Lloyds Mortgage PPI Reclaim

The basis of my claim is that I was told in branch when getting a mortgage that I had to take out their mortgage insurance,

Lloyds did have a period where it offered certain deals if you bought their insurance product. That cross subsidy deal arrangement was allowed. And today it is still allowed to insist on insurance as a condition of borrowing. Those deals were mid 90s around the time of the high interest rates.

It is where you were told it was compulsory when it wasnt. i.e. lied to. However, problem with that allegation is lack of evidence and that every try-it-on complaint also uses it. It is rare for a complaint to succeed on that particular point.

in addition when my workplace looked like it might shut down I made equiries about my cover and basically found it wasn't fit for purpose, if I had money in the bank (ie a redundancy payment) they wouldn't pay and it would also take something like 6 months before I got anything (does anyone know if this information is correct ?) the opperative actually told me that I'd be better with a salary insurance (something they didn't provide)

That information is wrong. Lloyds MPPI did not take redundancy pay into account. Only PILON and all policies do that and its accepted as normal. PILON means you are still employed for that period.

Your personal savings/investments have nothing to do with MPPI. A claim would be paid if you had millions in the bank.

I've also told Lloyds that my claim form will probably take more tha 14 days to return, they said that's not an issue and that 14 days is just 'preferrable' - is that correct ?

That 14 days is just an attempt to speed you up. It is not enforceable.

ned_nederlander wrote: »

I am certain when I made enquiries during my redundancy event that I decided it wasn't fit-for-purpose, given what you've told me thare must've been a reason for that !? I certainly cancelled the MPPI straight away

You need to remember what the reason was and communicate that in your complaint. No one here can tell you what the reason was.

In your experience is there any credible reason that would result in a successful payment ? I

Most complaints on MPPI fail. You can still buy MPPI today. One of two types still available. It had fewer issues than loan and credit card PPI. So, in most cases, there are not the structural issues that the other types had.

However, banks are not predictable in how they handle complaints. Sometimes they pay out on ones they should be rejecting and reject those that should be paid out. We also have no access to the audit trail. Often those that succeed, do so because of things that were not raised in the complaint.

Most complaints of this type look at eligibility and suitability.

I am certain when I made enquiries during my redundancy event that I decided it wasn't fit-for-purpose, given what you've told me thare must've been a reason for that !?

MPPi is fairly generic across the board. Maybe a misunderstanding in redundancy pay made you think that. It is quite common for people to misunderstand PILON and not realise that it means they havent actually left employment until the end of the period. Sometimes, PILON can be 3 months. So, an MPPI wouldnt pay out until 30 days after that 3 month period.

Thinking I'm wasting my time with this one now.

Still make the complaint. Even if it fails, you will likely get an amount under the Plevin ruling.

ned_nederlander wrote: »

Hey again, how do Lloyds normally communicate their findings? I expect I'll get a letter but we've exchanged e-mails and texts so would they communicate their findings via those platforms as well ?

Response date for this claim was yesterday but I appreciate they are not bound by any rules to stick to that date.

Lloyds will give you an answer within 8 weeks and if your successful you will get a refund within 28days of a decision.