Sainsbury PPI advice please

[powerful_rogue]

Hi,

Ive just been reading all the articles regarding PPI and from what ive read I believe I was mis sold PPI.
I took the loan out with Sainsbury in Septemeber 2001 after phoning them up. I was advised at the time they could only accept my application if I took out "creditcare" on the loan.

Having just turned 18 and being naieve I agreed and the credit agreement and the cheque was sent to my house the next day.

The part that worries me about claiming, is how on earth do I prove that they would only give me the loan if I took out their "credit care"?

I was given no other inofmration about it over the phone, and only received the credit agreement and cheque. Ive attached a copy of the credit agreement (personal details marked out) - After all these years Ive only just notcied that they put me down as having one dependant as well which wasnt the case, I had none!

Credit Agreement

[powerful_rogue]

Just been having a read around, is it also true that the credit agreement must have the APR on it? Ive looked through my old credit agreement several times but cant see it

[alanfromderby]

Certainly that does not look like a valid credit agreement to me. What other documents did they send?

Also, have you asked them to cancel it?

[ReasonableRon]

Unless I'm mistaken when you say you took it out in September, you mean September 2001, as per the date at the bottom of the agreement?

The APR appears halfway down the right hand column.

The form and content of credit agreements changed in May 2005, so this one shouldn't be judged against current legislation. It still looks very 'basic' though IMHO.

[powerful_rogue]

Originally Posted by alanfromderby

Certainly that does not look like a valid credit agreement to me. What other documents did they send?

Also, have you asked them to cancel it?

This was the only document I was given, along with the cheque.
The loans fully paid up now. Finished paying for it back in 2005.

Originally Posted by ReasonableRon

Unless I'm mistaken when you say you took it out in September, you mean September 2001, as per the date at the bottom of the agreement?

The APR appears halfway down the right hand column.

The form and content of credit agreements changed in May 2005, so this one shouldn't be judged against current legislation. It still looks very 'basic' though IMHO.

Very obivious now its been pointed out to me! Probably because I was looking for something a bit bigger!

Yes, It was taken out in September 2001, is that going to pose a problem with time limits (6 years)?

[alanfromderby]

Opinion seems to suggest that the limitation can be overturned as we are dealing with misrepresentation.

[powerful_rogue]

Will this letter be suffice?

I purchased the above policy from you in September 2001but now believe that I was mis-sold this policy for the following reason:

This is due to the fact that I was not given the correct information when the policy was sold to me and your salesperson stated that taking out the policy was essential for me to get the associated credit.

Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

[powerful_rogue]

Ive filled out the standard template asking for the £330 I was charged up front for PPI insurance as well as the 8%. This is on the grounds that they advised me I needed to take the insurance out to be accepted.

Im also sending a different letter out (surlybonds template) to try and get the default removed. Even though its dues to drop off in 2008 - its worth a try!