Advice on Lloyds response letter please

mrs-d_3

Hi everyone,

I'll try and paste the letter I got from Lloyds. Can you guys advise me weather to continue with the second letter or not. All help greatly appreciated.
Lloyds TSB Insurance

Customer Care Lloyds TSB Insurance
Tredegar Park Newport South Wales NP10 8SB

Telephone: 0845 300 5599 Facsimile: 01633468835

PRIVATE & CONFIDENTIAL
03 December 2008



Thank you for contacting me about your concern regarding your Loan Protection Insurance policy. I have carried out a detailed review of your complaint so that I can either resolve your concerns or issue a final decision letter in which a full explanation is provided on behalf of Lloyds TSB Bank.
You took out a personal loan number xxxxxxxxxxxx on the 11th February 2002 for £5,000.00 and you elected to protect your risk by purchasing an insurance contract for a "one off premium of £1,197.96 plus interest. The policy was cancelled on the 6th march 2003 and a rebate issued of £707.64.
You took out a personal loan number xxxxxxxxxxxx on the 5th March 2003 for £6,800.00 and you elected to protect your risk by purchasing an insurance contract for a "one off premium of £1,559.91 plus interest.
As you have raised a number of concerns, I will respond to each one individually as outlined below.
Your Concern
You state that you were not given the correct information when the policy was sold to you; you were told you had to take out the insurance to secure the loan, and were led to feel the policy was compulsory. You sate the seller was forceful in his approach.
My Findings
Lloyds TSB did not lead customers to believe that the insurance was compulsory or that the application for credit would be compromised in the absence of cover. Lloyds TSB took steps to ensure the customer was fully aware of the optional nature of the cover.
We attach a copy of the Consumer Credit Agreements which you signed and which set out separately:
(i) The fact that there was a cash loan and a loan for the loan protection insurance together with the respective amounts;
(ii) The monthly repayments for the loan and for the loan protection insurance.

mrs-d_3

A separate box is completed on the Loan Agreement to confirm that you wished to take the optional loan protection and a further box confirmed that the premium had been advanced as part of the loan. You were therefore made fully aware of the optional nature of the Policy.
In the absence of any further information from you, I am afraid that I have no alternative other than to reject your complaint.
Your Concern
You state you were not made aware of the cancellation period. My Findings
Your letter dated 17th November 2008 in which you allege that the Lloyds TSB seller did not advise you of any cancellation or cooling off period at the time when you purchased your loan protection insurance. Your date of purchase was 11th February 2002 and 5th March 2003 prior to 31 March 2003, Lloyds TB's loan protection did not have a cooling off period.
I am afraid that in the circumstances, in the absence of any further information form you, I have no alternative but to reject your complaint
Your Concern
You feel the policy was not sold in your best interest. You are concerned that the person whom sold you the policy had no financial background.
My Findings
Lloyds TSB has a Training and Competence Scheme which applies to all sellers of PPL The scheme requires the Sellers to complete study books and attend training sessions. Once sellers have achieved the requisite status to sell payment protection insurance they are subject to ongoing monitoring and supervision. Our sellers clearly have a financial background and were trained only to recommend PPI in the event that it met a Complainants demands and needs. In the absence of any further information, I must therefore reject your complaint.
Your Concerns
You have advised that you were not made aware that alternative policies were available on the open market and feel that the adviser led you to believe that this was the only option available to you.

mrs-d_3

My Findings
This single premium insurance policy is the only policy of its nature available through Lloyds TSB to protect personal loans sold by our sellers. All Lloyds TSB sellers are required to provide information on products sold through Lloyds TSB, they are not required to advise customer's of any products available in the wider market.
Decision
I have reviewed your concerns and the documentation completed at the point of sale and I am confident that the sale was completed correctly; therefore no refund of premium is due.
I am sorry that my decision was not more favourable to your complaint. Should you wish for the Financial Ombudsman to independently review your complaint, you must refer the matter to them within six months of the date of this letter. I enclose a copy of their self explanatory leaflet about this service.

di3004

Hi there

Thanks for posting your letter, and I would say yes.

Myself and many others have received these standard fob off responses from Lloyds, and if they have given you the opportunity to write again then I would do so.

Just tell them you will appreciate to have this complaint reconsidered, and try to give a stronger explanation to each one of your reasons if you can, then if wait until they get back to you with a final response.
If this still not resolved by the final response, they should advise you of the Financial ombudsman service (FOS) with an enclosed leaflet.

Let us know the outcome and we shall help you through this if required X

Good luck.;)

mrs-d_3

Hi Di thanks for the reply. FO leaflet was enclosed with this response. Her decision in this letter doesn't say if I should go direct to FO or not. I do like your advice about asking them to reconsider, think I'll do that.
I will definitely keep you updated.
Thanks again.

p.s. anyone with experience with dealing with Lloyds loan PPI please let me know.

di3004

mrs-d wrote: »

Hi Di thanks for the reply. FO leaflet was enclosed with this response. Her decision in this letter doesn't say if I should go direct to FO or not. I do like your advice about asking them to reconsider, think I'll do that.
I will definitely keep you updated.
Thanks again.

p.s. anyone with experience with dealing with Lloyds loan PPI please let me know.

Hi hun

Good luck and hope they resolve this 2nd time round for you, if not then its time to move on to the FOS if you want to take it this direction afterwards.

Let us know and we can help.

I have yet the lloyds loans to sort out now I have this credit card ppi one out of the way.;)
You could check the success thread about these, I think there are some in regards to lloyds loan ppi.;)

Look forward to hearing from you, fingers crossed.

Di
X

winnie6667

Hi

Just thought I would let you know I received the same letter from Lloyds and I then sent my complaint to the Finanacial Ombudsman. It has taken me over a year but I have finally won my case and £200 compensation. I am now waiting for the money to be returned to me.

Don't give up!!

mrs-d_3

Thanks Winnie. Did it get complicated or was it just a case of them taking their time?

mrs-d_3

Hi, does anyone know which Lloyds address to send SAR letter to? Many thanks.

Caseyface

Hi

I copied these off another thead kindly posted by DI

Lloyds TSB Registered Address:
Lloyds TSB plc
25 Gresham Street
London
EC2V 7HN

Copy Statement Unit
Lloyds TSB plc
Swallow House
10 Swallow Street
Birmingham
B1 2AL

Customer Care
Lloyds TSB plc
125 Colmore Row
Birmingham
B3 3SF

Lloyds PPI
Customer Care
Lloyds TSB Insurance
Tredegar Park
Newport
South Wales
NP10 8SB
Tel 0845 3005599
Fax 01633 468835

Lloyds Tsb Credit Card
Account Services
Sussex House,
1-9 Gloucester Place
Brighton
BN1 4BE

I assume yours would be the copy statement unit. x

maxdp

Thanks for that I have been looking for those addresses.