PPI Reclaiming discussion Part II

marshallka

tiggrae wrote: »

where does it say they were members of the GISC, it states FISA but I couldn't see GISC

at the top where it says "Insurance Apply." underneath it says

Members of the General Insurance Standards Council.


Mhttp://www.lowcostloans.co.uk/insura..._quotation.aspember OInsurance[FONT=Arial, Helvetica, sans-serif] - Apply[/FONT]
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[FONT=Arial, Helvetica, sans-serif]Member Of The General Insurance Standards Councilf The General Insurance Standards Council[/FONT]

di3004

slogger wrote: »

My neighbours who can neither read or write and are slightly backward,, took out a Lloyds TSB loan 3 years ago for £16,000, on a 6 year loan, they are paying £520 per month, this seems a hell of a lot over 6 years,there is obviously something very fishy about this, l am looking into it for them, they were never given any paperwork either.
ps they are both retired.

Blimey that does seem a lot :eek: , is that including PPI hun ?

What a very good neighbour you are, I bet they are so proud of you, well done hunni and good for you, hope this sorts out.;)

Di.
xx

hashxx

Tiggrae,

According to the letter received they are going to refund the following,

the 1st loan they refunded a part of the premium totalling £622.74 the rest was credited to the second loan account £999.82.

They never informed me about any of that info.

2nd loan opened in 2006 they will refund the full amount of the premium of £3808.20, the interest charged on that premium totalling Will also be refunded to the loan. The statutory interest totalling of £150.37 will be credited back to the current account, they going to restructure the loan.

Basically i did the calculations as follows,

1st Loan of ppi is 60 months X 34.17 = 2,050.20
2nd loan of ppi is 84 months X 64.26 = 5,397.84

Im not too sure if this is right?

It seems they are only paying for about 45 months on the second loan..

Let me have you opinion,,


Thank you very much tiggrae.

tiggrae

hashxx wrote: »

Tiggrae,

According to the letter received they are going to refund the following,

the 1st loan they refunded a part of the premium totalling £622.74 the rest was credited to the second loan account £999.82.

They never informed me about any of that info.

2nd loan opened in 2006 they will refund the full amount of the premium of £3808.20, the interest charged on that premium totalling Will also be refunded to the loan. The statutory interest totalling of £150.37 will be credited back to the current account, they going to restructure the loan.

Basically i did the calculations as follows,

1st Loan of ppi is 60 months X 34.17 = 2,050.20
2nd loan of ppi is 84 months X 64.26 = 5,397.84

Im not too sure if this is right?

It seems they are only paying for about 45 months on the second loan..

Let me have you opinion,,


Thank you very much tiggrae.

OK first loan - you paid 12 installments of 34.17 = 410.04
they credited you with £622.74
Added to 2nd loan £999.82 = 2032

therefore, you should be due back 410.74 + 999.82 = 1410.56 + Stat. interest

2nd loan you've paid 26 installments of £64.26 = £1670.76 + stat interest

Total amount due is £3081.32 + interest

and the loan should be restructured to remove the full £64.26 on the remaining 58 installments

tiggrae

slogger wrote: »

My neighbours who can neither read or write and are slightly backward,, took out a Lloyds TSB loan 3 years ago for £16,000, on a 6 year loan, they are paying £520 per month, this seems a hell of a lot over 6 years,there is obviously something very fishy about this, l am looking into it for them, they were never given any paperwork either.
ps they are both retired.

thats £37440 (74 x 520) - what you need to do is write to James Conlon at LLoyds TSB Insurance - Customer Care, Tredegar Park, Newport, South Wales NP10 8SB - your neighbours will need to give you a letter of authority to do so, tell him your neighbours cannot read or write, and not to come back with their normal 'they should have read the documentation' also send in copies of their disability statements, pension etc etc anything that will prove they should never have been sold the damn policy in the first place - if that is they do have PPI, but that loan amount repayment is astonishingly high for a high street bank rate !!!!

marshallka

Tiggrae, did you see my two posts previous about the GISC on the site and my loan WAS regulated. It was only £21463. Can you let me know what you think about this licence business as it IS ILLEGAL to operate without. I will find out tomorrow for definate but if they were then i could definately win in court couldn't i and firstplus are in trouble as well.

tiggrae

marshallka wrote: »

Tiggrae, did you see my two posts previous about the GISC on the site and my loan WAS regulated. It was only £21463. Can you let me know what you think about this licence business as it IS ILLEGAL to operate without. I will find out tomorrow for definate but if they were then i could definately win in court couldn't i and firstplus are in trouble as well.

this is what the CCA 74 says about licencing - according to their correspondence Bespoke have consumer credit licence no. 427982 - so the question is when was that licence issued and to whom

- as for being members of the GISC, that website has been updated in 2008, so it was probably updated in 2001 when Freedom became members

20
Licensing principles

21

.—(1) Subject to this section, a licence is required to carry on a consumer credit

business or consumer hire business.
(2) A local authority does not need a licence to carry on a business.
(3) A body corporate empowered by a public general Act naming it to carry on a business does not need a licence to do so.
22

.—(1) A licence may be—

(a) a standard licence, that is a licence, issued by the Director to a person named in the licence on an application made by him, which, during the prescribed period, covers such activities as are described in the licence, or
(b) a group licence, that is a licence, issued by the Director (whether on the
application of any person or of his own motion), which, during such period as
the Director thinks fit or, if he thinks fit, indefinitely, covers such persons and
activities as are described in the licence.
(2) A licence is not assignable or, subject to section 37, transmissible on death or in any other way.
(3) Except in the case of a partnership or an unincorporated body of persons, a standard licence shall not be issued to more than one person.
21
(4) A standard licence issued to a partnership or an unincorporated body of persons shall be issued in the name of the partnership or body.
(5) The Director may issue a group licence only if it appears to him that the public interest is better served by doing so than by obliging the persons concerned to apply separately for standard licences.
(6) The persons covered by a group licence may be described by general words, whether or not coupled with the exclusion of named persons, or in any other way the Director thinks fit.
(7) The fact that a person is covered by a group licence in respect of certain
activities does not prevent a standard licence being issued to him in respect of those activities or any of them.
(8) A group licence issued on the application of any person shall be issued to that person, and general notice shall be given of the issue of any group licence (whether on application or not).
23

.—(1) Subject to this section, a licence to carry on a business covers all lawful activities done in the course of that business, whether by the licensee or other persons on his behalf.

(2) A licence may limit the activities it covers, whether by authorising the licensee to enter into certain types of agreement only, or in any other way.
(3) A licence covers the canvassing off trade premises of debtor-creditor-supplier agreements or regulated consumer hire agreements only if, and to the extent that, the licence-specifically so provides; and such provision shall not be included in a group licence.
(4) Regulations may be made specifying other activities which, if engaged in by or on behalf of the person carrying on a business, require to be covered by an express term in his licence.
24

. A standard licence authorises the licensee to carry on a business under the name or names specified in the licence, but not under any other name.

25

.—(1) A standard licence shall be granted on the application of any person if he satisfies the Director that—

(a) he is a fit person to engage in activities covered by the licence, and
(b) the name or names under which he applies to be licensed is or are not
misleading or otherwise undesirable.
(2) In determining whether an applicant for a standard licence is a fit person to engage in any activities, the Director shall have regard to any circumstances appearing to him to be relevant, and in particular any evidence tending to show that the applicant, or any of the applicant's employees, agents or associates (whether past or present) or, where the applicant is a body corporate, any person appearing to the Director to be a controller of the body corporate or an associate of any such person, has
(a) committed any offence involving fraud or other dishonesty, or violence,
(b) contravened any provision made by or under this Act, or by or under
any other enactment regulating the provision of credit to individuals or
other transactions with individuals,
(c) practised discrimination on grounds of sex. colour, race or ethnic or
national origins in, or in connection with, the carrying on of any business,
or
(d) engaged in business practices appearing to the Director to be deceitful or
oppressive, or otherwise unfair or improper (whether unlawful or not).
(3) In subsection (2), " associate ", in addition to the persons specified in section 184, includes a business associate.
26

. Regulations may be made as to the conduct by a licensee of his business, and may in particular specify—

(a) the books and other records to be kept by him, and
(b) the information to be furnished by him to persons with whom he does business or seeks to do business, and the way it is to be furnished.
Issue of licences
27

.—(1) Unless the Director determines to issue a licence in accordance with an application he shall, before determining the application, by notice—

(a) inform the applicant, giving his reasons, that, as the case may be, he is minded to refuse the application, or to grant it in terms different from those applied for, describing them, and
(b) invite the applicant to submit to the Director representations in support of his application in accordance with section 34.
(2) If the Director grants the application in terms different from those applied for then, whether or not the applicant appeals, the Director shall issue the licence in the terms approved by him unless the applicant by notice informs him that he does not desire a licence in those terms.
28

. Where the Director is minded to issue a group licence (whether on the application of any person or not), and in doing so to exclude any person from the group by name, he shall, before determining the matter,—

(a) give notice of that fact to the person proposed to be excluded, giving his
reasons, and
(b) invite that person to submit to the Director representations against his exclusion in accordance with section 34.

martin's_little_pupil

slogger wrote: »

My neighbours who can neither read or write and are slightly backward,, took out a Lloyds TSB loan 3 years ago for £16,000, on a 6 year loan, they are paying £520 per month, this seems a hell of a lot over 6 years,there is obviously something very fishy about this, l am looking into it for them, they were never given any paperwork either.
ps they are both retired.

Hiya Slogger,

Do you mind me asking whether this loan is secured or unsecured and who the finance company are? for obvious reason..the shorter the term the higher the payments.

MLP..

sneddy1980

well i got a letter from my bank yesterday saying that they have recieved my complaint and that they are looking into it and it should be dealt with within the next 4 weeks. just hope they give me my money back

marshallka

sneddy1980 wrote: »

well i got a letter from my bank yesterday saying that they have recieved my complaint and that they are looking into it and it should be dealt with within the next 4 weeks. just hope they give me my money back

Was it missold ppi???