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26th July 2006, 11:54
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#1 (permalink)
| | Platinum Account Customer
Where else can you earn 8% interest on your money? Start your County Court claim NOW!!! Cagger since
: Mar 2006 I am in: The power house of the Cabot Fan Club
Posts: 3,412
| BOS Loan insurance I took out a loan over 5 years with BOS in 2001 for 13,000. The PPI insurance was £5956.
Does that sound reasonable to those of you in the know and is there any chance of redeeming any of it as I now feel with hindsight it was a high price to pay.
This loan was arranged over the phone so is it likely there would be transcripts of the conversation available because I am sure they said it was mandatory. Can't be sure but transcripts would settle that arguement.
Any veiws from anyone would be most gratefully received. |
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5th August 2006, 21:49
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#4 (permalink)
| | Basic Account Customer | Re: BOS Loan insurance ll
Last edited by mollington; 19th November 2006 at 20:33.
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5th August 2006, 21:53
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#5 (permalink)
| | Basic Account Customer
Watch out, there are Claims Touts about! Cagger since
: Aug 2006
Posts: 86
| Re: BOS Loan insurance ll
Last edited by mollington; 19th November 2006 at 20:32.
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6th August 2006, 08:16
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#6 (permalink)
| | Platinum Account Customer
Watch out, there are Claims Touts about! Cagger since
: Mar 2006 I am in: The power house of the Cabot Fan Club
Posts: 3,412
| Re: BOS Loan insurance Thanks Holly that's very useful to know. Just a matter of interest and it seems like you worked there, would you know if it was a BOS policy to say to customers that they HAD to have the Creditcare insurance on these Personal loans?
What records would be kept of this enquiry at the time.
You see someone has posted on a thread that a loan that has the insurance BEFORE the interest on an agreement became unenforceable to one person who challenged it in a court. ( not sure which one).
I am not trying to duck out of my responsibility to repay, but 9.9% apr interest on nearly £6000 insurance policy is quite high and £6k in insurance is a lot for a 13k loan.
Anything you might like to add which could help me decide whether I might challenge this would be helpful.
Thanks |
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6th August 2006, 12:39
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#7 (permalink)
| | Basic Account Customer | Re: BOS Loan insurance ll
Last edited by mollington; 19th November 2006 at 20:32.
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6th August 2006, 18:32
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#8 (permalink)
| | Platinum Account Customer | Re: BOS Loan insurance Holly99 you are an angel and I thank you. I think I can justifiably argue that at a time of stress, making a rational decision over the telephone can be difficult and one is guided by the trustworthy bank to be straight with you - In the Templates letters it officially says that we trust in the banks fiducery ( to be upfront and honest to look after your financial care) that's why we don't go through yellow pages looking for some backstreet lender.
The paperwork supplied following the phone call lays out the whole deal to be sure and there is no doubt somewhere in the text that we can pull out if we want to within a specified period ( I'll have a read later ) but I have no 'signed by me documents' The terms on the back say it it becomes legally binding if signed by us (bos) and you. Now that's going to be interesting because unless I signed this at the time the money came to the door, I don't recall ever signing anything. I probably signed receipt of same but not the agreement itself - tricky one but the devils in the detail!
However, since you have given me this info I have looked and seen that I also had a preference account and the creditcare box has a little tick on it. Now I claimed for 1 year I had sick after my business failed on the loan and was paid out ( or BOS was paid) for the monthly payments but the preference account I never claimed for and that's now being chased by Blair Oliver Scott so I have a pressi coming I think!!
I'll read this agreement and check out my statements again. Thanks Holly99. |
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6th August 2006, 19:53
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#9 (permalink)
| | Basic Account Customer | Re: BOS Loan insurance ll
Last edited by mollington; 19th November 2006 at 20:32.
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6th August 2006, 23:32
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#10 (permalink)
| | Platinum Account Customer
Where else can you earn 8% interest on your money? Start your County Court claim NOW!!! Cagger since
: Mar 2006 I am in: The power house of the Cabot Fan Club
Posts: 3,412
| Re: BOS Loan insurance ........ but as a receipt or as a credit agreement? All of this was done over the phone. Only the courier would have presented me with paperwork. The document I have on file is purely one printed none has my signature on it, my name is typed in but I have no signature anywhere of my own. Would they keep the signed for docs and what format might they be do you think?
Last edited by andrew1; 6th August 2006 at 23:36.
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7th August 2006, 12:33
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#11 (permalink)
| | Basic Account Customer
Watch out, there are Claims Touts about! Cagger since
: Aug 2006
Posts: 86
| Re: BOS Loan insurance ll
Last edited by mollington; 19th November 2006 at 20:31.
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7th August 2006, 13:16
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#12 (permalink)
| | Platinum Account Customer
Is your bank avoiding its debts Data disclosure poll Cagger since
: Mar 2006 I am in: The power house of the Cabot Fan Club
Posts: 3,412
| Re: BOS Loan insurance Cheers. I must have signed something that's for sure!
Order on agreement went:
Advance 13k
Credit Care Gold - 5956
Amount of credit - 18956 Interest - 5296
Total amount payable 24253
Thanks for all your help |
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15th August 2006, 18:40
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#13 (permalink)
| | Classic Account Customer
Is your bank avoiding its debts Data disclosure poll Cagger since
: Aug 2006 I am in: ;) if i have helped in anyway then please! click the scales ↑
Posts: 372
| Re: BOS Loan insurance nice one matey  |
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25th September 2006, 10:55
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#14 (permalink)
| | Basic Account Customer
Watch out, there are Claims Touts about! Cagger since
: Sep 2006
Posts: 4
| Re: BOS Loan insurance Hi,
I am in a similar position. I sent off a letter as per the template found on the money saving expert site.
Sadly as I expected I got the reply I didn't want.
The letters main point in reply to my own letter are that there are set procedures and scripts in place to ensure customers get the relevant info. ..... and that I would have been advised of the importance of reading the policy upon reciept .... the insurance is optional ......at no time has it been mandatory ......I am sorry you feel this way but clearly this was an assumption you made (that i had to have insurance as part of the loan) .... you signed specifically for this cover.
So where do I go from here.
Of a £10000 loan I have now repaid £12000 with nearly £6000 left to pay. (edit due to inability to count!!)
Leaches.
If only I had known then that I didn't have to take the insurance out to get the loan. I just thought that as it such a huge (to me) loan that was standard.
Only by reading these pages do I now know different.
I guess I'll have to keep on paying despite the fact it is crippling me.
I really feel badly let down by the Bank of Scotland.
My agreement says.
advance £10000
credit care £3069
total credit £13069
charge for credit £4053.80
total payable £17122.80
Any suggestions?
Kel.
Last edited by mr flibble; 25th September 2006 at 12:03.
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14th April 2007, 06:48
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#18 (permalink)
| | Platinum Account Customer
Watch out, there are Claims Touts about! Cagger since
: Mar 2006 I am in: The power house of the Cabot Fan Club
Posts: 3,412
| Re: BOS Loan insurance Having now commenced a number of bank charges claims, I would like to begin exploring this Credit Care Insurance issue I've explained above. Sadly the posts have been removed by Mollington in response to my earlier questions but basically I was charged £6k insurance on a £13k loan. I have made a claim on the insurance, but that doesn't excuse the 6k charge and I don't feel I should have paid anything like that when I am sure they demanded it in the first place. Can anyone throw any light on how I might actually approach BOS on this to at least ask for a partial refund. The debt, which only fell into arrears by 3 mnths has now been sold onto a dca. What I need is some kind of terminology I can use for a letter. |
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