PPI Reclaiming discussion Part II

sparky0107

homer_j wrote: »

You will need to the the CCA request with £1 to get a copy of the agreement.

Hi homer_j,
Sorry was this post directed at me? If not just think of it as a senior moment, on my behalf lol

homer_j_3

I dunno myself now lol - my senior moments are coming far too early in life.

In fact I went as far as a CRAFT moment whilst stuck in traffic on the M1 today.

I will let you try and work out what CRAFT stands for.

Kaia_2

homer_j wrote: »

This to me looks like a clear case of an unenforceable loan agreement. I would certainly be looking at claiming more back than the PPI here.

If my feelings are right, it means that the debt could be unenforceable and the return you get would be far far higher than just claiming for ppi.

Hi homer_j
Not been on here for last day or so, very interesting reading, I followed the link you posted and read the other thread/posts.
Have also read the one by Marshallka and the link given to CAB site, I take it that it wouldnt count if the loan is secured against a mortgaged property????
Such a loan could not become unenforceable is that right?
Kaia x

homer_j_3

how much is the loan for? Who is the lender?

homer_j_3

Kaia wrote: »

Mcolak.....mine isnt like that, I have loan amount 18,000....
.................................. .ppi amount....2021.33
.......................... monthly payment ....245.43
.......................................... APR %
........................................ over 180 months.....
...and thats it !!!!........nothing else...
no breakdowns....no total charge for loan........
no amount stated for interest (this is in 2002)
AND NO BOX OPTION FOR NO PPI REQUIRED

Are these the details sorry? If this is the case then a secured loan makes no difference.

Kaia_2

marshallka wrote: »

Also my agreement only says

Amount for loan 17000
ppi (optional) 4163.30
total loan 21163.30

monthly interest 1.097%
APR 13.9%
Eestimated number of monthly payments 160
monthly payment (variable) £281.25

Is yours a secured loan like mine M?

Kaia_2

yes homer_j those are my details.....:)

homer_j_3

well, I believe you have a good case based on that information.

Kaia_2

homer_j wrote: »

Are these the details sorry? If this is the case then a secured loan makes no difference.

So what do you think i should do? should I seek professional help?

I have , just last week issued a claim through my local court to reclaim what i calculated to be just under £5,000 for the PPI, interest and statutory interest.
Freedom Finance have until the 26th of may to respond.

homer_j_3

As far as I can see, there is no harm in trying. I am not sure how the other claim will bear on the new claim but it shouldnt be too hard to find out.

Just to add some meat to the bones on what I have been saying.

Here is a quote from a legal case

39. Obviously if there has been no disclosure the agent will have received a secret commission. This is a blatant breach of his fiduciary duty but additionally the payment or receipt of a secret commission is considered to be a form of bribe and is treated in the authorities as a special category of fraud in which it is unnecessary to prove motive, inducement or loss up to the amount of the bribe. The principal has alternative remedies against both the briber and the agent for money had and received where he can recover the amount of the bribe or for damages for fraud where he can recover the amount of any actual loss sustained by entering into the transaction in respect of which the bribe was given. (Mahesan v Malaya’s Housing Society [1979] AC374, 383). Furthermore the transaction is voidable at the election of the principal who can rescind it provided counter-restitution can be made. (Panama & South Pacific Telegraph Co. v India Rubber, Gutta Percha, and Telegraph Co. [1875] 9 Ch App 515, 527, 532-3).

So where PPI has been sold, it is unlikely that the commission that the lender has received from the insurance company has been disclosed. It clearly states here what action can be taken.