Di if you are there can you help?

russt2000

HI, if you are trying to reclaim the ppi from the loans ,then remember this , if you cancel them you get a small rebate of the ppi {it;ll be in their terms and conditions.}

If you sent them a letter claiming misselling of the ppi , that rubbish the guy spouted was a put you off tactic.

In their letter did it state it was their FINAL RESPONSE? if so then yes now you can write to FOS with your complaint, they will not look at it till you get the final response from LLoyds.
Do not leave anything to them !!! they have missold you an expensive policy they want to keep ,it so do not believe anything they say its all designed to stop you complaining.
Before you write to the FOS look on itsweb site {google it} and it tells you in detail how to complain to them.

russ

russt2000

just a few other thoughts, if you want to keep some pressure on them what a few of us have done doing the same with a different firm is to just keep replying to their letters , with stronger wording about insisting the policies were missold and they must look again at the situation.
Repeat all you reasons , add in about secret commissions , breach of the law of agency, totally unfair and one sided contract, get very firm with your approach , make them realise you will not go away , say you are geting advice about court action due to the other issues mentioned above, so you expect a quick and positive resolution to your
complaint.
Make them think its better to get rid of you than risk court!! Its a bit of a game of bluff, and remember the FOS is always there to fall back on.
might be able to dig out a letter for you to adapt. let me know if your interested.
russ

russ

mrscmr

Hi russ
yes i would be interested if you have a letter i could adapt.
it said in the letter that they were still looking into it and that it wasnt their final response but that the 8 weeks had run out so i had my right to go to FO.

thanks again

russt2000

HI I will try to out it on for you , thats good if its not their F and F letter , leaves room for you to keep at them.

russ

russt2000

HI hereis one you can adapt to fit your personal situation...

Your name.
Your address.

Company name.
Company address.

DATE.

Dear Sirs,
Account number: XXX
I purchased the above policy from you on (insert date) in connection with a (loan / secured loan / hire purchase / mortgage etc) for the sum of £X which included a Payment Protection Insurance (PPI), payment amount of £X.

No attempt was made to ascertain if the PPI provided was fit for purpose, suitable for my needs, or if indeed it was required at all. It has now become obvious to myself that this PPI policy was without doubt surplus to my requirements.

Since becoming aware of the mis-selling of this PPI and the recent investigations into PPI by the Office of Fair Trading, Financial Services Authority, Competition Commision and Citizens Advice Bureau there is no doubt you have mis-sold this policy to myself for following reasons:

(WARNING. You should only list the reasons that actually apply to you and delete the ones that do not apply to you).

• The Payment Protection Insurance was added without my knowledge.
• I was pressurised into buying the Payment Protection Insurance.
• I was not asked whether I already had any existing insurance or employer cover/benefits that would cover the repayments.
• It was never explained that there are exclusions within the policy clauses that could seriously affect any potential claim I made on this insurance.
• It was never explained that there are restrictions for the (unemployed/self-employed/retired/age group) of which I fall into.
• This PPI was unsuitable for me because at the purchase date I was, and continue to be, in receipt of benefits for (name of benefit).
• At the time of purchasing the PPI, I was not made aware of any exclusions which related to pre-existing or on-going medical problems.
• The PPI policy exclusions were never properly explained, so I was unable to make an informed decision as to whether this insurance was required or not.
• I was informed that I would have a better chance of getting the loan if Payment Protection Insurance was included.
• I was never informed that this insurance is only optional.
• At the time of sale and purchase, I believed that the PPI was compulsory.
• I was led to believe that our application would have been rejected had I not included the PPI.
• It was certainly not in my interest to purchase this particular policy.
• I was never informed that if PPI was required, we could purchase it elsewhere.
• I paid in advance for the PPI but it was never explained that there are other methods of payment available.
• It was never explained that by adding the PPI premium to the loan amount, it would incur a huge amount of interest over the fixed period repayment term.
• It was not explained that the PPI would not run for the full term of my loan.
• I consolidated my loan and the PPI was automatically increased.

I have also noticed, and will bring to the attention of any forthcoming investigative body, or Judicial procedure, the following information:
• The premium is very expensive and is not in my interests.
• The early settlement charges and insurance policy are entirely unfair and unsuitable.
• The rebate is unfair and an unnecessary post sale barrier to cancellation.
• It was not highlighted at the point of sale that the rebate is severely limited and restricted.
• On cancelling the policy I still have to continue to pay the majority of the premium plus the interest on this amount.
• The average time across the PPI industry to recover the PPI premium would be well below the (company name) figure, so it is clearly designed to yield a profit at an unreasonable price.
• Adding the Single Premium Policy has without doubt exacerbated the level of debt I have and adds to my financial hardship.
• The Single Premium Insurance policy is a large percentage of the original loan balance and the PPI premium was excluded from the Loan To Value (LTV) calculation, making the entire loan unsuitable. The LTV including the PPI was higher, thus removing any and all hope of retaining any equity in my property for many years. This was not disclosed to me and it will have a significant impact on the prospect of any future remortgage and/or property sale.
• No commission was ever disclosed to myself.
• This policy only runs for five years and the rebate they would offer is very limited.

In line with the FOS recommendations it is requested that the overall situation be restored as if PPI had never been included. This will entail:

a) A refund of the monthly payments and loan interest charged thereon that have actually been paid towards the overall loan in excess of those that would have been needed, if the original loan had been sold without the PPI policy; b) Restructuring of the loan going forward so that the amount owed, the monthly repayments, the term and the charges reflect those that would have applied, if the original loan had been sold without the PPI policy. c) In addition, interest at the rate of 8% simple per annum to any excess payments made from the time each payment was made to the point that (company name) pays them back to myself.

I now require you to rearrange the loan as if PPI had never been included on the afore mentioned loan. This will entail a refund of the PPI premiums paid to date and loan interest charged thereon, plus 8% interest from (inception date) to (todays date). I now consider this to be an overpayment and require this amount to be refunded in the form of a cheque.

I am assuming that you would prefer to enter into a sincere dialogue about this matter, rather than merely responding with your standard template letters and leaflets. If you do not respond within 14 days I will not hesitate in taking any further action that is necessary. I believe that this time frame is sufficient for a large company such as yours with its dedicated staff and departments.

Yours faithfully,
Signature.

this should get their attention

russ

mrscmr

wow russ thats great!
thanks sooo much
will send that today!

russt2000

hi, glad to help , just remember to alter it to suit yourself and good luck.
russ

di3004

Hi Russ

Thanks for helping mrscmr out here.:T

Oh Mrscmr Russ is amazing, he has helped me with some of my issues as well, a STAR he is.:T

Good luck with this and keep us posted.;)

russt2000

HI Di, we've got to stitch up lloyds if we can !!

di3004

russt2000 wrote: »

HI Di, we've got to stitch up lloyds if we can !!

hehehe lmao yeah Russ your right........:T:T:rotfl::rotfl::D;)