PPI Reclaiming discussion Part II

Laini

kinikki wrote: »

Hi laini,

I would say they should have had a box on your agreement that you should tick if you wanted PPI. In saying that after initially agreeing to PPI during
phone conversation due to big sales pitch of cashback offer our agreement
was sent out with the PPI element pre ticked effectively removing the option
for us to change our mind about PPI and removing the optional element of the loan.
Sorry don,t no the legal aspect of agreement without seperate PPI box on form.Believe after Jan 05 you would have had 2 seperate forms to sign
1 for loan
1 for PPI
Goodluck Kinikki

thanks for the info
I am waiting for SAR from them as I cant find all the paperwork so not sure if the ppi was signed on separate sheet.

good luck with yours too!!
lol
Laini xxx:j

reallylost

kinikki wrote: »

Hi laini,

I would say they should have had a box on your agreement that you should tick if you wanted PPI. In saying that after initially agreeing to PPI during
phone conversation due to big sales pitch of cashback offer our agreement
was sent out with the PPI element pre ticked effectively removing the option
for us to change our mind about PPI and removing the optional element of the loan.
Sorry don,t no the legal aspect of agreement without seperate PPI box on form.Believe after Jan 05 you would have had 2 seperate forms to sign
1 for loan
1 for PPI
Goodluck Kinikki

Hi
just to interrupt.....My loan in Nov 2005 was only 1 form wich included loan and PPI...there wasnt a seperate form for PPI. Also no breakdown of what payments went to loan and what to PPI.
Does just one form make a difference then?

marshallka

m.colak wrote: »

No you don't need to ask freedom for a SAR also. However i would ask when Firstplus became a member of the GISC (This is so you can go after them under the fact that the person whom sold you the loan insurance was a registered intermediary or broker;)).

I don't quite understand that. Firstplus are saying that Freedom/Bespoke Finance sold me the insurance. Can you tell me what you mean.... I want anything i can go at Worstplus with.

Apparently on the consumer forum someone has written

"FIRSTPLUS joined GISC, from memory, some time in 2001 "

toneog

m.colak wrote: »

Three main points on this. One is if you cancel you no longer have the protection of the insurance policy should the worst happen. Two if you did cancel then they would have to rebate you some if not all of the PPI (Depends if it is a single premium policy/front loaded or not (That means that you paid the insurance and interest off first before you even started paying the loan ps you need to check)). Obviously if the rebate is disproportional then you reclaim this also as well as the mis sold PPI. Three do you need the insurance?.

Really what i'm saying is that it won't hinder your case by doing so as it then looks like you've acted as if you were mis sold (ie why should i pay for something i neither wanted or needed or wouldn't of covered me).

Thanks for that, i feel a bit more possitive now. I will send a cheque and ask for all of our details ( SAR ) and if we have only paid insurance / interest then i will demand a full refund.

Hope at last

sparky0107

Hi All,
Hope you can help. I have successfully reclaimed PPI from Halifax for a loan. The reclaim breaks down as follows :-
Total amount for credit for insurance loan £321.75
Total amount of credit for insurance loan interest £56.49
Total amount of credit plus loan interest £378.24
Total amount plus 8% statutory interest £408.50

Today I received a cheque for £378.24, should the Halifax have included the 8% statutory interest, I know it's only £30.26, but it is MY £30.26, should I get back in touch with the Halifax to ask for the 8% statutory interest?

Any help on this would be appreciated, thanks in advance for any help

Kaia_2

kittycatsam wrote: »

There are easy basic checks you can do...

One of the first and easiest things to check is did your contract just have the option for single/ joint insurance and NO option to tick for 'no insurance'
also
did it just not have any options of ticking boxes and it was just written up listed with the amounts for distribution. Either was it voids the contract.

Also, if there was a brokers fee to pay and this was not clearly listed seperately in the contract, same applies. Some contracts only have it listed in your disbursement statement so for example contract says 5k loan, no mention of broker fee there but you only received 4.5k due to the fee deduction. If this is only on the other paperwork ie application forms and not on the contract it's unenforceable for agreements prior to April 06.

After that it gets all technical and confusing with regards to restricted/unrestricted credit and it throws me completely!

Hi all....

Ours was taken out over the phone, and docs sent out in post to sign.

On the two copies I have here (COPY OF PROPOSED CREDIT AGREEMENT) there are 3 boxes one for SINGLE COVER
...............................one for SINGLE COVER PLUS
...................................... and one for JOINT COVER
on one form they have pre-ticked the JOINT COVER and on the other they have pre-ticked SINGLE COVER PLUS, and we were told to sign and return one of the forms, we had questioned cover saying we did not want it but told we MUST have it in order to get the loan.
In small print underneath, it craftily states where a customer has opted out of the payment protection plan it will be their responsibility to keep up repayments.
Decieving or what!
This particular section of the form is the customer declaration but most of the box refers to PPP....
And again in small print underneath it actually states that
"Interest will be charged until the balance is fully repaid" it is not clearly understood that you would be paying interest on the PPP as well as the loan.

There is nothing on the CCA about a brokers fee, nor is there a "total charge for credit" as the loan is variable it just states the current APR at the time , the amount of monthly repayment and the number of "months payable over"

Also worth mentioning on the attached "with compliments" slip which is stapled to the 2 forms it states that Freedom Finance are FISA registered and members of the Corporation of Finance Brokers Ltd (JULY 2002)

kittycatsam

Hi Kaia
Is there not an option for 'No premium'?

Also if there is no total charge for credit amount listed then it does not comply with the prescribed terms in schedule 6 of Consumer Credit Act 1974.
See para 2, col 2 of sch 6:
If the agreement or some other document signed by the debtor does not include a statement of the amount of credit the agreement will be deemed irredeemably unenforceable (see Section 127 (3) of the act.

If you can have a look at the Act online have a look at the prescribed terms in Sch 6 which state what info a contract MUST contain.

marshallka

kittycatsam wrote: »

Hi Kaia
Is there not an option for 'No premium'?

Also if there is no total charge for credit amount listed then it does not comply with the prescribed terms in schedule 6 of Consumer Credit Act 1974.
See para 2, col 2 of sch 6:
If the agreement or some other document signed by the debtor does not include a statement of the amount of credit the agreement will be deemed irredeemably unenforceable (see Section 127 (3) of the act.

If you can have a look at the Act online have a look at the prescribed terms in Sch 6 which state what info a contract MUST contain.

My firstplus agreement actually states just the
Amount of loan , the ppi and monthly interest rate and apr and estimated number of monthly payments and monthly payments variable. I wondered about this too. This agreement was in jan 2000

m.colak

Hi everyone just been resting my eyes after a busy week however just had a pm from Petermb saying that he wasn't posting anymore. Oh well not really bothered as he didn't help that much.

Actually was that bored i actually went and look at his last posts on several threads and they have all been "You may be able to challenge the loan itself". Hmmm if this doesn't sound like trawling then i don't know what is. Petermb if you read this you will know from previous that i don't answer and will not answer your pm's as i believe that you come on here to serve you own interest and rarely post anything that helps other people. If you had you wouldn't have had such a response. If you wish to complain do so, don't pretend that you have been doing us all a favour in the past.

Kaia_2

kittycatsam wrote: »

Hi Kaia
Is there not an option for 'No premium'?

Also if there is no total charge for credit amount listed then it does not comply with the prescribed terms in schedule 6 of Consumer Credit Act 1974.
See para 2, col 2 of sch 6:
If the agreement or some other document signed by the debtor does not include a statement of the amount of credit the agreement will be deemed irredeemably unenforceable (see Section 127 (3) of the act.

If you can have a look at the Act online have a look at the prescribed terms in Sch 6 which state what info a contract MUST contain.

Nope, no box for "NO PPI REQUIRED"
as I said there were 3 choices
1 for single cover,
1 for single cover PLUS
and 1 for joint cover

and absolutely NO figure given for TOTAL CHARGE FOR CREDIT
what it DOES state is "total loan facility" which is the PPI premium £2021.33
and the amount of loan taken out £18,000....
So it states the total loan "facility" as £20,21.33

So from what you say I have them on these grounds...
Thanks for your post I will certainly read up on the above.
My N1 claim form was handed into Court on Wednesday so I have started the ball rolling:rotfl: