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PPI Claim opens up a can of worms against the Bank!

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  • #1

    PPI Claim opens up a can of worms against the Bank!

    Hi

    My partner has put in a claim for the mis-selling PPI in 2001 which has been upheld by the Bank. However, a review of her documentation, bank statement, and recollection surrounding the agreement revealed the following:

    My partner was told by the Bank that she could not cancel the personal loan agreement and even struck out the 'Right to Cancel' part on the paperwork. This clearly in breach of the Consumer Credit Act

    Secondly, my partners bank statement shows that the value of the PPI was taken from her account and listed as Fees, PLP Premium. The same value was added to the principle loan and landed in my partners account on the same day! The contract shows that no fees were payable. The Bank is pretty much bang to rights. I just need to ask what breaches / crimes have occurred here and the associated Acts and remedies. I cannot find anything like it on the Internet, but I realise my partner is definately due some compensation, or at least I believe so.

    Any views?

    L3on
    Tags: None
  • #2
    Re: PPI Claim opens up a can of worms against the Bank!

    I'll tag [MENTION=48934]Debt Camel[/MENTION] for advice ... she might be able to help :nod: xx

    - - - Updated - - -

    to LB by the way [MENTION=94014]L3ON[/MENTION] xx
    Debt is like any other trap, easy enough to get into, but hard enough to get out of.

    It doesn't matter where your journey begins, so long as you begin it...

    recte agens confido

    ~~~~~

    Any advice I provide is given without liability, if you are unsure please seek professional legal guidance.

    I can be emailed if you need my help loading pictures/documents to your thread. My email address is Kati@legalbeagles.info
    But please include a link to your thread so I know who you are.

    Specialist advice can be sought via our sister site JustBeagle
    • 1 thank

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    • #3
      Re: PPI Claim opens up a can of worms against the Bank!

      Thank you Kati. That's much appreciated. There is definitely a claim here...
      • 1 thank

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      • #4
        Re: PPI Claim opens up a can of worms against the Bank!

        Originally posted by L3ON View Post
        Thank you Kati. That's much appreciated. There is definitely a claim here...
        it very much sounds like it L3on :sad: xx
        Debt is like any other trap, easy enough to get into, but hard enough to get out of.

        It doesn't matter where your journey begins, so long as you begin it...

        recte agens confido

        ~~~~~

        Any advice I provide is given without liability, if you are unsure please seek professional legal guidance.

        I can be emailed if you need my help loading pictures/documents to your thread. My email address is Kati@legalbeagles.info
        But please include a link to your thread so I know who you are.

        Specialist advice can be sought via our sister site JustBeagle
        • 2 likes

        Comment

        • #5
          Re: PPI Claim opens up a can of worms against the Bank!

          If the bank has agreed the PPI was mis-sold, she should have had this plus 8% statutory interest refunded - has this happened? The effect of this should be to put her back in the position she would have been in if the PPI had not been included.

          On the subject of the added 8% interest, has tax been deducted from this in the payment that was made to her? If it has, then she should ask HMRC for this to be refunded by completing an R40 form, see http://debtcamel.co.uk/tax-ppi-payday-loan-refunds/.

          My partner was told by the Bank that she could not cancel the personal loan agreement and even struck out the 'Right to Cancel' part on the paperwork. This clearly in breach of the Consumer Credit Act
          Did she want to cancel the loan?

          Secondly, my partners bank statement shows that the value of the PPI was taken from her account and listed as Fees, PLP Premium. The same value was added to the principle loan and landed in my partners account on the same day!
          That is how this normally worked on a loan. I'm not sure what you are hoping for here if the bank has refunded the PPI?
          • 2 likes

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          • #6
            Re: PPI Claim opens up a can of worms against the Bank!

            Hi, Can you post a copy of your partners CCA agreement but remove all personal information from before you do so, no-one can make any real comment if they have not seen the agreement.
            Sparkie
            • 2 likes

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            • #7
              Re: PPI Claim opens up a can of worms against the Bank!

              Originally posted by Debt Camel View Post
              If the bank has agreed the PPI was mis-sold, she should have had this plus 8% statutory interest refunded - has this happened? The effect of this should be to put her back in the position she would have been in if the PPI had not been included.

              On the subject of the added 8% interest, has tax been deducted from this in the payment that was made to her? If it has, then she should ask HMRC for this to be refunded by completing an R40 form, see http://debtcamel.co.uk/tax-ppi-payday-loan-refunds/.

              Tax has been deducted from the offer, however that is accepted as my partner is a tax paying ICU Nurse.

              Did she want to cancel the loan?

              Hi Debt Camel. Thanks for pitching in. Yes, she wanted to cancel the loan at the time after her father offered her a loan 3 days after she signed the agreement after her father offered her the £5000 she had agreed to borrow. She didn't feel she could cancel the loan, as the bank had told her she couldn't as she didn't want to get into trouble.

              That is how this normally worked on a loan. I'm not sure what you are hoping for here if the bank has refunded the PPI?
              The PPI refund has been offered but is wrong however, I have new numbers to provide to the bank that I feel should be offered. What I am hoping for here is some compensation/redress for the removal of the right to cancel, which I believe is a breach, and which given the offer the offer from her father, cost her a lot of money in interest.

              - - - Updated - - -

              Sorry, I am new to the board and have added some responses within your original quote!

              - - - Updated - - -

              Please see documentation I will post to Sparkie1723 at their request. Thanks

              Comment

              • #8
                Re: PPI Claim opens up a can of worms against the Bank!

                Originally posted by L3ON View Post
                Tax has been deducted from the offer, however that is accepted as my partner is a tax paying ICU Nurse.
                No. Read the link in my previous reply. In April 2016 a new tax rule was brought in that the first £1000 a year of interest on saving is tax free. I think the tax she is being charged counts as a tax on savings as that article says. And as the comments below the article say, some people are now getting this money refunded from HMRC.

                re the right to cancel. It would helpful to see the CCA you are going to post.
                • 3 likes

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                • #9
                  Re: PPI Claim opens up a can of worms against the Bank!

                  Originally posted by Sparkie1723 View Post
                  Hi, Can you post a copy of your partners CCA agreement but remove all personal information from before you do so, no-one can make any real comment if they have not seen the agreement.
                  Sparkie
                  Hi Sparkie1723

                  Please see the details attached. ie The Credit Agreement indicating No fees, and with the Right to Cancel struck out. And also an extract showing the 'Fees for PLP Premium and the loan landing in the account, which consists of £5000 for the principle plus £1,150 for the PLP Premium Loan which equals £6,150,00 borrowed.

                  I dont believe the ,Fees PLP Premium is legal and anything to do with the loan. Am I missing something here?

                  Thank you for your input
                  Attached Files

                  Comment

                  • #10
                    Re: PPI Claim opens up a can of worms against the Bank!

                    Thanks Debt Camel

                    I'll definitely have a read. I had no idea! Thanks again

                    Comment

                    • #11
                      Re: PPI Claim opens up a can of worms against the Bank!

                      Not many people do. I must try to get a journo interested....
                      • 2 likes

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