Roscodog18 V Loans.co.uk

[roscodog18]

I have sent of a prelim to loans.co.uk asking for a refund of my PPI premium plust contractual interest... I was told that PPI was a condition of the loan!
I received a letter thanking me for my letter which tells me they will respond within 4 weeks.............I'll let you all know what happens.

Has anyone else dealt with loans.co.uk? I know that the FSA fined them £455,000 for mis selling PPI in October 2006

[ninjainthenight]

loans.co.uk are a credit broker and dont lend any money as such.
however, if you look at your credit agreement it will say that the PPI is optional and they may use this against you as you signed for it.
To be honest i think they will likely just give you the money to avoid any argument or any further investigation

[roscodog18]

Thanks for the reply,

Kennsington mortgages are the lender, they refered me back to Loans.co.uk.
I was told that without the PPI I would not get the loan and I was informed that all conversations were recorded..........

Roscodog

[hellhasnofury]

Originally Posted by roscodog18

Thanks for the reply,

Kennsington mortgages are the lender, they refered me back to Loans.co.uk.
I was told that without the PPI I would not get the loan and I was informed that all conversations were recorded..........

Roscodog

Hello Roscodog, All conversations were recorded and have they given you copies. If not ask for them. Did you do a Subject Access Request if you did, then they should have provided copies of these calls.

[roscodog18]

sorry for the slow update..........loans.co. uk deny doing anything wrong...so in early /December I sent an Subject Access Request under the data protection act.........ignored ...so i called ther informationion officer 3 weeks ago......we will get the info to you but we are having a problem with the telephone conversation recordings.....the very thing that will prove that the PPI was mis sold.....coincidence....I think not........fast forward to now..I claim on my PPI as I am now not working........surprise surprise I am not covered for this........and now I have a letter confirming that the policy I was told I had to have to get the loan is worthless as it does not cover me for being out of work......Time to take them to Court.....or is the FSA a better bet?

Roscodog

[hellhasnofury]

Originally Posted by roscodog18

sorry for the slow update..........loans.co. uk deny doing anything wrong...so in early /December I sent an S.A.R - (Subject Access Request) under the data protection act.........ignored ...so i called ther informationion officer 3 weeks ago......we will get the info to you but we are having a problem with the telephone conversation recordings.....the very thing that will prove that the PPI was mis sold.....coincidence....I think not........fast forward to now..I claim on my PPI as I am now not working........surprise surprise I am not covered for this........and now I have a letter confirming that the policy I was told I had to have to get the loan is worthless as it does not cover me for being out of work......Time to take them to Court.....or is the FSA a better bet?

Roscodog

Hello Roscodog,

What a interesting chain of events, they mis-sold it, they can't prove they didn't and it was worthless.

It is the Financial Ombudsman Service that you would ask to investigate your claim, but they will only look at it if the loan/cc was taken out before I think 2004/5 If it was before that, your route would be to issue via the court.

I would certainly report them to the Financal Service authority, the Office of Fair Trading and Trading standards More black marks against their name.

Keep us posted

[roscodog18]

I finally got the documents requested in my Subject Access Request but only a recording of one conversation......not the one where I am told that the PPI is condition of the loan However in the recording I do have my wife clearly states that we do not want or need PPI......the sales rep goes on to quote including it anyway.

The documentation supplied clearly says both my wife and I are self employed ( I had a limited company but was the sole shareholder) ..........but our PPI covers redundancy......not when you are the only shareholder in the company ( I have the rejection letter) .

So I think I have clear evidence that the policy was missold on at least two seperate issues.

Final demand for repayment of PPI plus interest in the post tomorrow.

Is Court or FSA, FOS the best course of action? The loan dates from late 2005.

Thanks

Roscodog18

[hellhasnofury]

Originally Posted by roscodog18

I finally got the documents requested in my S.A.R - (Subject Access Request) but only a recording of one conversation......not the one where I am told that the PPI is condition of the loan However in the recording I do have my wife clearly states that we do not want or need PPI......the sales rep goes on to quote including it anyway.

The documentation supplied clearly says both my wife and I are self employed ( I had a limited company but was the sole shareholder) ..........but our PPI covers redundancy......not when you are the only shareholder in the company ( I have the rejection letter) .

So I think I have clear evidence that the policy was missold on at least two seperate issues.

Final demand for repayment of PPI plus interest in the post tomorrow.

Is Court or FSA, FOS the best course of action? The loan dates from late 2005.

Thanks

Roscodog18

Hello Roscodog,

Good news then Interesting about the recordings of the calls, ask them again for it and get written confirmation from them that they do not have it, if they don't ask for a certificate of destruction for it. This will let them know that you know what you are talking about.

Now as regards who you complain to:-

Make a complaint to the Financial Services Authority, they will not investigate the case, but will file the complaint against the company and if they have enough cases, they will investigate and fine them hugely They have just fined hfc thousands for mis-selling ppi. couldn't have happened to a nicer company.

If your loan was taken out late 2005, You can approach the Financial Ombudsman to investigate your case, but they can take some time and I believe they are upholding 80% of cases in favour of the creditor. Its free

You can issue court proceeding against them, but you need to ensure that your particulars of claim are water tight and that you have a good case, which you have. This will involve court costs, but they are claimable from the defendant.

If you approach the Fos and they do not uphold in your favour, you can them get them via the court, but unfortunately not the other way.

Good luck to you in whatever you decide and again if you need help ask.

[roscodog18]

Thanks hellhasnofury,( your advice is invaluable)

I amennded my letter to include a request for them to fully comply with my Subject Access Request or a certificate of destruction.....and detailed the clear mis selling of PPI on two counts.........I gave them 7 days to refund or FOS and FSA complaint.

I think I have a clear cut case..........

roscodog

[roscodog18]

Having provided loans.co.uk with proof that we had life insurance in place when we took out the loan in question I have now recieved a letter offering to refund the full PPI premium plus they will contact the lender to get an exact interest figure which will also be refunded.

Sounds like a result?

Roscodog18

[hellhasnofury]

Originally Posted by roscodog18

Having provided loans.co.uk with proof that we had life insurance in place when we took out the loan in question I have now recieved a letter offering to refund the full PPI premium plus they will contact the lender to get an exact interest figure which will also be refunded.

Sounds like a result?

Roscodog18

Hello Roscodog,

It is sounding like a very good result, Are you asking for contractual or statutory interest on top of them returning the ppi premium and interest they charged you after all it was money that they took from you, you could have had that money sitting in some account that attracted large amounts of interest

Please let us know when you get it

Well done, excellent news

[roscodog18]

I asked all along for contractual interest to be added.........the letter states that this is their policy and I sent an authorisation leter by return so that the lender can release the exact interest figure that has been charged.

Roscodog18

[roscodog18]

I havn't been on for a while..........could a mod please change the title to 'WON'
Paid in full inc. contractually interest.

Roscodog

[Fred_Funk]

Originally Posted by roscodog18

I asked all along for contractual interest to be added.........the letter states that this is their policy and I sent an authorisation leter by return so that the lender can release the exact interest figure that has been charged.

Roscodog18

Roscodog18

It's probably too late for you now but I think you've misunderstood the question posed by hellhasnofury in her previous post.

If you've been mis-sold PPI then there is no doubt whatsoever that you are entitled to reclaim any interest incurred as a result. Clearly, this interest will have been charged at the contractual rate.

However, should you get as far as court and win you would also get statutory s.69 interest as a matter of course. Furthermore, you could also - and this is, I think, what hellhasnofury was intimating - ask for compounded contractual interest at the same rate as the loan company charged you.

The argument is, essentially, that the loan company was unjustly enriched at your expense and that this represents an equitable remedy whereby you recoup what they have, in all likelihood, made by lending out money of yours they should never really have had at an extortionate rate.

I've got a claim against NatWest for mis-sold PPI totalling little more than £500 back in 1998. When contractual interest is added to this and compounded it takes the claim to almost 3.5k.

Fred_Funk