London Mortgage Company

[Notty]

Any help anyone?

[Paintball]

Hi Notty

 

I currently have a complaint ongoing against LMC with the FSA and sympathise with you in your struggle with them, so here goes:

 

I think you need to send a Letter Before Action stating that they have had the opportunity but have not fully complied with your SAR in that you require: a true copy as signed by you of your Credit Agreement with LMC (this should show whether the PPI has been requested by you) together with terms and conditions of the PPI part of the loan and a full breakdown of the loan amount itself to include the PPI and interest added to both the loan amount and the PPI amount. State that you will also be making a complaint to the FSA as they take the matter of mis-selling of PPI very seriously.

 

Tell them that you give them 14 days in which to comply with this request after which, as you believe that you have been mis-sold PPI, you will be pursuing the matter through the courts. Be prepared to go to court with this one if necessary.

 

If, as you state in an earlier post on your thread, that you believe you have been mis-sold PPI, then the legislation you will be using in your Particulars of Claim are: PPI was mis-sold within the terms laid out in section 13 of Supply of Goods and Services Act 1982 and section 2 of the Misrepresentation Act 1967.

 

If you need any further help with letter writing, etc, please let me know and I'll do my best as I am curently fighting two PPI claims, one in court (Paintball vs Capital Bank ) where the Defendant hasn't entered a defence and the LMC one with the FSA ...

 

Painty xox

[Notty]

I have finally received all of the info I asked for with the SAR. I did have to send a second letter before action as they had only sent a statement of account and nothing else. On the original credit brokers application (Ocean Finance) the box for ppi is ticked as no cover. As I obviously told them over the phone I didnt want ppi. It also mentions being self employed on this form. The credit agreement with LMC (which is signed by me) has ppi on it and the cost of £700. The loan was for £5000. Making the amount £5700 with a monthly payment of £123.93 for 60 months. What I cannot understand is the monthly payment is the same on the Ocean Finance application (£123.93) although the form is ticked for no ppi?

 

Do you think I have a claim? As I was self employed but I do not have the terms and conditions and I am a bit confused about something I read earlier which states if you are self employed and it is in the terms and conditions then you cannot claim the money back as they would have paid out if you were ill?

 

Also although I did sign the LMC credit agreement I was lead to believe I had to have the ppi although I had told them I didnt want it on the Ocean finance application form. All of this was over the telephone but I didnt get anything from them about calls.

 

Any help would be much appreciated as I am well and truly confused now.

[hellhasnofury]

I have finally received all of the info I asked for with the S.A.R - (Subject Access Request). I did have to send a second letter before action as they had only sent a statement of account and nothing else. On the original credit brokers application (Ocean Finance) the box for ppi is ticked as no cover. As I obviously told them over the phone I didnt want ppi. It also mentions being self employed on this form. The credit agreement with LMC (which is signed by me) has ppi on it and the cost of £700. The loan was for £5000. Making the amount £5700 with a monthly payment of £123.93 for 60 months. What I cannot understand is the monthly payment is the same on the Ocean Finance application (£123.93) although the form is ticked for no ppi?

 

Do you think I have a claim? As I was self employed but I do not have the terms and conditions and I am a bit confused about something I read earlier which states if you are self employed and it is in the terms and conditions then you cannot claim the money back as they would have paid out if you were ill?

 

Also although I did sign the LMC credit agreement I was lead to believe I had to have the ppi although I had told them I didnt want it on the Ocean finance application form. All of this was over the telephone but I didnt get anything from them about calls.

 

Any help would be much appreciated as I am well and truly confused now.

 

Hello Notty,

 

Just quickly reading your thread I would say that you have a claim, you told ocean finance you did not want ppi, it was on the application form that you did not want it.

 

LMC applied it regardless, so the product was not just mis-sold it was added without your consent.

[Notty]

Thanks for the reply hells. Do you think I should just send off the letter before action asking for the ppi premium back and should I add interest on it? I paid the loan off within a couple of months but they have still had my £750 (the amount I paid for the ppi) for the last 5 years. Also if it was for mis-selling on the grounds of being self employed (on another claim I might make) would you be better getting the t@C from the insurance company to see if it includes self employment in the cover. They didnt include anything from the insurance company in the SAR I sent to them. I appreciate your help.

[hellhasnofury]

Thanks for the reply hells. Do you think I should just send off the letter before action asking for the ppi premium back and should I add interest on it? I paid the loan off within a couple of months but they have still had my £750 (the amount I paid for the ppi) for the last 5 years. Also if it was for mis-selling on the grounds of being self employed (on another claim I might make) would you be better getting the t@C from the insurance company to see if it includes self employment in the cover. They didnt include anything from the insurance company in the S.A.R - (Subject Access Request) I sent to them. I appreciate your help.

 

Hello Notty,

 

It would do no hard to get the t&c's (thats if they have them) to see if you were covered or not.

 

Regardless of that, they still applied the ppi, when you have stated that you did not wish it. Blatant mis-selling.

 

In the SAR that they sent you, was there any mention of a ppi refund put into the balance of the loan therefore reducing it, before you paid it off, this is important to know

[Notty]

There was no mention of the ppi at all in the SAR. Only when it was added by the LMC and on the Ocean Fiance brokers application form (ticked not wanted). There is nothing in the pack about me paying off the loan or anything about the ppi. When I paid off the loan a couple of months down the line it just gave me a settlement figure but never mentioned the ppi. I would have paid nearly £8000 over the 60months (£123 per month) but they take off (is it rule 75 or something how they work out a settlement figure) and I still ended up paying more than I borrowed.

[Notty]

Could anyone tell me how much interest I could add to the £700 premium I paid. That was 5 years ago when I paid the loan off so I am assuming I can claim 5 years interest on the £700 but not sure if its 8% or some other figure?

[hellhasnofury]

Could anyone tell me how much interest I could add to the £700 premium I paid. That was 5 years ago when I paid the loan off so I am assuming I can claim 5 years interest on the £700 but not sure if its 8% or some other figure?

 

Hello Notty,

 

Can you type up what is on your credit agreement to give an idea of the loan/

 

The amount borrowed

The ppi premium

total charge for credit

Interest rate

monthly payments over how long.

 

If the ppi was £700 they will probably charged you interest on this as well.

 

So it is important that you know how much to claim back, before you work out how much interest you are going after them from:grin:

[Notty]

Hi Hels

 

The letter I had from LMC when I asked to pay my loan off in the Jund (taken out in the March ) (my copy - there wasnt one in the S.A.R - (Subject Access Request) bundle) has the following:

Balance Outstanding £7331.87

Legal & Discharge Fees £75

Less amount of rebate (if any) £1460.73

The amount to repay £5946.14

 

The Credit Agreement:

The loan £5700

Including a cash advance of £5000

optinal ppi premium of £700

and a lending fee - (nothing there for that)

to be repaid with interest at the interest rate of 11.00% a year (variable)

APR 11.6%

by 60 monthly instalments of £123.93

There is no metion of charge for credit?

 

The £123.93 is the amount of the monthly instalment on the brokers application form (Ocean Finance) but the box for ppi is ticked no and there is no mention of it just the loan.

 

Thanks for your help.

[hellhasnofury]

Hi Hels

 

The letter I had from LMC when I asked to pay my loan off in the Jund (taken out in the March ) (my copy - there wasnt one in the S.A.R - (Subject Access Request) bundle) has the following:

Balance Outstanding £7331.87

Legal & Discharge Fees £75

Less amount of rebate (if any) £1460.73

The amount to repay £5946.14

 

The Credit Agreement:

The loan £5700

Including a cash advance of £5000

optinal ppi premium of £700

and a lending fee - (nothing there for that)

to be repaid with interest at the interest rate of 11.00% a year (variable)

APR 11.6%

by 60 monthly instalments of £123.93

There is no metion of charge for credit?

 

The £123.93 is the amount of the monthly instalment on the brokers application form (Ocean Finance) but the box for ppi is ticked no and there is no mention of it just the loan.

 

Thanks for your help.

 

Hello Notty,

 

I will help if I can,

 

Now regarding yours figure, you state the total charge for credit is not mentioned???????? Is this a credit agreement regulated by the consumer credit act 1974, or was the loan secured against your property???????

 

I am not an accountant, but have worked out the following with the figures you have put up.

 

If the repayments were £123.93 per month over 60months then you would have paid them £7,435.80 in total for the loan of £5,700. (Loan £5,000, ppi £700) Therefore they charged you £1,735.80 interest for the cash advance and the ppi.

 

If we then breakdown the ppi

 

£700, to work this out we need to calculate 1% of this, which is £7 and multiply it by the interest rate of 11%per year (rate of the loan) which is £77.00, then multiply this by the term in which the loan ran, 60months(5yrs)

 

So the interest they applied to the ppi was 5 x £77 = £385.

 

Therefore you have the privilage of paying £700 + £385 = £1,085 on something that you chose not to have.

 

Hope this makes sense:grin:

 

Will look at the other issues in a bit:grin:

[Notty]

Thanks for that Hels I dont know how you did it but it looks good! Yes the loan was secured against the property. They have written to me again and said I should contact Ocean Finance (the broker) with regard to mis-selling. They say as they are not a brokerage they would not have been party to the transaction prior to the actual advance of the funds ot cover the premium. which is rich as the box was ticked no on the brokers application and they added on their credit agreement. Something odd there. I think they are going to give me the runaround. Do you think I should just carry on and send them the first letter?

[hellhasnofury]

Thanks for that Hels I dont know how you did it but it looks good! Yes the loan was secured against the property. They have written to me again and said I should contact Ocean Finance (the broker) with regard to mis-selling. They say as they are not a brokerage they would not have been party to the transaction prior to the actual advance of the funds ot cover the premium. which is rich as the box was ticked no on the brokers application and they added on their credit agreement. Something odd there. I think they are going to give me the runaround. Do you think I should just carry on and send them the first letter?

 

Hello Notty.

 

Did you say that you had the application form that ocean finance filled out that stated that you did not wish to have ppi??????? Ooops sorry just notice that you stated it above. If the application form that ocean finance filled out had a tick in the no box. end off:p Although I have no respect whatsoever for OF. Ge money are trying it on

 

Send your preliminary letter stating this and send them a photcopy of the application from ocean finance:grin:

 

I truely can't see how they can explain there way out of that one. but nothing they do or state would surprise me:grin:

 

Have you managed to work out the interest that you want on top.

 

If you get stuck with the spreadsheet shout, I can guide you through it.

 

Maybe also post up your letter for comments etc:grin:

[Notty]

Thanks for that Hels. I will put a letter together and post it here tomorrow. Also did you mean LMC are trying it on as you said GE and just wondered if I had missed something. Do you think I shouldnt bother mentioning being self employed and just go for the brokers application form being ticked no. I think they will come back (LMC) and say I shouldnt have signed the credit agreement which had the ppi on but I thought I had to have it as I had stipulated over the phone with Ocean that I didnt want it, if you know what I mean.

[hellhasnofury]

Thanks for that Hels. I will put a letter together and post it here tomorrow. Also did you mean LMC are trying it on as you said GE and just wondered if I had missed something. Do you think I shouldnt bother mentioning being self employed and just go for the brokers application form being ticked no. I think they will come back (LMC) and say I shouldnt have signed the credit agreement which had the ppi on but I thought I had to have it as I had stipulated over the phone with Ocean that I didnt want it, if you know what I mean.

 

Hello Notty,

 

Sorry I must have ge on the brain:eek: .

 

I would also mention the fact that you were self employed as well:grin: the more reasons the better:grin:

[Notty]

I have just read a thread that says you should go after the one that mis sold you the ppi. Well in my case I am not sure if that would be the broker (Ocean Finance) or the loan company, LMC. They did say (LMC) in their last letter to contact the broker and not them?

[hellhasnofury]

I have just read a thread that says you should go after the one that mis sold you the ppi. Well in my case I am not sure if that would be the broker (Ocean Finance) or the loan company, LMC. They did say (LMC) in their last letter to contact the broker and not them?

 

Hello Notty,

 

If it was OF that you got the loan from then you go after them.

 

Please be mindful that the loan and the ppi would have been commission based, OF would have received commission from LMC for obtainting them.

 

Again LMC have to take some responsibility, they all scratch each others back:rolleyes: and all made profit from you:rolleyes:

 

There is information in the stickies regarding this liason, I think it is in the ppi bundles stickies, will have a look for it:grin:

[Notty]

Hi Hels

Thanks for the reply. I am a bit confused on this one, sorry. Ocean Finance was the broker but it was LMC who I signed the agreement with? I have just printed a letter off to LMC asking for the money back so want to get it right. Thanks for your help.

[Notty]

Not sure if i should post my letter to Ocean Finace who was the broker involved but ticked the ppi box with a no or London Mortgage Company who had added the ppi. I wonder if anyone could let me know what they think as I am a bit confused. I have so far been in contact with LMC but their last letter said to contact Ocean finance?

[hellhasnofury]

Not sure if i should post my letter to Ocean Finace who was the broker involved but ticked the ppi box with a no or London Mortgage Company who had added the ppi. I wonder if anyone could let me know what they think as I am a bit confused. I have so far been in contact with LMC but their last letter said to contact Ocean finance?

 

Hello Notty,

 

I think the confusion starting after post 42 when you asked the question regarding who to go after. I have re-read your thread, so now clued i[

 

In cases of brokers selling loans for companies, if the ppi was mis-sold you would go after the broker:grin: because they applied ppi to the loan and sent that information to the lender who then applied it to the loan.

 

In your case OF ticked the box for no to ppi, so there would be no point going after them. It is LMC who applied it after you said no.

 

You have the evidence with the application form, so send your preliminary letter with a photocopy of the application form to LMC. Also tell them that they are trying to mislead you, as to who applied the ppi.

 

Don't forget to threaten to report them to the Financial Services Authority, Office of Fair Trading and Trading Standards. and make sure that you do anyway:-D

[Notty]

I have sent my letter requesting the ppi refund but I wonder do you send a LBA and is there one for ppi or do you allow 10 days and then go straight to the N1 claim form? Thanks for your help.

[hellhasnofury]

I have sent my letter requesting the ppi refund but I wonder do you send a LBA and is there one for ppi or do you allow 10 days and then go straight to the N1 claim form? Thanks for your help.

 

Hello Notty,

 

The normal process is send you preliminary request for a refund and give them 14days, then send your LBA and give them 14days. If no response or the fob off then it is approach the FOS( dependant on when the loan was taken) or issue court proceeding, the N1.

 

What did you put in your first letter????? In you Lba I would just start off stating you disapointment at their response or lack of it. State the main bulk of your prelim ( reasons for mis-selling etc). and finish of by stateing that you are now prepared to give them another 14 days to reflect on the matter after which you will go to the FOS or issue court proceeding without further notice.

 

May post the letter up before you send it for comments:grin:

[Notty]

Well I have had a pretty swift reply to my LBA letter, only sent it a week ago. They have written back saying they will investigate the problem but it could take a long time as it needs a thorough investigation! I will issue the N! form now and see what happens then. I am not too sure what I need to put in poc and I have looked at poc on one of the stickies but it is very long and not sure which bits I would need, could anyone help please?

[Notty]

I wonder if anyone can help with the poc for the N1 claim form. I know there is a sticky above but it seems very complicated. The poc I used for bank charges was quite straight forward but not sure on this one.

[Notty]

I am at the stage where I need to do the N1 claim form but I dont know what to put in the poc. I have checked out the stickies but there is so much on there regarding poc its a bit confusing. When I did the poc on bank charges it was just a couple of line. Can anyone help please. I feel as if I will have to give up which will be such a shame, so near yet so far!