PPI Reclaiming Discussion part 4

di3004

sarahlouv wrote: »

In 2007 I took out a loan from lloyds for 9.5k, I was just 18 at the time and had a 5 month old baby so needed the loan to buy a car and baby equipment. Anyway the lady who was my "advisor" told me that due to my age I would need to take out insurance or they would not lend me any money as I had virtually no credit history. I did have many savings with lloyds and other banks as well as money in the safe at home and my parents and grandparents would help me if I got really stuck and I told the lady this and that I did not need or want insurance but again she said it was needed due to my age. She then advised me I should also have life insurance as I had a child incase anything happened to me so I made an appointment with scottish widows there and then (I took out a policy the same month I got my loan). The loan advisor then looked at my accounts and worked out a monthly repayment that was affordable but I do not remember her teling me the total cost of the insurance as I would not have taken the loan if I had realised how much it would cost overall. So she printed some papers and showed me where to sign and as I was young and naive at the time I trusted her and signed them all, not really having chance to read them all. Stupid I now know.
Now 4 years on and I have realised what a stupid mistake I made, and would like to know if what they told me was wrong and if so what to do next. I am still paying the loan and insurance off at the minute.

Thanks

Hi and welcome

If you bank with Lloyds, once you start taking out their loans/credit cards and so on, they do tend to go on to other things such as life insurance and so on.

However in regards of the loan insurance, if you feel you were mis sold, in my opinion you should have been given the option, young/old whatever, you do have a case here.

To make a reclaim, (you can do so if the account is settled or still active), they have a reclaim questionnaire on their website below...
http://www.lloydstsb.com/payment_protection_insurance_complaints.asp

It's the same reclaim questionnaire as the one on this site, complete and send to the address shown on their website - keep a copy for yourself as well.
They usually have 8 weeks to give a decision, but have been given 16 weeks due to a backlog, the FSA have given these and other banks more time to deal with them, but you may still hear from them before the 16 week deadline.

I would also post your questionnaire by signed/for recorded delivery for your proof of posting as well.

Hope this info helps, good luck.

In regards of the life insurance, I would post a separate thread below about this (it's still within these ppi reclaiming threads, but someone else will know the answer to that one in regards of reclaiming), title it something like Scottish Widows Ins Help.;)

Separate thread link here.....
http://forums.moneysavingexpert.com/newthread.php?do=newthread&f=169

ebayg1rl

Dawnrazor wrote: »

If you didn't understand what PPI meant and still took out a loan or mortgage, you're a moron.

It makes me wonder why you are looking at this thread if all you have to say is demeaning to others. Forum etiquette (and manners) requires us to be nice to all moneysavers and that there is no such thing as a stupid question, even if you disagree!

If you haven't got something constructive to say then button-it!!!!

trish22_2

ebayg1rl wrote: »

It makes me wonder why you are looking at this thread if all you have to say is demeaning to others. Forum etiquette (and manners) requires us to be nice to all moneysavers and that there is no such thing as a stupid question, even if you disagree!

If you haven't got something constructive to say then button-it!!!!

Here,here and well said,we all need help sometimes,and can do without sarky remarks.!!

Congratulations to all who have received good news this past week,
for all of us still waiting,--maybe this week?? Hope so!!:)

Emma2588

trish22 wrote: »

Here,here and well said,we all need help sometimes,and can do without sarky remarks.!!

Congratulations to all who have received good news this past week,
for all of us still waiting,--maybe this week?? Hope so!!:)

I had a positive thought last Monday that it was going to be a good week and on Thursday, my other half (HSBC loan) and my mothers (Halifax CC) were upheld. Then on Friday I rang Lloyds to be told claim upheld, offer of just under £2800 has been sent out.

I wasn't positive starting my claim but the NICE HELPFUL people on here were brilliant.

Emma2588

Dawnrazor wrote: »

If you didn't understand what PPI meant and still took out a loan or mortgage, you're a moron.

Get the feeling you might work for a bank. No one has forced you to come on here. If you don't like it then DO ONE!!!

Emma2588

Sorry for my post to the nice people on here.

patricia50

Emma2588 wrote: »

Sorry for my post to the nice people on here.

Well said honey!:)

di3004

Emma2588 wrote: »

Sorry for my post to the nice people on here.

Yes well said Emma.:T

We have that option to press on the Report/Spam button as well x

jolfc

Dawnrazor wrote: »

If you didn't understand what PPI meant and still took out a loan or mortgage, you're a moron.

You obviously did not understand the forums t and c's when signing up. If you had you would not have been so rude, but not understanding the t and c's did not stop you joining the forum did it?

cappo

Dawnrazor wrote: »

If you didn't understand what PPI meant and still took out a loan or mortgage, you're a moron.

Everyone is entitled to there opinion,we don't need any negative posts on here(this means you dawn,shame on you for being so blunt,with that i feel we can be blunt back)