Grrrr - Prestige Finance Ppi

[cappo]

Re: Grrrr - Prestige Finance Ppi

Don't know then Prestige Finance are the only people I have dealt with, I'm digging up some stuff from them, but have already seen a statement that the ppi cannot be cancelled (after 30 days) until the loan is repaid, I must have been mad to take out this thing, but I was really ill at the time, and as I say vulnerable, I just wanted to sort out the immediate problem, sadly this is the case for most people who are 'fleeced' I guess.

these banks and finance houses will tell you anything denmar most of it if challenged in court wouid fall apart definitely some of what they send you (paperwork) is probably against the regulations, as the other guys are saying you can pretty much cancel the ppi whenever you want and on an upfront policy you,ll pay pro-rata depending on how long you,ve had the policy, the lender will charge you something for the "risk" although as the guys say it doesn,t sound as if it,d pay out anyway

[TUTTSI]

Re: Grrrr - Prestige Finance Ppi

This was posted up by another member yesterday and since it was about Prestige I thought you might be interested.

Do you have any updates Denmar?


Court ruling stirs fees disclosure row

1 September 2007

Natalie Martin

A rift has emerged between lenders in the secured loan market over whether they should disclose the broker's commission, following the Hurstanger versus Wilson judgement.

Prestige Finance has become the first lender to clarify its position following the ruling that a broker had breached its fiduciary duty as the borrower's agent to disclose commission it would receive.

An appeal made against the judgment to the House of Lords was rejected last month.
Prestige has written to its brokers confirming that on its borrowers declaration form, it will disclose the amount of commission payable to the broker. This will be sent out with day-one documentation.


Simon Stern, director at Prestige, says in the letter: "As a lender we feel we have a responsibility to advise brokers of issues that affect our industry.
"Prestige Finance has reviewed its position at length in relation to the findings in the Hurstanger versus Wilson case. After careful consideration of the judgment and discussion with legal advisers, we now have to disclose the amount of commission payable to the broker."


Following up on this, some may ask the question....If it is SECRET how can we find out about it?
The evidence of this payment is on the underwriting sheet document which practically every lender refuses to supply...........2 months or so ago I received written absolute confirmation from the ICO that this document falls under the data that would be required to be supplied under an SDAR.

If your lender refuses to supply it....then not only will this be a breach of the Data Protection Act 1998, but an offence under the New Fraud Act 2006 Section 3.
Have a real deep think about all this as to how you would formulate your claim

Fraud by failing to disclose information (Section 3)

The elements of the offence




The elements of the offence are that the Defendant:

• failed to disclose information to another person when
• he was under a legal duty to disclose that information
• dishonestly
• intending, by that failure, to make a gain or cause a loss.

Like Section 2 (and Section 4) this offence is entirely offender focussed. It is complete as soon as the Defendant fails to disclose information provided he was under a legal duty to do so, and that it was done with the necessary dishonest intent. It differs from the deception offences in that it is immaterial whether or not any one is deceived or any property actually gained or lost.
a) Failed to disclose information
Failure to reveal information is tantamount to fraud by conduct or omission. In some cases there will be an overlap with Section 2 offences.
There is no requirement that the failure to disclose must relate to "material" or "relevant" information, nor is there any de minimis provision. If a Defendant disclosed 90% of what he was under a legal duty to disclose but failed to disclose the (possibly unimportant) remaining 10%, the actus reus of the offence could be complete. Under such circumstances the Defendant would have to rely on the absence of dishonesty. Such cases can be prosecuted under the Act if the public interest requires it, though such cases will be unusual.
It is no defence that the Defendant was ignorant of the existence of the duty, neither is it a defence in itself to claim inadvertence or incompetence. In that respect, the offence is one of strict liability.

Read more at: Swift Advances Plc - Legal Beagles Consumer Forum

[maryneedshelp]

Re: Grrrr - Prestige Finance Ppi

Hi I still need help over Prestige, I sent a request to them about my mis sold PPI, They wrote back telling me the broker was The Black & White Group who sold me the PPI for Premier Writers Ltd and it had nothing more to do with them and could be of no more help.The loan was for £21,000 plus PPI of £2,365.00 plus £500 fees total £23,865.00. I paid this of early and had to pay the full amounts also PPI was a single premium up front.The Black & White Loan company are now dissolved and FSCS told me as the loan was taken out in Nov 2003 they can not help.Can anyone here help as where to go or what to do next.
Thank You

[Turboman]

Re: Grrrr - Prestige Finance Ppi

Hi Mary

Di30 understands these issues well--have PM'd her for you

[skv123]

Re: Grrrr - Prestige Finance Ppi

Hi I still need help over Prestige, I sent a request to them about my mis sold PPI, They wrote back telling me the broker was The Black & White Group who sold me the PPI for Premier Writers Ltd and it had nothing more to do with them and could be of no more help.The loan was for £21,000 plus PPI of £2,365.00 plus £500 fees total £23,865.00. I paid this of early and had to pay the full amounts also PPI was a single premium up front.The Black & White Loan company are now dissolved and FSCS told me as the loan was taken out in Nov 2003 they can not help.Can anyone here help as where to go or what to do next.
Thank You

My understand is that you are in a very problematic position.

We have had similar cases and the FOS are willing to look into whether we can bring the claims against the PPI Underwriters on the basis they should have ensured that PPI was correctly provided.

Unfortunately we have had cases at the FOS on this basis for 2-3 years and as of yet they have not even established whether they have the jurisdiction to investigate.

[di30]

Re: Grrrr - Prestige Finance Ppi

Hi I still need help over Prestige, I sent a request to them about my mis sold PPI, They wrote back telling me the broker was The Black & White Group who sold me the PPI for Premier Writers Ltd and it had nothing more to do with them and could be of no more help.The loan was for £21,000 plus PPI of £2,365.00 plus £500 fees total £23,865.00. I paid this of early and had to pay the full amounts also PPI was a single premium up front.The Black & White Loan company are now dissolved and FSCS told me as the loan was taken out in Nov 2003 they can not help.Can anyone here help as where to go or what to do next.
Thank You

Hiya

I would contact the FOS, they may not be able to adjudicate if the business were not regulated when you taken out the loan, but do you remember who sold you the loan? (who completed the application)?
It would be them that you pursue, so if you think they are trying to fob you off, contact the FOS anyway first and ask them to write to them on your behalf.

The FOS will possibly consider the Underwriter of the loan as another avenue to try to get back your refund.

First step then contact the FOS.
Come back to us and let us know what they want you to do, or ask them if they will write to the business on your behalf/

[Sparkie1723]

Re: Grrrr - Prestige Finance Ppi

Prestige Finance Ltd are now a non trading company....accounts dormant.........their CCA licence lapsed on 20/1/2008 ....so they can't chase you for any money

Melbourne Motgages Ltd appear to be trying to collect payments on behalf of Prestige but they do not hold the required category on their CCA licence to collect debts on a third parties behalf.

This is a criminal offence under Section 39 of the CCA conducting Consumer credit ancillary business without a licence to do so .............make the OFT aware of all these actions and stop them.

Sparkie

[TUTTSI]

Re: Grrrr - Prestige Finance Ppi

Hi Sparkie
Thanks for that info, we had looked into this recently and I was under the impression that once you tell the OFT all they will do is give then a slapped wrist?

I take it just a letter to the OFT to make them aware or is there an online form to complete?

http://www.oft.gov.uk/shared_oft/bus...ces/oft971.pdf

This is the blurb from the OFT web site - what if it is not a regulated agreement and it was £25k+ Broker fees of £2k = £27k?

Prestige Finance Ltd are now a non trading company....accounts dormant.........their CCA licence lapsed on 20/1/2008 ....so they can't chase you for any money

Melbourne Motgages Ltd appear to be trying to collect payments on behalf of Prestige but they do not hold the required category on their CCA licence to collect debts on a third parties behalf.

This is a criminal offence under Section 39 of the CCA conducting Consumer credit ancillary business without a licence to do so .............make the OFT aware of all these actions and stop them.

Sparkie

[TUTTSI]

Re: Grrrr - Prestige Finance Ppi

Sparkie from a recent letter received from Melbourne it shows their Credit Licence No 400227

Application / Licence Details




Licence Number:0400227
Licence Status:Current

Current Applicant / Licensee:

Business NameCompany Registration NumberMelbourne Mortgages Limited3086412

Categories:

Consumer credit Credit brokerage Provision of credit information services, excluding credit repair

Right To Canvass Off Trade Premises:No


Issued Date: 20-Oct-1995
Date Maintenance Payment Due: 20-Oct-2015


Legal Formation:

Body Corporate (incorporated inside UK)

Current Individuals that run the organisation:

NamePositionDavid Leon Stern Howard Marc Sheldon Simon Perry Stern

Nature of Business:

Other Investment/Financial Advisers

Current Address(es):

Address TypeAddressPrincipal Place Of BusinessPrestige House, 16 Melbourne Road, Bushey, Hertfordshire, WD23 3LNRegistered Office88-90, Crawford Street, LONDON, W1H 2EJ, United Kingdom



They varried the licence in August 2011

Event Details

Licence Details:


Licence/Application Number Licence Status Applicant/Holder Name 0400227 Current Melbourne Mortgages Limited
Event Details:


Event NumberEvent TypeDate of ReceiptClosed DateStatus12Variation15-Jul-201118-Aug-2011Completed




Categories:

CategoryActionCredit brokerageAdded


So is their licence still ok for collecting debts for Prestige Mortgages. In other words debt collecting?

Hi Sparkie
Thanks for that info, we had looked into this recently and I was under the impression that once you tell the OFT all they will do is give then a slapped wrist?

I take it just a letter to the OFT to make them aware or is there an online form to complete?

http://www.oft.gov.uk/shared_oft/bus...ces/oft971.pdf

This is the blurb from the OFT web site - what if it is not a regulated agreement and it was £25k+ Broker fees of £2k = £27k?

[Sparkie1723]

Re: Grrrr - Prestige Finance Ppi

Sparkie from a recent letter received from Melbourne it shows their Credit Licence No 400227

Application / Licence Details




Licence Number:0400227
Licence Status:Current

Current Applicant / Licensee:

Business NameCompany Registration NumberMelbourne Mortgages Limited3086412

Categories:

Consumer credit Credit brokerage Provision of credit information services, excluding credit repair

Right To Canvass Off Trade Premises:No


Issued Date: 20-Oct-1995
Date Maintenance Payment Due: 20-Oct-2015


Legal Formation:

Body Corporate (incorporated inside UK)

Current Individuals that run the organisation:

NamePositionDavid Leon Stern Howard Marc Sheldon Simon Perry Stern

Nature of Business:

Other Investment/Financial Advisers

Current Address(es):

Address TypeAddressPrincipal Place Of BusinessPrestige House, 16 Melbourne Road, Bushey, Hertfordshire, WD23 3LNRegistered Office88-90, Crawford Street, LONDON, W1H 2EJ, United Kingdom



They varried the licence in August 2011

Event Details

Licence Details:


Licence/Application Number Licence Status Applicant/Holder Name 0400227 Current Melbourne Mortgages Limited
Event Details:


Event NumberEvent TypeDate of ReceiptClosed DateStatus12Variation15-Jul-201118-Aug-2011Completed




Categories:

CategoryActionCredit brokerageAdded


So is their licence still ok for collecting debts for Prestige Mortgages. In other words debt collecting?

Hi TUTTSI.

THey cannot collect debts FULL stop..The variation that took place was to add credit brokerage to their licence
Sparkie
Debt Collecting

Category F
If you collect debts due to others, arising from credit or hire agreements (whether regulated or exempt), you are likely to need to apply for Category F.
They do not hold this category

You do not need to apply for Category F:
• until October 2008, if you merely collect debts owed to you,except where the debts have been assigned to you
They will need to have notified you of assignment

• from 1 October 2008, if you merely collect debts owed to you, including debts which have been assigned to you

• if you merely collect rent due under a normal tenancy agreement
• if you only collect debts due from companies.
Since 31 October 2004, if you collect debts on mortgage contracts regulated by the FSA you may well be engaged in the regulated activity of mortgage administration (for further details see ‘Where to go for more information’ on page 32).
If you apply for Category F you will need to submit a Credit Competence Plan as part of your application in order to assist the OFT’s consideration of your fitness to be licensed and should expect to be subject to an inspection of your business.

[TUTTSI]

Re: Grrrr - Prestige Finance Ppi

Thanks Sparkie
I have emailed the OFT and asked that pacific question. So when they say that they cannot collect debts I have the proof that they have been doing this for years and sending doorstep collectors at 7am in the morning without an appoinment.

What if it is not a regulated agreement as it was for £25k+ £2k brokerage fee?
Tutts x.

[Sparkie1723]

Re: Grrrr - Prestige Finance Ppi

Thanks Sparkie
I have emailed the OFT and asked that pacific question. So when they say that they cannot collect debts I have the proof that they have been doing this for years and sending doorstep collectors at 7am in the morning without an appoinment.

What if it is not a regulated agreement as it was for £25k+ £2k brokerage fee?
Tutts x.

It does not matter regulated or unregulated ....in any event It is a regulated agreement......as charges for credit are not included in the total loan.

I would give the OFT a call and explain that a brokerage firm is posing as a debt collector and tell them all about their activities ....they will tell you exactly what evidence they will require.......and if you can proove the threats of doorstep collectors they will prosecute Melbourne of that I have no doubt ...the OFT consider actions like this VERY serious.

Invite as many as you can to submit a complaint to the OFT...the more you can get the faster they will act.


Sparkie

Please remember I am not a lawyer, but I believe I am correct in this check a legal source to confirm

[Sparkie1723]

Re: Grrrr - Prestige Finance Ppi

Hi Again TUTTSI

I've tried here to simplify a complex situation.........when firms like this "fiddle their" operations they make mistakes ........................and here is theirs............... this is all done by the same Directors.

Sparkie

Ashbroome Facilities Ltd
Became Incorporated on 07/11/1972.
Under Company No 01080632
It then changed its name to
Prestige Finance Ltd
On 02/10/2002

On the same day
02/10/2002
Changed its name to
Prestige Loans Ltd


Which means that Prestige Finance Ltd no longer exist under that company number

But it is under this company Number that a CCA licence is held ….it is now void any attempted reliance on it, would be a criminal offence

Prestige Loans Ltd are non trading with Dormant accounts and do not hold a valid CCA licence under that name (CCA Licences are not transferrable)

Application / Licence Details


Licence Number:0034421


Licence Status:Current


Current Applicant / Licensee:

Business Name
Company Registration Number
Prestige Finance Limited
1080632

Categories:

Consumer credit
Credit brokerage
Credit reference agency
Debt adjusting/counselling
Debt collecting
Provision of credit information

Prestige Finance Ltd
Under Company No 03596019 do not hold a CCA Licence it lapsed in 2008

Melbourne Mortgage Ltd do not hold a Debt Collectors Category F on their Licence


This is as simple as I can make it...............Sparkie

[TUTTSI]

Re: Grrrr - Prestige Finance Ppi

Wow Sparkie you certainly are opening a can of worms here. It is very surprising that they don't have the right credentials for such a company that is supposed to run within the guidelines of the FSA and OFT.

I wonder why Prestige keep changing company names and on the same day and also why Melbourne are a non trading Company.

The same day as we got our 2nd Mortgage from Prestige they told us that Melbourne would be servicing the loan and we have never had any further correspondence from them. Melbourne have charged mega bucks for letters ect when I queried the charges I did get them dropped substantially.

Lets see what the OFT say..... then I will go for it..... may get back ALL of our payments lol.....

The loan after all we have paid back is now almost double from when we first started.

[Sparkie1723]

Re: Grrrr - Prestige Finance Ppi

TUTTSI

Don't forget to double check with the ICO about the data controllers licences for all 3 of the firms

Processing your personal and financial data without a licence to do so is a Criminal Offence also.

Sparkie