COMPLAINT
Dear Sir or Madam,

I took out the above loan for £x,000 on dd/mm/yy. When I took it out, I signed up for Payment Protection Insurance. I phoned up on dd/mm/yy to ask to cancel it and was told that this is impossible. I am writing to complain.
Put in any of the following which apply:
[When I took out the loan, I was told that I would not have been given the loan if I did not take PPI. I have since been told that this is not true, and that you are not allowed to make PPI a condition of taking out the loan unless you include the costs of PPI in your quoted loan interest rate, which you did not do. I therefore consider that I have been mis-sold this expensive insurance, which I do not need and which I said that I did not want.]
[I am self-employed/work as a contractor/unemployed and therefore will not be eligible for any payments from the PPI if I cannot get work or am sick. My situation was known to the person who sold me the loan, however he/she did not point out that the insurance was virtually useless to me so I think that I have been mis-sold the insurance.]

[When I took out the loan, I said I did not need the PPI as my employer provides generous illness and redundancy benefits, but I was told I should still take it out. As this is not correct, I consider that I have been mis-sold this expensive insurance, which I do not need and which I said that I did not want.]
[I wish to cancel the PPI because since taking out the loan, my employment situation has changed. I am now self-employed/work as a contractor/unemployed and therefore will not be eligible for any payments from the PPI if I cannot get work or am sick.]
[I wish to cancel the PPI because I now have sufficient alternative insurance cover from my employer and other sources.]

[I wish to cancel the PPI because I am in financial difficulties and cannot afford it. I enclose a Statement of Affairs which shows this.]

I have been advised that I should be able to cancel the PPI contract at any time and receive a partial refund of the premium that I have paid. I would like to do this. [And in view of the way I was mis-sold the insurance, I would like to ask for a full refund of the whole premium.]

I would appreciate a reply to this letter within fourteen days. If you reject this complaint, I would be grateful if you could explain whether you provide an internal appeals process. If you do not, please supply me with a final response letter, so that I can take up the matter with the Financial Ombudsman Service.
Yours faithfully,

nb There is no reason why you have to be able to prove that you cant afford the PPI before you cancel it, so in theory you should not need to send an SOA. However, I think it helps because it puts the bank morally in an even worse position if their PPI is causing you hardship.

Hello Sarah
I just wanted to say a big thank you for your help
I have sent another letter and await HFC bank's reply!!
I will post the outcome!!
Thanks Again

money2008

Just a quick question
I may be able to settle the loan I have with HFC (Beneficial Finance)
Do you think I should wait until my complaint/claim has been resolved or would it not make any difference???
Thanks

tiggrae

marshallka wrote: »

My loan was secured but its settled now. How does this apply to debt that was secured. I presume its now debt unsecured as its settled . Am i right

forget the loan and read into it about mis selling as you can argue the same thing applies (ie although the mis selling took place over 6 years ago, you have been in contact with the debtor as the actual loan was not redeemed until 2003, therefore the 'debt' (ie the amount you're owed due to the mis selling) should not be time barred !!!!

tiggrae

money2008 wrote: »

Just a quick question
I may be able to settle the loan I have with HFC (Beneficial Finance)
Do you think I should wait until my complaint/claim has been resolved or would it not make any difference???
Thanks

will make no difference

di3004

Hi there folks.;)

Does anyone know if Endeavour Personal Finance were regulated by anyone in 2004 ? Cheers.;) If not the FSA what about GISC ?

Our loan was taken out in July 2004, it was a loan for 25 years, but we paid this off in 2005, 24 years earlier, the rebate was so poor when settled this with Endeavour, yet it was sold by a 3rd party broker called Click finance who have now unfortunately dissolved, so a bit of a predicament here really.
Myself and hubby when taken the loan and ppi in 2004 we thought it was all part of the agreement and to be eligible for credit, as nothing was explained then, as we are aware the 'advised' sales did not come into force until Jan 2005.

However,it was my husband who had the single ppi for this loan and has medical problems (back), and did do also when taking out this policy where he did tell the broker he had just returned to work from being on the sick due to this, but still nothing mentioned, no advice or options etc !

The paperwork I do have here from the SAR do not mention anything about any regulators from what I can see, only those of the FISA, unless I've missed this somewhere, but I do know Endeavour were not regulated by the FSA as their final response states that we are unable to take this to the FOS as they were not regulated and blah blah blah .

We do know that the mis selling company HFC are part of this company, but not sure if can can pursue through these.
The insurance as stated on the Endeavour paperwork is 'Hamilton Insurers'.

Will be happy to hear of anyone elses experience with these and if any successes if possible and what route you had taken if the company was not then regulated, cheers folks and sorry to blab on lol.

di.

cmac

sarahc5388 wrote: »

Just had a thought - how much money are they making on SARs???

I know i`ve thought about that as well. we are just giving them even more money but I suppose we need the details

YEOSAL

cmac wrote: »

I know i`ve thought about that as well. we are just giving them even more money but I suppose we need the details

Just think of all the time it takes them to find and compile the information - especially the SAR request posted by Laini. Bet it gives them a stinking headache when they get these requests! £10 does not cover much..:rotfl:

di3004

And how is our lovely Laini today ?

Hi there Laini if your about hunni, ya know who I am sweetie.:j

And any updates on ya claims yet hun ?;)

Di.
xx

marshallka

singlep wrote: »

Marshallka - FSMA, the Financial Services and Markets Act, 2000 required all EU countries to introduce regulation of general insurance. The UK did this in Jan 05 but countries such as Gibraltar who follow the EU have done this much later. Therefore Bespoke did not need to register in Gib and did not register in the UK in Jan 05. So no registration was required anywhere. These companies were set up by accountants to avoid VAT in the UK, but PPI buyers are the unfortunate victims. The websites state that Freedom is Bespokes processor. A processor cannot be an adviser so we can assume that Freedom assumed the role of adviser but failed to inform customers. This is the basis for complaint as I see a Freedom company was a GISC member which will qualify the claim. This is a scandal that someone should investigate.

Which freedom company (they have so many) are you on about there. Was this in January, 2000. I realise they have more than one company but i am confused as to what you are saying here.