PPI Reclaiming discussion Part II

di3004

marshallka wrote: »

But both you and me (and lots of others too) had no right to cancel as as soon as we signed the agreement we were bound to it from after 7 days and there were no cancellation rights from then. If we cancelled after the 7 days then we would only receive a rebate and not the full cost. No 14 to 30 days to cancel, only 7...

Unfair term to have this on the same agreement which therefore

exclude or limit your legal rights unfairly

and then

charge you a disproportionately large sum if you don’t fulfil any of your obligations under the contract.

Yes your right, and I have had hubby looking through in case I missed this anywhere else on the agreement but nope nothing at all about cancelling, only bound after 7 days........:mad: .

So should this also be mentioned do you think on the FOS complaint form perhaps ??

marshallka

di3004 wrote: »

Yes your right, and I have had hubby looking through in case I missed this anywhere else on the agreement but nope nothing at all about cancelling, only bound after 7 days........:mad: .

So should this also be mentioned do you think on the FOS complaint form perhaps ??

Don't know if i can do the unfair contract thing as

Consumer Credit Act In Force

The 2006 Consumer Credit Act came into force on April 6, gives consumers rights to take complaints about lenders to the Financial Ombudsman Service (FOS) and challenge unfair credit agreements in court

10.04.07

I remember now singlep saying that these terms were unfair but that if i wanted to challenge these it would have to be through the courts as it was only about credit agreements made after April, 2007.

God i am going over and over things and then they come back to me. I have been here before with this one and then back again.

Why do i do this????

marshallka

But
from june 2001



http://www.financial-ombudsman.org.uk/publications/ombudsman-news/6/early-repay-june.htm

although about business loans i think

di3004

marshallka wrote: »

Don't know if i can do the unfair contract thing as

Consumer Credit Act In Force

The 2006 Consumer Credit Act came into force on April 6, gives consumers rights to take complaints about lenders to the Financial Ombudsman Service (FOS) and challenge unfair credit agreements in court

10.04.07

I remember now singlep saying that these terms were unfair but that if i wanted to challenge these it would have to be through the courts as it was only about credit agreements made after April, 2007.

God i am going over and over things and then they come back to me. I have been here before with this one and then back again.

Why do i do this????

I do remember now, so we're in the wrong year for this then really ?:rolleyes:

Not to worry hun, I am always going back on things lol, that's how we learn .

di3004

Come to think of it Singlep has not been here for a little while

marshallka

Unfair terms and conditions

Under new laws introduced in April 2007, you can also go to court if you think the loan agreement between you and the lender is unfair, provided the agreement was made on or after 6 April 2007. If the court agrees, it may change the terms and conditions of your loan. If you took out a loan before 6 April 2007, this law will apply to you after 6 April 2008.

di3004

marshallka wrote: »

Unfair terms and conditions

Under new laws introduced in April 2007, you can also go to court if you think the loan agreement between you and the lender is unfair, provided the agreement was made on or after 6 April 2007. If the court agrees, it may change the terms and conditions of your loan. If you took out a loan before 6 April 2007, this law will apply to you after 6 April 2008.

So its really a risk then I suppose.......

marshallka

Heres something that may help anyone who is in a similar case to me and others on here


Can I reclaim on unregulated PPI?


2 May 2007


In 2001 we bought new windows for our house. The windows cost £10,000 and we paid on a credit agreement. At the time we were sold a payment protection insurance policy.
CAMPAIGN: This is Money has been campaigning against rip-off payment protection insurance.





I am self-employed and realise I will never be able to claim on this policy. I have asked for a refund and was told that I will only be able to get about £300 back when the total premiums are £1,400.

I have written to the Financial Ombudsman Service but they said that they cannot look at my case because GE Capital, the company that the credit agreement was made with, are not covered by FSA regulation.
Is this right? GM, Herts.

Ed Monk, insurance expert for This is Money, replied: The response you got from the FOS is correct. The sale of your PPI was not regulated, even if the company that sold you the agreement was.
Regulation of general insurance sales only began in January 2005. Before this date sales were not regulated and therefore, because the policy was sold to you in 2001, you have no recourse to the Ombudsman.
The GE Capital credit agreement was regulated but the PPI sale was not. It is a shame in your case because the PPI you bought has all the characteristics that regulators are now trying to stamp out. The premiums were added onto the loan amount so that you were paying interest on them and you are self-employed so would never be able to claim. These are issues with how the product is sold.
But there might be one last avenue for you to pursue in getting your money back. I suggest you complain again to the Ombudsman but this time make clear that it is the policy itself that you are complaining about, not the sale. The policy is from an insurer called Pinnacle and they are a regulated company, and were regulated in 2001.
In your complaint, make clear that you cannot possible make use of the insurance policy because you are self-employed. Say that you regard the inability to cancel the insurance and get a reasonable refund to be unfair under the Unfair Terms in Consumer Contracts Regulations. There are no guarantees but the Ombudsman should at least hear your case. Good luck.

marshallka

di3004 wrote: »

So its really a risk then I suppose.......

Oh Di, i don't know. I have a headache now with it and beginning to sound a little screwed up here so i might give myself a break and be back tomorrow. Its soooo confusing when you have not got a clue. You know that you have a case and you know what your complaining about but can you make that complaint??? I just don't know. I wish I did...

di3004

marshallka wrote: »

Heres something that may help anyone who is in a similar case to me and others on here


Can I reclaim on unregulated PPI?


2 May 2007


In 2001 we bought new windows for our house. The windows cost £10,000 and we paid on a credit agreement. At the time we were sold a payment protection insurance policy.
CAMPAIGN: This is Money has been campaigning against rip-off payment protection insurance.
WANT TO KNOW MORE?

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• CAMPAIGNS: The PPI rip-off

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I am self-employed and realise I will never be able to claim on this policy. I have asked for a refund and was told that I will only be able to get about £300 back when the total premiums are £1,400.

I have written to the Financial Ombudsman Service but they said that they cannot look at my case because GE Capital, the company that the credit agreement was made with, are not covered by FSA regulation.
Is this right? GM, Herts.

Ed Monk, insurance expert for This is Money, replied: The response you got from the FOS is correct. The sale of your PPI was not regulated, even if the company that sold you the agreement was.
Regulation of general insurance sales only began in January 2005. Before this date sales were not regulated and therefore, because the policy was sold to you in 2001, you have no recourse to the Ombudsman.
The GE Capital credit agreement was regulated but the PPI sale was not. It is a shame in your case because the PPI you bought has all the characteristics that regulators are now trying to stamp out. The premiums were added onto the loan amount so that you were paying interest on them and you are self-employed so would never be able to claim. These are issues with how the product is sold.
But there might be one last avenue for you to pursue in getting your money back. I suggest you complain again to the Ombudsman but this time make clear that it is the policy itself that you are complaining about, not the sale. The policy is from an insurer called Pinnacle and they are a regulated company, and were regulated in 2001.
In your complaint, make clear that you cannot possible make use of the insurance policy because you are self-employed. Say that you regard the inability to cancel the insurance and get a reasonable refund to be unfair under the Unfair Terms in Consumer Contracts Regulations. There are no guarantees but the Ombudsman should at least hear your case. Good luck.

I remember reading this and I had given my story to Ed Monk also about my mis selling story (as you have already seen), and I think what he says is right about "no guarantees but the Ombudsman should at least hear your case).;)