Tweet
Hello,
I have been helping my daughter regarding 2 car loans with ppi, life insurance and gap packages applied to them. These loans were taken out with the naughty Alliance and Leicester in 2003, 2004.
Sent sar, sent some information, but no recordings of the sales calls, sent a non-compliance asking for missling information. No response
Sent prelim asking for these insurances back, plus interest, within two weeks, they sent their apology and offers of settlement
Full amounts, plus 8% interest
Below is the prelim that was sent to them
Dear Sir/Madam
I am writing to your Company, with a complaint regarding the two above loans, I took out with your Company in good faith, on the 15th December 2003 and 29th September 2004.
I believe that the insurances schemes applied to the above loans, were mis-sold to me by your company with no regard to fairness to their customers, in your companies strive for unjust enrichment.
I consider that there was a clear conflict of interest between your fiduciary responsibilities to me and the direct hard selling by your employees of insurance schemes, given the very large profit margins they generated for your Company and the reward of incentive bonuses awarded to your employees for the application of unnecessary insurance premiums at the point of sale.
I further consider that their has been a “total failure of consideration” by your company, in the appliance at the point of sale, of these unwanted and unnecessary premiums and a further failure of “treating customers fairly“, in your company’s strive for unjust enrichment.
Please provide me with information relating to incentive bonuses awarded to your employees for application of insurance schemes to loans at the point of sale.
Regarding the loans with the insurances applied, I believe I that I have been gravely mis-led by your company at a time when I was facing financial difficulties and have been mis-sold this expensive insurances that I did not need or want.. At the time of this application I was in full-time employment with no risk of redundancy ,a fully paid salary for 6months of sickness, had a generous life insurance and critical illness insurance policies.
No attempt was made to ascertain if the products provided were fit for purpose, suitable for my needs or if I indeed require it at all. No inquiry was made as whether I had pre-existing insurance for life cover, accident, illness or unemployment I was not given a copy of any insurance policies. No inquiry was made regarding any pre-existing medical conditions. I am not aware of which Company the insurance policy was with, nor were any rights to cancel explained. I believe you manifestly failed in your fiduciary responsibilities, your duty of care.
When I took the loan/loans with your company, I was not offered a full and detailed explanation of these insurance schemes and was led to believe by your company/representative that it was part of the conditions of being accepted for the loan. I have thought that for the last few years and more. It has only become apparent to me after the recent coverage by the media, and following the recent OFT and FSA investigations regarding the mis-selling of at the point of sale insurances schemes by finance companies.
I am now fully aware of the outcome of the investigations conducted by the Office of Fair Trading and the Financial Services Authority into the vast mis-selling of payment protection insurances, by financial companies, such as yourselves.
I am also fully aware of the £7 million fine imposed on your company last year by the Financial Services Authority for your companies breaches of principles 3, 6, 7 and 9 of the FSA’s Principles for business.
This investigation undertaken by the FSA and subsequent fine, highlights the many failings of your company in treating customers fairly and the conduct of your employees to reach targets set and receive bonuses.
After being alerted to these facts, this is when I requested the Subject Access Request from your company on the November 2008.
Breach of the Data Protection Act
At present your Company are in breach of this legal request, by failure to produce varying outstanding documentation and the recorded telephone tapes or transcripts of these telephone sales.
I have further forward non-compliance letters to your company, on the xxx, xxx and xxx, and have to date received no response or correspondence from your company whatsoever, regarding this serious matter. This I deem as totally unsatisfactory to date, given that your company is a licensed and regulated credit holder with the enforcement authorities. I suggest that you now fully comply with my Subject Access Request and provide me with the outstanding information as a matter of urgency. If I do not response or the outstanding information within the next 7 days, I will report this matter to the Information Commissioners Office for their investigation. I enclose a copy of this non compliance of the data protection act for your reference.
Your responsibilities
I would draw your attention to the terms of the contract which you agreed to at the time that I opened these accounts. It is an implied term of that contract that you would conduct yourselves lawfully and in a manner which complies with UK law.
Please be mindful that I am now aware of the legislation contained within the Consumer Credit act 1974, and that your Company as a Licensed and regulated provider governed by the Enforcement Authorities is legally obliged to comply with this legislation.
These agreements which were presented to myself for signature, appear to be in breach of certain sections of the above Act, as after close inspection of these documents, they are in fact Multiple Agreements.
I would ask you to refer to the sections of the CCA that outline the legislation relating to “un-restricted credit” and “restricted credit” and further sections relating to “Multiple agreements”
Your comments regarding this breach of the CCA 1974 would be appropriate
Finally I believe insurance contracts are contracts uberrimae fidei (contracts of the utmost good faith) which imposes on you a “duty of disclosure of all material facts because one party is in a strong position to know the truth.” Inter alia, . I believe you should have made it clear to me that the policy generated large profits for you and very little for me. You failed to do this. I believe that you have also therefore failed in your duty of disclosure. Your failure to disclose is misrepresentation at common law.
What I require
Your concealment of the act of mis-selling has prevented me from asserting my right until now. I believe that there are strong grounds for action against you under common law, statute and consumer regulations.
I am therefore writing to ask you to refund the premiums paid together with interest equal to the contractual interest rate applied by your company on these loans under the accepted principle of mutuality and reciprocity.
Loan Account no: xxxxxxxxxxxxxx
According to my calculations, the total amount of premiums paid on this loan amounts to £xxxxx. Contractual Interest at 8% to be added is £xxxxx.
Therefore the total I will accept to resolve this matter for the above account is £xxxxx. I enclose a calculation spreadsheet for your reference.
Loan Account no: xxxxxxxxxxx
According to my calculations, the total amount of premiums paid on this loan amounts to £xxx Contractual interest at 12.9% to be added is £xxxxx
Therefore the total I will accept to resolve this matter for the above account is
£ xxxxx. I enclose a calculation spreadsheet for your reference.
I require to be provided with a personal cheque payable to xxxx for the total amount of £xxxxx as settlement to my complaint.
My targets to resolve this matter
I hope that you will enter into a sincere dialogue with me about this matter and I am writing this letter to you on the assumption that you will prefer to do this than merely respond with standard letters and leaflets. I will give you 14 days and 14days only to reply to me accepting, unconditionally, my request in principle and letting me know a date by which I will receive these payments.
If you do not respond, or you do not respond positively, within this time period, I shall send you a letter before action giving you a further 14 days in which to reflect. I believe that this time frame is sufficient for a large company such as yours with its dedicated staff and departments. After that, there will be no further communication from me and I shall issue a legal claim at the expiry of the second deadline.
I require written confirmation of this complaint within 5days as per your complaints procedure.
Yours faithfully,
I have been helping my daughter regarding 2 car loans with ppi, life insurance and gap packages applied to them. These loans were taken out with the naughty Alliance and Leicester in 2003, 2004.
Sent sar, sent some information, but no recordings of the sales calls, sent a non-compliance asking for missling information. No response
Sent prelim asking for these insurances back, plus interest, within two weeks, they sent their apology and offers of settlement
Full amounts, plus 8% interest
Below is the prelim that was sent to them
Dear Sir/Madam
I am writing to your Company, with a complaint regarding the two above loans, I took out with your Company in good faith, on the 15th December 2003 and 29th September 2004.
I believe that the insurances schemes applied to the above loans, were mis-sold to me by your company with no regard to fairness to their customers, in your companies strive for unjust enrichment.
I consider that there was a clear conflict of interest between your fiduciary responsibilities to me and the direct hard selling by your employees of insurance schemes, given the very large profit margins they generated for your Company and the reward of incentive bonuses awarded to your employees for the application of unnecessary insurance premiums at the point of sale.
I further consider that their has been a “total failure of consideration” by your company, in the appliance at the point of sale, of these unwanted and unnecessary premiums and a further failure of “treating customers fairly“, in your company’s strive for unjust enrichment.
Please provide me with information relating to incentive bonuses awarded to your employees for application of insurance schemes to loans at the point of sale.
Regarding the loans with the insurances applied, I believe I that I have been gravely mis-led by your company at a time when I was facing financial difficulties and have been mis-sold this expensive insurances that I did not need or want.. At the time of this application I was in full-time employment with no risk of redundancy ,a fully paid salary for 6months of sickness, had a generous life insurance and critical illness insurance policies.
No attempt was made to ascertain if the products provided were fit for purpose, suitable for my needs or if I indeed require it at all. No inquiry was made as whether I had pre-existing insurance for life cover, accident, illness or unemployment I was not given a copy of any insurance policies. No inquiry was made regarding any pre-existing medical conditions. I am not aware of which Company the insurance policy was with, nor were any rights to cancel explained. I believe you manifestly failed in your fiduciary responsibilities, your duty of care.
When I took the loan/loans with your company, I was not offered a full and detailed explanation of these insurance schemes and was led to believe by your company/representative that it was part of the conditions of being accepted for the loan. I have thought that for the last few years and more. It has only become apparent to me after the recent coverage by the media, and following the recent OFT and FSA investigations regarding the mis-selling of at the point of sale insurances schemes by finance companies.
I am now fully aware of the outcome of the investigations conducted by the Office of Fair Trading and the Financial Services Authority into the vast mis-selling of payment protection insurances, by financial companies, such as yourselves.
I am also fully aware of the £7 million fine imposed on your company last year by the Financial Services Authority for your companies breaches of principles 3, 6, 7 and 9 of the FSA’s Principles for business.
This investigation undertaken by the FSA and subsequent fine, highlights the many failings of your company in treating customers fairly and the conduct of your employees to reach targets set and receive bonuses.
After being alerted to these facts, this is when I requested the Subject Access Request from your company on the November 2008.
Breach of the Data Protection Act
At present your Company are in breach of this legal request, by failure to produce varying outstanding documentation and the recorded telephone tapes or transcripts of these telephone sales.
I have further forward non-compliance letters to your company, on the xxx, xxx and xxx, and have to date received no response or correspondence from your company whatsoever, regarding this serious matter. This I deem as totally unsatisfactory to date, given that your company is a licensed and regulated credit holder with the enforcement authorities. I suggest that you now fully comply with my Subject Access Request and provide me with the outstanding information as a matter of urgency. If I do not response or the outstanding information within the next 7 days, I will report this matter to the Information Commissioners Office for their investigation. I enclose a copy of this non compliance of the data protection act for your reference.
Your responsibilities
I would draw your attention to the terms of the contract which you agreed to at the time that I opened these accounts. It is an implied term of that contract that you would conduct yourselves lawfully and in a manner which complies with UK law.
Please be mindful that I am now aware of the legislation contained within the Consumer Credit act 1974, and that your Company as a Licensed and regulated provider governed by the Enforcement Authorities is legally obliged to comply with this legislation.
These agreements which were presented to myself for signature, appear to be in breach of certain sections of the above Act, as after close inspection of these documents, they are in fact Multiple Agreements.
I would ask you to refer to the sections of the CCA that outline the legislation relating to “un-restricted credit” and “restricted credit” and further sections relating to “Multiple agreements”
Your comments regarding this breach of the CCA 1974 would be appropriate
Finally I believe insurance contracts are contracts uberrimae fidei (contracts of the utmost good faith) which imposes on you a “duty of disclosure of all material facts because one party is in a strong position to know the truth.” Inter alia, . I believe you should have made it clear to me that the policy generated large profits for you and very little for me. You failed to do this. I believe that you have also therefore failed in your duty of disclosure. Your failure to disclose is misrepresentation at common law.
What I require
Your concealment of the act of mis-selling has prevented me from asserting my right until now. I believe that there are strong grounds for action against you under common law, statute and consumer regulations.
I am therefore writing to ask you to refund the premiums paid together with interest equal to the contractual interest rate applied by your company on these loans under the accepted principle of mutuality and reciprocity.
Loan Account no: xxxxxxxxxxxxxx
According to my calculations, the total amount of premiums paid on this loan amounts to £xxxxx. Contractual Interest at 8% to be added is £xxxxx.
Therefore the total I will accept to resolve this matter for the above account is £xxxxx. I enclose a calculation spreadsheet for your reference.
Loan Account no: xxxxxxxxxxx
According to my calculations, the total amount of premiums paid on this loan amounts to £xxx Contractual interest at 12.9% to be added is £xxxxx
Therefore the total I will accept to resolve this matter for the above account is
£ xxxxx. I enclose a calculation spreadsheet for your reference.
I require to be provided with a personal cheque payable to xxxx for the total amount of £xxxxx as settlement to my complaint.
My targets to resolve this matter
I hope that you will enter into a sincere dialogue with me about this matter and I am writing this letter to you on the assumption that you will prefer to do this than merely respond with standard letters and leaflets. I will give you 14 days and 14days only to reply to me accepting, unconditionally, my request in principle and letting me know a date by which I will receive these payments.
If you do not respond, or you do not respond positively, within this time period, I shall send you a letter before action giving you a further 14 days in which to reflect. I believe that this time frame is sufficient for a large company such as yours with its dedicated staff and departments. After that, there will be no further communication from me and I shall issue a legal claim at the expiry of the second deadline.
I require written confirmation of this complaint within 5days as per your complaints procedure.
Yours faithfully,
Comment