The Lloyds "Disappreciation" thread

RisingJoe

Hi Casey face,

Certainly.

"I refer to my letter dated [insert date of first letter] in which I wrote asking for justification that the insurance sold with my loan was sold fairly, reasonably and within my best interests. I have enclosed another copy of this letter for your convenience.


I first started banking with Lloyds TSB when I was at school. I was led to believe that Lloyds TSB were a peoples bank, who guided young people both with financial management and helping to explain and guide them with money matters. I am both shocked and disheartened that this is not the case and that I have been treated in his way, at no point was I told that PPI was an optional product.

I am appauled that the Lloyds staff I have experienced have the unprofessionalism to cause such a domino effect to young people. My personal experience has delayed my chances of becoming self sufficient and buying a house. I can only hope that there are no other people in a similar position.


To this date, I have not received a response from you with regards this matter so I am writing again to request a full refund of the premiums, subsequent interest that I have paid on these premiums and the 8% statutory interest that a court would award. If I have not heard from you within 14 days I shall be taking my complaint to the Financial Ombudsman."

Of course edit it !!! you will, and try and personalise it to your needs. in my case i was arguing that i was miss led at a young age, and told PPI was neccessary. Lloyds responded just after the 14days i gave them. but what is a few days?

feel free to Personal Message (PM) me if you want any advice on specific wording

Joe x

tricky78

Hi All,

This is a great thread and I've already received some excellent advice from Di on another page.

I am about to launch an assualt on LTSB for PPI I was missold on x2 Loans and a Credit Card but I am a bit scared of getting into it with the big boys and was hoping you guys may be able to answer a few Q's I have:

The loans are both closed now but I have requested and received the paperwork relating to them. I think I was missold them by pushy sales people, however I don't know if that can be proved. It was 2002 and 2005 respectively and I can't remember much about the whole business.

- How have other people got on claiming for such reasons?
If this goes to the FOS (and I get the impression from what I have read here that it will) what questions are they likely to ask me in order to prove that misselling took place?

I feel a few of the other reasons given for recaliming also fit the bill, I didn't know it was optional, I was lead to believe I would be declined if I didn't take it - the list goes on! Can I take a multi pronged approach or is it best to isolate one reason for reclaiming and stick with it?

On the subject of the Credit Card; I still have it. I am still paying PPI on it.
- Should I cancel the PPI now, will this strengthen my case?

Sorry, it's a lot but I am keen on getting this right from the off!

Thanks

Rich

RisingJoe

tricky78 wrote: »

The loans are both closed now but I have requested and received the paperwork relating to them. I think I was missold them by pushy sales people, however I don't know if that can be proved. It was 2002 and 2005 respectively and I can't remember much about the whole business.

- How have other people got on claiming for such reasons?
If this goes to the FOS (and I get the impression from what I have read here that it will) what questions are they likely to ask me in order to prove that misselling took place?

I feel a few of the other reasons given for recaliming also fit the bill, I didn't know it was optional, I was lead to believe I would be declined if I didn't take it - the list goes on! Can I take a multi pronged approach or is it best to isolate one reason for reclaiming and stick with it?

On the subject of the Credit Card; I still have it. I am still paying PPI on it.
- Should I cancel the PPI now, will this strengthen my case?

Rich,

Credit Card First,
If you dont want the PPI (PPC as they call it) then call them asap and cancel it. then write a letter (letter one) directed at the "misselling" due to the reasons you stated above and add any further details you have i.e was young, felt forced etc etc. Make it clear that you have recently (in light of trying for a mortgage) found out PPI was on you Credit card so have already cancelled it with card services but want a full refund of all payments plus lost interest and 8%.

Now Onto the loans.
Again, prepare and send letter one (from the templates area)

and word it very similarly to the above credit card letter, make it clear you feel distressed that you have been treated in an unprofessional manner and that you had trusted them etc etc. also mention that you have only recently found out.

I used multiple reasons for my claim which in my case were:
- Missold due to being young at the time
- Not informed that it was an optional product
- Was told that i had to take it or wouldnt recieve credit
- My Bank Manager (someone who from a young age is made out to be able to guide young people into the adult world financially) told me it was my best option as other banks wouldnt give me credit (his words, i didnt try anyone else).

I really hope this is of some help Rich,

Please dont hesitate to ask if you need anything else.

di3004

tricky78 wrote: »

Hi All,

This is a great thread and I've already received some excellent advice from Di on another page.

I am about to launch an assualt on LTSB for PPI I was missold on x2 Loans and a Credit Card but I am a bit scared of getting into it with the big boys and was hoping you guys may be able to answer a few Q's I have:

The loans are both closed now but I have requested and received the paperwork relating to them. I think I was missold them by pushy sales people, however I don't know if that can be proved. It was 2002 and 2005 respectively and I can't remember much about the whole business.

- How have other people got on claiming for such reasons?
If this goes to the FOS (and I get the impression from what I have read here that it will) what questions are they likely to ask me in order to prove that misselling took place?

I feel a few of the other reasons given for recaliming also fit the bill, I didn't know it was optional, I was lead to believe I would be declined if I didn't take it - the list goes on! Can I take a multi pronged approach or is it best to isolate one reason for reclaiming and stick with it?

On the subject of the Credit Card; I still have it. I am still paying PPI on it.
- Should I cancel the PPI now, will this strengthen my case?

Sorry, it's a lot but I am keen on getting this right from the off!

Thanks

Rich

Hi Rich, me again lol.

If this is worthless to you then write to them to cancel, tell them you expect it cancelled as soon as possible.
I would again use recorded delivery to ensure they have received your request.

I see Joe has give you some superb advice, good luck.;)

tricky78

This is great stuff, you guys are really helpful and should be being paid for this!

What about the FOS? WOuld they accept my claims that the salesman was pushy even though I was unable to prove it?

di3004

tricky78 wrote: »

This is great stuff, you guys are really helpful and should be being paid for this!

What about the FOS? WOuld they accept my claims that the salesman was pushy even though I was unable to prove it?

Bless you.:A
As we have been through it ourselves, we know how it feels, so like to help.:D;)

The FOS will certainly take your reasons into consideration.

Did I tell you I won a case against lloyds as well Credit card PPI, I was sold this ppi and not working, so was not covered for any of it, however lloyds did try fobbing me off by stating I would still be covered by the life cover and hospitalisation, but still why should I pay if it did not fully cover me?;)

You do have a good chance, just keep at them, you will get there.

Caseyface

Thanks alot Joe

I'm sure i'll be fine, just needed some inspiration haha! I'm going to get drafting today.:T

I'll keep you posted x

RisingJoe

Forgto to mention like Di Said a few posts up.

Make sure you all send letters with "Recorded Delivery" and retain the tracking numbers.



just incase things "Disappear"

dodgem_2

its my first time on here,ive been reading the board for months but i finally got the courage to start on the ppi with my tsb loan in april. After sending the letter i received a reply saying they were looking at my case......then yesterday i got a big fat tsb letter saying they had turned down my complaint and that i could cancel the ppi if i can refinance the loan ?

They state that i was advised to have the ppi/lpi based on the qustions they asked at the time of taking out the loan?

they also returned a copy of my loan agreement,it was taken out in may 2005 for 7500 for 7 years, this means that when its finished ill have paid back 13500 with the ppi

im stuck really as i dont know what to do next,do i cancel ppi and pursue through fso? im trying to get out of terrible debts i acumulated 5 years ago and i dont really want to refinance another loan. Ive managed to pay cash for everything for the last 4 years and work 2 jobs to get rid of debts and dont want to go back down the road of credit/loans again .

any help/ideas appreciated

thanks

di3004

dodgem wrote: »

its my first time on here,ive been reading the board for months but i finally got the courage to start on the ppi with my tsb loan in april. After sending the letter i received a reply saying they were looking at my case......then yesterday i got a big fat tsb letter saying they had turned down my complaint and that i could cancel the ppi if i can refinance the loan ?

They state that i was advised to have the ppi/lpi based on the qustions they asked at the time of taking out the loan?

they also returned a copy of my loan agreement,it was taken out in may 2005 for 7500 for 7 years, this means that when its finished ill have paid back 13500 with the ppi

im stuck really as i dont know what to do next,do i cancel ppi and pursue through fso? im trying to get out of terrible debts i acumulated 5 years ago and i dont really want to refinance another loan. Ive managed to pay cash for everything for the last 4 years and work 2 jobs to get rid of debts and dont want to go back down the road of credit/loans again .

any help/ideas appreciated

thanks

Hi there

I'm sure RisingJoe will be along soon at some point too with some brilliant advice on this company.

Now with my experience of these, that letter you received is bog standard, so do not back down, RisingJoe will also say the same thing and knows this company rather well also.;)

Write back and tell them to reconsider with the reasons on your first letter, if they do not resolve this then in the final response they will give details of the Financial ombudsman service (FOS), where I'm sure you will have a good chance here if you don't mine waiting with the FOS to resolve this for you.

Both mine and hubbys were resolved through the FOS with Lloyds, but credit card ppi, same difference.

I think you should be able to cancel with no problem and if you do have to refinance, the loan should be at at lower or at least the equal rate to the original loan to what I am aware of, so ask them what you would be paying a month with a full written breakdown on the original loan if you were to do this.

But whatever you do write back and keep on until you receive the final response, let us know how you get on and we shall help you take it from there.

If your struggling with your repayments, this is totally understandable at this current time, you could always request to pay token payments, you should get help on this actual matter on the debt wannabe thread, as seen above on the forums, well worth posting on there as well.
Or check our Nationaldebtline with templates to send to them here:
http://www.nationaldebtline.co.uk/england_wales/debt_advice.php#6

Not sure if you live in England or Wales etc, but on the link you can click on the map or area of where you live to make sure the correct templates are being sent.;)

Good luck.