Thread: British Credit Trust

4 years ago I got a car with an online dealership and the finance was took with British Credit Trust.
The credit agreement clearly shows that the amount im paying back over the 4 year period is £10,030. No where on this agreement does it say im paying for PPI and gap insurance. I did the sums and noticed that im paying £240 per month for 4 years which adds up to £11,500??

Also my letter to confirm the payments each month clearly state that my last DD will be on 1/9/09 which I thought would be the case untill today when I rang to ask about why I had been paying more than the £10,030 and the kind lady told me that I had another payment of £240 on 1/10/09!! I asked why and she told me it's for gap insurance.

Well after talking to her and telling her I had no idea about that or the ppi she said it was agreed over the phone when the car loan was set up.

The thing is im really annoyed that ive been paying this for 4 years and then I have to pay another monthly payment after what I thought was the ast one. If id not rang up then I would of cancelled the DD on 1/9/09 and probably they would of charged me if they could not get to the last payment.

I think, sorry I know I have payed over the odds for the car anyway and now they want more!

Would I have a claim for the ppi which im assuming is the £1,500 ive payed extra over the 4 years?

Any help would be appreciated.

Also I would never of took this insurance because I have a very secure job and some aspects are covered anyway, like being payed if im off sick and life cover if that helps.

yes ofcourse you can reclaim it and WITH INTERERST AT THEIR RATE!!
then add stat 8%

dx

Is this the case even though they say i have agreed to it over the phone? You got me a bit excited now because i really could do with the money. How would i go about doing this? If i could get the help in doing it i would definitely repay my gratitude.

its for them to prove you agreed in writing to the PPI
oh you said it in a phone call, yea ok PROVE IT... go the tape? NO!
you did ask for it fullstop.
did the lady ask you ' like me' if we already have sickness cover...if she had you would of said what you just did, but i've already got that from work dear.

go get em.

urm lets put it this way it will be ALOT more than £1500 you get back!
and i bet they charges you interest on the GAP & PPI?
ibet they did look at the agreement calcs or post it up.
[scan it and remove pers details but leave figures]

dx

at work at the mo and on my mobile but will post it up tomorrow. the credit agreement is hard to read though without being scanned lol. but i have the pre contract which is the same just no sig.

thanks for that will have a go at it. the interest rate on the loan is massive because i found it hard to get credit.

good all the more reason to hit them then

let see it
dx

make it my priority first thing when i get home working nights. the only signed agreement i have is for the loan and it doesn't mention any PPI or gap. i have a letter also confirming my monthly installments and when the first and last installments start and finish i will post that too. if the whole loan is not enforceable would that mean i could claim the whole lot back?

been really busy tried to get it online but didn't have time before work will definitely post it up tomorrow. i did ring them again tonight before coming to work and was frustrated for them to say that the problem is not with them but with the broker. i told them we did not agree to payment protection and wanted the money back. i started get a bit full on with the woman which thinking back was a bit harsh but they have no signed agreement and they said it was agreed over the phone. it wasn't well i can't remember saying yes to payment protection and i have no agreement signed, also she said the broker would have the phone call recorded. the broker is called which? i have never in my life heard of them and they have been getting 35 quid of me for the last 4 years!

Hi again here goes. Today I recieved all the documents they said they had about this, including the PPI agreement and the gap agreement, UNSIGNED! Firstly I have put the original agreement which is signed by me.

If you keep clicking on the image it will get to the correct size so you can read it.


These are not very good copies but thats how the original one sent to me was. Below is the Pre Contract agreement that is elegible and everything on it is the same as the one above.

Hope this is ok. Also here is the confirmation letter sent to me about the loan. It does actually say on it that I have agreed to take out the PPI.


Now finally the two insurance agreements, which I have not managed to see untill today!


To me it looks very strange that these documents the CCA, PPI and Gap insurance have the same date on the top of the page indicating these were printed off at the same time as the CCA and also follow on so why when I was faxed the CCA to sign was I not asked to sign the the insurance agreements? I know why, because I wouldn't of signed them!! They know it and just ticked the box saying I want.

The BCT say I agreed to it over the phone and will have a recording of it but surely if I did not sign for it then I should not of had to pay it? The highlighting is also done by them, i'm surprised they have sent these the next day after me ringing up.

Can anyone seeing these please help?

Looking through this it is so obvious the sales person has just signed and agreed for me just to get the commission on it. He probably don't even work there anymore.

Do you think I could start claiming without having to send a SAR? They kindly sent these documents without the SAR. Rang them again today but was passed to yet another manager who said will ring back again tommorrow because he was unsure about the details.

Jan do you have a link to your thread please?

This was another letter I used spelling out the issues.

I repeat the grounds for mis-selling as detailed in my points 1 to 7 listed below.


1. Responsibilities When Underwriting a Policy of Insurance: On each occasion, when the details of a loan were discussed your sales advisors failed to check my personal circumstances at the time of the sale, which they are under obligation to do when underwriting a Policy of Insurance. If they had done so, they would have realised that the PPI policies were useless to me. At no time was any attempt made to ascertain if the product provided was fit for purpose, suitable for my needs or if indeed it was required at all.


2. Alternative Insurance Cover: Your sales advisors in each case failed to ask me if I had any alternative arrangements for insurance cover. My employer has a generous illness package which would cover a period of sickness as follows: 6 months full pay followed by 6 months half pay. I would also be entitled to a generous redundancy package and a substantial payment would be made in the event of my death in service (more than suffice to clear the balance of the loan).


3. Failure to Supply Important Information with Regard to Significant Policy Exclusions: I was most definitely not informed that the PPI policies could contain certain exclusions which could affect me and my ability to claim on the policies if I should need to. Additionally I was never told that Pre Existing Medical Conditions could invalidate my policy and I was never asked if I had any Pre Existing Medical Conditions. Indeed your Loan Customer Duty of Care Checklist and the Loanguard Certificate of Insurance to which the Customer Duty of Care Checklist refers (forwarded under cover of Reference N) contain no reference to any Pre Existing Medical Conditions or includes any questions to me on the subject. I am in fact in receipt of a 40% War Disablement Pension from Her Majesty’s Government (HMG) since 1991. One element of this pension includes back injury which I now know is an exclusion in your PPI Policies. I also believe that I would also be excluded on at least one other existing condition.


4. Widespread PPI Mis-Selling:I cancelled the PPI policy on 830382 Account No 01810701 on 7 Jan 2007 after becoming aware of the widespread mis-selling of PPI by some financial institutions, following recent media coverage and recent OFT and FSA investigations regarding the mis-selling of PPI. I believe this is borne out by Point 3 above. I am also aware that the question of PPI cover is the subject of an ongoing inquiry by the Competition Commissioner.


5. Wholly Inappropriate PPI Selling Bonuses: I understand that some employees are paid higher bonuses if they get prospective creditors to take out PPI with loans. How can the best interests of the customer possibly be met, if there is a clear conflict of interest between your responsibilities to me, and the drive of your employees to sell Payment Protection Insurance whether it is suitable or not in order to receive bonuses?


6. PPI Loan Interest payments miscalculated: Since I cancelled the policy, I have actually received a smaller reduction in the PPI loan interest payments than the figure stated on the agreement. The explanatory letter sent to me has, I believe, confirmed that I have paid for single premium PPI policies on each loan taken with your establishment.


7. True Nature of Single Premium PPI Not Explained: No explanation was forthcoming from any advisor on any occasion on the full extent of single premium PPI policies or the fact that they would offer little or no refund if the loan was settled early or if the insurance was cancelled. The statements you have forwarded on accounts 13189662 and 15276481, show no element of any refund of PPI or PPI interest when the accounts were settled on refinancing. There was also no explanation that the cost of the PPI premium would be added to the total cost of credit and interest added for the full term of the agreement. I believe this practice is unlawful.

I now believe that the single premium PPI policies attached to the loan accounts were both extremely unfair and totally unreasonable and offered me very little, if any protection value whatsoever. I am therefore requesting a full refund of all costs including all single PPI premiums that have been paid, the interest added to these premiums and the payments, that I have paid to date.

Furthermore as I believe I have been unlawfully deprived of this money, I also expect the repayment of the interest at the Statutory Interest rate of 8% applicable to of each of the single premiums.

In my letter dated 2 June I listed what I believed were the costs due to me for the recovery of mis-sold PPI on three accounts. All were single premiums for each account with interest added to each account. I have now made further investigations and enclose the revised figures that I now require to be repaid to me.

Details of the single premiums for each account with the interest payments made are as follows:

If any of this is useful please feel free to use with your own information.

aa