MBNA PPI Unsecured Loans Eyes Wide Shut

[alanalana]

Hello BRW,

I know you know this but interesting none the less.

 

Payment Protection Insurance: Peace of Mind - Until You Make a Claim

 

Whenever you take on any sort of credit, you are guaranteed that someone will try and sell you payment protection insurance.

A car loan, mortgage and your credit cards - borrow money and you will be subjected to someone in full-on selling mode extolling the virtues of their payment protection policy. You can’t escape it. What would happen if you lost your job? What if you had an accident? What if you died? And we all know about Sod’s Law. If you turn your nose up at it now ... you are just begging for disaster to befall you.

The problem is most payment protection insurance is ill-fitting. It won’t do the job for which it was intended, because you are not the type of person the insurance company will pay out to. Some might argue that would be anyone who makes a claim, but that would probably be unfair.

No, each policy has a myriad of clauses. Little caveats that mean that the policy doesn’t actually apply to you. The cover that is supposed to pay out in the unfortunate case of unemployment, well there are a few loopholes to benefit the insurance company on that issue.

Those loopholes are all listed. Listed in print small enough to make a nanobot look monolithic in comparison, but it is there. You signed the paperwork, you should have read it.

• Casual worker? Unemployment cover doesn’t apply.
   
  
• Had a short-term contract? Cover doesn’t apply.
  
• Knew you were going to lose your job prior to taking out the insurance? Cover doesn’t apply.
  
• Self-employed and closed down the business but didn’t go bankrupt? Cover doesn’t apply.

The sickness cover is not much better.

• Existing conditions? They can’t be claimed against.
   
  
• Something new caused by an existing condition? Sorry, claim denied.
  
• Died as a result of existing conditions? Guess what? Claim denied.

And that’s not even the half of it.

 

from this link:

 

Payment Protection Insurance: Peace of Mind - Until You Make a Claim

 

aa

[banker_rhymes_with]

Deleted...

Edited July 4, 2010 by banker_rhymes_with
Too many Trolls on CAG, too little support to fight them.

[banker_rhymes_with]

Deleted...

Edited July 4, 2010 by banker_rhymes_with
Too many Trolls on CAG, too little support to fight them.

[alanalana]

Hello BRW,

 

I have browsed your latest post and will try and research for you specifically:

 

I did note that on one of the MBNA Loans with PPI, the CCA Documents came pre-signed by the MBNA. I read somewhere that this may in itself void the CCA. I can't find the reference to that...help anyone?

 

Same with an Amex Loan with PPI (now taken over by MBNA), the CCA for that was also pre-Signed before I saw it.

 

And I am sure there is something in the links page ( you know that famous links page about the stuff in your post.

 

We always recommend you consider the security of Payment Protection Cover." That means an Advised Sale I think, although they turned me down on that Loan as I elected not to have their nice PPI! No use to me, but it may be of use to anyone who took out an MBNA Loan with PPI in 1996. Looks like they were "Advising" all PPI Sales because of this statement

 

http://www.bba.org.uk/content/1/c4/9...uide_Feb08.pdf since posting this link it has sadly hit a technical snag and is no longer available ........now there's a surprise!!!!! especially as the comment that follows is poignant....and it is now linked to a different location hit the button and see if it mentions loans and PPI.

 

I like the part about not being refused the loan if you do not want the PPI (read it and weep)

and this link shows which financial institutions are members of the British Bankers Association The information is no longer available

 

And guess what since this has been posted the link has been withdrawn just try and see for yourself.....There are spys out there

 

More to follow for you BRW

 

The banks are watching and unlinking or diverting sites that can compromise them

 

stay focused

aa

 

 

[banker_rhymes_with]

Deleted...

Edited July 4, 2010 by banker_rhymes_with
Too many Trolls on CAG, too little support to fight them.

[alanalana]

Hello BRW,

 

The link I put up in my previous post in your thread actually goes to the correct page in my links in the stickies so it may have been a glitch.

 

Still looking for info on pre-signed CCA..

 

aa

[banker_rhymes_with]

Deleted...

Edited July 4, 2010 by banker_rhymes_with
Too many Trolls on CAG, too little support to fight them.

[alanalana]

Hello again BRW,

 

I have found this little snippet. Not sure if is any good at Law but it may point you in the right direction.

 

Section 61(1)(a) prescribes that a regulated agreement is not properly executed unless a document in the prescribed form containing all the prescribed terms is signed by the debtor and the creditor or hirer.

 

Notice how debtor signs first:-D

 

This is the link: http://www.berr.gov.uk/files/file42398.pdf

 

and there is a lot more ref pre contract information but there is different reference for distance selling.

 

see this: http://www.oft.gov.uk/shared_oft/business_leaflets/consumer_credit/oft801.pdf

 

these are the regulations for distance marketing: The Financial Services (Distance Marketing) Regulations 2004

Not sure if this applies to post within UK more probably outside UK to UK

 

 

on with the fight

 

cheers

aa

[banker_rhymes_with]

Deleted...

Edited July 4, 2010 by banker_rhymes_with
Too many Trolls on CAG, too little support to fight them.

[alanalana]

Hello BRW,

Please post your other thread so I see what's happening.

 

That CLI stuff could get someone into hot water.

 

I just hang up unwanted calls or let the answer phone deal with it.

 

If I get unwanted calls (you know the can you spare 5 mins this won't take long call) my response is NO and if they persist I ask them what do they not understand about the word NO................. the N or the O.

 

aa

[banker_rhymes_with]

Deleted...

Edited July 4, 2010 by banker_rhymes_with
Too many Trolls on CAG, too little support to fight them.

[alanalana]

Hello BRW,

 

How true your last post!

 

I used to get a regular monthly call from my ever so friendly, polite, extremely efficient, caring, how can I help you, customer advisor (all for another bonus in the pay packet).

We can refinance your loan and include your agreed overdraft balance "that you pay a fee for" and you could have a new car, holiday in the Maldives etc etc and we can help you even more by making sure when you take to your sick bed you will have an inappropriate PPI insurance packet that will be so difficult to claim on you should on no account ever need to go to the doctor. The PPI is a definate good move by you, what a great decision you made, do you know you would make a really brilliant bank manager.

 

No it's all in the post just sign and away you go (no mention here of Bankruptcy proceeding that will follow)

 

cheers

 

aa

[banker_rhymes_with]

Deleted...

Edited July 4, 2010 by banker_rhymes_with
Too many Trolls on CAG, too little support to fight them.

[doolally lady]

Just to add a bit of info, I hope you find it useful. Had my SAR back a while ago and reading through it have noted that when I phone them they are using voice recognition software, so they know who it is before they answer. This is LTSB but I'm sure others would use it as well.

Good luck.

[banker_rhymes_with]

Deleted...

Edited July 4, 2010 by banker_rhymes_with
Too many Trolls on CAG, too little support to fight them.

[doolally lady]

Please keep your sense of humour, you really make me smile. On a serious note I will take your advice and 141 any calls I make to them. Thanx and good luck.

 

[alanalana]

Hello BRW,

 

"Pre-Signed CCA by bank is Void. See s.59 CCA 1974, Prospective Agreements are void, and/or not enforceable without a Court Order."

 

The section 59 straight from the CCA 1974 (I have it in front of me) states:

 

59 Agreement to enter future agreement void

 

(1) An agreement is void if, and to the extent that, it purports to bind a person to enter as debtor or hirer into a prospective regulated agreement.

 

(2) Regulations may exclude from the operation of subsection (1) agreements such as are described in the regulations.

 

you will need to check for Statutory Instruments and CCA 2006 to see if this has been amended.

 

regards

aa

[banker_rhymes_with]

Deleted...

Edited July 4, 2010 by banker_rhymes_with
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[banker_rhymes_with]

Deleted...

Edited July 4, 2010 by banker_rhymes_with
Too many Trolls on CAG, too little support to fight them.

[alanalana]

Hello BRW,

 

Yes probably right in that the CCA 2006 would not be relevant to your cases.

 

Yes much the same for me I have amassed mounds of paperwork but the sticking point is the delay on getting information from the bank in the first place.

 

It's definately a learning curve but I find it extremely interesting stuff, even if I can't get my head round it first time.

 

aa

[banker_rhymes_with]

Deleted...

Edited July 4, 2010 by banker_rhymes_with
Too many Trolls on CAG, too little support to fight them.

[alanalana]

Hello BRW,

 

There will be holes the FOS for a start is finding in favour of the victims to a ratio of 4 out of 5, 80% success rate there for starters.

 

There is still the Competition Commissioners to put in a bit of interest when they have completed their inquiry.

 

The Court route will probably turn out the same as bank charges they will delay and counter claim and then not turn up and offer a refund but not everything until we get a test case but I reckon PPI has been open to much more abuse by the banks than the unlawful charges.

 

The have a game I reckon called select your victim for a bonus and sting him for ppi then when he has a bit of trouble sting him again.

 

They probably have a branch lotto on who gets the most bonus payments and the winner gets the prime choice of the next victim.

 

aa

[alanalana]

Hello BRW,

 

how is your plan proceeding?

 

just popped in to bump you up and to let you know my bank are really playing the NO Communication game. Two letters sent recorded signed for have been either not been signed for (refused by the bank) or lost so I have now sent two in a special delivery bag, just to up the ante.

 

Lets see if the special delivery goes missing!

 

regards

 

aa

[banker_rhymes_with]

Deleted...

Edited July 4, 2010 by banker_rhymes_with
Too many Trolls on CAG, too little support to fight them.

[alanalana]

check out mint ppi self employed thread nearly missed the envelope thing

cheers

aa