Lloyds PPI

di3004

macman85 wrote: »

Hello,

I've been rather ill since my last post and catching up on works taken over everything else... so this hasn't been sent off yet

Before I send this off, is there any impact on the fact this is a current loan with aprox 18 months left to run?

Thanks

Hi macman
Sorry to hear you have been ill and hope you made a good recovery.;)

So you have not yet had the chance to send the reclaim letter off yet due to your illness, that is fine.

If you have 18 months left on the loan, if successful they may try to refund towards the loan, which should either pay it off or at least take chunk off the loan itself.

However, you can always write to ask them to refund direct to you, give it a go if it does come to this.
It maybe worth a try, and if you no arrears or missed payments then, you can tell them "as I am up to date" on my loan repayments, I would appreciate the PPI refund and the interest refunded directly by a form of cheque to yourself.

Good luck with this and hope it all goes your way.;)

macman85

Hello,

I have a small update, I have recived an acknowledgement letter from Lloyds advising that they have recieved my complaint and are looking into it.

At the end of the letter they advise that I can cancel the PPI at any time... not something they've told me in the past.

So... I call them up and yes it can be done on the same terms and that I shouldn't need to be credit scored, I then get put through to another dept to sort this out, and get the figures (very stingy on the reduction in monthly payment) and am advised that I do in fact need to be credit scored to process this. So I stopped the process there as I was not comfotable with this unecessary search on my file.

My question is, is it really necessary to have a credit search / score to cancel your PPI?

My mind boggles...

Thanks for any advice

di3004

macman85 wrote: »

Hello,

I have a small update, I have recived an acknowledgement letter from Lloyds advising that they have recieved my complaint and are looking into it.

At the end of the letter they advise that I can cancel the PPI at any time... not something they've told me in the past.

So... I call them up and yes it can be done on the same terms and that I shouldn't need to be credit scored, I then get put through to another dept to sort this out, and get the figures (very stingy on the reduction in monthly payment) and am advised that I do in fact need to be credit scored to process this. So I stopped the process there as I was not comfotable with this unecessary search on my file.

My question is, is it really necessary to have a credit search / score to cancel your PPI?

My mind boggles...

Thanks for any advice

Hi there,;)
I am not certain but I thought this was just procedure, but only when taking out a new loan, but yet the way I see it you already have a loan with them and only asking to cancel, and to score on cancellation is rather silly, at the end of the day you do not want the PPI, end of story.

So they are not asking you to take out a new loan without the PPI, to pay off the existing loan etc?

macman85

Yes, it appears that they are asking me to take out a new loan with out PPI to clear the old one... They are just been "kind" and offering to give me the remaining term and APR of my existing loan.

I'm very confused as in the same call but speaking to 2 different depts I was told conflicting requirements ie no credit score then credit score req'd. It almost seems like they do not want to make it easy at all to cancel the PPI that I dont want or need. :-(

di3004

macman85 wrote: »

Yes, it appears that they are asking me to take out a new loan with out PPI to clear the old one... They are just been "kind" and offering to give me the remaining term and APR of my existing loan.

I'm very confused as in the same call but speaking to 2 different depts I was told conflicting requirements ie no credit score then credit score req'd. It almost seems like they do not want to make it easy at all to cancel the PPI that I dont want or need. :-(

Hi hun,;)

It does seem to be confusing doesn't it, be aware though that you do not have to take a new loan out with them if you don't want to.
You can go to another provider to pay this one off and without the PPI, but Lloyds should give you equal to that existing rate of APR or better.

I know it is not what you want to do by taking out a new loan and I hate the way they do it like, this, it would be easier for them to cancel and lower the new repayments, but as the ppi was added within the loan this is what makes it difficult, and thank goodness they have now been stopped from selling them this way.

I would call back and tell them you want this in writing of what they told you, being told 2 different things does not help at all.

macman85

Recieved the 4 week update letter today from Lloyds, advising that they are still looking into the matter and they will get back to me ASAP...

25 days to go untill the 8 weeks are up though, so will wait and see what they have to say.

macman85

Another update... 8 weeks up this week... guess what was recieved, a letter saying that although they have had 8 weeks they have still not looked into this and are unble to provide an estimation as to when they will. Guess my best bet is to pass on to FOS?

di3004

macman85 wrote: »

Another update... 8 weeks up this week... guess what was recieved, a letter saying that although they have had 8 weeks they have still not looked into this and are unble to provide an estimation as to when they will. Guess my best bet is to pass on to FOS?

Hi there, thanks for the update.
I thought this would be the case with these.

You can if you want to go to the FOS, or give them your own timescale, say another 7 days is another option, and there also may be some postal issues as well, give them a ring to find out an update on this one, just in case a letter have already been posted, but maybe not reached you yet, due to postal disputes at this time.

Good luck either way and let us know when you hear.;)

macman85

Well still no news from Lloyds contacted them yesterday as its now been 10 weeks and they're "still looking into it", so I have filled in the forms for the FOS... and will be prepared for the long wait!

di3004

macman85 wrote: »

Well still no news from Lloyds contacted them yesterday as its now been 10 weeks and they're "still looking into it", so I have filled in the forms for the FOS... and will be prepared for the long wait!

I would also give them a ring as well if you want to, just in case its mislaid in the post - the post is in bit of a mess as well due to this dispute, I have been receiving mail that I should have had at least 2 weeks ago.

However, its good that your prepared, if you send the form off to the FOS and you hear a result in the meantime, if its in your favour, just let the FOS know, good luck.;)