PPI Reclaiming discussion Part II

simone83

marshallka wrote: »

You need to write a similar letter to Freedom also like singlep says. I would also state in that letter that you will get in touch with the OFT about their fitness to hold their Consumer credit licence but please post it up here first for someone to look through.

You need to add also that they misrepresented their position to you (and are in breach of the misrepresentation act 1967) and acted as a broker when in fact they are now saying they were only the processor.

Also I think as the sale of the PPI was commenced here in the UK and the processor acted as an advisor and therefore this was an unfair contract.

A processor cannot be a broker and sell insurance. Freedom Finance are responsible for the sale of the PPI as it was done here in the UK.

Simone, any letter that you write now I would suggest you write to Freedom and copies to Bespoke by email (stating that a hard copy has been sent also).

I looked at the OFT register the other day and noted that Bespoke had listed that all correspondence be sent to Freedoms address. Therefore I don't think you should have to write to both address's. Its unfair to have to pay near on £5.00 per letter for recorded to GIB and also its not tracked and traced either. Once the letter leaves the UK there is no way of tracing mail to GIB. I will have to check on this one. Recorded to GIB is totally wasted i think.

Also state in your letter that once you had the loan as they have stated that this is from a company in GIB that you had little statutory protection as the laws are different in GIB and this then was an Unfair contract.

They will no doubt state to you this was a "non advised" sale and that they did not advise anything to you. Non advised sales of PPI did not start here in the UK until Jan 2005 and were introduced much later in GIB.

Thank-you. I will be back in a few hours with my draft letter!

Simone

di3004

marshallka wrote: »

I'd prefer to give to the needy than being taken from by the greedy...:mad:

These banks/lenders have only got themselves to blame now for all these claims against them. They should have been fair in the first place.

Hi there hun.
Yes your right !!!!;)

marshallka

washo1 wrote: »

Hi

I have been into HSBC branch to find out if I can cancel my PPI and have been told that I need to redo the loan - is there anyway I can cancel PPI and get a refund without having to redo the current loan?

Also I am not sure if I was mis-sold the insurance as they have now changed their policy to a choice of what you insure, whereas previously you had to have all of the insurance - sick pay, death etc; - is this mis-selling as i told them thaty I was covered at work for sick pay?

Additionally have there been any cases of reclaiming from Britannia as I also have a loan with PPI with them that has been included into the cost but then has a tick box on the agreement form which I cannot remember if I checked or not but if the payment has already been calculated within the information provided how can I tell if I am paying this or not?

Thanks

The reason why they have to redo the loan to cancel the insurance is because you purchased the insurance as a whole lump sum and paid for this by the way of a loan. They will only give you usually a small rebate against the PPI back and you will continue to owe the interest on the loan for all the full term of the loan. Its called a single premium policy. They are actually loans on top of loans and although you cancel it still costs you a fortune as you loaned the money to pay it.

If you are expecting that by cancelling it you will get most of the money back or the payments each month to pay for it will stop you are wrong. It was another loan.

Now have you been missold???

marshallka

simone, singlep is much more knowledgable on this than me but i will help where i can. Just hang in there.

di3004

Okay then folks check this out::D

http://www.mirror.co.uk/news/top-stories/2008/10/05/banks-to-be-banned-from-selling-insurance-with-loan-115875-20775712/

di3004

I went on to live chat about (dissolved companies), however there is a charge for company search for them to do this, so I may as well stick to Companies house, its cheaper I think if I want to know more.;)

I had asked if they knew if anyone else had taken over from Twopart/eloan which liquidized in May this year, but there are fees to pay.

marshallka

Steve Teague did this in April 2007 bragging about starting his company "CLICK" in 2001

http://www.mortgagestrategy.co.uk/cgi-bin/item.cgi?id=140308&d=pnd&h=pndh&f=pndf

marshallka

Click is a trading style used by:

• Click Financial Limited (CFL), company number 04183791, which is registered in England and Wales is a wholly owned subsidiary of Click Group Limited, company number 4781131. Their registered office is at Click House, Bear Lane, Farnham, Surrey, GU9 7LG. CFL is authorised and regulated by the Financial Services Authority for the provision of insurance products, including the provision of Life Insurance, Mortgage Protection insurance, Critical Illness insurance and Payment Protection insurance. The Financial Services authority does not regulate Secured Loans. CFL is an intermediary for Life insurance products and a packager of Secured Loans on behalf of International Financial Placements Limited
• International Financial Placements Limited (IFP) is a trading partner of the Click Group and registered in Gibraltar, company registration number (46156) at 932 Europort. IFP holds a Consumer Credit Licence, number 574586, issued by the Office of Fair Trading. IFP is an intermediary of Secured Loans
• Castle Publicity Ltd (CPL) is a trading partner of the Click Group and registered in Gibraltar, company registration number (84755) at 932 Europort. CPL introduces prospective customers to CFL.

di3004

marshallka wrote: »

Steve Teague did this in April 2007 bragging about starting his company "CLICK" in 2001

http://www.mortgagestrategy.co.uk/cgi-bin/item.cgi?id=140308&d=pnd&h=pndh&f=pndf

Thanks hun, I think I saved this in my documents a while back and yes he is definately bragging about starting his company "Click" in 2001 that he runs !

(he is still responsible for the dissolved company now in my opinion, he left it to the liquidators to deal with and they can't do stuff all to help) !!

I had emailed several times since from both mine and hubby's name, and they just state they no longer kept the records !
Do you think I should contact the ICO about this?
Because I am sure like everywhere else it should be at least 6 years ??

marshallka

Click Finance was registered as a company in June 2001, and was formed by the merging of a Mortgage and Secured loans brokerage with an Internet Marketing/IT company.

This brought together a company with over 10 years experience in the finance industry with one that was developing cutting edge technology to generate and track solid leads.

The new company is designed to offer customers applying for loans direct from our web sites a service second to none. Our aim is to contact the customer immediately, whilst still sat at their computer after making the original application if at all possible. Our customer service coupled with our philosophy of always finding the best rate available for the client, ensures a fast, efficient and customer focused business.

As a result of the service we offer our clients with our ability to find the right product for the client first time and our ability as a packager, we are now considered to be one of the major players in the secured loan industry. We have a strong bias towards technology and are continually developing systems that will leave the rest of the market in our wake.

We currently complete around £5,000,000 of secured loan business every month and are on track to increase this to £10,000,000 by the end of the second quarter 2004.

We are also proud members of FISA, the Finance Industry Standards Authority, the Corporation of Finance Brokers, and we also adhere to the Mortgage Code as set out by the MCCB.


WILL MY APPLICATION BE TREATED IN CONFIDENCE?
Absolutely. We treat every application in the strictest confidence. We pride ourselves in our confidentiality. We are members of the Finance Industry Standards Association (FISA) and also registered under the Data Protection Act (DPA). We adhere strictly to the confidentiality guidelines set out by FISA, as well as the letter of the law from the Data Protection Register.