Thread: getting further details on PPi paid which does not match insurance balance

Originally Posted by Us versus Debt

I am trying claim back a potential missold PPI.

I have found that the amount the Underwriters were paid by the financer was several thousand less than what was charged to me - this does not include the amount of interest I was charged on top. I received a letter from the underwriters as to what the amount they were paid, I now need to write to the financer to ask how they calculated the amount, the interest and whether the sales person received commission for selling it.

Can anyone help with a template letter as I do not want the financer to find out what I have got at this stage and want to see whta they come back with. I am hoping that they will provide me with what they have told me on the phone but now I want it in writing and getting them to do so is proving difficult.

Hello and welcome,

Getting them to put this information in writing to you, could well prove to be difficult.. Their is no template letter for this as far as I am aware.

I would just ask them for a Breakdown of their calculation of the ppi and interest and see what they come up with. Whether or not there were any administration or commission fees. There is a case law precendent in the ppi legistation (court bundle)sticky regarding brokers fees. Have a look in there to see if there is anything of interest that you can use later

You do have evidence of the vast difference to compare with their calculations. If you know what the difference is then throw that one at them and watch them squirm

This is a very interesting angle that you are looking at, please do keep us posted and it may aid others:grin:

Think what I need to do is go and sit quiet somewhere and drat a letter. I was hoping to chuck a letter at them (not literally) that would quote why they had to provide this information to me.

Originally Posted by Us versus Debt

Think what I need to do is go and sit quiet somewhere and drat a letter. I was hoping to chuck a letter at them (not literally) that would quote why they had to provide this information to me.

Hello UVD,

Have a look at this

Decision in Hurstanger v Wilson [2007] EWCA Civ 299

This is may be of relevance to all members who pay fees to brokers.

Case Summary

The borrowers (Mr Wilson and Ms Burton) obtained a loan through a
broker. The broker had a fiduciary relationship with the borrowers and
received commission from the lender.

At issue was whether the broker had received secret commission from the
lender and whether informed consent had been given by the borrowers.

The borrowers signed a form which indicated that commission might be
paid but they argued that informed consent had not been given because
they did not know the amount of the commission.

It was held that the broker may only receive commission if the borrower
consented to this with full knowledge of all material circumstances. The
Court of Appeal held that the commission, in this case, was not “secret”
but informed consent had not been given as the amount of commission
had not been disclosed. (Accordingly they awarded the amount of the
commission plus 1.29% simple interest from the date of the agreement’s
inception).

The Court also held that in cases where the broker does not disclose
that she is in receipt of commission from the lender, the commission
will be “secret”, the broker potentially guilty of fraud, and the entire
loan liable to be rescinded.

Implications

The legal teams of all members who pay commission to brokers should
consider the impact of the decision on their business.

Full Text: Wilson v Hurstanger
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May add a little fuel to the fire