BOS Loan insurance

[andrew1]

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.

[robbond55]

Hi there.
If you were mis-sold the insurance and they said it was mandatory then that is mis-selling and I am shure the FSA would have something to say about that!
Better than transcripts - if you can remember the date you spoke to the person about the loan if it was recorded you could send a Data Protection Act request for a copy (tape or CD) of the audio recording of the conversation!
Hope that is some help.

Regards,

Rob

[andrew1]

Thanks Rob, i'll try and dig it out and post back what happens.

[mollington]

ll

[mollington]

ll

[andrew1]

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

	Are you letting your bank keep your money Are you giving away thousands of pounds?? Many people aren't claiming all of the money they are entitled to when they make their bank charges claims. You have been forced to pay unfair bank charges. Have you forgotten that your bank has charged you inteest on those charges? If you are overdrawn and the bank owes you charges - then your overdraft is made up of charges - money which you bank owes you. Yet you are paying interest to the bank - on your own money!!! Follow this link to see the discussions on this. You might even double th size of your claim.

[mollington]

ll

[andrew1]

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.

	Record your calls Follow this link to read the review of the Truecall telephone recorder and call manager. This is the Rolls Royce of call recorders. It's a bit pricey but if you buy it with our special offer you will get it at cost: about 20% discount. How much do we make on the deal? - Nothing at all. You can also buy cheaper devices from Maplins. Truecall is the best - but the important thing is to record your calls.

[mollington]

ll

[andrew1]

........ 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?

[mollington]

ll

[andrew1]

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

	Are you letting your bank keep your money Are you giving away thousands of pounds?? Many people aren't claiming all of the money they are entitled to when they make their bank charges claims. You have been forced to pay unfair bank charges. Have you forgotten that your bank has charged you inteest on those charges? If you are overdrawn and the bank owes you charges - then your overdraft is made up of charges - money which you bank owes you. Yet you are paying interest to the bank - on your own money!!! Follow this link to see the discussions on this. You might even double th size of your claim.

[countrybake]

nice one matey

[mr flibble]

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.

[andrew1]

Hi Kel, I think it's more about what they did'nt say rather than what they did. Holly99 might have some suggestions, but I haven't yet tried to persue it as I have been after the banking ones first. She has made some very pertinant points. When I took mine out it was over the phone. I can't exactly remember the wording they used or didn't as when you are in that state of mind when you need the loan it certainly fuzzes up your rational thinking. It's easy to try to convince yourself it wasn't mentioned over the phone especially when you have been reading through the site for a while - you can't trust one of the banks and where we thought we could we now doubt. I just get so mad we have been ripped off - it's an everyday occurrance in any walk of life but we trusted these companies to be fair.

I think you should carry on with the claim and let them prove it if you can. My problem also is that I had to claim on mine and they( London and Edinbrugh) paid out for a full year so it feels a bit strong to claim back although purely on the basis of being charges 6k for something which only costs about £1000 grates hard.

I'll watch your progress. Good luck.

[mr flibble]

Thanks for the support Andrew1,

I know what you mean about the fuzzyness of it all. It was over 3 years ago. I have always resented the amount of the credit care as they called it.

Luckily I have been able to keep up the payments and never been behind.

My problem is that even after reading as many threads on here as I can I have no idea how to proceed.

I think their response was pretty weak in that it boils down to them saying "I am unable to agree that the policy was mis sold."

Any ideas or suggestions would be very greatfully recieved.

Kel.

[andrew1]

You can always write and ask for a transcript of the call. ( holly99 said they didn't have them when I took mine out but they may have for yours).

There are some threads although to be honest I have no time to go through them all just now but there are some which seem to be going through similar threads are the loan early repayment claims. Just keep searching I'm sure you'll come up with something.

Have you got a thread on this of your own? If you haven't I'd start one and people soon come to your rescue - its an amazing site this.

[andrew1]

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.

	Debt collection library Follow this link to our debt collection library. This library contains templates and advice for dealing with debt collectors who act oppressively or unfairly. This library is work in progress and will be built up over the next few weeks. 17.03.09

	Bank Charges You should have started your claim for your bank charges by now. Don't wait. You should send your bank a Subject Acess Request asking for all personal data they hold on you - not just statements. You should calculate all of your bank charges and related interest as far back as 1995. You should send your bank a demand for a refund giving them 7 days. You should commence your legal action adding 8% statutory interest. If you wait for the outcome of the test case, you may not be able to claim like this. you may not be able to claim interest. You may only be offered the difference between the charge and the OFT "fair charge". The repayment scheme will try to limit you to refinds from 2001 only. A repayment scheme will not deal with any bank charges related defaults on the credit register whereas in a court action you can ask for these to be removed and to be compensated for the damage caused to you and your family by them. You should also write to the bank and to the CRA and put all charges related credit entries in disupte and warn them that you will want them removed from the Register when the test case is over. Warn them also that you are likely to be seeking compensation for these wrongful data entries. Full and final settlement Have you previously accepted a partial repayment of your bank charges in full settlement? You will still be able to claim the rest of your money back after the Test case is decided. Get all your information back to 1995 and put in your claim now.