Associates\Citi Loan Missold PPI

[nikkiandmidgets]

Just dug out my paperwork so am going to list the details I have from the 2 loan agreements. The second loan was used to refinance the first. They were both signed in the office and when I tried to cancel one of the loans just after signing but they told me it was "non cancellable" and drew my attention to the top corner of the form which said "Non Cancellable Unsecured for use on Branch premises only". Their clause says the PPI was optional but when i siad I didnt want to take it cos it was too expensive they said I wouldnt get the loan. Not sure what the arrangement fee is?! Also not sure if i perhaps had an earlier loand or if Refinancing refers to me getting cheques to pay off loans with other companies? Will be sending S.A.R - (Subject Access Request)'s and CCA's off tomorrow.

The Associates

Loan signed in office 16/02/02

Total Paid to Customer £349.00
Refinancing £1651.00
Optional Insurance* as per insurance application form £814.65
Arrangement Fee £75.00
Amount Financed £2889.65

Interest Rate 3.14%/month
ANNUAL PERCENTAGE RATE (variable) 48.1%
Number of Monthly Instalments 36
Amount of Monthly Instalments £135.22

*Credit Insurances are available to the Borrower but are optional and are not a condition of the loan


Citifinancial

Loan signed in office 09/05/03

Total Paid to Customer £2029.98
Refinancing £3070.02
Optional Insurance* as per insurance application form £1867.02
Arrangement Fee £100.00
Amount Financed £7067.02

Interest Rate 1.74%/month
ANNUAL PERCENTAGE RATE (variable) 24%
Number of Monthly Instalments 48
Amount of Monthly Instalments £218.37

*Credit Insurances are available to the Borrower but are optional and are not a condition of the loan

[Nightmare4banks]

nikkiandmidgets,

In reply to your post:

1.This is a clear case of misselling of the PPI.

2.Regarding the cancellation of the loan - probably there is no argument to say that the finance company acted in an inappropriate manner.This is because you attended the finance company's office and were not put under any duress or pressure to sign the loan agreement.

3.However,the loan could possibly be unenforceable as mentioned in my first post within the "PPI refund success" thread that I started.

4.As soon as you get your S.A.R - (Subject Access Request),post the reply here together with all the figures from both loans or send me a PM so I can help you further.

[nikkiandmidgets]

You must be as bad as me for being up most of the nightearly morning! anyway thanks for that info, I have sent off the S.A.R - (Subject Access Request) so will update when I get more info. Got Macadam aswell that I have sent a combined SARCCA request - they had really high rates, I only have a copy of one of the agreements and it doesnt state the PPI but I know I HAD to take it. They were a part of Progressive I think it said and Welcome has taken them over. I think in total I had about 6 loans from them - most paid of the previous loan. Finally sorted out my finances though and my credit rating (Git a bit screwed at start of this year due to marriage probs though!!) so dont use these companies anymore cos more mainstream lenders will lend to me now. One thing that bugs me is when I took the loan from Associates, they looked through my credit file, saw I had a loan with Macadam, took the balance outstanding on that and asked me to guestimate what it would be at that time. They then persuaded me to pay off Macadam with part of their loan. I got £1252 from them to pay Macadam but turned out my balance was nearer £4000 with Macadam and paying the cheque from Associates in didnt make any difference to interest due on loan as it only reduced it by the amount I paid in which in effect means I paid high interest twice on that £1252. Looking back I cant believe I agreed to it. Was stuck as to which lenders I could use and my mum was always getting into money problems - rent arrearsthreatened with eviction etc and I was always bailing her out. Will be interested to see what docs I receive from Welcome though and if there is any mention of insurance.