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Unregulated Agreements where PPI was mis-sold


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It strikes me there is something not quite right about an unregulated agreement in which a loan was secured on a house where the PPI was mis-sold. It means the agreement was not accurate from the outset. I'd be interested in all views on this. I just feel we are missing something.

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Hi Pinky:)

 

Can't offer any insight I'm afraid, but subbing with interest as we took out a mortgage with Swift in 2006 through the broker Norton Finance which had PPI added.

 

The mortgage application was conducted over the telephone and during a call from Norton PPI was mentioned by their sales advisor. He told Mr Landy that we would be sent out two sets of paperwork (one with PPI and one without) so we could choose whether to take it or not. We only ever received one agreement - the one with the PPI applied. At the time, being in desperate need of borrowing the money as we had arrears with our main mortgage, we thought they had decided we had to have the PPI - maybe because we were a bad risk, so didn't question this.

 

We repaid the mortgage in full when we sold our house in 2007. Since discovering CAG we have made a start at trying to get the PPI back on the grounds of mis-selling - we have just filed a complaint with the FOS, having got nowhere with Swift/Norton.

 

We also built up a large number of arrears charges on this mortgage which we have also tried to reclaim, but again Swift don't want to know.

 

The FOS have said they cannot investigate the charges aspect as the mortgage dates from pre 6th April 2007, which is when Consumer Credit came under their jurisdiction.

 

I have been advised by others involved with Swift that Swift's agreements are potentially unenforceable and would be interested to see how this theory of mis-sold PPI/defective agreement would pan out!

 

Regards,

 

Landy x

LTSB PPI on various loans (current/settled) - Refunded inc 8%

 

MBNA 1 Charges - Refunded inc CI

 

MBNA 1 PPI - Refunded

 

MBNA 2 Charges - Refunded inc 8%

 

MBNA 2 PPI - Refunded

 

MBNA 2 Accident Ins - Refunded

 

Swift Advances (settled) Mortgage Charges -Partially refunded

 

Swift Advances (settled) Mortgage PPI - Refunded inc CI & 8%

 

Sainsburys (settled) Loan PPI - Refunded inc CI +8%

 

Sainsburys (closed) Card Charges - Refunded inc CI + 8%

 

M&S Money (closed) Card Charges - Refunded inc CI

 

M&S Money (closed) Card PPI - Refunded inc 8%

 

Direct Line (settled) Loan PPI - Refunded inc CI + 8%

 

Debenhams Card (closed) PPI - Refunded inc 8%

 

Swift Mortgage Charges -Refunded

 

Hitachi Finance (closed) Charges - Refunded

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Thank you - your situation is much the same. I think it is not enough to say that the agreement is unenforceable because you would still owe the money. I feel it's a question of the agreement not being drawn up properly and therefore being rescinded because of this. I am searching around the net looking at different laws. I am sure there is something we just haven't hit on to make the case for rescission.

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Hi Pinky and boss lady:)

 

This definitely warrants further investigation.

 

Unfortunately in our case if the agreement was found to be unenforceable, it would be too late insofar as we already repaid the mortgage in full back in 2007 along with a multitude of charges, so we would be looking at trying to get some kind of a refund I suppose?

 

We have already made a start at getting the charges themselves back, but have hit a stumbling block and court is probably the only real option left.

 

Regards,

 

Landy x

LTSB PPI on various loans (current/settled) - Refunded inc 8%

 

MBNA 1 Charges - Refunded inc CI

 

MBNA 1 PPI - Refunded

 

MBNA 2 Charges - Refunded inc 8%

 

MBNA 2 PPI - Refunded

 

MBNA 2 Accident Ins - Refunded

 

Swift Advances (settled) Mortgage Charges -Partially refunded

 

Swift Advances (settled) Mortgage PPI - Refunded inc CI & 8%

 

Sainsburys (settled) Loan PPI - Refunded inc CI +8%

 

Sainsburys (closed) Card Charges - Refunded inc CI + 8%

 

M&S Money (closed) Card Charges - Refunded inc CI

 

M&S Money (closed) Card PPI - Refunded inc 8%

 

Direct Line (settled) Loan PPI - Refunded inc CI + 8%

 

Debenhams Card (closed) PPI - Refunded inc 8%

 

Swift Mortgage Charges -Refunded

 

Hitachi Finance (closed) Charges - Refunded

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I am afraid the money would have to be repaid - the agreement is for over £25000 taken out before 6 April 2008 regulations and that makes it unregulated, as I stated on the initial post. Only regulated agreements don't have to be repaid if they are unenforceable.

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Hi Pinky,

 

We have already repaid the money in full - £11,000 more than we borrowed in the first place, despite having made repayments of £11,500 - when we redeemed the mortgage on the sale of our previous house in 2007.

 

Regards,

 

Landy x

LTSB PPI on various loans (current/settled) - Refunded inc 8%

 

MBNA 1 Charges - Refunded inc CI

 

MBNA 1 PPI - Refunded

 

MBNA 2 Charges - Refunded inc 8%

 

MBNA 2 PPI - Refunded

 

MBNA 2 Accident Ins - Refunded

 

Swift Advances (settled) Mortgage Charges -Partially refunded

 

Swift Advances (settled) Mortgage PPI - Refunded inc CI & 8%

 

Sainsburys (settled) Loan PPI - Refunded inc CI +8%

 

Sainsburys (closed) Card Charges - Refunded inc CI + 8%

 

M&S Money (closed) Card Charges - Refunded inc CI

 

M&S Money (closed) Card PPI - Refunded inc 8%

 

Direct Line (settled) Loan PPI - Refunded inc CI + 8%

 

Debenhams Card (closed) PPI - Refunded inc 8%

 

Swift Mortgage Charges -Refunded

 

Hitachi Finance (closed) Charges - Refunded

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  • 3 weeks later...

Just wondering whether anyone else had any thoughts on this please?

 

Thank you,

 

Landy x

LTSB PPI on various loans (current/settled) - Refunded inc 8%

 

MBNA 1 Charges - Refunded inc CI

 

MBNA 1 PPI - Refunded

 

MBNA 2 Charges - Refunded inc 8%

 

MBNA 2 PPI - Refunded

 

MBNA 2 Accident Ins - Refunded

 

Swift Advances (settled) Mortgage Charges -Partially refunded

 

Swift Advances (settled) Mortgage PPI - Refunded inc CI & 8%

 

Sainsburys (settled) Loan PPI - Refunded inc CI +8%

 

Sainsburys (closed) Card Charges - Refunded inc CI + 8%

 

M&S Money (closed) Card Charges - Refunded inc CI

 

M&S Money (closed) Card PPI - Refunded inc 8%

 

Direct Line (settled) Loan PPI - Refunded inc CI + 8%

 

Debenhams Card (closed) PPI - Refunded inc 8%

 

Swift Mortgage Charges -Refunded

 

Hitachi Finance (closed) Charges - Refunded

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Bump...............

LTSB PPI on various loans (current/settled) - Refunded inc 8%

 

MBNA 1 Charges - Refunded inc CI

 

MBNA 1 PPI - Refunded

 

MBNA 2 Charges - Refunded inc 8%

 

MBNA 2 PPI - Refunded

 

MBNA 2 Accident Ins - Refunded

 

Swift Advances (settled) Mortgage Charges -Partially refunded

 

Swift Advances (settled) Mortgage PPI - Refunded inc CI & 8%

 

Sainsburys (settled) Loan PPI - Refunded inc CI +8%

 

Sainsburys (closed) Card Charges - Refunded inc CI + 8%

 

M&S Money (closed) Card Charges - Refunded inc CI

 

M&S Money (closed) Card PPI - Refunded inc 8%

 

Direct Line (settled) Loan PPI - Refunded inc CI + 8%

 

Debenhams Card (closed) PPI - Refunded inc 8%

 

Swift Mortgage Charges -Refunded

 

Hitachi Finance (closed) Charges - Refunded

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