LLoyds TSB ppi Reclaim

proudscot2k

Can anyone tell me if they think its worth while trying to reclaim PPI i got on a £3000 loan a few years back. The loan was taken out in an ex girlfriends name. We took the loan out to buy my first car, when we took it the bloke told us that not taking the ppi would reduce the chances of getting the loan so we felt pressured into taking in. Both of us were 18 so pretty young a niave and obviously a money maker for the bank manager at that time. I have been payin the loan for 4 years now and by the end the total payable will be over £6000 hence the wish to reclaim as thats a pretty large some of interest to be paying.

Sunny_Donny

Send in a letter -nothing to lose by trying.
We tried to cancel the PPI - can't reclaim it. They agreed to cancel PPI but wanted to cancel loan and give us a new loan at a higher (VERY) interest rate!! We are overpaying to get rid of it as soon as possible.

di3004

proudscot2k wrote: »

Can anyone tell me if they think its worth while trying to reclaim PPI i got on a £3000 loan a few years back. The loan was taken out in an ex girlfriends name. We took the loan out to buy my first car, when we took it the bloke told us that not taking the ppi would reduce the chances of getting the loan so we felt pressured into taking in. Both of us were 18 so pretty young a niave and obviously a money maker for the bank manager at that time. I have been payin the loan for 4 years now and by the end the total payable will be over £6000 hence the wish to reclaim as thats a pretty large some of interest to be paying.

Hi there

I believe perhaps you were both young and vulnerable, and of course pressurised as it seems, so use those reasons in your letter, even if they send you a standard fob off letter first time round, write again, until you exhaust this complaint, because you will also get the opportunity to take this to the financial ombudsman service (FOS) if not at all successful.

The standard response many seem to receive from these first time round, is that you could have cancelled within the 30 days and that you received the policy, blah blah blah, but keep at them and don't let that put you off.

There is a template you can use which you will find here on this site, on "Reclaim £1,000's" in the red box above for loan insurance, but personally I would write in your own words, maybe use the template just to help you.

They have 8 weeks to respond in full, another letter maybe required, or until you receive the final response which should enclose the leaflet of the FOS.

Post by recorded delivery for your proof of posting, you can also track this down on "track and trace" on the royal mail website, then keep a check on the timescales they have - 8 weeks.

Just tell them your reasons of why you believe you were mis sold, and tell them if they do not uphold your complaint, you will have no option but will take further steps in this matter, and you expect to hear from them within 8 weeks of your letter.

Good luck and please let us know if you require any further help/info.

Di