PPI Reclaiming Discussion part 4

BigCraigJohn

Wow how slow are Lloyds.

All 4 slips are back with them as of a good month, they say i'll have my refund between 13 - 20th of august. The 21 days has become 21 working days and is now 28 working days. Lets just say MSE are keeping them busy.

On the plus side, I did ask what would happen if you were in arrears with another Lloyds debt ie a cc or od, after asking a supervisor he told me that if they have agreed to pay the full amount back and have asked for account details then it will be paid back to that account number. You will be left as if it had never happened.

di3004

BigCraigJohn wrote: »

Wow how slow are Lloyds.

All 4 slips are back with them as of a good month, they say i'll have my refund between 13 - 20th of august. The 21 days has become 21 working days and is now 28 working days. Lets just say MSE are keeping them busy.

On the plus side, I did ask what would happen if you were in arrears with another Lloyds debt ie a cc or od, after asking a supervisor he told me that if they have agreed to pay the full amount back and have asked for account details then it will be paid back to that account number. You will be left as if it had never happened.

Excellent BigCraigJohn :T:beer::j:D;)

Dirks_Engine_Room

Thanks for all help so far. Here is my letter at moment. Is this ok?
I am writing in response to your letter dated 12th July 2010, with regards the insurance sold with my loan. Your reference is **********

I do not feel your letter has offered a satisfactory justification that my policy was sold fairly, reasonably and within my best interests so I request that you look into my complaint again.

The loan provided was front loaded and I would pay this over loan term with interest and the policy only covered a few years. When I cancelled the PPI the loan only dropped £13, and not the £31 expected. (Natwest letter enclosed dated 23rd February 2009) I was not made aware of this when I took out the loan..

I was not told I could get my own PPI cover elsewhere. The person that dealt with the apllication rushed through the loan renegioation and did not fully explain all of my options (for example as a teacher I would receive cover through my Local Authority pay and conditions). I believe the FOS dont look too kindly on front loaded ppi insurance and uphold approx 99% of claims. And therefore I would Natwest/RBS to reconsider their decision.

If I do not receive a more favorable response within 14 days I shall be taking my complaint to the Financial Ombudsman.


Yours faithfully,

di3004

Dirks_Engine_Room wrote: »

Thanks for all help so far. Here is my letter at moment. Is this ok?
I am writing in response to your letter dated 12th July 2010, with regards the insurance sold with my loan.Yourreference is **********

I do not feel your letter has offered a satisfactory justification that my policy was sold fairly, reasonably and within my best interests so I request that you look into my complaint again.

The loan provided was front loaded and I would pay this over loan term with interest and the policy only covered a few years. When I cancelled the PPI the loan only dropped £13, and not the £31 expected. (Natwest letter enclosed dated 23rd February 2009) I was not made aware of this when I took out the loan..

I was not told I could get my own PPI cover elsewhere. The person that dealt with the apllication rushed through the loan renegioation and did not fully explain all of my options (for example as a teacher I would receive cover through my Local Authority pay and conditions). I believe the FOS dont look too kindly on front loaded ppi insurance and uphold approx 99% of claims. And therefore I would Natwest/RBS to reconsider their decision.

If I do not receive a more favorable response within 14 days I shall be taking my complaint to the Financial Ombudsman.


Yours faithfully,

Well done, this is great:T:T, you can if you want to also tell them that you don't even believe your complaint have been investigated properly, the FSA are punishing banks for this reason and for rejecting genuine complaints.

Will keep a check on your outcome of this, as this type of policy is also frowned upon, why should you be paying for this costly policy where its only going to protect you for so many years, yet you will still have to continue paying out for it, and then not even protected for the remaining term of the loan.;)

Fingers crossed.:)

MoodyBlues

Di, I sent the Lloyds customer care people an email earlier in the week and they haven't responded to my update request yet. Is there any other way to get an update from them besides writing and waiting more?

di3004

MoodyBlues wrote: »

Di, I sent the Lloyds customer care people an email earlier in the week and they haven't responded to my update request yet. Is there any other way to get an update from them besides writing and waiting more?

Hi Moody hope your well.

Did you copy the email on to the CEO (Chief Executive officer) the same time as well?
[EMAIL="Eric.Daniels@lloydstsb.co.uk"]Eric.Daniels@lloydstsb.co.uk[/EMAIL]

Sorry you have not heard anything yet, I find they do tend to get back to me if the email is copied to the CEO the same time.

Dirks_Engine_Room

Di, youre a start, just a couple of questions.

On the letter i recieved from Natwest in Feb 2009 cancelling the loan it states

' Please note that, when you cancel the Loan Protector Insurance, your monthly repayment figure will not reduce by the amount of the monthly insurance payment that is quoted on your consumer credit act agreement form.
This is because the repayments for insurence are higher at the start of the loan, due to the risk involved, and lower at the end of the loan. Therefore the longer the loan has been operating and recieving the benefit of the protector insurance cover the less the monthl repayment will reduce.'

This means it was front loaded. Am i right? Also I'm a teacher and covered through my local authority sick and redundancy pay.

di3004

Dirks_Engine_Room wrote: »

Di, youre a start, just a couple of questions.

On the letter i recieved from Natwest in Feb 2009 cancelling the loan it states

' Please note that, when you cancel the Loan Protector Insurance, your monthly repayment figure will not reduce by the amount of the monthly insurance payment that is quoted on your consumer credit act agreement form.
This is because the repayments for insurence are higher at the start of the loan, due to the risk involved, and lower at the end of the loan. Therefore the longer the loan has been operating and recieving the benefit of the protector insurance cover the less the monthl repayment will reduce.'

This means it was front loaded. Am i right? Also I'm a teacher and covered through my local authority sick and redundancy pay.

Hi and your very welcome.;)

Yes it does seem to be one of those policies with it being front loaded.

And of course advised or non advised they would have been aware of your occupation on application where I assume being a teacher your automatically protected, they should not have sold you that policy or at least make sure you did not require this at least.:)

MoodyBlues

di3004 wrote: »

Hi Moody hope your well.

Did you copy the email on to the CEO (Chief Executive officer) the same time as well?
[EMAIL="Eric.Daniels@lloydstsb.co.uk"]Eric.Daniels@lloydstsb.co.uk[/EMAIL]

Sorry you have not heard anything yet, I find they do tend to get back to me if the email is copied to the CEO the same time.

I'm doing great, hope you are well.

Thanks for the info. I'll try again adding the CEO to my request!

Dirks_Engine_Room

Again Di, Thanks - I need cheering up

On the loan checklist is states my occupation but he never even questioned it or asked about it.