Two cases have accepted fault and made offers, but I want write-off

[edteagle]

I have had acceptance by both egg card and Alliance and Leicester that they mis sold me PPI and have offers of refund. In the case of Alliance and Leicester who added a lump sum, I cant fault the offer.

In the case of egg, they just agreed they were at fault and sent me my statements going back nine years.
I made a spreadsheet that calculates interest for the number of elapsed days since each premium was paid and worked out the total interest I paid on this money as a result of it not having been used to repay capital as I had intended. I used 14% p.a because there are different rates quoted from about .08% month to 1.4%. (Surprisingly less than any of the other cards!)

Egg comes to 4,500 still less than I owe them. This was all agreed online in 2000 and I never saw any paperwork.


Alliance and Leicester comes to more than 6k on a 20K loan for my car.

The thing is that (a) I have never been given a copy of the agreement. It was all on the phone. I signed something, but never received a copy back.
(b) They misrepresented the amount of loans 20000 when in fact it was 24000.
(c) as a result of the former they misrepresented the APR.

If I am right, any one of these alone makes the agreement unenforceable.


Meadows V London North Securities is a well known precedent I found on the web and the judges findings explicitly deal with the issue of adding PPI to the loan sum. This seems to be the prime factor in the writing off of more than £200k in this case.
http://www.guardian.co.uk/money/2005.../debt.business


I'd like your informed opinions because I am fighting for survival and need any breaks I can get. The banks have done very well out of me over the years and will continue to (poor things)

[WendyB]

Re: Two cases have accepted fault and made offers, but I want write-off

My thoughts are that if you have ben made an offer you can't fault, the you should take it. If you continue and take it to court, this could well be seen as a vexatious claim, as you admit yourself its a god off, with a lump sum on top.

In the case off Egg, they have agreed they are at fault, but have they made you an offer yet? Because until they have, you aren't really best placed to turn it down withut psuing it as far as you can to see what is thy best offr you can get.

With regard to whether CCA is enforceable or not, are you hoping to use CCA to get the debt written off? Are they chasing you for monies, using DCAs, threatening to take to court etc? Are you in arrears wth payments to either of them? More info on this would help.
Are you hoping to use CCA as a way of avoiding debt which you don't want to pay at all? CCA was, and is, to be used to protect the Consumer,not as means of writing off debts because you don't want to pay them, as the Rankines have found to their cost.

Not too sure on the PPI being added to the loan sum, others are more experienced in that than me.

The following is just my opinion, and forgive me if I've got the wrong end of the stick here, but everyone is fighting for survival and we all need a break. I personally wouldn't call deliberately avoiding debts a break. You choose the path you wish to take within the bounds of legality and your own morality.

[Amethyst]

Re: Two cases have accepted fault and made offers, but I want write-off

ref A&L : Do you have a copy of the agreement (purported agreement) now ? If so could we see it ?

Same with Egg.

Yes if the PPI is added in the wrong place it creates an unenforceable agreement, if you can't scan in the agreements if you can type up the numbers and heading exactly as the appear will be able to get a much better idea.

[edteagle]

Re: Two cases have accepted fault and made offers, but I want write-off

The fact is that I don't have copies f either agreement and never did.
A&L sent a brand new agreement asking me to sign it. I have replied asking to see my old agreement so I can work out hat happened. I haven;t had a reply yet. I won;t be rushing t sign the new agreement in the meantime.

I am suspicious that the new agreement is a signal of their concern about the original.

I have not asked egg yet, but I will if I think there's a reasonable chance.

As soon as I get any agreement I'll show the figures.

In reply to the other comments, everyone with debt both borrowed it knowingly and owes it and if they get out of it for any reason they have avoided it. I say fair play to them.
I have worked very hard and lost my livelihood as a result of the greedy banks aided and abetted by greedy property speculators.
If I can relieve myself of some of the debt I will and I'll feel food about it, just like the bank felt great boasting their huge profits that were in fact mostly stolen from hard working individuals.
When I lost my job I sent them a budget sheet explaining that I now had an income of £60 per week, yet they charged me 140 for unpaid direct debits, one to their own credit card.
My heart bleeds for the poor bankers.

EDteagle

[Amethyst]

Re: Two cases have accepted fault and made offers, but I want write-off

Rightio - you need to ask them formally for the original CCA - and no definately dont sign the new one.

~~~ Consumer Credit Agreements - A Guide ~~~~ inc. Letters - Legal Beagles - the letter you need is in that thread

Its impossible to say if the ppi makes the loan unenforceable without having the agreements.