Tweet
Hi all - new to forum so please be gentle! Looking for some sound advice about a ppi claim I am pursuing, not having much joy yet though! Be as brief as possible, any feedback gratefully received.
Around xmas a friend of mine, a lifelong teacher received a ppi refund from a student loan in 1993 and urged me to look back at my finances. I did. I had a secured loan of £15000 taken out in Sept 2004 with London Personal Loans. After much digging, I got a copy of the original Agreement through the current owners, Ascendon in Feb this year. On the Agreement was ppi, paid in full up front of £1920. I now know that as I was self-employed they would never have paid out on the ppi, as such it was mis-sold, additionally I never had a copy of the terms etc, the loan Agreement is only signed by me and I am pretty sure I had to have it to qualify for the loan.
The loan was paid off in full less than two years later, in June 2006.
Ascendon subsequently advised the broker was Dial4aLoan Ltd. I wrote to them and they replied with a thick questionnaire to fill and return. I did. They then replied saying they were not regulated at that time and I should go back to loan company or chase the insurer.
I threatened legal action, and got a solicitors letter through their parent co Welcome advising they would defend any claim based on the Limitations Act. I looked into the Limitations Act, and my understanding of it is;
a) you have three years from the time you became aware of an issue to pursue it and
b) the Act doesn't exist, in any time frame, to protect companies who wilfully mis-sell products to consumers knowing very well they will never pay out on them. Fraud?
At worst, I feel I am entitled to a refund of a big chunk of the ppi given the loan was for 10 years and was fully satisfied in less than two. I have the Agreement small print, nowhere on it does it even mention ppi.
Any advice on how to proceed? As I am pre 2005 no authority is interested. Ombudsman told me D4al were probably a one man band - in fact they are owned by Welcome with a share capital of £110 million!
Any thoughts/advice?
Around xmas a friend of mine, a lifelong teacher received a ppi refund from a student loan in 1993 and urged me to look back at my finances. I did. I had a secured loan of £15000 taken out in Sept 2004 with London Personal Loans. After much digging, I got a copy of the original Agreement through the current owners, Ascendon in Feb this year. On the Agreement was ppi, paid in full up front of £1920. I now know that as I was self-employed they would never have paid out on the ppi, as such it was mis-sold, additionally I never had a copy of the terms etc, the loan Agreement is only signed by me and I am pretty sure I had to have it to qualify for the loan.
The loan was paid off in full less than two years later, in June 2006.
Ascendon subsequently advised the broker was Dial4aLoan Ltd. I wrote to them and they replied with a thick questionnaire to fill and return. I did. They then replied saying they were not regulated at that time and I should go back to loan company or chase the insurer.
I threatened legal action, and got a solicitors letter through their parent co Welcome advising they would defend any claim based on the Limitations Act. I looked into the Limitations Act, and my understanding of it is;
a) you have three years from the time you became aware of an issue to pursue it and
b) the Act doesn't exist, in any time frame, to protect companies who wilfully mis-sell products to consumers knowing very well they will never pay out on them. Fraud?
At worst, I feel I am entitled to a refund of a big chunk of the ppi given the loan was for 10 years and was fully satisfied in less than two. I have the Agreement small print, nowhere on it does it even mention ppi.
Any advice on how to proceed? As I am pre 2005 no authority is interested. Ombudsman told me D4al were probably a one man band - in fact they are owned by Welcome with a share capital of £110 million!
Any thoughts/advice?
Comment