Oh dear, what did I find on my Abbey loan agreements

[underdog13]

Congratulations HHNF - amazingly quick result:D

[alanalana]

Hello HHNF,

 

They did confirm receipt of this letter and two weeks after that coughed up the dosh:grin:

 

Holiday in???? have a good time and enjoy;)

 

I just lost my dad on 12 Feb so my refund from RBS is going on a family holiday to celebrate his life. 8 of us maybe 9 to a villa in the med only for one week but a family do, His children, grandchildren and great grandchildren all together.

 

I could need another short rest after the holiday 8 year old, 6 year old and 2 year old (the most difficult one)

 

aa

[papadak]

Hello

 

Thanks AA:grin:

 

Here is the preliminary letter that I sent to them.

 

Your address

 

their address

 

Date

 

COMPLAINT

 

 

Dear Sir/Madam,

 

Name XXXXXXXXXXX

Loan Account No xxxxxxxxxxxxxx

Loan Account Noxxxxxxxxxxxxxxxx

Loan Account No xxxxxxxxxxxxx

 

It has recently come to my attention that the above loans that I had with your company, had payment protection insurance premiums and payment protection insurance interest applied to them. These payment protection insurances were applied to the loans by your Company, without providing me any option of agreement to or refusal of these insurances. Your Company just applied them.

 

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 consider that these insurances were mis-sold to me by your company with no regard to fairness to their customers, in your companies strive for unjust enrichment.

I am frankly shocked, to now find, that you have operated my loan accounts in this way. as I had always reposed confidence in your integrity and expertise as my fiduciary.

 

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.

 

Firstly, I understand that at the time I entered into the 3 loan contracts, your bank was running an incentive scheme to encourage your employees to sell PPI schemes, as were several other High Street banks. I was not aware of this and even if it is untrue, I consider that there was a clear conflict of interest between your fiduciary responsibilities to me and the direct selling by your employees of PPI schemes, given the very large profit margins they generate.

 

When I took the loan/loans with your company, I was not offered a full and detailed explanation of payment protection insurance and was led to believe by your company/representative that it was part of the conditions of 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 ppi by finance companies.. This is when I looked at the credit agreements.

 

Regarding the loans with the ppi 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 product provided was fit for purpose, suitable for my needs or if I indeed it at all. No inquiry was made as whether I had pre-existing insurance for accident, illness or unemployment I was not given a copy of any insurance policies. 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.

 

Secondly, I understand under the Consumer Credit Acts and following a House of Lords judgment, that you are not allowed to make a loan conditional on taking PPI unless you include the costs of PPI as part of the charge for credit and not the credit itself.

 

You did not do this. You added it to the total for credit and then charged me further interest on the premium on top of the interest for the loan. This is unacceptable.

 

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 8% statutory interest rate allowed by the court under the accepted principle of mutuality and reciprocity.

 

 

Loan Account No xxxxxxxxx

A payment protection insurance premium of £xxxx and interest of £zzzz was applied to this loan. The amount charged was £xxxx. Interest at 8%= £xxxxx brings the total amount required to £xxxxxx.

 

Loan Account No xxxxxxxxxxxxx

A payment protection insurance premium of £xxxxx. Interest a 8% = £xxxxx. The total amount required is £xxxxxxxx.

 

Loan Account noxxxxxxxxxxxxxx

A Payment protection insurance premium of £xxxxx. Interest at 8% = £xxxxx. The total amount required is £xxxxx.

 

This brings the total amount to resolve my complaint to £xxxxxxxxxxxxx.

 

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.

 

Yours faithfully,

 

many thanks

[Maggiebroom]

Congrats HHNF.

Just caught up with your thread, (been up to my eyes in poo poo lately) not literally.

 

Well they rolled over quickly for you.

 

You and me both with Nasty West.

 

We'll fight them on the beaches etc..... (I have just watched a programme with Churchill in it. It is Sunday after all).

 

maggiebroom