Lloyds PPI reclaim offer

addedvaluebob · 30 September 2014 at 6:51AM

Most complaints are based on no more than what some posters call 'hearsay' but still succeed. Go through the guidelines on the site, and list the areas of complaint as you recall from your circumstances at the time. Whilst banks may have only a duty to keep records for 6 years, most of them have transferred lots of the old data onto an electronic database, they should also have examples of the contracts applicable at the time even if they don't have your specific paperwork.

Don't be put off by posters telling you that you have no chance, they don't know the circumstances of your case and this is not the place to post all the information needed for anyone to make a truly informed decision. Do the background work put in your complaint and good luck

[Deleted User] · 30 September 2014 at 1:52PM

addedvaluebob wrote: »

Most complaints are based on no more than what some posters call 'hearsay' but still succeed.

I agree, but this case has the added handicap of hailing from 16 years ago. If there are no records, the complaint will fail on that basis alone.

starman67 · 30 September 2014 at 4:41PM

There must be some type of record though as they quoted 3 different loan account numbers in their reply letter after I called them to complain. They just can't tell me any more on the phone though so I have to wait for their official written response. I just don't see the point in them retaining 3 account numbers unless they also retained how much was loaned. The crucial thing though is whether they also retain any PPI information, but I would hope that they do if it was their own insurance plan rather than 3rd party. I am then just hoping that they will concede that I was likely miss sold the PPI, if they can verify it existed, as it seemed it was common practice then to miss sell it, and as such, I would have thought that my case would be upheld in a Court just on the basis of probability. It's a long shot maybe, but nothing to lose by trying.

addedvaluebob · 30 September 2014 at 4:50PM

It's not a handicap, that's nonsense. The OP on this thread put in a complaint and has been offered an 'average compensation amount'. Starman should pursue the complaint using their recollections from the time of the original sale and see what happens.

[Deleted User] · 30 September 2014 at 5:17PM

addedvaluebob wrote: »

It's not a handicap, that's nonsense.

How is it "nonsense" to state that there can be no complaint without any records? Certainly, if the Bank have partial records then an "average compensation amount" may well be offered if the complaint is successful.

The main issue seems to be that starman67 has submitted a complaint without finding out first if the Bank have any records of the finance concerned. He is now in the unusual position of not only waiting to see if his complaint is successful, but also whether the Bank will be able to consider his complaint at all.

EDIT;

starman67 wrote: »

There must be some type of record though as they quoted 3 different loan account numbers in their reply letter after I called them to complain.

That's actually encouraging if the Bank could provide that information to you over the 'phone. Why didn't you research all this prior to your complaint?

addedvaluebob · 1 October 2014 at 8:14AM

Its nonsense because any complaint is based largely on an individual's personal recollections 'they told me I wouldn't get the loan unless I accepted PPI' 'Nobody discussed the exclusion of my pre-existing illness'. Lots of points in complaints are not written down, the banks etc don't make a note in the file saying I bent the rules to help make the sale. Faced with these types of allegation the company is supposed to make a judgement based on what they hold and if they cannot disprove these 'hearsay' allegations may uphold the complaint.

Lloyds original sales practices, and record keeping are both atrocious as is their treatment of complaints generally

dunstonh · 1 October 2014 at 8:38AM

You are right. Most complaints include a reason that is an unprovable recollection. However, most complaints do not get upheld on the basis of an unprovable allegation but instead on a) auto-payout b) a failing in the sales process (often not identified in the complaint letter) or c) on a provable reason or where the evidence that is available points to that scenario being likely.

Lloyds original sales practices, and record keeping are both atrocious as is their treatment of complaints generally

Agree. Lloyds responses to complaints are so scattergun that you see them uphold ones that really shouldnt be upheld and reject ones that appear to be nailed on successes. No consistency in responses (other than that they are constantly inconsistent)

starman67 · 1 October 2014 at 2:21PM

Thanks for the input everyone. Moneyineptitude, I guess I am learning as a go with this process. I did read Martin's original piece on PPI claims before contacting the bank, but as my complaint was from so long ago and as I no longer have the loan documents, I wanted to gauge other peoples experiences or opinions on my chances. I called the bank to make the original contact with my complaint and it was in their written reply that the 3 loan account numbers were quoted.

Addedvalue, that is my best hope, in that Lloyds clearly have a very poor reputation with how they sold these policies, and as such, it has to be likely that mine was also miss sold. I know it was but clearly proof cannot be provided as it was all in a conversation, but I can hopefully show by contacting old employers if needs be that the 2 jobs I had (1 at a time) both offered 6 months sick pay at full rates as well as redundancy packages if I got laid off. With that in mind, I never needed the insurance really and I definitely only purchased it because of how it was sold to me. It was implied that the decision on my loan application would be affected by purchasing PPI, i.e., I'm more likely to be refused the loan if I don't apply for it. It all amounts to being pushy in my eyes rather than just giving me the facts in an unbias way and allowing me to come to the decision that was right for me.

dunstonh, what do you mean please when you say, most complaints that don't get upheld are on the basis of a, auto payout?

Thanks

[Deleted User] · 1 October 2014 at 2:59PM

starman67 wrote: »

what do you mean please when you say, most complaints that don't get upheld are on the basis of a, auto payout?

For some, usually modest, amounts the Bank may pay redress without actually investigating the complaint. This means that weak "hearsay" reasons will still garner a successful result for the customer because the reasons are not actually considered.

Nowhere does Dunstonh say that unsuccessful complaints are auto paid.

starman67 · 3 October 2014 at 7:09PM

Hello again

I have obtained information on 1 of my loans, which is that £3700 was the capital advance, with £6633 to be paid back, £2058 of which is interest and £874 for PPI. I settled the loan early, after 29 monthly payments had been made. I do not know how long the original loan agreement was for but I believe it would have been 60 months. I have also found out the APR on the loan was approx. 15% (those were the days!).

From all of this, I am trying to gauge what sort of a return I would get if my complaint is upheld? The thing that I really find difficult is would I have received a rebate on the £874 PPI premium for settling early or would that have been paid in full? I guess there may not be a generic answer to this and it was policy dependant, though bearing in mind I took this loan out 08/1999, maybe they all operated in the same way then for PPI on personal loans.

Put another way, did I only end up paying approx. 50% of the original PPI premium and therefore would get a rebate of half the £874, + what interest I paid on that for the 29 months + 8%APR for each year thereafter?:mad:
Can anyone offer me any pearls of wisdom or mathematical genius-ness please?

Lloyds PPI reclaim offer

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