Can I claim anything?

CGDS

Today I was talking to my Mum of all people about a personal loan I started with Lloyds TSB 2 years ago. I took out apprx £2500 and worked out with my monthly payments I still have £2600+ to pay. This loan seemed like the right think to do at the time but considering I still have just under 3 years to go I seem to have been done out a fair bit of money.

I know I'm not very technical - bear with me as I'm new to this PPI thing - but I have only today found out about PPI's and that they can be claimed etc. I have never claimed any loan insurance or anything.

Any help will be appreciated,

CGDS

di3004

CGDS wrote: »

Today I was talking to my Mum of all people about a personal loan I started with Lloyds TSB 2 years ago. I took out apprx £2500 and worked out with my monthly payments I still have £2600+ to pay. This loan seemed like the right think to do at the time but considering I still have just under 3 years to go I seem to have been done out a fair bit of money.

I know I'm not very technical - bear with me as I'm new to this PPI thing - but I have only today found out about PPI's and that they can be claimed etc. I have never claimed any loan insurance or anything.

Any help will be appreciated,

CGDS

Hi there and welcome.;)
I take it you were sold this PPI then with your loan?

It seems to be as you did not know anything about PPI at the time until recently then you may have a case then, being sold something that you were not fully aware of.

Check this link below for useful ppi info and templates to help you through this, add your own reasons to the template letter:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

They have 8 weeks to respond in full.
If you hear nothing from them at all, you are then entitled to go straight to the Financial ombudsman service (FOS).

But if you do get a response where they have not resolved this in your favour, or maybe fobbed you off with one of their standard fob off responses, write back to request them to reconsider.

In the final letter they should give details of the FOS if your not satisfied.

Good luck and please post up anytime for help.

CGDS

Thank you for your quick reply. I was semi-aware that I had to sign for some insurance which he basically made out that it was crazy not to have a loan with insurance. I guess this renders me useless to fight back? I really feel that I was suckered into it...

di3004

CGDS wrote: »

Thank you for your quick reply. I was semi-aware that I had to sign for some insurance which he basically made out that it was crazy not to have a loan with insurance. I guess this renders me useless to fight back? I really feel that I was suckered into it...

Not a problem.

Check that link I posted above, and if any of those reasons occur to you also write them in.

Do not be disheartened if you receive the response that "you must have been aware about it because you signed the agreement", this is standard to for them.
If you have a reason or more then go for it.

Good luck.;)

CGDS

I've yet to do this, was sidetracked with courseworks and exams!

Anyway, a few more questions if anyone can help...

+ Have Lloyds TSB been fined by the FSA by mis-selling PPI?

+ I have recently found my loan agreement, it tells me of my £2,500 loan, £685 'LPI' and then my total loan of £4,500+ - As the LPI is shown, does this mean I cannot claim it as being mis-sold, even though I felt pushed into it and dont feel it was set in my best intentions? What benefits were exactly could I get from PPI when all I worked was a 12-hour part time contract?

Is it at all possible to cancel the PPI? it's a fair bit of money (1,000 over the duration) that I wont even be able to benefit from...

maxdp

CGDS wrote: »

I've yet to do this, was sidetracked with courseworks and exams!

Anyway, a few more questions if anyone can help...

+ Have Lloyds TSB been fined by the FSA by mis-selling PPI?

+ I have recently found my loan agreement, it tells me of my £2,500 loan, £685 'LPI' and then my total loan of £4,500+ - As the LPI is shown, does this mean I cannot claim it as being mis-sold, even though I felt pushed into it and dont feel it was set in my best intentions? What benefits were exactly could I get from PPI when all I worked was a 12-hour part time contract?

Is it at all possible to cancel the PPI? it's a fair bit of money (1,000 over the duration) that I wont even be able to benefit from...

Hi Lloyds have not been fined.

Sounds as if you could claim back as you have to work more than 16 hours per week I believe. Check your terms and conditions though.

You can cancel the PPI but would have to refiance the loan.

good Luck

di3004

CGDS wrote: »

I've yet to do this, was sidetracked with courseworks and exams!

Anyway, a few more questions if anyone can help...

+ Have Lloyds TSB been fined by the FSA by mis-selling PPI?

+ I have recently found my loan agreement, it tells me of my £2,500 loan, £685 'LPI' and then my total loan of £4,500+ - As the LPI is shown, does this mean I cannot claim it as being mis-sold, even though I felt pushed into it and dont feel it was set in my best intentions? What benefits were exactly could I get from PPI when all I worked was a 12-hour part time contract?

Is it at all possible to cancel the PPI? it's a fair bit of money (1,000 over the duration) that I wont even be able to benefit from...

Hi there

I am aware they were fined for something a good while back but not on PPI.

But there are many who have complaints about them and have been successful with either directly by lloyds themselves or through the FOS.

You should be able to cancel but they may suggest that you take out a new loan to pay for the existing one, and this new loan would be without PPI, then you can of course try to reclaim on the PPI.

You seem to have good reason to claim so give it a go, but keep on at them, because most first responses from lloyds are standard, where they state "you must have been aware because you signed the agreement" an so on but do not back down, if you were pressurised then you have a case.

They may give you another chance to write to them for them to reconsider, if they've not resolved this in your favour on the first response, and in the final response they give details of the financial ombudsman service (FOS) if your still not satisfied with the outcome.

They have 8 weeks to respond in full and link to templates and information here below, good luck and remember to post all letters by recorded delivery.;)
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

CGDS

I think I will send it off tomorrow, but I am also going in to the branch to have a talk with a manager I believe (normally when they try and get you to take a credit card etc) so if I mention cutting my PPI will that affect my claim that I'll be posting during the day? should I keep the PPI running until I hear back about it?

Can the manager at the branch do anything about my re-claim? Or should I just not bring it up?

I'm only asking so I don't make an error, wouldn't want to jeopardise anything!

Also, thank you both for the lightning quick responses!

di3004

CGDS wrote: »

I think I will send it off tomorrow, but I am also going in to the branch to have a talk with a manager I believe (normally when they try and get you to take a credit card etc) so if I mention cutting my PPI will that affect my claim that I'll be posting during the day? should I keep the PPI running until I hear back about it?

Can the manager at the branch do anything about my re-claim? Or should I just not bring it up?

I'm only asking so I don't make an error, wouldn't want to jeopardise anything!

Also, thank you both for the lightning quick responses!

Hi there

Good luck with this.;)

To be honest I would not bring this case up of the PPI, and that your going to be reclaiming, I personally would keep everything in writing.

Even if you decide to cancel again do this in writing.

Try not to worry.:D;)

CGDS

To be perfectly honest, I never even thought about cancelling the PPI in writing. I just thought I could cancel it in the branch.

Would it make much difference if I did cancel in the branch? I just imagined it would be sorted there and then, if I send letters to cancel the PPI this could take a few weeks, could it not?

You are very helpful thank you!

di3004

CGDS wrote: »

To be perfectly honest, I never even thought about cancelling the PPI in writing. I just thought I could cancel it in the branch.

Would it make much difference if I did cancel in the branch? I just imagined it would be sorted there and then, if I send letters to cancel the PPI this could take a few weeks, could it not?

You are very helpful thank you!

Hi there

Your very welcome.:A

There should be no problem with cancelling with the bank if you want to do it this way, but make sure they do this immediately, you do not have to tell them why.
But the reason why I say do keep everything in writing is because in case you need to refer to anything at a later date, for example if they did not cancel when you requested them to do this, you of course keep a copy, and if this did go to the FOS for your complaint, its just a bit of a back up, but hopefully your branch will be kind enough to do this straight away for you, good luck.;)