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Sand-Dancer0191

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Everything posted by Sand-Dancer0191

  1. You will find a shed load here!!!! Anything specific you need advice on...just post it up minus personal details
  2. My thoughts are:- IF they agree to this and you pay the arrears..there is a poss. that they may sell the debt on as it is still there... IF you went to court and produced the contents of your letter as your defence YOU would recieve a judgement (unlawful or struck out)killing the agreement altogether with the same end result.. MAY NEED A SECOND OPINION ON THIS THOUGH!!!!!
  3. This is from the CCA request letter..It is very specific If it is your view that you are not the creditor, s.175 of the CCA 1974 applies in the case of a simple assignment, and places a duty upon you to pass this request to the creditor. In the case of an absolute assignment, you are a creditor as defined by s.189. If you contend that you purchased the rights but not the duties of any agreement, you are reminded that s.189 of the Act is clear that an assignment is of both rights and duties. The DCA must have a DEED of assignment and the original agreement.The repayments I think would have to be agreed upon with them AS they have bought the rights
  4. OR ....this is something we are all waiting for UKSC 2009/0217 Southern Pacific Securities 05-2 Plc (in substitution for Southern Pacific Personal Loans Limited) (Respondent) v Walker and another (Appellants) On appeal from the Court of Appeal of England & Wales (Civil Division)IssueThe correct definition of an amount of credit under the Consumer Credit Act 1974, and whether the 1974 Act permits interest to be charged on a sum which is not part of the total amount of credit, but is a charge for credit.
  5. I've seen that somewhere...i'll dig it out..it goes something like this The rewritten agreement must include all the terms and conditions of the ORIGINAL agreement. You may also have Total amount of credit wrong.have a look at Griffiths v welcome sorry don't have a link to that one
  6. This is probably what its based on FSA Factsheet: What we would expect a compliant demands and needs statement for an advised sale to cover (with relevant FSA rule references) * The customer’s demands and needs (ICOB 4.41®(a)6). For example this should include the advisors assessment of whether the customer has other insurance in place that affects their needs, including employer benefits; the need for the future flexibility if relevant; and so on * Reasons for recommending a particular PPI contract (ICOB 4.41R(1)(c )). This should set out why the recommendation contract suits based on that particular customers needs. For example, it should explain why the recommendation is suitable considering the costs of the contract if relevant (ICOB 4.3.6R(2)7) and the exclusion and limits of the contract (ICOB 4.3.6R(3)). * Demands and needs not met by the recommended contract. The statement of demands and needs is the record that you must keep to show that you have made a suitable recommendation (ICOB 4.4.5G). You should consider recording the demands and needs of the customer the personal recommendation doesn’t meet (ICOB 4.3.1R(3)(b)). For example, if the customer needs future flexibility you may wish to explain the constraints on this ( for example, refunds of premium not being available or not being on pro rata basis.
  7. Read the posts on D/Ns...is yours valid or dodgy as for the letter postggi may be the one for this as he produces some crackers
  8. Have you been Mis Sold 'PPI misselling' (Some standard Conditions for PPI) a)Payment Protection Insurance cannot be made a condition of obtaining a loan. (This is the most common reason for mis selling) b) You are permantley resident within the United Kingdom c) You are Over 18 and Under 65 at the commencement of your loan, and you will not reach the age of 70 during the insured term. d) You are in Full time employment – Some policies define Full time employment as being working Over 16 Hours per week and that you have been in full time employment for at least 6 Months prior to the start date of the policy. e) Pre Excisting Medical Conditions may also Invalidate your Policy f) Some policies may cover if you are self employed.. Check your T & C first though. ** Latest Additions to be added to above ** 1 You were not in work or self employed at the time of sale 2 You were told that you had to take the PPI out at the same time as the loan or not at all 3 You were not asked whether you had any other insurance which would cover the loan 4 You were not told you could buy PPI elsewhere to cover the loan 5 You were sold a policy which had age restrictions which you fell outside of 6 You were led to believe that Payment Protection Insurance was compulsory 7 You were told that you would stand more chance of getting the loan if you took the Payment Protection Insurance 8 It was not explained to you that there were certain exclusions within the policy that could affect you 9 You were pressured into buying the PPI 10 You paid upfront for the PPI but it was not explained that there were some PPI policies where you could pay monthly 11 Your PPI was an upfront premium and you repaid the loan early and received no refund 12 You increased your loan and the PPI was increased automatically 13 The Terms & Conditions of the small print were not fully explained to you You should in the first instance read through the full terms and conditions of your Payment Protection Insurance Policy. If you do not have these I would personally advise you to contact the Insurer and request these. If you do have to contact the Insurer for a copy of the terms and conditions you will need to know the date that you signed up for the policy, Request a copy of the terms and conditions relating to the policy that they had in place on that date.
  9. FSA Factsheet: What we would expect a compliant demands and needs statement for an advised sale to cover (with relevant FSA rule references) * The customer’s demands and needs (ICOB 4.41®(a)6). For example this should include the advisors assessment of whether the customer has other insurance in place that affects their needs, including employer benefits; the need for the future flexibility if relevant; and so on * Reasons for recommending a particular PPI contract (ICOB 4.41R(1)(c )). This should set out why the recommendation contract suits based on that particular customers needs. For example, it should explain why the recommendation is suitable considering the costs of the contract if relevant (ICOB 4.3.6R(2)7) and the exclusion and limits of the contract (ICOB 4.3.6R(3)). * Demands and needs not met by the recommended contract. The statement of demands and needs is the record that you must keep to show that you have made a suitable recommendation (ICOB 4.4.5G). You should consider recording the demands and needs of the customer the personal recommendation doesn’t meet (ICOB 4.3.1R(3)(b)). For example, if the customer needs future flexibility you may wish to explain the constraints on this ( for example, refunds of premium not being available or not being on pro rata basis.
  10. Section 87(1) of the CCA 1974 says: 87.--(1) Service of a notice on the debtor or hirer in accordance with section 88 (a default notice) is necessary before the creditor or owner can become entitled, by reason of any breach by the debtor or hirer of a regulated agreement,-- (a) to terminate the agreement, or (b) to demand earlier payment of any sum.... Section 88 says that the DN must be in the prescribed form and the associated regulation say what that form is. Thus, if the DN is not in the prescribed form, it is invalid and, under s87, the lender has no right of action. CPR3.4(2)(a) says that the court may strike out a statement of case if it appears to the court – (a) that the statement of case discloses no reasonable grounds for bringing ... the claim
  11. I can make that statement because of the points you have highlighted postggi,its not enforceable for the debt its self. and my advise was that I personally wouldn't pay.That is based on the FSA debt collection guidelines (the same FSA who's powers are to be transferred back to the Bank of England)Which is the course of action I have taken and insisted W/F abide by..
  12. Couple of things I've noticed.... 1st This is a dodgy DN..it is asking for payment within 14 days and it dosn't specify a date . 2nd this looks like an agreement done over the phone/internet and I would say that it is unenforcable.It is a multiple agreement with ppi but it dosn't state the repayment figure or interest for the ppi. They must be listed seperately. You may well have a valid ppi claim....read other threads for more info and letters etc. AND please take the advice in wannabe's post about the phone,only by post and create a paper trail as your proof (if req'd) Can't see mort indemnity fee on agreement!! Y/N
  13. Have you been Mis Sold PPI. (Some standard Conditions for PPI) a)Payment Protection Insurance cannot be made a condition of obtaining a loan. (This is the most common reason for mis selling) b) You are permantley resident within the United Kingdom c) You are Over 18 and Under 65 at the commencement of your loan, and you will not reach the age of 70 during the insured term. d) You are in Full time employment – Some policies define Full time employment as being working Over 16 Hours per week and that you have been in full time employment for at least 6 Months prior to the start date of the policy. e) Pre Excisting Medical Conditions may also Invalidate your Policy f) Some policies may cover if you are self employed.. Check your T & C first though. ** Latest Additions to be added to above ** 1 You were not in work or self employed at the time of sale 2 You were told that you had to take the PPI out at the same time as the loan or not at all 3 You were not asked whether you had any other insurance which would cover the loan 4 You were not told you could buy PPI elsewhere to cover the loan 5 You were sold a policy which had age restrictions which you fell outside of 6 You were led to believe that Payment Protection Insurance was compulsory 7 You were told that you would stand more chance of getting the loan if you took the Payment Protection Insurance 8 It was not explained to you that there were certain exclusions within the policy that could affect you 9 You were pressured into buying the PPI 10 You paid upfront for the PPI but it was not explained that there were some PPI policies where you could pay monthly 11 Your PPI was an upfront premium and you repaid the loan early and received no refund 12 You increased your loan and the PPI was increased automatically 13 The Terms & Conditions of the small print were not fully explained to you You should in the first instance read through the full terms and conditions of your Payment Protection Insurance Policy. If you do not have these I would personally advise you to contact the Insurer and request these. If you do have to contact the Insurer for a copy of the terms and conditions you will need to know the date that you signed up for the policy, Request a copy of the terms and conditions relating to the policy that they had in place on that date. I would personally always deal with complaints regarding PPI by way of letter, unless you have the ability to record any telephone conversations regarding the complaint. Obviously should you have to take the complaint to court, the more evidence you have in writing the better.
  14. Section 87(1) of the CCA 1974 says: 87.--(1) Service of a notice on the debtor or hirer in accordance with section 88 (a default notice) is necessary before the creditor or owner can become entitled, by reason of any breach by the debtor or hirer of a regulated agreement,-- (a) to terminate the agreement, or (b) to demand earlier payment of any sum.... Section 88 says that the DN must be in the prescribed form and the associated regulation say what that form is. Thus, if the DN is not in the prescribed form, it is invalid and, under s87, the lender has no right of action. CPR3.4(2)(a) says that the court may strike out a statement of case if it appears to the court – (a) that the statement of case discloses no reasonable grounds for bringing ... the claim THe user should submit a defence based on the same argument but then ask for a strike out with the aq That way, there is no need to make an application and shell out £40. ----------------------- The requirement for a valid Default Notice to lawfully Terminate an Account whilst in default 1. Notwithstanding the matters pleaded above, the Claimant must under Section 87(1) of the Consumer Credit Act 1974 serve a valid Default Notice before they can demand early payment of sums not yet due under a Regulated Credit Agreement.
  15. I would send a letter putting the account in dispute..that should stop interest etc adding up. I also think that the final demands could be classed as a termination.The dodgy DN wouldn't stand up in court.It seems to me that they have scored two own goals,so I personally wouldn't pay anything...let them sort the mess out and make an offer to YOU
  16. They will also charge £25.00 for each phone call plus ???? for a visit to your house.EVEN if you don't answer the phone or door!!!! I would have thought no arrears no charge but they seem to be a law unto themselves...
  17. FSA Factsheet: What we would expect a compliant demands and needs statement for an advised sale to cover (with relevant FSA rule references) * The customer’s demands and needs (ICOB 4.41®(a)6). For example this should include the advisors assessment of whether the customer has other insurance in place that affects their needs, including employer benefits; the need for the future flexibility if relevant; and so on * Reasons for recommending a particular PPI contract (ICOB 4.41R(1)(c )). This should set out why the recommendation contract suits based on that particular customers needs. For example, it should explain why the recommendation is suitable considering the costs of the contract if relevant (ICOB 4.3.6R(2)7) and the exclusion and limits of the contract (ICOB 4.3.6R(3)). * Demands and needs not met by the recommended contract. The statement of demands and needs is the record that you must keep to show that you have made a suitable recommendation (ICOB 4.4.5G). You should consider recording the demands and needs of the customer the personal recommendation doesn’t meet (ICOB 4.3.1R(3)(b)). For example, if the customer needs future flexibility you may wish to explain the constraints on this ( for example, refunds of premium not being available or not being on pro rata basis.
  18. Be wary of these offers ..as the final cheque may be less than quoted due to a clause in the offer. ALL arrears will be deducted before the money is released.
  19. Loan agreement numbers would help BUT if you are living at same address etc that should be enough info to start the ball rolling..Start with a CCA request (cost £1) its quicker and cheaper. Once you have the Acc No etc on the copy they send then SAR them.. Good Luck
  20. No claim as yet ..but am expecting one. At the moment I'm just listing all the discrepency's on the agreement so far some are trivial / some incompetance and some unlawful
  21. Check your agreement as different rules aply to mortgage indemnity ins...compared to mortgage indemnity FEE. One is covered by the link by dibbo and the other by Griffiths v Welcome(2006) Quote 8. It is common ground that Regulation 4© is not relevant, being limited in its effect to payment protection insurance, which is mandatory under the terms of an agreement to which that regulation applies. The Claimant's case is that the MIF is a payment to which Regulation 5(i) applies, that is, "it is a premium under a contract of insurance", whereas the Defendant's case is that the MIF is a charge to which Regulation 4(b) applies, and which has been properly presented in the agreement. 9. The Claimant referred to various cases in which consideration has been given as to the meaning of the phrase "police of insurance" or "contract of insurance" for the purpose of showing, by reference to these formulations, that clause 3 satisfies all the criteria identified in the cases so as to enable him to argue that the MIF is to be treated as an insurance premium. To my mind this approach has its dangers. None of the cases relied on purport to give a comprehensive definition of a contract or policy of insurance. Indeed, most of the judgments expressly disavow such an intention. The question that I have to answer is what the phrase used in these particular Regulations means. The other danger, as I see it, of such an approach is that it is based on the propositions that all contracts that satisfy the criteria are, and must be, contracts of insurance when, in truth, all that can be said is that a contract that satisfies the criteria may be a contract of insurance.
  22. Thanks for the link MARTIN:D So reading that.......My loan should read Regulated Agreement made under the CCA 2006...would that be a valid point to make in court or will it be pushed aside as a technicality... because the 2006 act is not concerned with technicality's
  23. If an agreement was made under CCA1974 and the declaration signed was to be bound by that act. Q. Should that agreement not state " amended 2006" or whatever. This is a legal document....therefor should it not encompass the relevent law it relies on in the terms and conditions..And more importantly in the declaration which you sign and agree to be bound by.
  24. No time limit for PPI claims Claims for mis-selling come under the exclusions for: "mistakes, concealment and fraud" s.32 limitation act 1980. To reclaim....... PPI must have been missold.Read this post I've copied from this forum. Before reclaiming or cancelling PPI you should have a look at the following Notes and see what type of PPI you actually have. Always consider all the facts and figures before starting a claim.. Whatever you do Do Not Just Jump In without researching your own policy, and don’t be afraid to ask for help / advice on the forums on CAG. There are basically 2 types of Payment protection Insurance policies. 1) Monthly paid premium (as used by most of the credit card companies) These policies should not be a big problem to cancel; normally they will cancel this type of policy if you write to them or Phone them. Of course if you consider that you have been mis sold this type of policy you can of course try and reclaim all the premiums that have been made, plus claim the interest on each payment at the Contractual Interest Rate. 2) Single Premium Policy (these are the biggest rip off ones) These policies are Paid for in full to the insurance company at the start of the policy. Most loan Companies will finance the full cost of the policy by adding the cost onto your loan. What they do not tell you is that you will also be paying interest on that amount at the loan interest rate for the full term of the loan. Example 1. PPI Cost £3300 Interest Rate 7.9%APR Interest payable over the 5 year loan = £1300 Actual cost of PPI cover £ 4600.00 Example 2 PPI Cost £3300 Interest Rate 7.9%APR Interest payable over the 15 year loan = £3913.00 Actual Cost of 5yr PPI Cover £ 7213.00 As some loans have variable APR the costs used in the above examples could be in fact a lot higher. Most of this type of Policy will cover you for 60 Months (5yrs) so beware if you have taken out one of these policies and have a loan which runs over the 5 year period. As in example 2 you would require a further 2 * 5yr PPI policies to cover the full loan period. I did one calculation on an original loan of £17,000.00 , when the PPI was added and calculated to cover the 15yr period; with an APR at 7.9% fixed the actual cost to repay the loan was calculated at almost £55,000.00. Cancelling a single payment Policy, This can be a bit trickier than a standard monthly paid policy. These policies will offer a very small percentage of the premium should you just cancel it. An example of this is shown below. Their answer to this part is normally that the insurance premium pays more in the early stages of the loan as there is higher risk. (Yeah - higher risk to the lender and not the Customer) £3300 policy which had been running for 3yrs, Refund of £97.00 if cancelled. Some companies will state that the only way that you can cancel one of these policies is to refinance and settle the complete loan agreement with a new loan without PPI on the new loan. Some of the lenders will also try and fob you off with excuses like, you may not get a new loan at the same low %APR without PPI. Some will also state that you may not in fact be able to obtain a new loan from them at all; this of course is all scare tactics to try and make you change your mind about cancelling the loan etc. If your credit rating is not good then they will use this against you too. In my own case I managed to obtain a new loan from another provider at a far better %APR (5.8%) rate without PPI, though they did really try and sell their PPI..lol. I also took out a stand alone PPI policy from an Independent provider at well under a tenth of the cost I was quoted from the new Lender. Personally I have nothing against PPI Insurance, in fact I think it is a good thing as long as it sold properly and not at an extortionate rate like it is by the major High Street Banks and Loan Companies. 3) Mis Sold Policy The mis selling of these policies is a major concern not just for Consumer but in fact the FSA and the OFT are looking into this whole matter. Have you been Mis Sold PPI. (Some standard Conditions for PPI) a)Payment Protection Insurance cannot be made a condition of obtaining a loan. (This is the most common reason for mis selling) b) You are permantley resident within the United Kingdom c) You are Over 18 and Under 65 at the commencement of your loan, and you will not reach the age of 70 during the insured term. d) You are in Full time employment – Some policies define Full time employment as being working Over 16 Hours per week and that you have been in full time employment for at least 6 Months prior to the start date of the policy. e) Pre Excisting Medical Conditions may also Invalidate your Policy f) Some policies may cover if you are self employed.. Check your T & C first though. ** Latest Additions to be added to above (thanks Todge)** 1 You were not in work or self employed at the time of sale 2 You were told that you had to take the PPI out at the same time as the loan or not at all 3 You were not asked whether you had any other insurance which would cover the loan 4 You were not told you could buy PPI elsewhere to cover the loan 5 You were sold a policy which had age restrictions which you fell outside of 6 You were led to believe that Payment Protection Insurance was compulsory 7 You were told that you would stand more chance of getting the loan if you took the Payment Protection Insurance 8 It was not explained to you that there were certain exclusions within the policy that could affect you 9 You were pressured into buying the PPI 10 You paid upfront for the PPI but it was not explained that there were some PPI policies where you could pay monthly 11 Your PPI was an upfront premium and you repaid the loan early and received no refund 12 You increased your loan and the PPI was increased automatically 13 The Terms & Conditions of the small print were not fully explained to you You should in the first instance read through the full terms and conditions of your Payment Protection Insurance Policy. If you do not have these I would personally advise you to contact the Insurer and request these. If you do have to contact the Insurer for a copy of the terms and conditions you will need to know the date that you signed up for the policy, Request a copy of the terms and conditions relating to the policy that they had in place on that date. I would personally always deal with complaints regarding PPI by way of letter, unless you have the ability to record any telephone conversations regarding the complaint. Obviously should you have to take the complaint to court, the more evidence you have in writing the better. Some Interesting Facts Regarding PPI. On some Single premium PPI policies the actual cost for the insurance can be a low as 10% of the cost charged by the lender …That’s a whopping 90% straight profit for the lender.. Plus of course the extra Interest that they will make. Out of all the types of Insurances Policies available ( Car, Home etc) PPI has the lowest percentage of payout in claims, Making PPI the most profitable Insurance Policy currently on the market. Payment Protection Insurance has the highest rate of claims for Mis Selling than any other Insurance policy available. Most policies will only pay out for 12 Months maximum in any 1 claim. I hope this has helped, If you have any queries please do not be afraid to ask for help or advise in the forum. If you find any Interesting information relating to PPI I would be grateful if you could pass it on to me, I’m on a bit of a Mission with PPI..lol Additions to Post 22/3/07.. Reclaim your PPI premiums There's no need to pay someone a fee to pursue your mis-selling claim. By following our guide - and using our letter template - you can right the wrongs committed by your bank or lender. You will find the downloadable letters at the bottom of this page. Here we explain how to decide whether you have a case for reclaiming your premiums, and how to go about it: The background Payment protection insurance generates billions of pounds for banks and building societies and is widely recognised as being routinely mis-sold. The policies are designed to repay a particular debt if you find yourself out of work. We know of many instances when borrowers have been forced to buy an expensive policy as a condition of being offered a loan. {I:1} Do you have a mis-selling claim? • Being forced to buy a PPI policy in conjunction with a loan does not breach FSA guidelines. But the FSA says that fact does not exclude borrowers from making a mis-selling complaint to the Financial Ombudsman, who assesses whether the way the policy was sold was fair and reasonable. Banks and lenders who subscribe to the Banking Code agree they will not force customers to also buy their payment protection insurance, but they can insist on them having some form of PPI. We have heard a litany of complaints from borrowers who say unscrupulous salespeople told them they would not get a loan unless they signed up to the lender's own protection insurance. If this has happened to you, you should pursue the bank through its usual complaints process. If you have no success, the next step is to complain the Financial Ombudsman. • You may also have a case for mis-selling if you have been sold a policy while you are self-employed, unemployed or retired – all of which make PPI void. PPI policies are valid only for people who are employed by someone else and the lender or insurer should have checked your employment status when they sold the policy. • Most policies do not cover you for loss of income caused by a wide range of illnesses or ailments, including mental illness and back trouble, which keep thousands of people off work each year. A lender or insurer should warn you that illnesses like these, and other pre-existing conditions that might keep you off work, will not be covered. • If a lender sells you a PPI policy with a card or loan, it significantly increases the interest rate you will be paying. Lenders are obliged to advertise the total APR so you know exactly how much your monthly repayments – including insurance – will be. If they haven't, you can pursue them for mis-selling. The lender should also have explained to you the full cost of the policy, and how your monthly repayments without insurance would be affected by adding insurance to the loan or credit card agreement. If your lender did not do any of these things, you may have a claim for mis-selling. Additionally, you may have a claim if you have tried to cancel your PPI policy, and have been refused, or if you have cancelled the policy part-way through the loan period and received a smaller reduction in monthly payments than you were expecting.
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