Lloyds TSB Options Plan

mac21tr

Is ther any body out there who has had the huge misfortune of having taken out one of these policies in the late 80's or early 90's. The were a savings and life cover policy administered by TSB life. The policy is at least 20 years old. I have been paying £50 per month since Mar 1991 and now after £11000 paid in, have been informed, sadly only when I enquired that it is worth £1600!!!. No contact from LTSB, my primary bank who I have current account, shares and a mortgage with.

This smacks of fraud in my book. 85% loss of all monies deposited. No contact to advise of sitaution, no admittance that they should have been monitoring the situation. Awaiting confirmation from them as to what happens next????

Anybody out there in same boat or if so have they got anywhere?

jaysone

hi
i too had the misfortune of taking one of these out in the eighties. the return on the policy was pathetic so i ended up cancelling it in 1995. I tried last year to get compensation from the tsb but they have declined, i'm now thinking about getting the ombudsmen involved

dunstonh

If its the product I think it is then I'm not sure what the issue is. These were not savings/investment plans so any return was really incidental. The primary function was provision of life assurance and any investment element would be used to pay for life cover in later years when you were more expensive. In the 80s and early 90s the investment returns were much higher (not including inflation) so they often did appear to make decent money. However, returns in the late 90s and 2000s are lower and the life assurance costs havent allowed the investment element to grow and more often than not they have declined.

I tried last year to get compensation from the tsb but they have declined, i'm now thinking about getting the ombudsmen involved

You cannot complain to the ombudsman. You are out of time.