Lloyds TSB Credit Card PPI

waltermcculloch

Hi

Got a phone call today from FOS asking me a few questions, I actually completely forgot that this was still on the go - forgot that the money I had been refunded already was just for the late charges claim - DOH!!

di3004

waltermcculloch wrote: »

Hi

Got a phone call today from FOS asking me a few questions, I actually completely forgot that this was still on the go - forgot that the money I had been refunded already was just for the late charges claim - DOH!!

Hi, hope your well and thanks for your update.;)

LOL, well it looks like more money will be on its way to you soon then, LOL, fingers crossed.

waltermcculloch

Hi all

Here's where I stand at the minute - bit annoyed, but you will soon see why!!

I have been in contact three times with Lloyds TSB asking them to send me copies of credit card statements for the months of June and July in 2001, they told me on each of the three occassions that I should receive them in post within 7 to 10 working days.

I phoned them originally on the night of 12th May 2010 and they said that they would arrange for me to be issued with copies of the June 2001 and July 2001 credit card statements. They said that I would receive these in around 10 working days, so, when I still hadn't received them by Saturday 5th June 2010 I phoned them back and advised them thought that I should have received them by now - they agreed they thought that I should have received them too.

During this phone call they said that they were going to arrange for them to be sent again and that this would probably take a further 10 working days before I got them.

I had to phone them AGAIN on 23rd June 2010, as I still hadn't received either the first or second set of copy statements which I had requested. The girl I spoke to checked the account and said that there were no notes or anything on the account to say if the statements were ever actually issued even once, let alone twice. She said that she would get in touch with the department that did this and request them yet again and said I should receive them within the 10 working days.


I've waited until my mail was passed today and I've not received anything from they, so I phoned them this afternoon around 1pm AGAIN.

They advised me that the request was made, but that there was a note on my account on screen advising that the department had got back to them and advised that that they couldn't provide the statements as they could only go as far back as 6 years to 2004.

I was understandably quite annoyed, so told them it might have been more helpful if/when they knew this, why hadn't they informed ME aswell, instead of leaving me waiting on three occassions for statements that it would appear they were NEVER able to provide me, even though I was never told this during any of the previous phone calls when I was told the statements were or had been requested/issued.

So what I'm going to do is advise FOS of what's going on and leave it to them, just not sure what else I can do

di3004

waltermcculloch wrote: »

Hi all

Here's where I stand at the minute - bit annoyed, but you will soon see why!!

I have been in contact three times with Lloyds TSB asking them to send me copies of credit card statements for the months of June and July in 2001, they told me on each of the three occassions that I should receive them in post within 7 to 10 working days.

I phoned them originally on the night of 12th May 2010 and they said that they would arrange for me to be issued with copies of the June 2001 and July 2001 credit card statements. They said that I would receive these in around 10 working days, so, when I still hadn't received them by Saturday 5th June 2010 I phoned them back and advised them thought that I should have received them by now - they agreed they thought that I should have received them too.

During this phone call they said that they were going to arrange for them to be sent again and that this would probably take a further 10 working days before I got them.

I had to phone them AGAIN on 23rd June 2010, as I still hadn't received either the first or second set of copy statements which I had requested. The girl I spoke to checked the account and said that there were no notes or anything on the account to say if the statements were ever actually issued even once, let alone twice. She said that she would get in touch with the department that did this and request them yet again and said I should receive them within the 10 working days.


I've waited until my mail was passed today and I've not received anything from they, so I phoned them this afternoon around 1pm AGAIN.

They advised me that the request was made, but that there was a note on my account on screen advising that the department had got back to them and advised that that they couldn't provide the statements as they could only go as far back as 6 years to 2004.

I was understandably quite annoyed, so told them it might have been more helpful if/when they knew this, why hadn't they informed ME aswell, instead of leaving me waiting on three occassions for statements that it would appear they were NEVER able to provide me, even though I was never told this during any of the previous phone calls when I was told the statements were or had been requested/issued.

So what I'm going to do is advise FOS of what's going on and leave it to them, just not sure what else I can do

Hi Walter

And yes I can see why your annoyed about this and why they did not tell you this in the first place, afterall phone calls cost as well.

You could even complain to the Information Commissioners office (ICO) as well, see what they have to suggest, it makes you think if they did actually have these really, then suddenly they don't.

Well I'm sure the FOS will help, but if you do want to make a complaint about this matter to the ICO as well, the details are here:
https://www.ico.gov.uk/Global/contact_us.aspx

And another thing as well, I would be inclined to request for a copy of the phone recordings too if you can.
I would also let lloyds know you are considering complaining to the ICO.
There are a few email contacts here if your interested:
[EMAIL="customer.care.insurance@lloydstsb.co.uk"]customer.care.insurance@lloydstsb.co.uk[/EMAIL]

[EMAIL="Internet.Banking@lloydstsb.co.uk"]Internet.Banking@lloydstsb.co.uk[/EMAIL]

If you decide to email them and having any trouble copy your email to the Chief Exective officer (CEO) here:
[EMAIL="Eric.Daniels@lloydstsb.co.uk"]Eric.Daniels@lloydstsb.co.uk[/EMAIL]

In-fact I would maybe email him anyway to tell him your issues with Lloyds.


Good luck with this.;)

waltermcculloch

Hi

Here's where things stand now, received the following letter from Financial Ombudsman Service in the mail today:




I am writing about your complaint concerning the payment protection insurance (PPI) policy you took out with Lloyds TSB Bank Plc. I am pleased to let you know that following our involvement, Lloyds TSB has now agreed to make an offer to settle your complaint.

Lloyds TSB has told us its offer will be based on the general approach that the Financial Ombudsman Service takes where we find that a PPI policy has been mis-sold. We have set out our typical approach to redress in a factsheet at the end of this letter.

When calculating redress, the business is generally seeking to place you back in the position you would have been in if you had not taken out the PPI policy (as far as possible). There are some assumptions businesses need to make to achieve this (based on its understanding of what is fair and appropriate in the circumstances). In your complaint, we understand that Lloyds TSB has assumed either that:

- You would have made the same repayment each month to your credit card account if PPI had not been added (so redress includes a refund of the additional interest paid at the credit card rate);

OR

- You would have made a lower repayment each month to your credit card account, or would have continued to clear the full account balance (so redress includes an amount to reflect interest at 8% simple on the difference between the actual repayments and the repayments you would have made without PPI).

I should explain that Lloyds TSB is only able to follow our approach for the period your statement history is available. In your case, Lloyds TSB has told us its records only go back six years. For the period where it does not have a record of your repayments, it will calculate what you paid using an assumed value. It will assume you would have paid the same amount each month as the amount showing on the earliest available statement. It will assume you paid this amount from the start of your policy until when its records begin.

If you have records going back further than the last six years and you can provide a copy, Lloyds TSB can use this information instead. You might receive more or less compensation than the amount calculated using the assumed value.

The settlement will also take into account whether a claim has been paid or if there are any arrears and whether or not there is a credit card account still in place.

Further information about our approach to redress is also available on our website at http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi.html

It is important to understand that the offer will be subject to you agreeing to the cancellation of the payment protection insurance policy (or policies) - if still in force. This will mean that all insurance cover provided by the policy will be lost. We cannot advise on alternative insurance arrangements and you may wish to seek independent advice about this. You can also look at the Financial Services Authority's comparison tables at www.fsa.gov.uk/tables/bespoke/PPI.

If you would like to accept this offer, please sign and return the enclosed settlement form to us by 9 November 2010. We will then pass the form to Lloyds TSB so it can finalise the details of your settlement with you. Alternatively, please let us know by this date if you are unhappy with the proposed settlement and would like us to consider any new points. I realise it has taken time to reach this stage and of course, if you think you may be unable to reply by then or require more time, please let me know.

Please note that by signing the form, you are accepting the general approach to calculating the settlement on your complaint. Lloyds TSB will then write to you with the exact figures once the calculation has been carried out. Lloyds TSB may take up to eight weeks to process your settlement. If you have not heard by this time or you believe there to be an error in the way the calculation was carried out, please contact Lloyds TSB initially to discuss. If you are unable to resolve the matter with Lloyds TSB, we will be happy to assist.

As we explain in our leaflet, your complaint and the ombudsman, consumers have the right to ask an ombudsman to review their complaint - as the final stage in our process. However, I hope that this will not now be necessary in this case.





Well what do you all think???

di3004

waltermcculloch wrote: »

Hi

Here's where things stand now, received the following letter from Financial Ombudsman Service in the mail today:




I am writing about your complaint concerning the payment protection insurance (PPI) policy you took out with Lloyds TSB Bank Plc. I am pleased to let you know that following our involvement, Lloyds TSB has now agreed to make an offer to settle your complaint.

Lloyds TSB has told us its offer will be based on the general approach that the Financial Ombudsman Service takes where we find that a PPI policy has been mis-sold. We have set out our typical approach to redress in a factsheet at the end of this letter.

When calculating redress, the business is generally seeking to place you back in the position you would have been in if you had not taken out the PPI policy (as far as possible). There are some assumptions businesses need to make to achieve this (based on its understanding of what is fair and appropriate in the circumstances). In your complaint, we understand that Lloyds TSB has assumed either that:

- You would have made the same repayment each month to your credit card account if PPI had not been added (so redress includes a refund of the additional interest paid at the credit card rate);

OR

- You would have made a lower repayment each month to your credit card account, or would have continued to clear the full account balance (so redress includes an amount to reflect interest at 8% simple on the difference between the actual repayments and the repayments you would have made without PPI).

I should explain that Lloyds TSB is only able to follow our approach for the period your statement history is available. In your case, Lloyds TSB has told us its records only go back six years. For the period where it does not have a record of your repayments, it will calculate what you paid using an assumed value. It will assume you would have paid the same amount each month as the amount showing on the earliest available statement. It will assume you paid this amount from the start of your policy until when its records begin.

If you have records going back further than the last six years and you can provide a copy, Lloyds TSB can use this information instead. You might receive more or less compensation than the amount calculated using the assumed value.

The settlement will also take into account whether a claim has been paid or if there are any arrears and whether or not there is a credit card account still in place.

Further information about our approach to redress is also available on our website at http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi.html

It is important to understand that the offer will be subject to you agreeing to the cancellation of the payment protection insurance policy (or policies) - if still in force. This will mean that all insurance cover provided by the policy will be lost. We cannot advise on alternative insurance arrangements and you may wish to seek independent advice about this. You can also look at the Financial Services Authority's comparison tables at www.fsa.gov.uk/tables/bespoke/PPI.

If you would like to accept this offer, please sign and return the enclosed settlement form to us by 9 November 2010. We will then pass the form to Lloyds TSB so it can finalise the details of your settlement with you. Alternatively, please let us know by this date if you are unhappy with the proposed settlement and would like us to consider any new points. I realise it has taken time to reach this stage and of course, if you think you may be unable to reply by then or require more time, please let me know.

Please note that by signing the form, you are accepting the general approach to calculating the settlement on your complaint. Lloyds TSB will then write to you with the exact figures once the calculation has been carried out. Lloyds TSB may take up to eight weeks to process your settlement. If you have not heard by this time or you believe there to be an error in the way the calculation was carried out, please contact Lloyds TSB initially to discuss. If you are unable to resolve the matter with Lloyds TSB, we will be happy to assist.

As we explain in our leaflet, your complaint and the ombudsman, consumers have the right to ask an ombudsman to review their complaint - as the final stage in our process. However, I hope that this will not now be necessary in this case.





Well what do you all think???

Hiya

Hope your well.

In my opinion I think that is great Walter, well done to you!:beer:

If you do have any documentation/statements going back to earlier than the last 6 years you could let the FOS know, as lloyds obviously have not gone back that far because they no longer hold them from the earlier years.
As 6 years is normally the standard anyway, unless you have any further documentation - I think that is a good result.

Congratulations!:beer::) X

waltermcculloch

Hi Di

Yeah all well here with me thanks, hows you been?

Just wanted to take this opportunity to thank you very much for all of the help/advice you and everyone else who replied to me in this thread and I hope that my thread on this forum can help other people too.

I'm going to have a quick look back through the statements/documentation I've got stored .... somewhere.... just to make sure that it doesn't go futher back than the six years.

If not, I think I should sign the form, maybe even get my reclaim before christmas.

I'll keep you all posted though.

Thanks again

di3004

waltermcculloch wrote: »

Hi Di

Yeah all well here with me thanks, hows you been?

Just wanted to take this opportunity to thank you very much for all of the help/advice you and everyone else who replied to me in this thread and I hope that my thread on this forum can help other people too.

I'm going to have a quick look back through the statements/documentation I've got stored .... somewhere.... just to make sure that it doesn't go futher back than the six years.

If not, I think I should sign the form, maybe even get my reclaim before christmas.

I'll keep you all posted though.

Thanks again

Hiya

And not doing too bad thank you.;)

Its my pleasure Walter, glad this have finally been resolved for you.

Yes if you do have anything further before the 6 years, that would be a big help for you, but well done to you anyway, so chuffed for you!:beer:

waltermcculloch

Just checked the copies of the statements which I originally requested and received from Lloyds TSB, the first one is dated 27th March 2003.

I know it's now over six years from date of the first statement, but do you think that since Lloyds TSB were able to send me it, that this would be included as the furthest back date they would still be able to use?

di3004

waltermcculloch wrote: »

Just checked the copies of the statements which I originally requested and received from Lloyds TSB, the first one is dated 27th March 2003.

I know it's now over six years from date of the first statement, but do you think that since Lloyds TSB were able to send me it, that this would be included as the furthest back date they would still be able to use?

I think it may be worth you mentioning this to your adjudicator Walter - see what they have to say.
Give them a ring tomorrow and tell them what you have, they may ask you to send the copies to them and have a look for you.;)