Reclaiming PPI from Llodys TSB

JAMMYD

Hi everybody!,I need some advice on trying to reclaim from LTSB.I took out two loans one in 1999 and the other in 2000,ppi was was sold to me on both loans as single premium policies.This was never explained to me by the bank employee at the time of the sale,she also said that my applications would be looked at more favourably if I took out ppi with the loans. The ppi sold to me was not in my best interest at the point of sale .In 2005 I wrote a letter to LTSB with the view to reclaiming the ppi on my loan,the grounds being mis-selling of ppi to myself,after some time,I received a letter dated March2005 that after an extensive search,they were unable to find any documentation relating to these two loans,thus depriving me of reclaiming my ppi monies within the six year time line.I sent off for SAR,in this I found account numbers and amounts of the two loans LTSB could not find.After reading a newspaper article last year dealing with the subject I have decided to act and try to reclaim my ppi monies which comes to nearly 6500.00 pounds.I have a final response letter from LTSB saying that I am free to take my case to the FOS. I have the letter from MARCH 2005 from LTSB not being able to find any documentation about the loans.I have the SAR records to back up my claim ,also the limitation act 1980 states that you have from the time that you found out whether or not it was outside a six year limit. Sorry its been so long winded but I wanted to give the facts of the case.Look forward to your advice to go for it or not. Cheers!!!!!!!!!!!

jonesMUFCforever

You have not explained why you think it was missold?

Did the 2000 loan pay off the 1999 one? - if so it is highly likely that a proportion of the premium would have been calculated and repaid as a result of this.

You claim that the PPI was never explained to you but you would have had a copy of the CCA agreement - the monies would not have been lent to you if you had not signed this - plus the cancellation terms would have been clear on there.

I can see why LTSB are happy for it to go to the Ombudsman.
Too many holes in your story IMO.