MIS - SOLD LOAN help please

baz_79

Hey Guys

I need help so please read this and if you can offer me any help hints or advice please please reply to this thread no matter how small the help is

In 2001 i took a loan out with lloyds TSB as an 19 yr old i just took insurance cause it was my first loan. 2 years later i was in the RAF so decided to cancel this insurance. I was told only way to do it was to get new loan and pay off the balance but dont take out insurance... as a young lad i just said fine.

So in 2003 i technically took out another loan HOWEVER they transfered the whole loan across to this new loan which meant in effect i paid for the insurance anyway!

I have now paid this loan off but upon hearing martin i decided to look into it and got the statement for both loans from lloyds TSB which shows that for a £9000 loan i ended up paying £18000 which is disgraceful seeing as all i wanted to do was cancel the insurance!

I know the 2001 is past the 6 year point but i want to go down the line of.... the 2003 was totally mis - sold due to 2 things

1. I payed the initial insurance off anyway even though all i wanted to do was cancel it!
2. on the statement FROM lloyds it says monthly repayment for the 2003 loan as £220 however they took £268 every month

Please help guys i am looking to basically get the 2003 loan payed back due to them totally mis - selling it to me!

please reply to this thread a crate of beer/wine to anyone who comes up with the answer that gets my money back

Thanks for your time

Baz

catmiaow

You need to use the template letters as per Martin's thread and claim back, it worked for me.

baz_79

but even if im trying to get the whole loan back not just the insurance???

i want the lot back from 2003

how much did u get back if u dont mind me asking

baz_79

any help please guys....

krisskross

I honestly don't think you have a chance of getting the capital sum back.

I can understand you looking to get PPI back but why the loan?

baz_79

well as i have stated i they totally mis - sold the whole loan to me!!

1. on statement it says monthly payment 220.24 yet every month they took 268.21
2. only reason i took out the 2nd loan was because lloyds tsb told me to in order to cancel my insurance... yet they transfered the old insurance over!!

so i feel that not only did they mis-sell it they did so massively on TWO issues so i will go for the whole lot back... if not then ill go for the extra 6 grand it cost me to cancel insurance!!!!

baz_79

p.s im sorry i now have 2 threads in this please delete this thread!!!!! i have tried to close this thread.... help lol dont delete the other one!!!

di3004

baz_79 wrote: »

well as i have stated i they totally mis - sold the whole loan to me!!

1. on statement it says monthly payment 220.24 yet every month they took 268.21
2. only reason i took out the 2nd loan was because lloyds tsb told me to in order to cancel my insurance... yet they transfered the old insurance over!!

so i feel that not only did they mis-sell it they did so massively on TWO issues so i will go for the whole lot back... if not then ill go for the extra 6 grand it cost me to cancel insurance!!!!

Hi there Baz hunni.....:D

Just reading through your thread and yes you definately have grounds to reclaim on the PPI, which was possibly mis sold to you.

The loan itself hun is generally a different matter, and maybe a separate complaint.;)

I will add the link here for the template to help you claim this ppi back, and if another letter is to be sent if unsuccessful we will work on that one if we have to when you hear about the first one.;)
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Check out this link hunni and you will see the reasons list of ppi mis selling, now on that link there is a downloadable reclaim letter template, use this but add what occurs to you and add as much information as possible.

You do seem to have a good case here and I feel eventually this will be paid out to you, if not by Lloyds directly then the FOS will investigate this for you to fight for your money back.

Just to make sure and double check, would this be your first letter to send them hun ?
Not sure if you have already sent one or not.;)

Now going back to the loan, I have not dealt with the loan side sweetie, but the ppi is like another loan, and if successful they will pay back every penny of this and also request the 8% interest which also makes a difference to the amount they owe you.

If you want to, please copy and paste your post over at:
http://forums.moneysavingexpert.com/showthread.html?p=15201755#post15201755

When you send your letter they have 8 weeks to respond, and post by recorded delivery to keep an eye on the timescales of the dates.;)

There is where you will receive the guidance on the PPI reclaiming, from myself and others, Marshallka is superb with this and may also have other suggestions on the actual loan.;)


I do hope this helps, but please post anytime hun where one of us will help and guide you all we can.

Good luck!
Di.
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