Hi, some PPI advice would be very grateful please

davep4032

Am i entitled ppi back
I took out a loan of £19000 with lloyds TSB in oct 07 and was told that if i did not take out PPI the loan would be refused, i explained to them that i was in the armed forces and still had a contract for 15 years to serve therefor my job was secure but was told the same. Due to my situation at the time i took on the loan and now i feel it was miss sold, however, after reading through the loans terms and conditions i found this....

'' If you choose to purchase the LPI, we will pay any LPI loan directly to your insurer to cover the price of the premium. If you decide to cancel the LPI policy and the LPI loan will also be cancelled. The cash loan will continue and we will collect only the monthly repayment for the cash loan.''

Well i was told i could not ''choose'' to perchase LPI, i was told i had to.

I want to try and reclaim but am thinking this sentance in the terms and conditions will go against me.

Any information will be very gratefull

di3004

davep4032 wrote: »

Am i entitled ppi back
I took out a loan of £19000 with lloyds TSB in oct 07 and was told that if i did not take out PPI the loan would be refused, i explained to them that i was in the armed forces and still had a contract for 15 years to serve therefor my job was secure but was told the same. Due to my situation at the time i took on the loan and now i feel it was miss sold, however, after reading through the loans terms and conditions i found this....

'' If you choose to purchase the LPI, we will pay any LPI loan directly to your insurer to cover the price of the premium. If you decide to cancel the LPI policy and the LPI loan will also be cancelled. The cash loan will continue and we will collect only the monthly repayment for the cash loan.''

Well i was told i could not ''choose'' to perchase LPI, i was told i had to.

I want to try and reclaim but am thinking this sentance in the terms and conditions will go against me.

Any information will be very gratefull

Hiya Dave

And yes it seems you have a case here going by what you said and they should have given you the option to take this or not and not make it the terms and conditions of being eligible for the loan.

When it comes to the terms and conds they may try and use this against you but try to reclaim on your PPI anyway, on your reasons of your complaint.

Check this out here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

You will find some further PPI info and a template letter.
Try to write it in your own words with your own reasons, they have 8 weeks to respond in full.
If not successful first time round another letter maybe required until you receive the final response.

Let us know what happens from here and if this has to go to the Financial ombudsman service or if you want to go this direction if not successed in your complaint, we will help you through this step by step.

Good luck and post by recorded delivery.;)

Please also feel free to post on the actual PPI reclaiming discussion thread, you will find this by clicking on loans first and you will find this on top of the page.

Di

Incipience

Dave, terms and conditions mean nothing if the PPI was not sold correctly, furthermore you may have grounds for having the loan written off.

First thing is to send of for A SUBJECT ACCESS REQUEST, before sending any letters as this way you will have copies of all calls and letter, in order for you to better equip yourself.

If a call has them telling you that it is a condition of the loan, then you have them bang to rights.

Since this sort of evidence is damning you can simply then right a letter demanding repayment of said policy, and then give them 7 days to reply (state this on the letter) they may of course request the full 8 weeks, but a case as strong as this tell them that unless a response an payment is made, then you will take legal action.

Now you will be told by many to wait and then take it to the FOS, however you will be looking at up to a year now for this to come to adjudication.

You are now able to get free legal services to cover such cases, where you will keep all the money granted.

di3004

Hi again

Yes you have an option and do not have to use the FOS like what Incipience says and an SAR (Subject access request) would also come in handy as well.

Here:

SAR - SUBJECT ACCESS REQUEST

Dear

Re: Account number:

In the first part under the Data Protection Act 1998:

Under the Data Protection Act 1984 and 1998, and including the right of subject access under these acts, please supply me with a complete list of transactions and charges relating to the above accounts held with you since they were opened.

Additionally where there has been any event in my account history over this period which has required manual intervention by any member of your staff or any other person, I require disclosure of any indication or notes which have either caused or resulted in that manual intervention or other evidence of that manual intervention in relation to my business with you.

If you are unable to supply data relating to manual intervention because there has been no such manual intervention then please be kind as to confirm this in your response to this request.


For the avoidance of any and all doubt, I reiterate:

I hereby request that you supply me with any and all historical data in your possession which, in any way appertains to me, including (but not exhaustively) a copy of the original signed executed agreement; statements of account; duplicate statements and/or print outs of all account transactions; all internal and external correspondence sent or received by you including memo’s, logs, notes, screen prints and transcripts; notes of manual interventions such as telephone attendants' notes, copies of stored telephone conversations, internal and external emails; any other information held on any/all types of media in any relevant filing system (microfiche included).

If you have disclosed any information to a third party (with or without my express permission), will you please include details of this in your reply, along with notes of any legal action passed or pending (to include a true copy of default notices, court orders and the like).

Where any information that you provide includes any charges, for example returned payments, late payment fees, and so forth, would you please advise your breakdown of actual costs (liquidated damages) incurred for each charge, and the Term or Condition on which you rely upon to claim such a charge.





I also require that you forward, within the above mentioned time scale, a true copy of the Terms and Conditions that were in force at the time my account was opened, and any subsequent amendments to those Terms and Conditions.

I enclose the statutory maximum fee of £10.00 to access ALL data held by XXXXX about myself. You should be fully aware of your statutory obligations under the Data Protection Act and that any failure to comply with this request will involve a complaint to the ICO as well as potential legal action.

You have 40 days in which to comply with this request.

This communication has been sent Recorded Delivery so I can ensure compliance on these issues within the legislative timeframes.

Yours Sincerely

davep4032

Thats brilliant, thankyou very much for your advice, both replys give me a lot more confidence about claiming and i also understand my situation at lot more.

I will get onto it right away and let you know how i get on..