Claim Back Mis-sold Payment Protection And Unenforceable Credit Agreements
Claim Back Mis-sold Payment Protection And Unenforceable Credit Agreements
On the 6th April 2007 The Consumer Credit Act was given a much needed overhaul to eradicate the rife mis-selling of financial products, including payment protection insurance, secured and unsecured loans and credit cards, that had been sold to consumers for many years with an almost blatant disregard to the benefit of the consumer and a total lack of care and ethical procedure.
As a result of this new act, there are millions of loan and credit card agreements that now prove to be flawed, unlawful and ultimately unenforceable by the lending institution that provided the funds. Therefore there are millions of consumers that may be entitled legally to having these mis-sold loan agreements terminated and the balance owing wiped off, without affecting their legal 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 produce a copy 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 increase without request.
The charge for credit is deemed to be unfair.
A sub prime loan has been sold to a client with good credit history.
The agreement has not been signed.
There is no “cooling off” period specified on the agreement.
On a product sale loan there is no mention of any deposit paid.
There is no mention of the APR.
Where the client has been told they won’t get approved unless ppi is included.
Any one of these or other flaws can lead to the loan agreement being deemed illegal, unlawful and therefore unenforceable, with the whole balance being wiped off and in certain cases costs 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 number 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 people in the UK have premiums sometimes as much as 40% of the total loan, which are added to the sum borrowed and therefore attra
1000
cting interest at the same rate as the loan and in many cases are totally unnecessary and often useless when the customer tries to claim as there are often many exclusions that make the insurance not worth the paper they are written on!
To claim back check some of these points:
The clearest cases of mis-selling are when the policies are sold to people who have no chance of claiming: if you were unemployed ,self employed or retired then it will be impossible to claim.
If when you took out the insurance you had a medical problem that might prevent you from working then the insurance would not be of any use.
Any single premium policy when the whole premium is added to the loan and attracts interest there is a very high chance of a successful claim.
If you had a single premium insurance and cancelled it and were not refunded the whole amount then the remainder can be reclaimed.
If you were told that the ppi was a compulsory feature of the loan 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 claim.
If you were over or under the minimum or maximum age limit as prescribed by the insurance, normally 18 and 65 then you can claim.
If some features of the policy were not explained to you such as significant exclusions such as stress, mental illness or back problems, then you can claim.
If you suspect that you may have a mis-sold ppi policy or an unenforceable credit agreement then get in touch with Renaissance right away. We offer a very smooth and efficient service strictly on a no win no fee basis.
By: andydrive4
Article Directory: http://www.articledashboard.com
Renaissance Claims are experts in reclaiming all mis-sold financial products, including ppi(payment protection credit agreements and unfair credit card charges and mortgage arrears charges, all no win no fee.
Click the XML Icon Above to Receive Finance Articles Via RSS!
Additional Articles From – Home | Finance
More Strength for the Economy of United States
Manage your incomes and expenses with Mint.com
Reacting to Redundancy – Things To Do
Tax Relief Definition Interesting Information
Collateral management with the help of financial services software
Personal Injury Claims Command Big Headlines
Easy Federal Government Grants
Black Friday Car Sales – Get Approved Online for Fast Auto Financing!
What Went Wrong with Small Business Finance Programs?
Don`t Let The Credit Crunch Get You.