Pedro v RBS re-possesion

[scoobydoo]

Re: Pedro v RBS re-possesion

You can try - just ask for anything you specifically want to know.

Were the loan and insurance taken out face to face or by phone?
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http://england.shelter.org.uk/legal

sorry - giving you lots of reading - shelter can help sometimes with legal adviice if you are about to go to court .

There is a 10 day fre trial on their site at the moment

[pedro]

Re: Pedro v RBS re-possesion

Thanks Scooby.......................the links are very helpful, my initial thoughts are contacting the RBS and asking for full T&C that were relevent in 1998, also a copy of their policy provisions.

I know why I may take this course, but I can't quite think straight for the mo.....I'll just try and pin my thoughts down and reply later..............thanks

Ped

[enaid]

Re: Pedro v RBS re-possesion

Thanks Scooby.......................the links are very helpful, my initial thoughts are contacting the RBS and asking for full T&C that were relevent in 1998, also a copy of their policy provisions.

I know why I may take this course, but I can't quite think straight for the mo.....I'll just try and pin my thoughts down and reply later..............thanks

Ped

SAR is a Subject Access Request.

All this info you require should be forwarded to you with the SAR, if you have read about this, you will see there are times scales and things you can do if they don't comply.

[scoobydoo]

Re: Pedro v RBS re-possesion

As I have never come across Endowment and PPI linked together do you have a break down on your original policy of how the payment was split?

Can you say what you did with the surrender value?

If the mortgage is interest only now - how do you hope to repay it at the end of the term?

What is your present mortgage debt and are there any charges included in the arrears figure?

[pedro]

Re: Pedro v RBS re-possesion

ok........I'm not sure of the spit either Scooby,.....and no paperwork i've got tells me either.

The surrender value was approx £50, 000, the bank called in my overdraft that was £30,000, the £20,000 left...........£1200/month interest payments,some was to make good my house, and the rest was to live on, as I have never claimed any sickness benifit either, despite the GP always giving me "sick notes"............I could have claimed though, I had always paid my NI ,but I didn't like......I want my head looking at, thinking about it !!!!

It was interest only, and at the worst case I was going to have to sell my house to clear debt......but under no circumstances did I think the Disability claim could be stopped just because I had to cash in the endowment, because the bank gave me no option, they wanted their overdraft back and £1200/month

Mortgage debt, continues to get higher by £1200/month because I cant pay no more, it stands about £160,000 and growing.

thanks Ped

[scoobydoo]

Re: Pedro v RBS re-possesion

Ok - I understand - these are the questions the court will ask you if you try and defend.

Do you get any help with your mortgage interest at all in your benefits?

At the moment on the information you have given - your ONLY chance is the fact that the mortgage and PPI may have been mis-sold and the fact that if the bank had not used the surrender funds for the OD ( unsecured ) then you could have reduced the mortgage and your payments would be lower.

I will probably need some help on this and I can only tell you my initial reaction - which is as I said before just because you feel you may have been morally badly treated as far as the law goes that may not be the case .

If I was you I would be doing the following:

SAR both companies
Write an official complaint to both companies stating why you are in the current position and the reasons you say you had no choice but to surrender the policy . Ask for a wriiten explanation about why you were not paid the funds you thought you were entitled to.
Be prepared to go to the FOS again on the mis-selling route when you get replies as once it gets to court you will not have this as an option .
Be prepared for the fact that you will obviously want to try and defend your position in court - but a possession hearing is just that - it is about the arrears and you may or may not get a judge who will consider the full story of how you arrived at this point.
Keep everything in writing and by recorded delivery .
Double check your benefit entitlements
Contact Shelter as soon as you get any legal documents.

Any one else got any ideas?

[pedro]

Re: Pedro v RBS re-possesion

Thanks Sccoby, i'll do as you suggest as best I can and see where we get, can I just say this ,my thoughts anyway as I see it. I would be grateful of any comments.

First I 'll put the Criticall illness claim aside.

So ..........I was ill November 2006..I claimed under my Disability/peace of mind Insurance 6 month later in May 2007.........because there was a 6 month deferment period.

These insurance policies had been paid for 8 year +, at the time of my "claim" all premiums had been paid up to date......I continued to pay premiums till at least 5 month AFTER my claim..

I stopped paying premiums 5 month after putting my claim in,

I stopped payments because I had to cash in my endowment for finacial reasons (paying back the bank overdraft and interest etc) incidently I did write to the bank at this time expressing my concern that THEY were forcing my to cash in my endowment to pay them back and meet future interest payments.

So my basic question is this...................Can the Insurance Company say (in effect), the claim you currently have with us is now closed because you have stopped your premium payments? despite the fact your premiums were up to date.

My thought is IF they can take this attitude then all they have to do is delay your claim until you can no longer afford premiums and hey presto they dont have to settle. How can this be legal?

I have highlighted (in red) on my first post the letter I recieved from them just prior to cashing in my endowment...........I may be rambling now.

Ta PED

ps..........I dont get any benefits of any sort I get £68/week pension from the NHS, as I had to retired on ill health.

I dont get any finacial support from anywhere, except my NHS pension.

[scoobydoo]

Re: Pedro v RBS re-possesion

I dont really know the answer to your question - When exactly did you put the second claim in - and what correspondence did you receive about that claim before you surrendered the policy. As I said before I have never seen endowment and PPI linked together.

When you say you do not receive benefits do you mean you are not entitled or you have not claimed?

[pedro]

Re: Pedro v RBS re-possesion

Scooby..............I put tha claim in 6 month (waiver period) after my illness so I put it in May 2007, I filled in paper work they had sent, and I posted it back.
They had asked for proof of earings 6 month prior to my illness and I explained it the letter that My earnings could not be proved until I had put in my accounts to my accountant

I said the only thing I had got was previous profit/loos accounts, but that was no good. There was NO further correspondence from them at all about this claim. Except for that threatening letter when I was forced to cash in my endowment.

My drawings had always been £100/week and on the form they sent me, this is how much I stated my earnings to be.

I had not claimed benifits...........although 2 week ago I appled for Disability benefit, I have always paid my NI.........so should be entitled.......but we will see.

Ta pete

[enaid]

Re: Pedro v RBS re-possesion

[quote=scoobydoo;112612]As I have never come across Endowment and PPI linked together do you have a break down on your original policy of how the payment was split?


Ok scooby found this

Another useful facility, that can generally be arranged as part of any endowment, is a waiver of premium. This is the option to have your premiums paid by the life office in the event that you cannot work because of illness or accident. It works very much like an income protection policy. This does not come as standard with an endowment and costs extra.

So yes think getting the original agreement is probably the only thing to see how it is split.
Also to see if self employment is an exclusion, as it is with most PPI, then it would be a mis sold.

[pedro]

Re: Pedro v RBS re-possesion

Is this it Scooby?

I used to get Yearly Investment Statements, and I have one in front of me now.

02.10.2006 RPR.....................£613.17
02.10.2006 PF.........................£1.90
02.10.2006 LI..........................£104.03
02.10.2006 WOP.....................£41.03

these 4 things repeat themselves month/month...............althought the LI varies slightly month to month.

Code on back says.

LI= Death Benefit
WOP= Waiver of Payments
RPR= Regular Premium
PF = Plan Fee.

[scoobydoo]

Re: Pedro v RBS re-possesion

Was there any PPI on lthe loan payments as well or was it all to do with the Endowment - in other words would the cover only be for the endowment or cover both payments?

I think as Enaid has said you should check thoroughly all the wording and cover that was sold to you and the point about self employment is a good one.

as I said before I am not sure how to help you but information is key - then if you think the policy and or loan was mis-sold you have to complain to the companies and because time is short to the FOS again.

I can see all you points and it appears you had no choice but to cash the policy in - but the bank should have let you repay your secured debt before the OD - and I am not qualified really to comment any further .

[pedro]

Re: Pedro v RBS re-possesion

OK..........thanks for your time/input Scooby, I really appriciate it.................I have been to see CAB.................nice fella......appears to know what he is talking about..........lets see what happens.......

Ta Ped

[scoobydoo]

Re: Pedro v RBS re-possesion

Yes please come back and let us know what he suggests