GoDebt - recieved CCA (PPI?)

[l337speak]

Hi all,

 

I'd really appreciate any help or advice as I'm at my wits end here. I took out an unsecured loan on the 16.09.2002 from HFC bank. This loan was used to pay off a previous unsecured loan with the same bank. I was young and stupid at the time, though I know that doesn't help now.

 

The loan was for £7000 and set at an interest of 24.1% and with monthly payments of 162.90 for 84 months. Totaling £1363.60 (£6683.60 interest).

 

In addition, I was sold PPI in the form of "Life Assurance" (£830.84) and "ASU" (£1408.81) Accident, Sickness, and Unemployment. Totaling £2239.65 (£2138.43 interest).

 

After taking out the loan I became unemployed but was unable to claim on the insurance.

 

Since then a few £15 charges were made before the account entered default in August 2003. In addition, two reimbursements were made for the insurance, £613.98 and £1041.09. This was nowhere near the actual insurance amounts, and to top it off the interest of each PPI wasn't removed either.

 

Over Xmas 2009 I recieved letters from GoDebt demanding payment of £16847.96

 

I sent a CCA request letter in January 2010 and finally recieved my signed CCA and a statement of activity on the account from TBI via GoDebt.

 

I am at a loss as to what my best course of action is. I do not have enough cash to offer any form of lump settlement. In addition everything seems to be in order on the CCA apart from one thing;

 

As the aggreement is showing the loan and PPI as seperate agreements, I assume that this means that it would be classed as a multiple agreement. All prescribed terms seem to be present, interest clearly stated, seperate amounts etc, but there is one particular clause;

 

10

 

Where you have chosen to take the Life and ASU insurance cover -

 

(a) you propose to Hamilton Life Assurance Company Limited and Hamilton Insurance Sompany Limited ("the insurers"), subsiduary companies of ours, for insurance under the usual terms and conditions. Where the agreement is made with two or more persons and Single Life ASU insurance cover is chosen, the insurance cover will only apply to the first named customer.

 

(b) you acknowledge having recieved full particulars of such terms and conditions and may request further information at any time

 

© you authorise the insurers to pay to us the proceeds in respect of any insurance claim and authorise us to apply such proceeds in or towards the payment to us of the outstanding balance of the total sum payable.

As I said, the CCA I recieved had nothing on it regarding the PPI insurance terms and conditions apart from that reference. They didn't even send me any sort of booklet explaining the terms of the PPI.

 

Does this mean that the PPI part is unenforceable? I'm trying to get what little I can behind me in order to try and negotiate some sort of reasonable settlement figure.

Edited March 1, 2010 by l337speak

[l337speak]

I ended up calling them up and managed to negotiate a settlement. Explained I would have nothing to lose taking them to court over the fact they didn't refund the interest on the PPI. Agreed to settle for £10K over 2 years and made my last payment today. Today has been a long time coming for me but I'm glad I no longer have this crap over my head.