The Consumer Credit Act was changed drastically in early 2007 to reduce the unlawful practices of mis-selling of financial products such as payment protection insurances,mortgages and loans and credit cards, that, for many years had been incorrectly sold to consumers with little regard to the needs of those consumers.
As a consequenceof this latest act, there are many thousands of loan and credit card agreements that now show to be flawed, against the law and ultimately unenforceable by the lending institution that provided the funds. Therefore there are millions of consumers that may be entitled with authorization to having these mis-sold credit agreements terminated and the balance owing wiped off, without upsetting their lawful rights or credit history. There are many things which deem a loan agreement as illegal and unenforceable, including:
The lender does not have or cannot deliver a duplicate of the agreement.
The interest rate has been incorrectly calculated.
The total amount of credit is not stated on the agreement.
With a credit card there has been a credit limit rise with no request.
The charge for credit is deemed to be unfair.
A sub prime loan has been sold to a client with excellent credit history.
The agreement has not been signed.
There is no “cooling off” interval specified on the agreement.
On a product loan there is no discussion of any deposit paid.
There is no indication of the APR.
Anywhere the client has been told they won’t get accepted unless ppi is included.
Any one of these or other flaws can lead to the loan agreement being deemed illegal, improper and therefore unenforceable, with the total balance being wiped off and in a selection of cases expenses and interest being payable too.
With payment protection insurance policies it is estimated that billions of pounds of policies have been sold illegally for many years with countless quantity of consumers been left thousands of pounds out of pocket and the banks laughing all the way to the…well the bank! These policies that have been sold to numerous citizens in the UK have premiums occasionally as much as 40% of the whole loan, which are added to the sum borrowed and therefore attracting interest at the same rate as the loan and in many cases are entirely unwarranted and often useless when the customer tries to claim as there are often many exclusions that render the insurance not worth the paper they are printed on!
To claim back check some of these points:
The clearest cases of mis-selling are when the policies are sold to folks who have no opportunity of claiming: If you were unemployed ,self employed or retired so therefore it will be out of the question to collect.
If whilst you took out the insurance you had a health problem that might prevent you from working so therefore the insurance would not be of any help.
Any single premium plan when the whole premium is added to the loan and attracts interest there is a very high chance of a winning claim.
If you had a single premium insurance and cancelled it and were not refunded the entire amount it follows that the remainder can be reclaimed.
If you were told that the ppi was a required feature of the finance then that can be reclaimed.
If you already had other insurance such as critical illness or an employer insurance scheme then that will probably mean you can petition.
If you were in excess of or under the lowest or highest age limit as prescribed by the insurance, normally 18 and 65 in that case you can claim.
If some features of the document were not explained to you such as noteworthy exclusions such as stress, mental illness or back problems, then you can claim.
If you suspect that you may hold a mis-sold ppi plan or an unenforceable credit agreement therefore get in touch with Renaissance straight away. We offer a very smooth and efficient service rigorously on a no win no fee basis.
