Lloyds TSB...

MarkoPolo

Im a posting virgin but have read and reviewed this site and forum for many months and took in a lot of information (so keep up the good work everyone).

My question/query is this, Have Lloyds TSB been fined for mis-selling PPI insurance? I was told they had.

My Story (which isnt really that exciting)

I took out a loan to pay for my first car and its insurance back in 2005, 5k over 4 years, that was due to finish in May this year but i paid it all off after i re-financed (seemed the sensible option), i took out the PPI insurance on the original loan because i felt i had to, i had only just become fully employed and been told that the loan can pay itself for 12 months should i lose my job, it was at a very cheap rate and the fact it was cheaper than getting a credit card to pay it of should i not be able to pay, i signed up (when i re-financed i passed up this opportunity as i read the goings on from this forum and realised that its not in my best interest).

If TSB have being fined then i could add that to the reasoning for the reclaim letter, along with the fact i should not have taken it out but it was 'sold' to me in my best interests.

Can anyone shed some light? i dont want to go whole hog at them as i have many accounts tied in with them and moving them would be my last resort really, then again i should be a valued customer!

Regards

Mark.

simon_templar_2

Not sure if they have but some have been fined or been very near to a fine. Thing is the advisers in the bank are pressured into getting customer to take ppi and if a case was borderline a lot will chance it and persuade the customer to take it even if they knew they were not really best to. Big brownie points and commission is the reward for these type of sales.

It is right that if a person has been mis sold ppi then they should persue a refund. Sadly this opens the door for lifes !!!!!!!!!!s and chancers to abuse this.

di3004

MarkoPolo wrote: »

Im a posting virgin but have read and reviewed this site and forum for many months and took in a lot of information (so keep up the good work everyone).

My question/query is this, Have Lloyds TSB been fined for mis-selling PPI insurance? I was told they had.

My Story (which isnt really that exciting)

I took out a loan to pay for my first car and its insurance back in 2005, 5k over 4 years, that was due to finish in May this year but i paid it all off after i re-financed (seemed the sensible option), i took out the PPI insurance on the original loan because i felt i had to, i had only just become fully employed and been told that the loan can pay itself for 12 months should i lose my job, it was at a very cheap rate and the fact it was cheaper than getting a credit card to pay it of should i not be able to pay, i signed up (when i re-financed i passed up this opportunity as i read the goings on from this forum and realised that its not in my best interest).

If TSB have being fined then i could add that to the reasoning for the reclaim letter, along with the fact i should not have taken it out but it was 'sold' to me in my best interests.

Can anyone shed some light? i dont want to go whole hog at them as i have many accounts tied in with them and moving them would be my last resort really, then again i should be a valued customer!

Regards

Mark.

Hi Mark

I did read at some point of them Bond mis selling, think that was in 2003, however there are many trying to reclaim their PPI where they believe they were mis sold this.

If you feel you have a case here then I would try and keep on at them, even if it means your still unsuccessful in the final response as you can always take this to the financial compensation service or court as another option if you wanted to.

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

This may help as well and there is a template letter, try to use your own words and your own reasons to back your complaint, they have 8 weeks to respond in full, let us know how you get on in order for us to help to the following step.;)

Good luck and there is also a PPI Reclaiming -discussion thread on here as well if you want to post for further help and info, just click on loans first and then that thread should appear at the top of the page.;)