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salty_seadog
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Well it gets even better, found another credit agreement with the above, cost £900ish, taken out in 2001, with interest at 17.5%, today worth approx £2400!

 

Again i believe i was cohersed into it, along the lines of it will look better if you have it!

 

so thats 2 claims now, letters off on monday to them both.

 

cheers

 

steve

 

PS anyone got a POC template for PPI?

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Well it gets even better, found another credit agreement with the above, cost £900ish, taken out in 2001, with interest at 17.5%, today worth approx £2400!

 

Again i believe i was cohersed into it, along the lines of it will look better if you have it!

 

so thats 2 claims now, letters off on monday to them both.

 

cheers

 

steve

 

PS anyone got a POC template for PPI?

 

Hello Salty Seadog,

 

There are a few poc kicking about the threads, Alanfromderby has put up a couple of stickies, looking into the legislation that can be used for the reclaiming process for ppi. Really useful information in them.

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

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just had a letter from GE stating they didn't sell the PPI but the broker did, even gave me the address of the broker, so is it the broker i go after now or are they pulling the wool over my eyes?

 

Will it be harder going after a broker? than a big company like GE?

 

cheers

 

steve

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hi salty

damn right it will be harder going after a broker, i am having lots of hassle with ocean finance claiming for 4 loans taken out with them, what broker was it?

check out my thread and see, i'm ready to now give in as court is the only route left but good luck with yours and i truly hope you nail the b******s

 

gem x x

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Hello Salty-seadog.

 

This is a very important piece of legal precedent. It relates to the paying of commission/fees to brokers.

 

Personally I feel they are all as bad as each other, all get a chunck of your money.

 

Thanks to hellhasnofury for this case, which may be of use to those who have taken out loans through a broker(link to full judgement below):

 

 

I came accross this court case precedent regarding brokers commission and responsibility, and wondered if it would be useful for a court bundle in this situation.

 

Decision in Hurstanger v Wilson [2007] EWCA Civ 299

 

This is may be of relevance to all members who pay fees to brokers.

 

Case Summary

 

The borrowers (Mr Wilson and Ms Burton) obtained a loan through a

broker. The broker had a fiduciary relationship with the borrowers and

received commission from the lender.

 

At issue was whether the broker had received secret commission from the

lender and whether informed consent had been given by the borrowers.

 

The borrowers signed a form which indicated that commission might be

paid but they argued that informed consent had not been given because

they did not know the amount of the commission.

 

It was held that the broker may only receive commission if the borrower

consented to this with full knowledge of all material circumstances. The

Court of Appeal held that the commission, in this case, was not “secret”

but informed consent had not been given as the amount of commission

had not been disclosed. (Accordingly they awarded the amount of the

commission plus 1.29% simple interest from the date of the agreement’s

inception).

 

The Court also held that in cases where the broker does not disclose

that she is in receipt of commission from the lender, the commission

will be “secret”, the broker potentially guilty of fraud, and the entire

loan liable to be rescinded.

 

Implications

 

The legal teams of all members who pay commission to brokers should

consider the impact of the decision on their business.

 

Full Text: Wilson v Hurstanger

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

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thanks gemni / hellhasnofury,

 

looks like i'll be chasing the broker as the £900ish paid in PPI, there is no mention of commision to the broker, there is mention of brokers fee's but not for the PPI.

 

Also it was mis-sold, not fit for purpose and was implied that to take it out would help me secure the loan!

 

cheers

 

steve

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