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Thought I would start a thread about the above two companies that I have had the misfortune to deal with!
EPF missold me PPI back in 2003. They just added it and never told me I had the option. We seriously needed the money and never realised it was on there. You should see the contract! It doesnt even show how much interest on the loan!! Just loan amount, PPI amount and total. Blank boxes everywhere and boxes already ticked for us.
This loan was settled in Aug 2006 by another loan that we got via Loanmakers (loan with NEMO). Once again we was missold PPI. I mentioned husband had a generous package with work but got told as we had bad credit rating it would not go through without
I have written to loanmakers and they have investigated claim. Sent me a chq of £395 which was the broker fee they added to my loan without informing me!!!?!?!? However they cannot find any record of the conversation and told me they cannot believe it was misselling. Told me to go to the Financial Obmusmun. So complaint being logged with them as we spk.
I have just sent my first letter to EPF requesting PPI back and complaining about the amount to settle the loan (rule 78 was used) so I will let you know how that goes too.
Thought I would start a thread about the above two companies that I have had the misfortune to deal with!
EPF missold me PPI back in 2003. They just added it and never told me I had the option. We seriously needed the money and never realised it was on there. You should see the contract! It doesnt even show how much interest on the loan!! Just loan amount, PPI amount and total. Blank boxes everywhere and boxes already ticked for us.
This loan was settled in Aug 2006 by another loan that we got via Loanmakers (loan with NEMO). Once again we was missold PPI. I mentioned husband had a generous package with work but got told as we had bad credit rating it would not go through without
I have written to loanmakers and they have investigated claim. Sent me a chq of £395 which was the broker fee they added to my loan without informing me!!!?!?!? However they cannot find any record of the conversation and told me they cannot believe it was misselling. Told me to go to the Financial Obmusmun. So complaint being logged with them as we spk.
I have just sent my first letter to EPF requesting PPI back and complaining about the amount to settle the loan (rule 78 was used) so I will let you know how that goes too.
Fingers crossed.
Tilly
Hello,
They truely are a law unto themselves, aren't they. but we are a bit more educated now.
Wishing you good luck and yes please keep us posted
If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW
Hi Tilly,
There is still a bit of debate regarding the Rule of 78, This rule was changed in Feb 2005 so that the rule of 78 was no longer used on new agreements, The FSA themselves considered that the rule of 78 was unfair towards the consumer.
If challenging the Rule of 78 it could be a bit tricky if the loan was taken out before 2005, If it did go to court it could well be decided that the rule of 78 was in fact acceptable under the Consumer Credit Act that was in force at the time the loan was taken out. Reclaiming for an early settlement charge that was made under that rule may prove a bit harder to get back from the companies.
Having said that I did Reclaim an Early Settlement interest charge that was made on a loan I settled and which was calculated using the rule of 78. The loan was in fact taken out prior to 2005 and after some complaints to the company involved, I finally issued a summons for the recovery of the Charge. The day after they recieved the summons I got an offer from them to settle, Though they did state that their Legal Eagles had considered my legal arguements regarding the charge , and although the believed that my arguments were in fact flawed, they offered to settle the claim in Full as long as I agreed to dismiss the court case, which I did. The refund was also made as a gesture of goodwill.
Im sorry my reply has got a bit long winded But at least you have some idea of what you may face if you challenge the rule of 78.
To my Knowledge (but I could well be wrong) I have not come across any claims on here challenging the rule of 78 that have gone all the way through court.
Good Luck
Ian
Lloyds TSB -PPI - Full refund . 05/09/06 (As Seen on TV)
Halifax settled in Full.. 22/09/06
TSB First Claim SETTLED IN FULL 19/10/06
Second Claim to Lloyds TSB - Settled in Full
Firstplus - early settlement interest charges - Challenged the use of the rule of 78 - SETTLED IN FULL 12/1/07
PPI - GE Money / Purpleloans / Firstplus - Now Settled after 1 year long hard fight.
If my post has helped you, please click the scales! :grin:
Anything said is my opinion and how I understand the law, always consult professional legal advice before taking something to court.
I received a very long reply from EPF today telling me that they were not in the wrong for using rule of 78 and how it can still be used if the loan has over 10 years to run blah blah blah.
They also confirmed that I had used a broker to get the loan so it would have been them that missold the PPI to me. They gave me and address and phone number. It was infact 'Debtbuster loans' who were going by the name of 'central capital' at the time.
They told me that my contract was not illegal as pre 2005 it was not compulsory to put the total interest etc on the contract????? Please help as I am not sure on this???
I am however still going to take them to court using the rule of 78 to be unfair and unlawful. I know its a long shot!! I have phoned and left a message to the man who sent the letter to tell him this!!! He is on lunch. Hope it makes him choke on his sarnie!!!!!
Really I need as much help as possible on this.
Phoned central capital (debtbusters) and they have no record of us applying through them on thier computer system as it has been renewed. Lady assured me that she will get it looked into and find some details. I told her that I was claiming missold PPI. I am going to write to them later.
I hope all this makes sense to everyone.
Thanks for reading and would be grateful for some help. I have three little ones and its hard to find the time for all this so any help with info is much appreciated.
Hi,
I dont think you will get them on the rule of 78 being Unlawful, Unfair YES perhaps..
But it is of course worth while complaining and see what reaction you get..
Lloyds TSB -PPI - Full refund . 05/09/06 (As Seen on TV)
Halifax settled in Full.. 22/09/06
TSB First Claim SETTLED IN FULL 19/10/06
Second Claim to Lloyds TSB - Settled in Full
Firstplus - early settlement interest charges - Challenged the use of the rule of 78 - SETTLED IN FULL 12/1/07
PPI - GE Money / Purpleloans / Firstplus - Now Settled after 1 year long hard fight.
If my post has helped you, please click the scales! :grin:
Anything said is my opinion and how I understand the law, always consult professional legal advice before taking something to court.
Thought I would start a thread about the above two companies that I have had the misfortune to deal with!
EPF missold me PPI back in 2003. They just added it and never told me I had the option. We seriously needed the money and never realised it was on there. You should see the contract! It doesnt even show how much interest on the loan!! Just loan amount, PPI amount and total. Blank boxes everywhere and boxes already ticked for us.
This loan was settled in Aug 2006 by another loan that we got via Loanmakers (loan with NEMO). Once again we was missold PPI. I mentioned husband had a generous package with work but got told as we had bad credit rating it would not go through without
I have written to loanmakers and they have investigated claim. Sent me a chq of £395 which was the broker fee they added to my loan without informing me!!!?!?!? However they cannot find any record of the conversation and told me they cannot believe it was misselling. Told me to go to the Financial Obmusmun. So complaint being logged with them as we spk.
I have just sent my first letter to EPF requesting PPI back and complaining about the amount to settle the loan (rule 78 was used) so I will let you know how that goes too.
Fingers crossed.
Tilly
Hiya Tilly,
Well what a coincidence.
In 2005 we had a loan from nemoloans arranged by e-loans and cleared the EPF loan, then we had a further advance from nemo last year, but asked if we could have the loan without the ppi, they were not having it, and we even mentioned that we can have a cheaper standalone cover, like yourself I bet you know how expensive this is from nemo, as they use Norwich union for this.
We had cancelled the ppi last Sept 06 and gave hardly anything in refund after complaining we believed we were mis sold.
We also have life covers each etc with our own bank and have done for years. So we didnt really need this either from them.
They sent us a recorded disc of where we came across my hubby telling nemo (Sarah Clifford) we would like to just have the loan quote without the added ppi, but she wouldn't have it, and like yourself, my conversation is missing, of where I dug deeper about this on the phone to her.
This has been in with the financial ombudsman since last Nov 06, and at present our complaint is upheld, at least not rejected as the fos caseworker believes this was mis sold but Nemo are denying any responsibility of this.
When we received the documents, the main figure was in smallprint.
I do hope they sort this out for you, good luck, and sorry you have problems with these too.
Please get back to me, I would like to hear from you regarding this company.
EPF are, I think, a subsidiary of HSBC - though I stand to be corrected. I am in the process of settling a loan from them (paid 18 months at £500/pm and am still having to pay back more than I borrowed!).
Sorry, I started this post a while back and have not updated. Not really got anywhere to be honest.
Nemo loan is in the hands of the fos and has been for months. They are currently awaiting on some scripts from Loanmakers (the broker).
The other loan which was taken out prior to FOS jurisdiction in 2003 was with Endeavour Personal Finance and the broker was Central Trust. Received a letter from Central Trust back in May saying it was taken before regulations came in to effect and that they see the complaint finished! After receiving that letter I just left it until I recently saw a post on here about taking them to court. I wrote a lba last week and recieved a response today.
First please do not think I am being antagonistic as we realise the sale of insurance is an emotive subject but we are aware that there has been significant press activity in regards to the misselling of PPI and that several organisations have provided 'standard' complaint letters for customers to use. The template letter you have opted to use on this occasion actually relates to bank charges not the sale of PPI.
It goes on about it being not legally or regulatory to provide advice verbally in respect of PPI in 2003.
Then it goes on about the fact that this is thier Full and final response.
Not happy with that I sent her an email today as follows:-
Thank you for your letter dated 21st November 2007.
I am writing to let you know that I will not be accepting your full and final response. I do appreciate that thier were no regulatory requirements in 2003 for the selling of Payment Protection Insurance. However, I legally have a right to challenge the way this insurance was sold to me personally. I do understand that the way this insurance was added to our loan was done in a fraudulent manner and it is for that reason I will be filing my claim with the courts.
In order for us to claim we do require copies of any data that you hold about us. Would you like us to send you a Data Protection Act letter and the standard £10.00 fee? Could you please confirm who we need to address the letter to?
We do have a lot of information sent to us from Endeavour Personal finance, but we would like copies of telephone conversations. Scripts or recordings would both be acceptable.
I look forward to hearing from you.
and I have just had this email response:-
Thank you for e-mail below. We do not require a Data Protection Act letter requesting information, however if you wish to send a copy for your own records you are welcome to. Please note we do not require a £10.00 fee to covers costs, as company policy we do not charge for the provision of such information.
I will collate the information required and send to you as soon as possible, please note that a statutory time period of 40 days is granted for this action.
As advised in my letter dated 25th May 2007, we are unable to locate the original sales call. At the time of your application we did not record all telephones calls and despite thorough searches we are unable to locate the calls. In addition, as the broker we hold very limited information. All signed copies of your documentation were forwarded to Endeavour Personal Finance once your application was submitted to them for approval. I will provide any information we hold.
The address for service of any documents in connection with legal action is
Legal and Compliance Director
Central Trust PLC
Austin House
Stannard Place
St Crispins Road
Norwich
Norfolk
NR3 1PX
Upon receipt of the appropriate papers we will instruct our solicitors to both defend the action and seek an order for costs.
Okay where do I go from here. I have all the papers and they are telling me there are no scripts or recordings!!! What does 'seek and order for costs' mean. Am I going to be out of pocket?
Sorry for the longest post in history! I am so angry that we were told to take out this PPI as it would help the application.
What they mean is that when (if) the court finds in their favour they will seek reimbursement of the costs of their defence (i.e. their solicitors fee etc) from you.
So basically its not worth me going through the claim then? I could not afford to pay any costs. Maybe we should warn people about claiming in the courts. I bet a lot of people never knew this!?
Could be just a scare tactic, but as I've just mentioned in another thread, banks to seem to be more inclined to defend these claims.
It is normal in any court case for the winning party to seek their costs from the loser - just as you could do if you won
(Edit) - this may not apply to the small claims court BTW, but in some cases the sums of money involved may take it higher than this.
Sorry to hijack Tilly! RRon, do you really think that it would be harder to win PPI cases in court? I am at stalemate with a couple of banks and am not sure how to go forward.
Sorry again Tilly
I'm midway through the tunnel, but getting closer to the light.
No worries Hopeful. I am wondering the same thing now. Afterall most people stung by this PPI thing, especially the secured loan ones, are people not financially stable. What is the point in taking a company to court if you are going to have to pay court and solicitor fees if you lose?? These crooks have already taken thousands of pounds from me. To think they could get even more money off me is not even worth thinking about!
Do you think you will fight then Tilly? It's so difficult when you're struggling and then realise you're paying out for something you don't even need / want.
I can't remember if you've posted it but did they have the CA? Did they send you a policy. I can't get mine for love nor money
I'm midway through the tunnel, but getting closer to the light.
No worries Hopeful. I am wondering the same thing now. Afterall most people stung by this PPI thing, especially the secured loan ones, are people not financially stable. What is the point in taking a company to court if you are going to have to pay court and solicitor fees if you lose?? These crooks have already taken thousands of pounds from me. To think they could get even more money off me is not even worth thinking about!
Hello Tilly,,
Sorry to hear you sound so dispondant. They are already winning with you. These companies will state and threaten anything to put you off.
You have to ask why are the OFT and the FSA investigating the practices of these financial companies, because they have been monitoring the practices of payment protection insurance and have found thousands of customers have been mis-sold these policies, that are expensive and useless.
Now regarding court costs, it really depends on which track the case is allocated to, and again this depends on the amount of the claim.
Maybe read around threads involving court fees, to eleviate your worries, these things don't need to be rushed, so just take your time and think about what you want to do.
If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW
Tilly just read your thread I to have the same problem with Central Trust they sent me exactly the same letter about not wanting to be antagonistic but as insurance was not regulated in 2003 blah blah blah this is their final response and they will only answer if any further letters are from a legal representative.
I think they have got away with murder, my agreement (loan with London mortgage Company) was already ticked for PPI they also didn't show amount of interset. I do have a recording of sales call and although there are obvious blatant lies by the sales person Central Capital will not budge. I don't intend to give up though
Sorry to hear you sound so dispondant. They are already winning with you. These companies will state and threaten anything to put you off.
You have to ask why are the OFT and the FSA investigating the practices of these financial companies, because they have been monitoring the practices of payment protection insurance and have found thousands of customers have been mis-sold these policies, that are expensive and useless.
Now regarding court costs, it really depends on which track the case is allocated to, and again this depends on the amount of the claim.
Maybe read around threads involving court fees, to eleviate your worries, these things don't need to be rushed, so just take your time and think about what you want to do.
Yes, I know I am beginning to sound very despondent. The latest letter has really got to me. I have won a good few bank charges cases but this seems like a complete kettle of fish to me? Thank you for reading my posts. I will indeed look around at the court case ones. Think I might end up studying for a law degree to help me!
Tilly
Tilly just read your thread I to have the same problem with Central Trust they sent me exactly the same letter about not wanting to be antagonistic but as insurance was not regulated in 2003 blah blah blah this is their final response and they will only answer if any further letters are from a legal representative.
I think they have got away with murder, my agreement (loan with London mortgage Company) was already ticked for PPI they also didn't show amount of interset. I do have a recording of sales call and although there are obvious blatant lies by the sales person Central Capital will not budge. I don't intend to give up though
Hi Griff!! Thanks for the reply. They really are swines arent they?!?! Letter wasnt from a Ms Brooks by any chance was it?? Would love to meet her!!! I will keep updating this thread so keep reading. Maybe we can help each other take this bunch of imbeciles to court!!???
Hi Tilly my letter was from Brendan Wilson Senior Compliance Manager, I really think they are playing on the fact that before 2005 insurance wasn't regulated
They think this relieves them from there duty of care etc. Just trying to get my head round Misrepresentation Act 1967, my letter states they can only investigate a complaint based on regulatory requirements at the time so just thinking of another route. I will keep you posted
Endeavour Personal Finance & Loanmakers
back in 2003. They just added it and never told me I had the option. We seriously needed the money and never realised it was on there. You should see the contract! It doesnt even show how much interest
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Originally Posted by tillylarke
(As Seen on TV) 
