1st Cred v Questioner

[lilly white]

take them to court.

 

imho the oc will have no alternative but to get the account back from these people in reigate.

 

i am sure that these people in their bus stop will have an agreedment with the oc. for this. will not want to pay out on their insurance.

 

so send them letter before action and see what happens however of course to you.

[citizenB]

Q, I have flagged your post for the site team.

[questioner]

thanks guys - I shall have to think of what to say to them as I dont really understand the whole thing here yet.

 

Beneficial the OC gave it to the reigate hit squad and I had a hell of a time.

 

Now this changes things

 

I AM NOT SURE WHAT TO THREATEN WITH THOUGH?????????

 

NO WAY WILL I PAY ANY BALANCE ON THIS PPI MISSELLING FIASCO.

 

 

Will be back tomorrow.

[questioner]

I TELL A FIB AS I PINCHED A BIT MORE POSTING TIME TONIGHT AS THIS ISSUE IS IMPORTANT...

 

 

This is what OC said............

 

 

They even attached a form to sign to say I agreed with their terms......

 

They seem rather afraid of what I may do next to me

 

Oh yes and FOS recently said the the reigate mob were quite ok to persue me...

 

But now??? Worth telling FOS this latest news.. ? I think I know the answer, which links closely to chocolate teapots.

[questioner]

I may just write back to the OC saying that the offer is acceptable so long as they write off the balance and promise not to persue in any way.

 

I need more advice though before I commit here .

 

I have saved all stuff over the years back cannot find any DNs or noticies of termination FROM oc to say it had been passed over to the low lifes in Reigate.

 

Possible rescission of contract?

Edited December 19, 2009 by questioner

[slick132]

Hi Q,

 

If you don't agree to the credit to the a/c, or simply issue a claim for refund of PPI, they'd likely credit the a/c anyway.

 

In which case, a court claim for repayment would then be effectively satisfied with no further cause for action.

 

However, if you issue a court claim for the PPI plus interest in restitution, which they won't agree to repay, the case would proceed but hopefully be settled before a court hearing. You can insist on a direct refund or take case into court on the day.

 

You would need to send a letter claiming the refund plus interest in restitution. See here - http://www.consumeractiongroup.co.uk/forum/payment-protection-insurance-ppi/224027-aman23-barclaycard-2.html#post2656673

 

That just leaves the issue about non-enforceability of the agreement to be resolved by other means.

 

[questioner]

CHEERS SLICK

 

THE OFFER INCLUDES 8% INTEREST WITHOUT QUESTION.

 

Main priority is however a write off and this file seems to have been passed to the the Reigate terror without any DN OR PROPER assignment - so OC MAY BE SCARED OF RESCISSION OF CONTRACT . WHAT ELSE IS SCARING THEM?

 

HOW THIS IMPINGES ON DCA (WHO HOLD ACCOUNT STILL) AM NOT CERATIN YET.

 

PPI and OC admission of misselling is a handy issue to chase up .

[questioner]

OF COURSE THEY CAN DO WITHOUT ANY MORE FREE PPI PUBLICITY SO...?

 

 

The Financial Services Authority today delivered on its promise to crackdown on payment protection insurance (PPI) mis-selling by hitting HFC Bank with a record £1 million fine.The fine on HFC is the largest yet on a PPI provider, and more than double the next biggest PPI-related fine – the £455,000 levied against Loans.co.uk in October 2006. It is also the first since the FSA released research in September which showed PPI mis-selling still rife across the market. The FSA promised then that it would get tough with persistent offenders.

 

 

HFC hit with £1 million fine for PPI mis-selling | New Model Adviser ® | Citywire

 

[questioner]

More complaints to FOS but they still support the shark here.

 

We have PPI misselling on this one now though..

[slick132]

Good.

 

Update us when you have more to report.

 

[questioner]

OC have offered to pay PPI in full under the terms that any balance must be paid up.

 

We said NO - pay up the PPI or we complain to authorities.

[questioner]

Just in case OC get silly - I should like to know the following........

 

 

 

1) Due to serious PPI misselling, which has now been admited too, what do we say about the so-called agreement (lol, illegible application form) and its prescribed terms; terms which are supposed to be correctly stated under law?

 

2) Where does this now leave Worst Crude, the nasty little shark that so happily pursued this account for the OC?

[slick132]

Hi Q,

 

As I said in post #31, unless you formally claim restitutional interest, you run the risk of PPI being repaid as offered by them, leaving you little recourse when they credit this amount to the outstanding a/c balance.

 

Until and unless you get a court ruling that the a/c debt is unenforceable, the refund will be made to the a/c.

[questioner]

HI Slick - many thanks

 

 

I am pretty new at this PPI reclaiming.

 

The few PPI claims I have banged in so far have just been done on the CAG calculator with a basis amount for each month - as on the statements - plus the 8% that gets automatically added by it giving me teh total figure to send in.. .

“restitutional interest”??????????

I do not get this bit at all and fear my question will just confuse me into only more confusion…

 

I am sadly crap at maths so …… ?

 

This extra restitutional interest you mention – is it just some figure that I add to the final total of my above amount ?

 

CAN YOU GIVE AN EXAMPLE PLEASE OF SAY A TOTAL FIGUE OF SAY 200 QUID PLUS THIS R INTEREST???

If I don’t get it I will just say to creditors – “kindly ensure that you add suitable R interest to my total figure” … that work?

 

If and when I get PPI on other accounts I shall use this as a weapon against them.

 

I FEEL THAT THE FACT THAT PPI WAS MISSOLD WILL BE A GOOD DODGY TERMS ANGLE AGAINST ANY ENFORCABILITY ISSUES TOO. MOST ACCOUNTS ARE JUST SILLY APPLICATION FORMS OR AGREEMENTS WITH WRONG NUMBERS ANYWAY THAT HOLD NO MODIFYING AGREEMENTS ..

 

IT CAN ONLY BE A GOOD BARTERING WEAPON IN ITS OWN RIGHT…..

[questioner]

I put restitutional interest into Google and get "restitution interest"????

 

Lost

 

I had a peep at the other calculators for simple interest compound interst but its getting me very confused. I am probably not asking for as much back as I should be with the 8% only calc but this interest stuff have me presently foxed?? Just do not get this .

 

I am sure it is easy when understood but I need spoon-feeding. Sorry to be so thick!

 

I looked at this

 

http://www.bllaw.co.uk/services_for_businesses/insolvency_and_recovery/simple_interest_calculator.aspx#how_to_use

 

but have no idea what to put or where to find it for the interest rate?

 

I presume the principal sum is the total we arrive at for PPI with the 8% on?

Edited December 31, 2009 by questioner

[slick132]

Hi Q,

 

Do you have a thread in the PPI forum. If not, start one there.

 

I'm afraid there is no substitute for research and learning from other threads.

 

I found this thread about POC's for PPI claims in the PPI Stickies - http://www.consumeractiongroup.co.uk/forum/payment-protection-insurance-ppi/123886-poc-ppi-do-we.html#post1487791 It refers to Compound Interest.

 

I may have confused matters by referring to Restitutional Interest, which simply means you claim interest on the monies which were paid by, or taken from, you to put you back in the position you would be in if you hadn't had to pay the PPI.

 

Another way to put this is that you seek repayment of your charges together with Compound Interest as a form of restitution.

 

Another source of info on this is the Interest Tutorial which is linked in my signature.

[questioner]

Slick - many thanks...

 

Think I get it..

 

I just go bang my figure for the total amount of PPI, which has been worked out on the CAG simple calc into the Compound calc and hey presto??????

 

Still not sure about the intetrst rate to put in - where is that found?

 

PPI TOTAL

 

PLUS PPI 8%

 

PLUS COMPOUND INTEREST

 

= GRAND TOTAL ??????

 

 

 

Q

[slick132]

Hi Q,

 

Did you read post #13 of the thread I linked you to in para 3 of my post above.

 

[questioner]

Hi Q,

 

Did you read post #13 of the thread I linked you to in para 3 of my post above.

 

 

Yes thanks Slick.........

 

"The Claimant further contends that if the Insurance was applied correctly, that the Agreement was not executed in accordance with the Consumer Credit Act 1974;"

 

At my stage I am particularly intersted in creating a few general paras to use over the way that PPI misselling can make the terms on an agreement questionable or invalid.

 

Any tips apprecaited keeping it simple too .....

 

 

[questioner]

"On these grounds the Claimant seeks restitution of the compounded contractual interest at the defendant’s authorised borrowing rate of 22.9 % per annum."

 

 

So 22.9% over the period is the best rate to bang into that simple calc?

 

If it more complex than that :eek:I will just ask them to add compound interest at their contractual rates and see what come back ok..

 

 

re 22.9 on the claim - When we bang in PPI claims is this something we should add initially or is the 22.9 just something we bring up at a later date - if they wont play nice?

 

I am starting to see why this bank mentioned about me not making further claims against them...

 

I just had a go with the simple calc for another prospective PPI claim (not linked to this one) and it sure ups the figure......

 

Principal sum + 610.66

Interest from date 7/4/03

Interest to date 6/1/07

Number of days interest 1370

Interest accrued: £ 524.88

Daily interest continues to accrue at: £ 0.38 per day

Interest rate 22.9%

Principal + interest: £ 1135.54

 

 

IS THAT HOW IT TELL IT TO THE SHARKS..... ?

 

 

I suppose if the rate is not right for whatever reason I could say to them.

 

 

ESTIMATED Interest rate 22.9%

 

 

 

Am I getting this right??

 

 

 

??

 

 

 

 

 

 

 

 

 

 

 

Edited January 2, 2010 by questioner

[slick132]

So 22.9% over the period is the best rate to bang into that simple calc?

 

If it more complex than that :shock:I will just ask them to add compound interest at their contractual rates and see what come back ok..

I think, if you do this, you will show the other side that you haven't done your research and they will be less likely to take you seriously.

 

The rate you use should be that which the bank charged you.

 

The method of calculating compound interest is explained in the Interest Tutorial and there is a spreadsheet there which you can use. This is the one - http://www.shweb.pwp.blueyonder.co.uk/interestcalcs.xls

 

Alternatively, use this calculator to work out the interest on the PPI charged on each occasion - Compound interest calculator

 

Unless you research and understand what you are claiming, and how you should do it, you are bound to fail.

 

Take the time necessary to read :-

 

1. The Interest Tutorial at Link No6 in my signature. Which specifically refers to compound interest on PPI claims.

 

2. The whole of the thread about PPI POC's and NOT just post #13.

 

3. Other Stickies in the PPI forum.

 

Have you started a thread in the PPI forum - peeps there are used to dealing with this and will give you good advice.

 

Re the example you give about PPI of £610.66, compound interest from 7/4/01 to 6/1/07* should be about £820.

 

I tied to show the calculator here with the figures but it went awry !!

 

 

* Why would you only calculate int't up to Jan 07, and not up to date.

[questioner]

Slick - many thanks for help.

[questioner]

I had thought it was too simple with me just using this one

 

simple interest calculator - Blake Lapthorn - Southampton, Oxford, London, Portsmouth, Winchester

 

This is how I came to arrive at that figure by banging in the 22.9 and seeing what came up...

[questioner]

The OC has written back stating that they would pay me the PPI and that the balanced is no longer owed to them.

 

They say that the balance being sought by the DCA is a seperate issue and that the balance would still be due TO WORSE CRUDITE .....

 

They also say that the account was passed to the DCA prior to any dispute re PPI

 

They say that they did not breach DPA as the account would have been transfered within the guidlines that I would have been notified over at the time.

 

All very clever when they only gave us a an illegible app form as proof of any agreement....

Edited January 7, 2010 by questioner

[slick132]

Hi Q,

 

Unfortunately, unless you fight them for interest to be repaid on your terms, which will involve you taking court action, the money will be paid by the OC to the DCA voluntarily. You can't challenge this unless you actually challenge the interest figures because you have no cause of action.

 

If you issue proceedings, you would most likely get a refund paid to you direct.

 

This would still, of course, leave you having to settle the issue of any balance owed to the DCA.