Do i have a case for reclaiming? Sorry if this has been asked before

edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
6 replies 733 views
DLNGLBDLNGLB Forumite
3 Posts
edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
Hi there,

Pleae bare with me on this, i am new to reclaiming PPI so i will just underline the facts about my circumstance.

I took out a LLoyds TSB platinum credit card in 2002 when i was in full time epmployment and 22 years of age.
The card had an £8000 limit, and it didnt take me too long to get upto that limit.

After a couple of career changes and since then, only now am i in a position to start paying the card off, i find out the following.

In an attempt to start and reuse the card (it expired in Nov 2005), i ring LLoyds TSB to be told the account had been closed NOV 05, i was unware it had been closed as i get a monthly statement telling me the account balance, and payment options etc.

Since having the card, i have ALWAYS paid the minimum amount by monthly direct debit no matter what.

The limit was £8000 but since Nov 2005 (when the card was last used and then expired), with the interest it had grown to £8452, and today i paid of the £452 and will be paying off £2000 in two weeks time (bringing down to £6000 total)

Its my own fault for keeping my head in the sand, but today i only found out that £66 of the monthly £205 min payment was actually for the PPI.

Now the account was "closed" by TSB in NOV 05 when they see it was upto the limit and just never sent out a new card for me to use, and like i have said, i didnt know this was the case until today as i still recieve a statement, and only now am i in a postion to repay some off.

In that time from Nov 05 til now, i have paid £2838 in PPI on an account that was "closed".


Do i have a case to relclaim back those charges?
Or is it my own fault for being ignorant and too scared to deal with the situation until now?

I've canclled the PPI today btw.

Thanks for reading.

Dan.

Replies

  • maxdpmaxdp Forumite
    3.9K Posts
    DLNGLB wrote: »
    Hi there,

    Pleae bare with me on this, i am new to reclaiming PPI so i will just underline the facts about my circumstance.

    I took out a LLoyds TSB platinum credit card in 2002 when i was in full time epmployment and 22 years of age.
    The card had an £8000 limit, and it didnt take me too long to get upto that limit.

    After a couple of career changes and since then, only now am i in a position to start paying the card off, i find out the following.

    In an attempt to start and reuse the card (it expired in Nov 2005), i ring LLoyds TSB to be told the account had been closed NOV 05, i was unware it had been closed as i get a monthly statement telling me the account balance, and payment options etc.

    Since having the card, i have ALWAYS paid the minimum amount by monthly direct debit no matter what.

    The limit was £8000 but since Nov 2005 (when the card was last used and then expired), with the interest it had grown to £8452, and today i paid of the £452 and will be paying off £2000 in two weeks time (bringing down to £6000 total)

    Its my own fault for keeping my head in the sand, but today i only found out that £66 of the monthly £205 min payment was actually for the PPI.

    Now the account was "closed" by TSB in NOV 05 when they see it was upto the limit and just never sent out a new card for me to use, and like i have said, i didnt know this was the case until today as i still recieve a statement, and only now am i in a postion to repay some off.

    In that time from Nov 05 til now, i have paid £2838 in PPI on an account that was "closed".


    Do i have a case to relclaim back those charges?
    Or is it my own fault for being ignorant and too scared to deal with the situation until now?

    I've canclled the PPI today btw.

    Thanks for reading.

    Dan.

    Hi There first of all do not beat yourself up about not realising it was there most of us on here have been caught the same way. Yes you have a good chance of getting the whole amount back if it was added without your knowledge. You will find all the letters etc on the front page. Go for it and good luck.:D
    :mad:
  • melorablackmelorablack Forumite
    1.1K Posts
    ✭✭✭
    I feel that from what you said in your post, your issue is not that the PPI was mis sold to you. You say the account was "closed" but as you were still making repayments it seems it was technicaly open but "closed" in the sense that you couldn't purchase anything new. In this case the PPI could have come in useful because if you were unable to make the repayments it could still have covered you.

  • DLNGLBDLNGLB Forumite
    3 Posts
    I feel that from what you said in your post, your issue is not that the PPI was mis sold to you. You say the account was "closed" but as you were still making repayments it seems it was technicaly open but "closed" in the sense that you couldn't purchase anything new. In this case the PPI could have come in useful because if you were unable to make the repayments it could still have covered you.

    It was that long ago when i signed up, i probably just signed up to it anyway without thinking, so i cant say yes or no for sure that i was "mis sold".

    I've always been in full time employment, its just since Nov 05, i've had two career moves, two house moves, and all expendible income has been spent on moving and trying to sort everything else out in my life.....hence, why i was just paying off the minimum payments each time.

    So, now i'm in a position to start repaying (and if i want, to use the card again), but TSB say i cant....even when i get it down to £6000, as they have mentioned it was "closed" (but technically still open).

    So if it was "closed", then i have been paying £66 a month for a product i cant actually use.

    I hope that makes sense.

    Where would i find a base template letter to help me claim (if people think i can? )

    Thanks.
    Dan.
  • DLNGLBDLNGLB Forumite
    3 Posts
    I feel my situation may not be normal run of the mill in terms of trying to reclaim PPI back.
  • di3004di3004 Forumite
    42.6K Posts
    DLNGLB wrote: »
    I feel my situation may not be normal run of the mill in terms of trying to reclaim PPI back.


    Hi there

    I would try to check further into this just in case, more information on this link:
    http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

    In my own personal opinion, lloyds are known to have added the insurance automatically.
    This happened with myself in 2001, my hubby and also many others you will find on this thread.

    So do take a look and there is a checklist as well on the link, post up if you require help.;)
    The one and only "Dizzy Di" :D
  • melorablackmelorablack Forumite
    1.1K Posts
    ✭✭✭
    You can use the product even if it is technically "closed" because the idea is that if you are unable to make the repayments (and you have an outstanding balance) it wil cover you.

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