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When I could not keep up with my loan repayments with Citifinancial in 2003 they refinanced the loan at around £4500 over 48 months with 35.3%APR. They also told me if I did not take out the £1500 PPI I would not get the loan as my credit rating was so poor, even though the paperwork said it was optional, the PPI was also added to the value of the loan so I was paying 35.3% on that as well. As I could see no other options at the time I took it out. In Jan 05 I was made redundant and my new job was on a lower wage, I went to them for advice they halved my payments and extended the loan to 70 months from that date.
Moving on to 2008 I was moving house and job and I stupidly thought if I stopped paying them they would not find me. I have now just had a letter from Connaught Collections saying the loan is now with 1st credit Ltd and they want a total of £3296 or they will start legal action within 7 days!
My questions are do I have can I reclaim PPI? And is it valid if the loan has been sold to a DCA? And how do I respond to this letter? I am sorry if these subjects have all been covered but I could not find anything like this in the Forums. You all seem very knowlegable and any advice would be much apprieciated.
Very quickly - if they made PPI a condition of the loan then it was missold - however I am not sure about the dates as I believe PPI came under FSA direction after 2005 I think. You need to get a complaint letter off to the OC immediately asking for the PPI to be repaid as this will put the account in dispute and the DCAs then should not (but probably will) continue collection activities while the account is in dispute
A lot of DCAs threaten legal action within a short time scale to frighten you but in the majority of cases when it is the first contact the legal action doesnt materialise
If you can keep you head when all of those around you are losing theirs try parking your helicopter somewhere else
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NEVER EVER - act on a private message asking you to visit another website, make contact 'off list' or by telephone
- alert the siteteam IMMEDIATELY by hitting the black warning triangle on any message - Particularly if this results in a request to pay a fee to help you.
rather than hittting to be my friend - hit the star
Bit complexed this one please help?
. They also told me if I did not take out the £1500 PPI
I would not get the loan as my credit rating was so poor, even though the paperwork said it was optional, the PPI was also added to the value of the loan so I was paying 35.3% on that as well
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Re: Bit complexed this one please help?
