Lloyds Tsb Ppi Help Please

di3004

alf2009 wrote: »

Would PPI miselling apply to Business loans as well? I took out a loan of £25000 as well 6 years ago for my wife and I to start a shop which is a limited company. We had to put our house up as collateral so it was a secured loan and the Manager never explained PPI was added but now the loan is finished I was looking at the original form and £4000 was added to the £25000 at the outset, I thought it was interest but it was PPI, so we were paying down a loan of £29000. I was working and we also had investment property income so had no need of payment protection.

Its whether PPI misselling applies only to individuals or Limited companies as well I'm keen to know.

Hi alf
It can apply to any loan PPI.;) Does not make a difference if the company were a limited company or not. Good luck.

alf2009

Thanks Di3004

I shall double check all the correspondence and send them a letter.

Alf

di3004

alf2009 wrote: »

Thanks Di3004

I shall double check all the correspondence and send them a letter.

Alf

Hi Alf

Good luck with this and please let us know how you get on in case you require any more help here, as myself and others will do all we can to help you, all the best.;)

Di

alf2009

I did claim and its been with the FOS since June, waiting for an adjudicator. I called the FOS a couple of weeks ago and they have the reply from Lloyds. But how long does it take now? Do I keep asking them or wait patiently?

Thing is, the business is not doing well at the moment and we may have to close down. Last week we missed a secured Business loan payment by a few days and LLoyds immediately sent a formal demand for the whole loan. I'm wrote explaining it was a hiccup but, when I originally complained about the PPI, Lloyds cancelled our Business Debit cards without notice, so I'm not expecting fair treatment from them. The PPI would pay off the loan if it went in our favour. But if we do have to close down and then find another way to pay off the bank loan before they force us to sell the house.

I presume the PPI claim goes up in smoke with the company?

di3004

alf2009 wrote: »

I did claim and its been with the FOS since June, waiting for an adjudicator. I called the FOS a couple of weeks ago and they have the reply from Lloyds. But how long does it take now? Do I keep asking them or wait patiently?

Thing is, the business is not doing well at the moment and we may have to close down. Last week we missed a secured Business loan payment by a few days and LLoyds immediately sent a formal demand for the whole loan. I'm wrote explaining it was a hiccup but, when I originally complained about the PPI, Lloyds cancelled our Business Debit cards without notice, so I'm not expecting fair treatment from them. The PPI would pay off the loan if it went in our favour. But if we do have to close down and then find another way to pay off the bank loan before they force us to sell the house.

I presume the PPI claim goes up in smoke with the company?

Hi there

Have you let the FOS know about the difficulties your in here?

If not then let them know, they may try to hurry this on for you.

My hubby is still waiting for a case from 2008, against Lloyds even though its with the ombudman, and the last time he heard was that he should receive the final decision by a few weeks, that was over a week ago, as they have some big issues going on with Lloyds TSB at the moment.

I would maybe in your case contact them every other week, but do let them know of your situation now if you can if you have not done so yet.

Good luck, please let us know how you get on.;)

alf2009

Hi di3004

Thanks you so much for the encouragement. I called the Ombudsman and they asked for a copy of the formal demand to put on file to hopefully speed things along. Will let you know the outcome.

di3004

alf2009 wrote: »

Hi di3004

Thanks you so much for the encouragement. I called the Ombudsman and they asked for a copy of the formal demand to put on file to hopefully speed things along. Will let you know the outcome.

Your welcome.;)

Look forward to hearing from you again soon good luck.:beer:

JAL99

I have a similar problem.

I am claiming back PPI on a MBNA credit card as I was self employed when I took out the card. I told the advisor this but they still encouraged me to get the protection. Now they are saying I WAS covered for unemployment. But as far as I can see in the T&Cs, this would only apply to someone set up as a limited company as it says the insurance will pay out if the business 'permanently ceases to trade as a direct result of it being unable to pay its debts...and declares this to the Inland Revenue'. This would never apply to me as a sole trader (a freelance in TV).

So I still think I was mis-sold! Am I right?

Any feedback would be really helpful and much appreciated. I have already had Abbey quickly agree that I was mis-sold PPI on my loan. So I don't see MBNA can be on solid ground, but it's all so confusing!

stellaboy

JAL99 wrote: »

I have a similar problem.

I am claiming back PPI on a MBNA credit card as I was self employed when I took out the card. I told the advisor this but they still encouraged me to get the protection. Now they are saying I WAS covered for unemployment. But as far as I can see in the T&Cs, this would only apply to someone set up as a limited company as it says the insurance will pay out if the business 'permanently ceases to trade as a direct result of it being unable to pay its debts...and declares this to the Inland Revenue'. This would never apply to me as a sole trader (a freelance in TV).

So I still think I was mis-sold! Am I right?

Any feedback would be really helpful and much appreciated. I have already had Abbey quickly agree that I was mis-sold PPI on my loan. So I don't see MBNA can be on solid ground, but it's all so confusing!

Im self-employed, they told me the same that i was covered if i seased trading, i told them that i wouldnt cease trading as im self-employed and if i did cease trading iwould get a job that would cover me if i was out of work,he told me then that he come to the conclusion that i was not mis sold,i told him that the only reason i took ppi out was because they made a point of saying that they couldnt activte the card without it and it was sold to me then,i said send me a letter as your final response and i will take it to the FOS,phones me back 10 mins later and waffles on about pre 2006 and if send details that i paid class 2 or class 4 ni contributions they will refund the ppi i faxed off the paperwork he phoned the next day and said they will refund all premiums cheque 10 days later for£1,487.00

marshallka

stellaboy wrote: »

Im self-employed, they told me the same that i was covered if i seased trading, i told them that i wouldnt cease trading as im self-employed and if i did cease trading iwould get a job that would cover me if i was out of work,he told me then that he come to the conclusion that i was not mis sold,i told him that the only reason i took ppi out was because they made a point of saying that they couldnt activte the card without it and it was sold to me then,i said send me a letter as your final response and i will take it to the FOS,phones me back 10 mins later and waffles on about pre 2006 and if send details that i paid class 2 or class 4 ni contributions they will refund the ppi i faxed off the paperwork he phoned the next day and said they will refund all premiums cheque 10 days later for£1,487.00

Well done to you then. Have you actually received the cheque then?:T