Can I reclaim Loan Protection Insurance?

Debtworry_2

Hi Everyone,

I took out a loan with my bank LloydsTSB in June 2004, the loan amount was £4600, i was unemployed at the time with depression, and yet was still convinced to take out the Insurance on the loan, the loan was for 60 months and my last payment was May this year, i never missed any payments.

This morning i receibed a statement regarding the loan and i paid £1050 in insurance, now correct me if i'm wrong but the insurance was void was it not? i've i was unemployed when i took the loan out and remained unemployed then obviously i couldn't claim on insurance unless i passed away?

Any info regarding this appreciated :j

di3004

Debtworry wrote: »

Hi Everyone,

I took out a loan with my bank LloydsTSB in June 2004, the loan amount was £4600, i was unemployed at the time with depression, and yet was still convinced to take out the Insurance on the loan, the loan was for 60 months and my last payment was May this year, i never missed any payments.

This morning i receibed a statement regarding the loan and i paid £1050 in insurance, now correct me if i'm wrong but the insurance was void was it not? i've i was unemployed when i took the loan out and remained unemployed then obviously i couldn't claim on insurance unless i passed away?

Any info regarding this appreciated :j

Hi there

I was also sold PPI in 2001 with my credit card and was on benefits which were my childrens, even though hubby was working, this was my own card as the card holder.

I have previously been successful with reclaiming this back through the FOS and not direct with lloyds themselves, but give it a go.

They may send a letter to say, you were still covered for "life cover, and hospitalisation and job solultions", even as unemployed, but the FOS seen it in my favour because I was not "fully covered" and it should be the same for you as well.

Write to lloyds by using the templates in the link below, they have 8 weeks in full to respond, another letter maybe required if they don't resolve this in your favour the first time, and in the final letter they will give details of the Financial ombudsman service (FOS).
Post all letters by recorded delivery, good luck. X
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance


Post up for help when required.;)

Debtworry_2

Many thanks for the reply, i was just reading through the templates letters but am useless as i never write letters but still worth giving it a go.

Quick question, where it says [insert name & address of the loan provider, do i give my local LloydsTSB branch as they sold me the loan, or do i give the PO box address on the letter they sent me this morning?

Thanks

di3004

Debtworry wrote: »

Many thanks for the reply, i was just reading through the templates letters but am useless as i never write letters but still worth giving it a go.

Quick question, where it says [insert name & address of the loan provider, do i give my local LloydsTSB branch as they sold me the loan, or do i give the PO box address on the letter they sent me this morning?

Thanks

Hi hun

Good one, give it your best shot.;)

If I remember I think I did write my local branch as it was them who sold the finance to me.;)
They have everything on data anyway, so it will still get sorted out, just as long as you write in your account number.
Hope this helps X

Debtworry_2

Me again

Just filled the template out, printed and signed but, it doesn't make it clear that i'm claining back the insurance, on the template it says, I believe is was mis-sold the above policy (account number) for the following reasons, and until you read the reasons it's not clear that it's the insurance i'm claining back.

It's probably me being paranoid, do you think it will be ok to send?

Just edited the template to read 'mis-sold the insurance on this policy'

di3004

Debtworry wrote: »

Me again

Just filled the template out, printed and signed but, it doesn't make it clear that i'm claining back the insurance, on the template it says, I believe is was mis-sold the above policy (account number) for the following reasons, and until you read the reasons it's not clear that it's the insurance i'm claining back.

It's probably me being paranoid, do you think it will be ok to send?

Just edited the template to read 'mis-sold the insurance on this policy'

Hi there

You write in your own reasons to the template, for whatever reasons you feel occur to you.;)

They know its a reclaiming letter, they get these all the time.:D;)

Debtworry_2

Many thanks Di

Letter is addressed to my local branch and will be sent recorded delivery some point today, will let you know when i receive the letter telling me to sod off

di3004

I wish you luck with this.;)

Just to post the link here to the template.

http://images2.moneysavingexpert.com/attachment/ppistep1.rtf

Debtworry_2

Small update,

I sent the letter to my local branch on the 8th June, they recieved it on the 9th June, this morning i received a letter saying they are sorry i'm not happy and have to file a complaint.

They said they will respond in 7 days if not sooner, and if they cant help they will refer me to someone who can and when i can expect to hear from them.

Is this standard practice and is it usually this quick?

di3004

Debtworry wrote: »

Small update,

I sent the letter to my local branch on the 8th June, they recieved it on the 9th June, this morning i received a letter saying they are sorry i'm not happy and have to file a complaint.

They said they will respond in 7 days if not sooner, and if they cant help they will refer me to someone who can and when i can expect to hear from them.

Is this standard practice and is it usually this quick?

Hi there

Not bad going for Lloyds......:T, well I do hope they resolve this in your favour, good luck.;)
To receive a letter this quick and to what I can remember, I think this is the usual letter you receive, however my first response from them taken weeks, fingers crossed anyway X

Debtworry_2

Thanks Di,

Will have to wait and see what happens