blackmailed by lloyds

steel55

in 1995 me and my business partner asked lloyds with whom we had a business account with if we could buy a biulding next door that had suddenley come up for sale.Lloyds said yes so we started proceddings part way through purchase, advisor from Lloyds visited us and said we would have to take out polices (life cover for term of loan).said this was compulsary. we were not happy and said we had not been told about this before, so in front of us he rang his manager , explained ,and then with a beetroot red face said to us"it is nothing to do with me but my manager has just said that if you do not sign,funding will be withdrawn, as these are part of the terms of the loan agreement.We thought we were stuck so we signed. Last year we closed the business down and going through old paperwork we have come across the original contract and on checking there is no reference any where what so ever to the requirement of life polices,Does any one think we have any way of getting back to Lloyds.Advisor still works for lloyds.

natweststaffmember

I would repost this on the PPI part of the forum and they can advise on this one.

mrmajika

I was under the impression that these sort of reclaims were time barred after 6 years or so. As this is now 14 years old then you may struggle.

natweststaffmember

mrmajika wrote: »

I was under the impression that these sort of reclaims were time barred after 6 years or so. As this is now 14 years old then you may struggle.

For PPI it doesn't appear to be the case.

di3004

steel55 wrote: »

in 1995 me and my business partner asked lloyds with whom we had a business account with if we could buy a biulding next door that had suddenley come up for sale.Lloyds said yes so we started proceddings part way through purchase, advisor from Lloyds visited us and said we would have to take out polices (life cover for term of loan).said this was compulsary. we were not happy and said we had not been told about this before, so in front of us he rang his manager , explained ,and then with a beetroot red face said to us"it is nothing to do with me but my manager has just said that if you do not sign,funding will be withdrawn, as these are part of the terms of the loan agreement.We thought we were stuck so we signed. Last year we closed the business down and going through old paperwork we have come across the original contract and on checking there is no reference any where what so ever to the requirement of life polices,Does any one think we have any way of getting back to Lloyds.Advisor still works for lloyds.

Hi there in regards of PPI, if they pressurised you then you can try to reclaim on this, and as its a bank the time barring I assume it should be okay, as I am aware that many have been successful with reclaiming if against banks on the PPI.

For more information you can either post up on the thread here:
http://forums.moneysavingexpert.com/forumdisplay.html?f=169

Or for the checklist and templates of reclaiming, link here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

I would write to them and use the template as a guide, write your reasons for mis selling, and also check on the loan insurance link the checklist, as there may be many reasons, apart from the one you have already posted.

They have 8 weeks to respond in full.

Post by recorded delivery.

Keep at them until you receive the final response, they should give you details of the financial ombudsman service (FOS), where if not satisfied with the outcome of your complaint, you can ask the FOS to investigate.
Good luck with this and keep us posted.

Also ask for further help if required, if you can on the PPI reclaiming link, where many will try to help you through this.;)

skiTTish

We were told a similar thing when we applied for a persoanl loan ,theat the life cover was compulsary ,that was 2003 ,I presumed it was too late to claim back ?

di3004

skiTTish wrote: »

We were told a similar thing when we applied for a persoanl loan ,theat the life cover was compulsary ,that was 2003 ,I presumed it was too late to claim back ?

Hi

No its not too late, I was successful although through the FOS from a credit card purchased with Lloyds in 2001.

Some people have even been successful from earlier years, for instance 1995 etc.;)