Hi Im MattyA - PPI applied to default charges?

[MattyA]

Hi Im MattyA - some people might know me on here from other sites.....hi to all of you
I am currently trying to reclaim default charges with a number of lenders going back as far as 1998 in some cases.
I could do with some advice please:
I have tried to reclaim the default charges + PPI applied by the lender + interest as applied by the lender and statutory interest on top.

I have been knocked back by a couple of lenders who have both agreed to pay back all charges for 6 years + statutory interest but no mention of PPI or contract interest as aplied.

Amex have also pointed out that I can only claim back to 2004 due to time limits for claims - are they correct?.

I have copies of all statements & understand that the courts will look at all complaints if supporting evidence is availabe?


Any help / comments would be greatly appreciated.

[pompeyfaith]

Re: Hi Im MattyA - PPI applied to default charges?

Amex have also pointed out that I can only claim back to 2004 due to time limits for claims - are they correct?.

Time limits this crops up a lot and is wrongly being used by the financial industry to the customers detriment.

This is the crux of it below:

The Limitation Act 1980 (c. 58) is a British Act of Parliament.[1] It is a statute of limitations which provides timescales inside which action may be taken (by issuing a claim form) for breaches of the law. For example it provides that breaches of an ordinary contract are actionable for six years after the event[2] whereas breaches of a deed are actionable for twelve years after the event[3]. In most cases, after the expiry of the time periods specified in the Act the remedies available for breaches are extinguished and no action may be taken in the courts in respect of those breaches.

But what they always fail to tell you is this:

Extension or Exclusion of Ordinary Time Limits Fraud, concealment and mistake 32.
Postponement of limitation period in case of fraud, concealment or mistake.
— (1) Subject to [F1 subsection (3)] [ F1 subsections (3) and (4A)] below, where in the case of any action for which a period of limitation is prescribed by this Act, either— (a)
the action is based upon the fraud of the defendant; or

(b)
any fact relevant to the plaintiff’s right of action has been deliberately concealed from him by the defendant; or

(c)
the action is for relief from the consequences of a mistake;


the period of limitation shall not begin to run until the plaintiff has discovered the fraud, concealment or mistake (as the case may be) or could with reasonable diligence have discovered it.References in this subsection to the defendant include references to the defendant’s agent and to any person through whom the defendant claims and his agent.

(2) For the purposes of subsection (1) above, deliberate commission of a breach of duty in circumstances in which it is unlikely to be discovered for some time amounts to deliberate concealment of the facts involved in that breach of duty.
(3) Nothing in this section shall enable any action— (a)
to recover, or recover the value of, any property; or

(b)
to enforce any charge against, or set aside any transaction affecting, any property;


to be brought against the purchaser of the property or any person claiming through him in any case where the property has been purchased for valuable consideration by an innocent third party since the fraud or concealment or (as the case may be) the transaction in which the mistake was made took place.
(4) A purchaser is an innocent third party for the purposes of this section— (a)
in the case of fraud or concealment of any fact relevant to the plaintiff’s right of action, if he was not a party to the fraud or (as the case may be) to the concealment of that fact and did not at the time of the purchase know or have reason to believe that the fraud or concealment had taken place; and

(b)
in the case of mistake, if he did not at that time of the purchase know or have reason to believe that the mistake had been made.


[F2 (4A) Subsection (1) above shall not apply in relation to the time limit prescribed by section 11A(3) of this Act or in relation to that time limit as applied by virtue of section 12(1) of this Act.]
[F3 (5) Sections 14A and 14B of this Act shall not apply to any action to which subsection (1)(b) above applies (and accordingly the period of limitation referred to in that subsection, in any case to which either of those sections would otherwise apply, is the period applicable under section 2 of this Act).]

So what it is saying in laymans is if these charges or PPI was an action of a mistake the 6 yr time limit does not start until the point of discovery.

http://www.statutelaw.gov.uk/content...tDocId=1355437

[Angry Cat]

Re: Hi Im MattyA - PPI applied to default charges?

Exactly, PF!

[di30]

Re: Hi Im MattyA - PPI applied to default charges?

Hi Matty, and welcome to LB.

Its good to see you here too.:santa_smiley:

[Turboman]

Re: Hi Im MattyA - PPI applied to default charges?

If you are not sure of sums---PM me

[Turboman]

Re: Hi Im MattyA - PPI applied to default charges?

Bloody Hell Matty

A fellow complex spreadsheet king--give me a day mate--get Bill to look also (he shares our E Mail addy btw) as he's better with CI than I am

However, if you go via the FOS , they won't entertain CI & if you go to court, people have lost the whole claim by going for CI -- see what Bill thinks when he gets up (N/Shift)

[MattyA]

Re: Hi Im MattyA - PPI applied to default charges?

Bloody Hell Matty

A fellow complex spreadsheet king--give me a day mate--get Bill to look also (he shares our E Mail addy btw) as he's better with CI than I am

However, if you go via the FOS , they won't entertain CI & if you go to court, people have lost the whole claim by going for CI -- see what Bill thinks when he gets up (N/Shift)

LOL - Sorry Turboman.

No probs - I will wait to hear from you.

Thanks again.

Matty
:reindeer:

[pompeyfaith]

Re: Hi Im MattyA - PPI applied to default charges?

Matty,

Have you watched the video from cartoon banker with regards to compound interest? worth a look.

[MattyA]

Re: Hi Im MattyA - PPI applied to default charges?

Thanks Pompey
I have watched it & it re-affirms my belief that if it is ok for them to charge you x% interest then why on earth can you not be allowed to same the self & same interest rate back...
Or am I missing something here?

Matty

[Turboman]

Re: Hi Im MattyA - PPI applied to default charges?

Hmm---maybe he's trying to undermine your thinking you can do it yourself & you've got to use "professionals" perhaps-to get more?--

[pompeyfaith]

Re: Hi Im MattyA - PPI applied to default charges?

I am off the opinion that getting restitution interest as well on top of any award is a whole different ball game and very technical and would need someone with a very strong legal mindset.

That's not to say it cant be done as I have read threads otr where it has been done but they all had representation and went via the courts.

None the less it is an interesting subject and one that myself included will need to study it more.

In my own case I have reached agreement on 9 loan accounts with my bank this is without compounded interest, but it could be said had I not been paying the PPI on these loans I would have not got into difficulty with my MBNA card which also had PPI attached and ended up with a CCJ

This is the angle that I believe Alex is drawing on.

[Turboman]

Re: Hi Im MattyA - PPI applied to default charges?

I am off the opinion that getting restitution interest as well on top of any award is a whole different ball game and very technical and would need someone with a very strong legal mindset.

That's not to say it cant be done as I have read threads otr where it has been done but they all had representation and went via the courts.

None the less it is an interesting subject and one that myself included will need to study it more.

In my own case I have reached agreement on 9 loan accounts with my bank this is without compounded interest, but it could be said had I not been paying the PPI on these loans I would have not got into difficulty with my MBNA card which also had PPI attached and ended up with a CCJ

This is the angle that I believe Alex is drawing on.

PF---if you had seen this before you accepted the offer last week--and changed your mind---me & Marshy would be traumatized!!-lol

[pompeyfaith]

Re: Hi Im MattyA - PPI applied to default charges?

Nay like I say above it is hard work is restitution and at the end of the day its all in a judges hands that's a risk I would not like to take.

But it is food for thought for anyone else who has the time and money

[Angry Cat]

Re: Hi Im MattyA - PPI applied to default charges?

Thanks Pompey
I have watched it & it re-affirms my belief that if it is ok for them to charge you x% interest then why on earth can you not be allowed to same the self & same interest rate back...
Or am I missing something here?

Matty

Many, have reclaimed the contractual rate of interest that had been applied, as well as the county court Act rate @ 8%:snowbal:
However the wise, would have included the contractual rate of interest that had been applied by the firm within their claim. And then at the end of their claim form added on the county court act rate of interest @ 8% accruing.

Oh, we know that the Bank's don't like it. But, they took the money, applied interest to same and if they do not refund ALL, you will be out of pocket; never get back all your money:santa2::santa1:

[Turboman]

Re: Hi Im MattyA - PPI applied to default charges?

Many, have reclaimed the contractual rate of interest that had been applied, as well as the county court Act rate @ 8%:snowbal:
However the wise, would have included the contractual rate of interest that had been applied by the firm within their claim. And then at the end of their claim form added on the county court act rate of interest @ 8% accruing.

Oh, we know that the Bank's don't like it. But, they took the money, applied interest to same and if they do not refund ALL, you will be out of pocket; never get back all your money:santa2::santa1:

You talking about Bank Charges before the courts got arsey about CI----not PPI AC ?????