insurance loan -help please

Clive_Woody

fboy2 wrote: »

Thanks Billygirl.

I have had the same back today, there is no signed agreement (well they say they can't find one as opposed to that it was not kept) although they have produced a specimen copy of an agreement they say would have been signed.

It was also my understanding that written notifications of changes to interest rates charged should have been sent out as well every time the interest rate charged changed. They have no records of, or explanation for, the lack of such notifications either. All they are able to produce in total is a 1 line computer printout.

I was already of the view that without a signed contract the alleged debt would be legally unenforceable, you have now seemingly confirmed this on the advice you were given. It does seem that we may be dealing with the same company - strikingly similar scenarios.

Sending you a specimen copy of an agreement suggests how desperate they are. If they had proof of a signature they would have sent it.

I could phone you up tomorrow and claim you agreed to a loan 15 years ago from me then send you a copy of an agreement you might have signed....you would then quite rightly tell me to s*d off. I would seek advice, but I imagine you can also tell this company to s*d off too.

fboy2

The way the company sees it is that they have this loan record on their computer systems and this is sufficient proof that it exists as far as they are concerned. How ridiculous!!

Anyone can enter anything onto a computer at any time, this is not proof that a loan exists. It is also a fact that each time the interest rate changes they have to notify you in writing, they have no records of this either during the last 14 years. Fact is, apart from what they have on their computer, there is not a shred of evidence or indeed paper trail to support their assertions.

They have since stated that at the time the load was granted, the policy would have been endorsed to show the loan. We cannot find the policy at present, but it would surely be reasonable to expect the company to have a copy of this policy with the endorsement on it - they haven't produced that either. If they had this they would have surely produced it by now.

What concerns me most however is that they are doing this to the elderly. When they brought this up they stated that an agreement would have been signed which would naturally lead you to believe they had one. They had no such agreement therefore this is a clear deception.

They really must think I arrived on the last banana boat!!

billygirl

Hi Fboy2, have you made any headway with the insurance company. I contacted all above agencies and got a mixed bag of answers, but I called a financial advisor that advised me to offer the money borrowed and to argue that they misold the loan and it overcrosses the 6 year rule. i have written to the insurance company and await a reply.

fboy2

billygirl wrote: »

Hi Fboy2, have you made any headway with the insurance company. I contacted all above agencies and got a mixed bag of answers, but I called a financial advisor that advised me to offer the money borrowed and to argue that they misold the loan and it overcrosses the 6 year rule. i have written to the insurance company and await a reply.

As the company has been unable to produce any evidence of the loan, other that a brief computer printout that frankly anyone could have entered fraudulently on their systems, I have made a complaint to the Financial Ombudsman Service. The loan obviously does not relate to me, the alleged borrower however has no recollection of such a loan and they cannot produce an agreement that they led us to believe they had.

Without any documentation or loan agreement, how on earth do the hope to enforce it. How does anyone know under what terms or conditions it was made. Had they been able to produce a loan agreement I would have then offered the repayment of the original loan with perhaps a nominal interest due to the lack of communication.

FOS complaints invariably take a long time so I'm not expecting any response for at least 6 months or more. I'll update when I have something to add, in the meantime let me know how you go.