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The Funding Corporation PPI


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I took out car finance with the Funding Corporation and was told that i had to take out PPI. The PPI premium was £1940.75 which i pay monthly at an APR 0f 40.3%

 

Can anyone tell me if i am able to cancel this Insurance? I have read my terms & conditions for Information about cancelling the PPI but cannot find anything. Also do you think it is worth trying to claim all my PPI payments back??

 

Does anybody have a template for a letter to cancel?

 

Thank You In advance

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I took out car finance with the Funding Corporation and was told that i had to take out PPI. The PPI premium was £1940.75 which i pay monthly at an APR 0f 40.3%

 

Can anyone tell me if i am able to cancel this Insurance? I have read my terms & conditions for Information about cancelling the PPI but cannot find anything. Also do you think it is worth trying to claim all my PPI payments back??

 

Does anybody have a template for a letter to cancel?

 

Thank You In advance

 

Hello,

 

Please read this sticky it is extremely useful to decide whether you feel the ppi was mis-sold to you.

 

PPI - Some Notes for Claimants

 

This is new info and equally important to read

 

PPI Claims

 

See what you think after you read these.

There are a few letter to send re canceling your ppi about the different threads.

Ask if you need help

 

Good luck

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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  • 10 months later...

This company are shysters, you do not, by law have to take out a payment protection policy, and if you never wanted it in the first place but were told you had to have it, contact OFT. i did on a car i had with a different company, and i won hands down, as far as the funding corporation go, i have a secured loan with them, and i am currently looking at legal action regarding the charges and harrassment ive recieved. good luck

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  • 3 months later...

Hi, anyof the Moderators available to help me out online now? will be appreciated. Underneath is a copy of a letter Stephensons have sent TFC, i got the copy in the post today when i got home from work, it reads:

 

Dear Sirs,

 

We write further to our various items of correspondence in relation to this matter, in which we have requested copies of our client's credit agreement and associated documents.

We note that you have refused to provide these papers promptly and within the specified time limits given by The Consumer Credit Act.

Consequently you are now prohibited by section 77(4) of the Consumer Credit Act from enforcing the agreement.

 

Please can yu provide these documents by return. Failing which we will have no alternative but to apply to the County Court for disclosure of the documents. We reserve the right t produce our previous items of correspondence to the court on the issue of costs.

Edited by nish40
not finished
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Who are Stephensons? Did you CCA request them and have received a response that they can not yet find the contract?

 

If so you could theoretically stop paying them I believe but they would update your credit record accordingly and ruin your credit history so it could do more damage than good? You may be better to keep paying until you have been to court but the descision is always yours!

 

They however could not take you to court to enforce the contract without the relevant enforcable agreement!

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Hi sparklez, Stephensons are the solicitors, who are dealing with alot of dodgy stuff about this firm, theyare very good, and on the ball.

My credit file has already been ruined by these goons so im not worried about that really, but it would be nice to be able to get a month or 2 free lol. hat happened inthe beginning, they were very rude and abusive to me, calling me lesser than an animal, pond life etc, and i was told see Stephensons, i did and i was only going to complain about the treatment i recieved, but when Stephensons seen the paperwork, it was so dodgy they advised me of it, and are taking action.

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Oh that makes more sense :) As Stepehensons are already dealing with this would they not advise you on whether you should stop payments?

 

I know theoretically you can stop paying without the valid CCA (especially if your credit rating is already ruined) but maybe as you already have solicitors on the case it would be wise to seek their advise?

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Cheers Sparklez, ill ring them tomorrow and ask, i only got the letter when i got home from work. But weirdly, as i got home TFC phoned 3 times between 6 and 645 to speak to me lol, i never speakto them, so obviously they are pretty desperate as i owe them £14000 lol.

 

I dontobject to paying any of my debts or anything, its just these people have ripped off so many of us, and are so rude and unhelpful it leaves a bad taste in your mouth.

 

Back in November 2006,i had some fraudulent activity in my bank and it was frozen by Halifax for a week and could nly draw cash with lots of ID.

I told TFC as i was due to pay them, their response was "well your type of pondlife will do anything to get out of paying"

 

I stated i could not use my debit card and all direct debits were cancelled, and they just said they didnt care, wasn't their problem and my account would have £60 fee applied by 5pm if its not paid, from then on it has been murder.

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:eek: £60 fee thats shocking. I'm truly glad I have never had any dealings with this firm!

 

I don't judge - I don't know enough about your circumstances to make a judgement even if I wanted to.

 

All choices are your own of course it just seems to me if you already have solicitors on the case you wouldn't want to do anything that might effect your claim.

 

Keep us updated on your progress though and good luck :)

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:eek: £60 fee thats shocking. I'm truly glad I have never had any dealings with this firm!

 

I don't judge - I don't know enough about your circumstances to make a judgement even if I wanted to.

 

All choices are your own of course it just seems to me if you already have solicitors on the case you wouldn't want to do anything that might effect your claim.

 

Keep us updated on your progress though and good luck :)

I will keep you all informed and thanks again Sparklez

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  • 4 weeks later...

Hi yes we are with tfc for car financine and yes they are rude etc all they won,t is there and yes up to press we have got £450 in charges to pay,it says that we can,tgive the car back even after 1/2 the term as passed it says even if we went bankrupted we would still have to pay them.we have still 2 1/2years of there **** to put up with we would love to get rid of the car as they pressurde us into getting this car but are credit file as adverse on it now.so good look whos to anyone who,s taking tfc on.

gillypam

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  • 3 months later...

Hello, i work for a company who deal with PPI and ASU claims ... i have read that some people are being charged for claiming back their payments ... we do not do this. we are NO WIN NO FEE. If anybody would like any more infomation please dont hesitate to email me ... {[edit]

Edited by freakyleaky
Watch out, there are Claims Touts about!
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Please read the site rules Laura.

 

Forum rules. Please read these before posting

 

A topic/post will be edited or deleted if it contains:

 

Touting for business in any way

 

Offering to advise members by PM or email without good reason - If it is felt that a subject is "sensitive" and would be better discussed off-forum, we ask that members contact a member of the site team BEFORE asking for contact details. This rule is in place to protect our members from claims touts, and also to ensure that any advice given is open to debate, qualification, and where necessary, correction.

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  • 1 year later...

Hi all

 

going through a lot of crap with this firm,i've been paying since Feb 06, I have a new car now so i spoke with TFC and asked can i early terminate(only have a year left to pay) their answere roodley was I can not settle early as the contract is a BILL OF SALE not HP.

any advice on this?

ps

Gillypam if i have to pay it off am gonna pay 50pence per month lol

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i would advise anyone considering claiming back ppi from TFC to go for it, but be prepared for a dirty fight and use the FOS, they are still very good despite what some say, TFC will fight you every step of the way and even when you win they will still keep trying with the most underhand tactics to avoid paying you, they are cocky and threatening and they like to try and re write financial law, keep your cool, don't give up and make sure you keep every letter and record the details of every phone call, also keep notes on who you speak to and what dept they are from, i am still fighting them and i won my ppi case almost 5 months ago!!.

GDC

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**Update**

 

TFC have refused my claim for PPI twice so I have tried a couple of PPI "No Win No Fee" claims companies. Both of the PPI claim companies have returned my claims to me and have told me that the only way forward is to use the FOS. Unfortunately because my PPI was taken out in 2004, TFC apparently wherenot regulated by FOS.

 

Any suggestions on my next move?

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I would try submitting a complaint to the FOS anyway and see what happens, they may look at it on merit if it is a strong claim, just because TFC were not regulated before 2004 doesn't mean they can do what they like, give it a try and see what happens.

GDC

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I would try submitting a complaint to the FOS anyway and see what happens, they may look at it on merit if it is a strong claim, just because TFC were not regulated before 2004 doesn't mean they can do what they like, give it a try and see what happens.

GDC

 

 

It has been over 18 months since i personaly asked TFC to refund the PPI although a couple of claims monkeys have tried recently. Should i try for 1 more final time before i use the FOS?

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Thanks gavv8

 

I am also thinking of using the PPI refund as a trading tool...... I have after 2 years got the TFC to remove £838 charges they have added to the account. They have told me that they will add the charges back on again if i do not pay the outstanding balance by the end of June.

 

Now the PPI is more than the outstanding balance so I may ask TFC rather than dragging the PPI and charges out would they write the balance off and consider the matter closed.

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  • 4 months later...

Hi there,

I am also a victim of The Funding Corporation Loans. I took a personal loan of £6,000.00 with company on 24/2/2004, on the phone, so I was told was that the number of years the loan will take and also how much I will be paying per month. I was also told that the credit agreement will be couried to my house (biker) who brought the agreement and stood there for me to sign and then take the original back so to be honest I did not have time to read the agreement at all. Because of the way PPI has been highlighted recently, I decided to find out whether my loan had ppi and guess what yes my loan had ppi which I did not know about. This is the way the credit agreement stated

PP1 £2,884.40

Loan £6,000.00

Interest £2,487.60

Total £11,352.00

========

 

Payment per month £189.20 for 62 months - APR 9.9%

I settled this loan 30/6/2004 - settlment amount - £9,252.73

 

If anyone on this thread has similar case or knows how I should go about this please help me. From previous threads, I know they are a hard nut to crack so I need alot of help to deal with them. Thanking you all in advance.

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post 2 applies

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Kabulya,

 

According to my calculations and in line with the FOS guidelines your claim should be:

 

PPI: £2884.40

Compound interest: £811.93

8% on monthly repayments: £1,173.41

8% on total since settlement: £371.05

 

Total claim = £5,240.79

 

Now go get your money back.

 

DJ

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Hi DJ,

 

Many thanks for your encouragement. I have drafted a letter to send it to them by special delivery on Monday morning. I will keep you posted when I receive a reply from them.

 

Thanks also for calculating how much they owe me. I want that money now.

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