Help required with Loan !

sunshineD

I took out a loan in 2003 for £16,000. I have been told, from a company, that i can claim back some money from the Lloyds TSB, because they had mis-sold me the loan and insurance. However, this representative came to my house last night and went through all this info on how i could reclaim but, to putit in a nutshell, that i would have to pay her company an amount of money when it was all cleared so i may end up with not a lot. This is all very new to me. Can anybody help? would it be better to do it myself, download the templates from Martin's website, and send them off or go through a comany? I just need some help on this as i have spent a worrying night thinking about it. Any help would be very appreciative.

Thank you.

edindie

I’ve heard that there has been a lot of cold callers doing things like this, and it boils down to the fact that there may be a loophole for a very small percentage of people, but these companies will charge a lot for doing something you can easily do yourself by sending a letter or two.

Martin will probably publish his thoughts on this soon, but until then there are lots of threads on the forum on this subject. I would hold off doing anything until you get a recommendation from someone you trust (i.e. Martin/MSE staff). It seems there are a lot of scammers out there – even on these boards…

Browntoa

don't pay....these companies are the same as the ones that charged you for reclaiming back charges and credit card fees

look at the FREE PPI paperwork here

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

all the information and free template letters are there

duff67

sunshineD wrote: »

I took out a loan in 2003 for £16,000. I have been told, from a company, that i can claim back some money from the Lloyds TSB, because they had mis-sold me the loan and insurance. However, this representative came to my house last night and went through all this info on how i could reclaim but, to putit in a nutshell, that i would have to pay her company an amount of money when it was all cleared so i may end up with not a lot. This is all very new to me. Can anybody help? would it be better to do it myself, download the templates from Martin's website, and send them off or go through a comany? I just need some help on this as i have spent a worrying night thinking about it. Any help would be very appreciative.

Thank you.

Agree with caution and suggest never deal with an unsolicited approach with words..."I can...save / cut.." etc.

Firstly I would dig out the paperwork CCA Loan forms from the original interview. Do they clearly state Loan Ins was to be added ? Did you sign for it?

Also there are varies Duty of Care Checklists which would have been completed by your Bank at set up to protect you both. Do you or your Bank have this to view? You and your Bank would have signed.

If your signature doesn't appear on these forms then YES you haven't signed for Loan Protector & can move forward.

If you've signed then slightly more difficult :-

We're you in employment of 16 hours plus per week @ time of signing?
Are you the first named on the loan agreement?
Are you employed as opposed to Self Employed?

If NO you again have a case for mis-sold Insurance.

These are early checks to make.