PPI Reclaiming discussion Part II

tiggrae

marshallka wrote: »

On another note i telephoned the FOS today asked about the ppi bit of my complaint with Firstplus and they have told me to "hang on". I have stressed to them the limitations thing but they still said to "hang on". I have emailed them too just for confirmation in writing and hopefully will get a reply soon. I did say that it was outside their jurisdiction and they said you had the loan and ppi when you settled in 2003. What do you think of that.

yes I read that, hopefully they will look at the whole, however, it would be the first time I've heard of them doing so !! Just keep at them until you know for sure. As for the licencing in Gibraltar, honestly I don't know, if they hold a Consumer Credit Licence to sell credit in the UK, I would have thought they would have to hold some sort of licence to work out of Gibraltar (and was surprised when I was told they didn't) because as we've been finding out if they do something wrong you can sue in the UK courts but what's the point if the UK bailiffs have no jurisdiction in Gibraltar and I doubt a Gibraltar Court would have jurisdiction as they are 'selling' into the UK - I thought the Financial Services & Markets Act 2000 was in response to Europeon legislation which required overseas markets to be regulate companies within their jurisdiction - I think it's a loophole which is being exploited by Freedom /Bespoke and maybe it's something Martin / BBC Watchdog should be investigating and exposing !!!

As for the company I work for, we're ignoring both Freedom & Bespoke and on behalf of our affected clients are holding First Plus responsible for the actions of their agents under the s52 CCA 1972 Act - I've been writing up particulars of claim for court documents this afternoon

mmlees

Hi can anybody help me with this?
I consolidated my debts in 2002 which amounted to £22 thousand (I know, I cried for a week) I was young and naieve and silly. HSBC called me in to see a financial adviser who granted the loan on condition I protected my income with a HSBC Life insurance (£34 a month) (as the loan was not protected - to make the re-payments cheaper at £405 a month for 74 payments). I have since found out the Life insurance normally is for pensions and morgages (i had neither). I have not missed a payment, therefore I did not need this insurance. Can I claim this back??? is it the same as PPI???

marshallka

mmlees wrote: »

Hi can anybody help me with this?
I consolidated my debts in 2002 which amounted to £22 thousand (I know, I cried for a week) I was young and naieve and silly. HSBC called me in to see a financial adviser who granted the loan on condition I protected my income with a HSBC Life insurance (£34 a month) (as the loan was not protected - to make the re-payments cheaper at £405 a month for 74 payments). I have since found out the Life insurance normally is for pensions and morgages (i had neither). I have not missed a payment, therefore I did not need this insurance. Can I claim this back??? is it the same as PPI???

Was this just a life insurance or income protection insurance? Also did having this insurance actually benefit you by reducing your repayments?

We pay an income protection insurance on our mortgage.

Was the loan secured?

Also was this seperate policy? We pay about that much to protect our mortgage and income should my husband be out of work. We pay this separate and we can cancel at any time and there is no interest on this.

The difference with ppi is its added to your loan and if its front loaded you pay interest on this for the full term of the loan and pay it up front at the start of your loan. A very unfair method or protecting your loan. Also some of the policys that you pay for up front only protect you for 5 years of the loan and not the full term.

JillN

Hi, I have now contacted a company to try and claim on my behalf as the FOS were unwilling to look at my case as loan was taken out in 2003. The company seem fine and have stated that all costs will be claimed back from GE Money if they win my case.
Whats concerning me is they stated I have to sign a Conditional Fee Agreement (CFA) with a Solicitor. This is worrying me as they say they will take an insurance policy out incase they loose the case, who pays for this. Does anyone know what a Conditional Fee Agreement is, I'm worried that I am going to have to pay out a large amount if the case fails. Can anyone help I'm so naive with things like this.

Jill

sparky0107

JillN wrote: »

Hi, I have now contacted a company to try and claim on my behalf as the FOS were unwilling to look at my case as loan was taken out in 2003. The company seem fine and have stated that all costs will be claimed back from GE Money if they win my case.
Whats concerning me is they stated I have to sign a Conditional Fee Agreement (CFA) with a Solicitor. This is worrying me as they say they will take an insurance policy out incase they loose the case, who pays for this. Does anyone know what a Conditional Fee Agreement is, I'm worried that I am going to have to pay out a large amount if the case fails. Can anyone help I'm so naive with things like this.

Jill

Hi Jill,
Try to pm petermb or homer_j, they seem to have a handle on these things and can probably explain it better to you.

sparky0107

Has anyone read in the paper today (The Mirror) GE money have teamed up with CCCS, and they are advising people who get into difficulty with their mortgage to contact CCCS. Pity they didn't dothat when as poor saps went looking for a loan off them

marshallka

Just been on the phone to Association of Finance Brokers as i note from Bespoke Finances webiste address on my letter from them bespokefinanceltd.com it brings you to a webpage of http://www.bespokefinanceloans.co.uk/. If you look at the FAQ's there then you can see that they state

Q: Will my loan application be treated confidentially?
A: Everything we do is strictly confidential. As registered members of the Association of Finance Brokers (AFB) and the Data Protection Act (DPA), we strictly follow the guidelines set out by both to ensure your business is your own.

I have told them all about the confusion that people are having when applying for a Freedom Loan and that Freedom say they only process on behalf of Bespoke. I was then told that the insurance aspect of the loan is "always" sold in the uk. I have just made the AFB aware of some of the confusions that people have when taking out the loan and insurance with Freedom and then they discover that Freedom say we only processed (therefore not the broker) pass their complaint onto a company in Gib. He went onto the webpage himself and has taken all my comments aboard.

tiggrae

JillN wrote: »

Hi, I have now contacted a company to try and claim on my behalf as the FOS were unwilling to look at my case as loan was taken out in 2003. The company seem fine and have stated that all costs will be claimed back from GE Money if they win my case.
Whats concerning me is they stated I have to sign a Conditional Fee Agreement (CFA) with a Solicitor. This is worrying me as they say they will take an insurance policy out incase they loose the case, who pays for this. Does anyone know what a Conditional Fee Agreement is, I'm worried that I am going to have to pay out a large amount if the case fails. Can anyone help I'm so naive with things like this.

Jill

Hi Jill just looked this up for you -

Conditional Fee
A “Conditional Fee Agreement” (CFA) is a type of arrangement, whereby payment to the solicitor is dependent upon the result of the proceedings, and is permitted (in certain instances) by Section 58 of the Courts and Legal Services Act 1990 and the Conditional Fee Agreements Order 1998.
The difference between a “Contingency Fee Arrangement” and a “Conditional Fee Agreement” (CFA) is that, under a CFA, a solicitor can charge his client the usual charge out rate, plus an uplift (or “success fee”), if he has pursued his clients’ case successfully, whereas the “Contingency Fee Arrangement” is based upon the solicitor’s fees being based upon a percentage of the winnings which, as noted above, is prohibited. The uplift, or “success fee”, in respect of a CFA, may be as high as 100% of the usual charging rate, whereas in respect of both the CFA and the “Conditional Fee Arrangement”, if the case is not successful then no fee, or a reduced fee, may be payable.
Setting up a CFA
Because a “Conditional Fee Agreement” (CFA) allows a solicitor to receive a “success fee”, there are strict requirements which must be complied with in order to create a valid CFA.
If the CFA does not comply with those requirements, then the CFA will be unenforceable.
One of the most important requirements is that the existence of the CFA must be notified to other potential parties to the dispute as soon as it is in place and at the commencement of the action. If this information is not provided in this way and at that time, the client will not be able to claim the “success fee” element of his costs from his opponent if he wins the case.

**AquariausAngel**

Hi

I sent my first letter to B/Card asking for a full refund of PPI payments since taking out their credit card in 2003 to which I had a Final Response letter yesterday saying that it was my responsibility to check at the time of signing. I can't remember anything about PPI at the time - it was 5yrs ago and I was young and naive. It's only since looking on this website I've realised I didn't need PPI and have since cancelled my payments in May this year.

I sent an e-mail to the FOS this morning asking for advice - just waiting on a reply now.

I just wondered if anyone has any information on reclaiming PPI from Barclaycard and if it's worth pursuing my case even though I took out PPI in 2003?

I would be grateful for any feedback.

Many thanks

bathgatebuyer

http://www.fsa.gov.uk/pages/Doing/small_firms/insurance/pdf/ICOB_ataglance.pdf

Thought that document may be of interest to people who are seeking to reclaim mis-sold premiums. Although this is the most recent version of the Handbook, the principles applied may be useful to some on here.