In early April 2007 The Consumer Credit Act was changed drastically 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 demonstrate to be flawed, illegal and ultimately unenforceable by the lending institution that provided the funds. Therefore there are millions of consumers that may be entitled officiallyto having these mis-sold finance agreements terminated and the balance owing wiped off, without disturbing their permissible 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 generate a reproductionof the agreement.
The interest rate has been incorrectly evaluatedd.
The fullamount of credit is not stated on the agreement.
With a credit card there has been a credit limit rise devoid of demand.
The charge for credit is deemed to be unfair.
A sub prime loan has been sold to a client with decent credit history.
The agreement has not been signed.
There is no “cooling off” stage specified on the agreement.
On a manufactured goods trade loan there is no indication of any deposit paid.
There is no mention of the APR.
Anywhere the client has been told they won’t get accepted unless ppi is integrated.
Any one of these or other flaws can lead to the loan agreement being deemed illegal, illicit and therefore unenforceable, with the full balance being wiped off and in specified 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 amount 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 folks in the UK have premiums at times as much as 40% of the complete loan, which are added to the sum borrowed and therefore attracting interest at the same rate as the loan and in many cases are perfectly superfluous 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 printedon!
To claim back check some of these points:
The clearest cases of mis-selling are when the policies are sold to individuals who have no abilityof claiming: If you were unemployed ,self employed or retired in that case it will be not possible to collect.
If whilst you took out the insurance you had a health difficulty that might prevent you from working it follows that the insurance would not be of any assistance.
Any single premium document when the whole premium is added to the loan and attracts interest there is a very high chance of a lucrative claim.
If you had a single premium insurance and cancelled it and were not refunded the sum total amount in that case the remainder can be reclaimed.
If you were told that the ppi was a unavoidable feature of the advance 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 more or under the lowest or highest age limit as prescribed by the insurance, normally 18 and 65 so therefore you can claim.
If some features of the plan were not explained to you such as big 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 stringently on a no win no fee basis.
