MIS-SOLD loan please HELP

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... i am aware of the insurance template on here but im after getting the loan back through mis-selling please read my story!

In 2001 i took a loan out with lloyds TSB as a 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 the 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... which was fine... HOWEVER they transfered the whole loan inc (insurance) 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 at loans i have had and got the statement for both loans from lloyds TSB themselves 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 loan is past the critical 6 year point but i want to go down the line of.... the 2003 loan was totally mis - sold due to 2 things

1. I payed the initial insurance off unwittingly by taking out the 2003 loan, although all i wanted to do was cancel it!
2. On the statement FROM lloyds it says monthly repayment for the 2003 loan should have been £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

di3004

baz_79 wrote: »

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... i am aware of the insurance template on here but im after getting the loan back through mis-selling please read my story!

In 2001 i took a loan out with lloyds TSB as a 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 the 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... which was fine... HOWEVER they transfered the whole loan inc (insurance) 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 at loans i have had and got the statement for both loans from lloyds TSB themselves 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 loan is past the critical 6 year point but i want to go down the line of.... the 2003 loan was totally mis - sold due to 2 things

1. I payed the initial insurance off unwittingly by taking out the 2003 loan, although all i wanted to do was cancel it!
2. On the statement FROM lloyds it says monthly repayment for the 2003 loan should have been £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

Hi there Baz
Give me a min, just going to gather up some info for you, but yes you were mis sold by the seems of things, back in a min, please bear with me.:D

di3004

baz_79 wrote: »

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... i am aware of the insurance template on here but im after getting the loan back through mis-selling please read my story!

In 2001 i took a loan out with lloyds TSB as a 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 the 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... which was fine... HOWEVER they transfered the whole loan inc (insurance) 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 at loans i have had and got the statement for both loans from lloyds TSB themselves 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 loan is past the critical 6 year point but i want to go down the line of.... the 2003 loan was totally mis - sold due to 2 things

1. I payed the initial insurance off unwittingly by taking out the 2003 loan, although all i wanted to do was cancel it!
2. On the statement FROM lloyds it says monthly repayment for the 2003 loan should have been £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

Hi again
As promised on my above post I said I would get back.;)

You have an excellent case here and you do really need to get this money back.

I have a few ongoing with Lloyds myself at the moment, which a few of these are currently being dealt with through the FOS.

Now when you write a letter to these, I will add a link below which will give you examples of some of the mis selling reasons, there also on that link you will come across a template letter, I would use this letter as a guide and add in your own words with your own reasons of why you feel you were mis sold.

First of all here is the direct forum for you to post in the future, because its the PPI reclaiming thread, and if you want to if you still require further help and info, please copy and paste your above post and take to the thread link I have added.
http://forums.moneysavingexpert.com/showthread.html?t=862067&page=565

Now here is the link I first mentioned.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

They have 8 weeks to get back to you and with a bit of luck this will be resolved first time round, if not we will sort out the next letter in order to receive the "final decision" in case you want to take this to the Financial Ombudsman service.

Always post by recorded post to keep an eye on the timescales.;)

You can try to reclaim on all of them on one letter if I remember rightly, just add the loan acc numbers on the letter, yet Lloyds may deal with them separately, which will not matter really.
If you have not got all the agreements, they should be able to provide these to you, some may charge a £1 for each one but sometimes free.

I wish you luck and please keep us posted, but like I said above, there is also another link for this if you want to pop over there for further guidance.;)

Di.
x

jonesMUFCforever

Is OP sure that a pro rata refund of insurance was not made when the new loan was opened?
Does he have statements showing the entries - if not ask the bank to provide them before proceeding.

baz_79

HI guys thought i would show you my letter (minus personal details) and to show you exactly what im saying to clear up confusion! this is going tomoro so please any thoughts would be appreciated before it is sent!

Firstly I do not want this to be a general ‘template’ letter as I feel I have unusual circumstances that I have not come across whilst researching whether to pursue this or not.

I took out a loan with you (**************) in March 2001 and as a young lad I took out the PPI (I understand that the 2001 loan is now time served, however, it is a shame because I was told by your ‘salesperson that being a 19 year old and wanting to borrow such a high amount (£9000) I could only have the loan if I took out insurance!). 2 years later I was still in the RAF and decided that I no longer needed PPI so I went about canceling the policy!
It is here the problems begin.

When I came to cancel the insurance your ‘salesperson’ made it clear to me that the only way I could cancel the PPI was to take out a ‘new’ loan, but not take out insurance, to which I said well if that’s the only way I will have to do that. Your ‘salesperson’ also informed me that if I borrowed a further amount of money £1,487.69 it would lesson the interest and over the length of the loan would in effect save me money! Your ‘salesperson’ was very pushy in selling me this policy and I felt I could not say no but more importantly I had no other choice!

As a 22 year old lad with no financial experience I agreed to this as it was coming from a financial ‘expert’ and in July 2003 I took out another loan (**************) Through an e-mail I received I thought I would check all my loans etc. to make sure I was never mis-sold anything! I contacted you recently and you sent me out the statements for BOTH loans.

So now we fast forward to why I am writing to you and why I feel I was TOTALLY mis-sold this policy in 2003

The main reason is that the balance of the 2001 loan transferred to the 2003 loan was £6,358.57 which is showed in BOTH statements! At no time was the remaining insurance balance ‘taken off’ before it was transferred and so in effect, by transferring the whole loan across, I paid for the insurance anyway! Also by being forced to take out a new loan I ended up having a higher Monthly Interest Rate and also a higher APR rate which I also believe is highly unfair given as I was told by your ‘salesperson’ it would lesson the interest AND I was forced into taking this loan though only wanting to cancel the insurance!

The second reason is that in the 2001 loan the statement shows the monthly repayment as £258.06 and as I would expect the payments coming out of my account each month are indeed £258.06. HOWEVER the 2003 statement shows the monthly repayment as £220.24 BUT the amount coming out of my account each month was £268.21.

I have many reasons that I hope I have explained clearly why I know this 2003 loan was totally mis-sold, I have already written to you about this matter and was told that the 2001 loan is time served. But I am not trying to touch any of that money! It is purely the 2003 loan which was totally mis-sold for so many reasons and hence now I am concerned the sales assistant that sold me the policy has no financial background and the policy was not sold in my best interests

As this is now the second letter, the first telling me about the 2001 loan, I am now requesting a full refund of the 2003 loan (***************) which includes every payment I made on this loan, all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

di3004

baz_79 wrote: »

HI guys thought i would show you my letter (minus personal details) and to show you exactly what im saying to clear up confusion! this is going tomoro so please any thoughts would be appreciated before it is sent!

Firstly I do not want this to be a general ‘template’ letter as I feel I have unusual circumstances that I have not come across whilst researching whether to pursue this or not.

I took out a loan with you (**************) in March 2001 and as a young lad I took out the PPI (I understand that the 2001 loan is now time served, however, it is a shame because I was told by your ‘salesperson that being a 19 year old and wanting to borrow such a high amount (£9000) I could only have the loan if I took out insurance!). 2 years later I was still in the RAF and decided that I no longer needed PPI so I went about canceling the policy!
It is here the problems begin.

When I came to cancel the insurance your ‘salesperson’ made it clear to me that the only way I could cancel the PPI was to take out a ‘new’ loan, but not take out insurance, to which I said well if that’s the only way I will have to do that. Your ‘salesperson’ also informed me that if I borrowed a further amount of money £1,487.69 it would lesson the interest and over the length of the loan would in effect save me money! Your ‘salesperson’ was very pushy in selling me this policy and I felt I could not say no but more importantly I had no other choice!

As a 22 year old lad with no financial experience I agreed to this as it was coming from a financial ‘expert’ and in July 2003 I took out another loan (**************) Through an e-mail I received I thought I would check all my loans etc. to make sure I was never mis-sold anything! I contacted you recently and you sent me out the statements for BOTH loans.

So now we fast forward to why I am writing to you and why I feel I was TOTALLY mis-sold this policy in 2003

The main reason is that the balance of the 2001 loan transferred to the 2003 loan was £6,358.57 which is showed in BOTH statements! At no time was the remaining insurance balance ‘taken off’ before it was transferred and so in effect, by transferring the whole loan across, I paid for the insurance anyway! Also by being forced to take out a new loan I ended up having a higher Monthly Interest Rate and also a higher APR rate which I also believe is highly unfair given as I was told by your ‘salesperson’ it would lesson the interest AND I was forced into taking this loan though only wanting to cancel the insurance!

The second reason is that in the 2001 loan the statement shows the monthly repayment as £258.06 and as I would expect the payments coming out of my account each month are indeed £258.06. HOWEVER the 2003 statement shows the monthly repayment as £220.24 BUT the amount coming out of my account each month was £268.21.

I have many reasons that I hope I have explained clearly why I know this 2003 loan was totally mis-sold, I have already written to you about this matter and was told that the 2001 loan is time served. But I am not trying to touch any of that money! It is purely the 2003 loan which was totally mis-sold for so many reasons and hence now I am concerned the sales assistant that sold me the policy has no financial background and the policy was not sold in my best interests

As this is now the second letter, the first telling me about the 2001 loan, I am now requesting a full refund of the 2003 loan (***************) which includes every payment I made on this loan, all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

Wow Baz
Brilliant letter hun.

Please get this in as soon as possible.
Post by recorded delivery and please ignore my other post posted in your other thread, I did not realise then you had done the letter and read the wrong thread where I should have checked on here......:o .

But yes this is great, get it in to them, they have 8 weeks to respond, if they try to fob you off we will arrange for another letter to be sent, so please keep us posted and we will guide you all the way with this.:T

Thanks for your pm too hunni.:beer:

Catch you later, hopefully.;)

Di.
x

robnye

good luck - fingers crossed for you

marshallka

baz_79 wrote: »

HI guys thought i would show you my letter (minus personal details) and to show you exactly what im saying to clear up confusion! this is going tomoro so please any thoughts would be appreciated before it is sent!

Firstly I do not want this to be a general ‘template’ letter as I feel I have unusual circumstances that I have not come across whilst researching whether to pursue this or not.

I took out a loan with you (**************) in March 2001 and as a young lad I took out the PPI (I understand that the 2001 loan is now time served, however, it is a shame because I was told by your ‘salesperson that being a 19 year old and wanting to borrow such a high amount (£9000) I could only have the loan if I took out insurance!). 2 years later I was still in the RAF and decided that I no longer needed PPI so I went about canceling the policy!
It is here the problems begin.

When I came to cancel the insurance your ‘salesperson’ made it clear to me that the only way I could cancel the PPI was to take out a ‘new’ loan, but not take out insurance, to which I said well if that’s the only way I will have to do that. Your ‘salesperson’ also informed me that if I borrowed a further amount of money £1,487.69 it would lesson the interest and over the length of the loan would in effect save me money! Your ‘salesperson’ was very pushy in selling me this policy and I felt I could not say no but more importantly I had no other choice!

As a 22 year old lad with no financial experience I agreed to this as it was coming from a financial ‘expert’ and in July 2003 I took out another loan (**************) Through an e-mail I received I thought I would check all my loans etc. to make sure I was never mis-sold anything! I contacted you recently and you sent me out the statements for BOTH loans.

So now we fast forward to why I am writing to you and why I feel I was TOTALLY mis-sold this policy in 2003

The main reason is that the balance of the 2001 loan transferred to the 2003 loan was £6,358.57 which is showed in BOTH statements! At no time was the remaining insurance balance ‘taken off’ before it was transferred and so in effect, by transferring the whole loan across, I paid for the insurance anyway! Also by being forced to take out a new loan I ended up having a higher Monthly Interest Rate and also a higher APR rate which I also believe is highly unfair given as I was told by your ‘salesperson’ it would lesson the interest AND I was forced into taking this loan though only wanting to cancel the insurance!

The second reason is that in the 2001 loan the statement shows the monthly repayment as £258.06 and as I would expect the payments coming out of my account each month are indeed £258.06. HOWEVER the 2003 statement shows the monthly repayment as £220.24 BUT the amount coming out of my account each month was £268.21.

I have many reasons that I hope I have explained clearly why I know this 2003 loan was totally mis-sold, I have already written to you about this matter and was told that the 2001 loan is time served. But I am not trying to touch any of that money! It is purely the 2003 loan which was totally mis-sold for so many reasons and hence now I am concerned the sales assistant that sold me the policy has no financial background and the policy was not sold in my best interests

As this is now the second letter, the first telling me about the 2001 loan, I am now requesting a full refund of the 2003 loan (***************) which includes every payment I made on this loan, all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

Don't be so sure that the first loan PPI is "time barred" here. People have made reclaims on loans older than this one. If the first loan PPI was not explained to you in that it was actually another loan and that you would be charged interest on this and the only way to cancel would be to take another loan, then you were missold the PPI. Also NIL rebates are not allowed. If you were missold the PPI then you need to get back into the position as if the PPI was never there. You would never have had to have the other loan then... If you make the complaint about the loan being missold then I don't know how you would be able to go to the ombudsman with that type of complaints as consumer credit complaints were only under the jurisdiction of the FOS since April 2007.

I am sorry to have to tell you but you may first need to pursue the first loan PPI again in this one. I now they say its time barred but that is not how the FOS look at these things. They can apply certain codes here in that if this was a bank then the bank would have most probably been part of the Banking Ombudsman Scheme which was an organisation before the FOS came into force. ALso they can apply the code of "only just became aware of this since the media attention" overriding the limitations act in a way.

If this is a PPI complaint then you have a better chance here with the FOS too. I personally think that if this first loan PPI gets to the FOS then they would ask them to put you back into the position as if you never had the PPI and that would then mean the second loan would be taken into account and would give you the opportunity of arguing this too through the FOS.

Just my opinion here....