Ppi:- sharks

[Henry Malone]

I wont name the LOAN company !! ........its a well known one ,Even I have heard of it.

I have a friend who took out a loan about 5 years ago then he got into some difficulties with the repayments , he contacted them and got this amended and has been paying this off at a lower payment which means he now has to pay it back over a longer period .

I asked him if he paid PPI on the loan ..He said he did !!
He then found the paper work for this loan , he paid around £900 .
He then contacted them and inquired about his PPI on the loan , He didn.t mention the figure he paid , they said they would look into it and get back to him .
( They have never sent him a copy of the original loan .to compare figures .)

Recently ( JUNE - JULY 2012 ) they contacted him to see if he could or if he was able to increase his payment and whilst they were going over his account details he was informed that **£200** was put into his account from his PPI reducing what he owed .
He was unable to locate the original paperwork at the time of this conversation ( he has found it since !! )
I have not asked him what he repays per month but This reduced refund of £200 ppi from an initial payment of £900 + (interest) would possibly keep him 1-2 YEARS longer in a debt in which he would or he should have cleared earlier ..........
( and there has been no mention of any interest on the £200 that was transfered to his debt even though the initial sum was £900 + interest )
and to think that an employee or 2 (or more ) of this company knows how much PPI was paid and to give such a reduced payment is sad .

At the moment he is dealing with this PPI situation !!
I will keep you posted on the outcome of both their findings !!
How many others are affected by this practice ............

** But my concern is in this current economic crisis when so many other people are struggling trying to repay debts are then being ripped off by this kind of SHARK type behaviour. No wonder the country is talking longer and longer to get out of this crisis we are all in .

**Companies that endorse this practice should lose their licence and be closed down FOREVER never to trade in this country !!!!!!!!
And their CEO.s banned for life !!

[Bill-K]

Re: Ppi:- sharks

Hi, and a belated welcome to you Mr Malone. Your final two starred paragraphs echo the feelings of all of us here, I am sure - and the British people are becoming well aware of the disgusting behaviour of our financiers, these days. This is in no small part due to good people like yourself who are prepared to help others, and to ask questions.

If the loan is still being paid off, then you (by 'you,' I mean your friend) have a right under the Consumer Credit Act 1974 to demand that the lender sends you a copy of the original loan agreement, and a statement of account. The lender MUST comply with this, and if they fail to do so, then the debt becomes legally 'unenforceable' until they do. This is usually known as a "CCA Section 77-79 Request," and it costs just £1. There is a letter for doing this here somewhere. I'll post a link to it as soon as I can find it - unless anyone else can get there first...

If you need more data (such as your repayment history), then you should send the lender a "Data Subject Access Request," ("DSAR") - which costs £10. The lender is legally obliged under the Data Protection Act (DPA) to provide you with copies of ALL relevant data they hold on you.

From this info, you should be able to work out how much PPI you are entitled to reclaim. It sounds as though the lender has effectively admitted that the PPI was mis-sold - so that is one obstacle out of the way. It's now just a matter of working out how much you are entitled to expect. This involves a bit of maths, I'm afraid, but we have a spreadsheet/calculator program that will do the work for you.

This needs to be finalised before the loan is 6 years old because lenders often hide behind the Limitations Act after that, and information becomes difficult to obtain.

Hope I've helped.

[Hurricane Puffrose]

Re: Ppi:- sharks

Your wish Bill is as ever my command

Please find a template CCA request, which you can copy and paste to Word and add your details to, below

Puff

Dear Sir/Madam

ACCOUNT NUMBER: xxxx
YOUR REF: xxxx

I DO NOT ACKNOWLEDGE ANY DEBT TO YOUR COMPANY

With reference to the above account, I request that you send me a true copy of this credit agreement before I will correspond further on this matter.

This is my right under the legislation contained within section 77 (1) and section 78 (1) of the Consumer Credit Act 1974, and I am entitled to receive a copy of my credit agreement on request.

Your obligation also extends to providing me with a statement of account. I enclose a £1 postal order, which represents payment of the statutory fee payable under the Consumer Credit Act. I understand that a copy of my credit agreement should be supplied within 12 working days from the date of this letter.

I understand that under the Consumer Credit Act, creditors are unable to enforce an agreement if they fail to comply with a request for a copy of the agreement under these sections of the Act.

Also, since you are a Debt Collection Agency, I would also ask that you supply a signed true copy of the executed deed of assignment for the above referenced agreement. This is an obligation, whether you are the original creditor or not, under section 189 of the Consumer Credit Act 1974.

For the sake of clarity, may I also draw your attention to the following:
Consumer Credit Act 1974 s.175
Where under this Act a person is deemed to receive a notice or payment as agent of the creditor or owner under the regulated agreement, he shall be deemed to be under a contractual duty to the creditor or owner to transmit the notice, or remit the payment, to him forthwith.

Non-compliance with my request is a criminal offence under the above Act and will result in a report being submitted to the relevant statutory authorities.

In summary, I DO NOT ACKNOWLEDGE THIS DEBT AND THEREFORE REQUIRE YOU TO SUBSTANTIATE THIS BY PROVIDING THE FOLLOWING DOCUMENTATION BEFORE I CORRESPOND FURTHER :

1. True copy of original signed executed credit agreement
2. FULL Statement of account
3. Copy of the executed deed of assignment from (original creditor) and (DCA)
4. A fair processing notice.

As you are aware, a credit agreement that is not properly documented and signed by the customer is totally unenforceable under the CCA and therefore is a complete defence to any court claim that is issued.

Take note at this stage, that any legal action you may contemplate will be both vigorously defended and contested.

Further to the above, please ensure that any contact by yourselves is made in writing only to the above address. Telephone calls and personal visits will not be accepted and viewed as harassment.
I look forward to hearing from you within the statutory time limit.

I would appreciate your due diligence in this matter.

I look forward to hearing from you in writing.

Yours faithfully

[Bill-K]

Re: Ppi:- sharks

Cheers for that, Puff. Oh - if all my lady friends were so obliging as you !!!

I'd be exhausted...

Now - THAT particular one is also a 'Prove it' letter - so some of the 'Prove it' stuff may need to be left out - but that's basically what we need for a 'CCA Request.'