Need some advice please re LTSB PPI

family123

Hi can anyone advise what we should do. We have taken out 2 loans with LTSB over the last 2 years. On was only in February of this year, and we believe both were mis sold as they just gave us a total figure including insurance for our monthly payment. An example of our recent loan was
Borrowed = 12800.00 in Febury 2009

Insurance lump sum charged = 4865.00
Plus interest on Insurance = 3507.46

Total insurance charge = 8373.12

So we were basically paying 8373.00 to cover a loan for 12000.00

when we tried to cancel it they said that we are only due a rebate on it for approx 4000.00, therfore from Februry to August 2009 (6 months)we have paid 4000.00 fo cover we no longer have or want. Surely this is like borrowing from a loan shark. We have put in a complaint re the PPI mis sell, but do we have any comeback re the 4000.00. Please can anyone help.

di3004

family123 wrote: »

Hi can anyone advise what we should do. We have taken out 2 loans with LTSB over the last 2 years. On was only in February of this year, and we believe both were mis sold as they just gave us a total figure including insurance for our monthly payment. An example of our recent loan was
Borrowed = 12800.00 in Febury 2009

Insurance lump sum charged = 4865.00
Plus interest on Insurance = 3507.46

Total insurance charge = 8373.12

So we were basically paying 8373.00 to cover a loan for 12000.00

when we tried to cancel it they said that we are only due a rebate on it for approx 4000.00, therfore from Februry to August 2009 (6 months)we have paid 4000.00 fo cover we no longer have or want. Surely this is like borrowing from a loan shark. We have put in a complaint re the PPI mis sell, but do we have any comeback re the 4000.00. Please can anyone help.

Hello and welcome.;)

I would definately try to reclaim on this then, go for it.

It's a total rip off.
In my experience Lloyds TSB are not the easiest to deal with, but keep strong and keep at them is best.
You may be okay and they may even resolve in your favour on complaint, fingers crossed.

Here is the link to useful info and templates, they have 8 weeks in full to respond, write your reasons, you do not need to write in any figures at this time, just complain for now and if you have 2 loan ppi to complain about for the same reasons then write the 2 account numbers on that same letter.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
Post all letters by recorded delivery.

You may need to write back to them again, if they do not resolve in your favour the first time, keep on at them until they resolve in your favour, or until they issue you with the final decision, where they should supply the details of the financial ombudsman service (FOS), you can take your complaint to these if your not happy with the outcome of your complaint.

Good luck, and ask for help when required and please keep us posted.;)

family123

Thanks for the advice. We will keep you posted.