Please Help Me!!!

mark657

HELP, In june 2006 me and my girlfriend thought it would be a good,and sensible idea to buy a static caravan.As the property market was sky high we couldnt afford a place of our own,so we went to Lloyds TSB,and took a bank loan out for 13,000 pounds.We was told because we was a young couple we would need PPI,before we would be accepted. Stupidly we agreed. We was happy we both had reasonable jobs ,so paying the 263 pounds a month seemed reasonable.Its only now when i realise,as i have just become unemployed i cannot afford this!!! the loan was for 13,000 but we are repaying(over 7 years) 22,093.68. It is scandaless!!!, we are paying 3,315 for PPI ,which should of covered me for unemployment,but apparently im fully protected but they cannot pay out!! aswell as me paying them 4,600 pounds in interest (9.4)
THIS is nearly double my loan amount !!!!! is there any way i can cut down the cost of repayments???

jonesMUFCforever

Who is the first named person on the loan?
Have they given a reason why they cannot pay out?

How much is the caravan worth now - consider selling it.The bank will provide a redemption figure so you know how much you need to repay loan.

If you think you were missold - consider making a complaint.

di3004

mark657 wrote: »

HELP, In june 2006 me and my girlfriend thought it would be a good,and sensible idea to buy a static caravan.As the property market was sky high we couldnt afford a place of our own,so we went to Lloyds TSB,and took a bank loan out for 13,000 pounds.We was told because we was a young couple we would need PPI,before we would be accepted. Stupidly we agreed. We was happy we both had reasonable jobs ,so paying the 263 pounds a month seemed reasonable.Its only now when i realise,as i have just become unemployed i cannot afford this!!! the loan was for 13,000 but we are repaying(over 7 years) 22,093.68. It is scandaless!!!, we are paying 3,315 for PPI ,which should of covered me for unemployment,but apparently im fully protected but they cannot pay out!! aswell as me paying them 4,600 pounds in interest (9.4)
THIS is nearly double my loan amount !!!!! is there any way i can cut down the cost of repayments???

Hi there

Like Andy says if you feel you were mis sold on this then maybe its worth you reclaiming on the PPI, do check this link out here first
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

There is some interesting PPI information, and a letter template on the link also.
If any other reasons apply to you and/or your partner then add them to the complaint letter, try to keep it in your own words and obviously as said your own reasons for why you believe you were mis sold.

They have 8 weeks to respond in full.

In my experience with Lloyds if not successful you are given the opportunity to write back to request them to reconsider.
Post by recorded delivery and if at the end of the complaint procedures you do not succeed in this, you will have the opportunity to take this to the Financial ombudsman service (FOS), this leaflet will be enclosed in the final response.

If you let us know how you get on we can take it from there if required.

If you require further documentation on your accounts, it maybe worth sending a SAR this is known as a Subject access request, where they should send everything they have on you going back as far as 6 years in general.
However there is a £10 cheque payment or postal order charge for this, and they have 40 days to comply.

Always post by recorded delivery, in order to for your proof of posting and to keep a check on the timescales they have.

I do not want to confuse matters, but the SAR is separate to the reclaiming where I have provided the info on top of this post and there is also a PPI reclaiming discussion thread 4, where you will find the SAR template on the first page for the request.;)
Just click on loans first, then you will see that mentioned thread at the top of the page.

Good luck and keep us posted.

Di

rab_jenkins

hi,im rab and went to a claims handlers for ppi reclaiming.i told them about three loans i had and got money back for them,the bank then contacted me about other loans i had had in the past and offered a settlement,i agreed and was paid out,2 months later i received a letter from claims guys saying bank has offered a settlement on these loans and are after the commision on them.i have paid them the commission on loans i told them about but do i need to pay them the commission on the ones the bank wrote to me about and settled myself?
cheers for any info

[Deleted User]

rab_jenkins wrote: »

i have paid them the commission on loans i told them about but do i need to pay them the commission on the ones the bank wrote to me about and settled myself?
cheers for any info

Check the contract you've signed with this company, Rab. It's very likely you've authorised them to act on your behalf with regard to all PPI complaints. This company will say it is because of their actions in writing to the Bank in the first place that the Bank have subsequently found other similar PPI mis-selling.

(It was probably also not a good idea to bump up a thread from years ago in which to ask for advice!)