Can LTSB do this?

SeaThreePeeO

Recently during one of LTSB excessive pay us more money telephone calls I informed them that I was instructing soilictors against them due to their refusal to cancel the PPI on the loan (which is in a DMP).

All of a sudden I get through the post a propsal for another loan with LTSB for 15K supposedly consolidating the 16K loan and our 3K credit card. Which is 4K less then we 'owe' them. However doing my sums I found it strange that this is also the amount our PPI on the loan currently comes to

Today I receive a letter through the post thanking me for conatcing them about my loan (no i haven't you're the ones that do all the contacting) and basically prattling on about this new 15K loan and please please sign it and send it back.

However the header of the letter is no longer refinance loan but LTSB CSU INSURANCE REBATE LOAN.

So has LTSB got the willies because I have started legal proceedings over the PPI and are furiously back peddling. Or have they finally after 2 years decided out of the goodness of thier hearts to cancel the PPI, but we have to take out another loan with them to do so?

Seems odd to me, but then I have developed a deep mistrust of LTSB

RAS

Hi

Please do not sign anything and seriously consider talking to the OFT which has ruled against PPI.

Apart from anything else both your current loan and possibly your creit card were signed for before April 2007, which may give you extra rights beyond those that you have if you open a new account.

SeaThreePeeO

It seems odd that after a whole year of writing and phoning to request they cancel the PPI this loan offer suddenly appears. Before I told them I was instructing soilictors they were ringing on a daily basis deaming I either pay off my arrears, pay in total or pay and extra £100 a month or they would sell the debt on.

Made all the more annoying by the fact if they had cancelled the PPI when requested to we would have been paying £270 a month and our DMP payment to them is £218 a month.

RAS

Hi

rather than trying to conjecture what is happening and why, because you will never know, go over to the PPI reclaim board and make a proper claim for the PPI.

they should reduce your loan by £4K, refund all the payments made so far, adjust the monthly payments and pay 8% on the PPI payments.

SeaThreePeeO

This is what we're doing at the moment. I did do it myself, but LLoyds sent a letter back simply stating it was tough, we signed the paper work even though we were told we had to take out the PPI to get the loan and we weren't made aware we were borrowing the PPI money or being charged intrest on top.

We have now instructed a firm of solicitors to deal with this. Just seemd strange that after 2 years of getting nowhere they are now throwing offers at us.

Could this mean they know they will have to pay up on the PPI side of things?

RAS

We are not Lloyds TSB and we are no more psychic than you. Sorry that sounds harsh but we cannot second guess them.

i suggest you make minimum use of the solicotr as their fees will soon mount up. But one or two well aimed letters might work.

Also suggest you read up on PPI on the OFt web-site and make a formal complaint to Lloyds about this latest action, send a copy to the OFT, citing exactly what you said above, as this was against OFT rules.

10past6

SeaThreePeeO wrote: »

Seems odd to me, but then I have developed a deep mistrust of LTSB

Creditors do monitor this forum, therefore, do be careful what information you post on a public forum

SeaThreePeeO

Oops! I didn't realise they did that.

What would be best to say in the complaint letter Is there anything I should be quoting?

Thank you for all your advice

10past6

SeaThreePeeO wrote: »

What would be best to say in the complaint letter Is there anything I should be quoting?

Follow the advice in post 4 above by RAS

You'll receive the correct advice from the experts on that forum.