ppi an lpi

di3004

gedjoseph wrote: »

hi recieved letter back of lloyds today saying they are still looking into my complaint and that they will let me know of there final decision within 4 weeks they said if they still havent made a decision by then they will send me a letter which will provide how to raise my concern with the financial ombudsman. Should i wait now for the letter and if its a refusal send the 2nd template letter off this site or go straight to the financial ombudsman with my complaint? thanks.

Hi there

With my experience of Lloyds and possibly many others on here, they are sort of last minute.
However, if you hear no decision by 8 weeks as from your letter, your entitled them to take this to the FOS.

Maybe a week before the 8 weeks are up, chase them up, and give them about 7 days, do this in writing.;) A reminder that your still waiting for a decision, do not worry about sending another template letter at this stage.

Hope this helps and good luck.

gedjoseph

thanks will keep you updated!

di3004

gedjoseph wrote: »

thanks will keep you updated!

Your welcome and good luck.;)

gedjoseph

Hi recieved a letter back off lloyds tsb today, as there 8 week deadline was up, saying that they still havent made a descision yet and they are still investigating my complaint and if i was unhappy about this to contact the financial ombudsman with my complaint. Should i now contact the financial ombudsman or should i send them the 2nd template letter off this site? Any advice would be appreciated thanks.

di3004

gedjoseph wrote: »

Hi recieved a letter back off lloyds tsb today, as there 8 week deadline was up, saying that they still havent made a descision yet and they are still investigating my complaint and if i was unhappy about this to contact the financial ombudsman with my complaint. Should i now contact the financial ombudsman or should i send them the 2nd template letter off this site? Any advice would be appreciated thanks.

Hi there
Thanks for your update.

You are actually entitled to move on to the FOS now if you want to being as its gone 8 weeks.
However, I do understand they have a backlog of these complaints to deal with.

I am infact still waiting and the timescales have just passed, but am going to give it until early in the new year, if I don't hear anything further from them, then its time for the FOS.

It is entirely up to you from here now.

If you want to wait just a little longe its up to you, now with it being xmas as well, there may also be some holdups, with the post as well etc.

If you decide to go to the FOS now, or even prepare for this, you can ring them to arrange they send you a complaints form, or download and print from the FOS website.
Remember to enclose any copies of correspondence you have and also copies of evidence you may have, ie: a copy of your agreement if you have this.;)
http://www.financial-ombudsman.org.uk/consumer/complaints.htm

I hope you hear soon with some good news, fingers crossed, please keep us posted, cheers.

gedjoseph

Hi dont know where to start recieved a letter back of lloyds tsb today in response to claiming back my ppi on 3 previous loans i had with them. They say that they do not believe i was missold on any of the loans and give there reasons to my concerns saying there staff are trained in selling ppi and they are sure when selling me the ppi they would have explained everything to me which they never. They say on each loan i have had a net rebate on the payment protection which was used to reduce my loan settlement figure on the next loan. They said when i bought the policy it was explained to me (which is wasnt) that the rebate was based on a sliding scale due to the claims risk being greater at the beginning of the loan. Therefore they are prepared to offer me a favourable rebate on a pro rota basis as a gesture of good will on this occasion. The offers are nowhere near what i have paid and there is also no mention of the 8% interest. How would i know if i have had these rebates they are saying when i consolidated my loans coz i have each loan agreement and there is no mention of rebates on them? They say this is the final decision! Could some body please help? Should i go to the FOS? thanks

di3004

gedjoseph wrote: »

Hi dont know where to start recieved a letter back of lloyds tsb today in response to claiming back my ppi on 3 previous loans i had with them. They say that they do not believe i was missold on any of the loans and give there reasons to my concerns saying there staff are trained in selling ppi and they are sure when selling me the ppi they would have explained everything to me which they never. They say on each loan i have had a net rebate on the payment protection which was used to reduce my loan settlement figure on the next loan. They said when i bought the policy it was explained to me (which is wasnt) that the rebate was based on a sliding scale due to the claims risk being greater at the beginning of the loan. Therefore they are prepared to offer me a favourable rebate on a pro rota basis as a gesture of good will on this occasion. The offers are nowhere near what i have paid and there is also no mention of the 8% interest. How would i know if i have had these rebates they are saying when i consolidated my loans coz i have each loan agreement and there is no mention of rebates on them? They say this is the final decision! Could some body please help? Should i go to the FOS? thanks

Hi there,
Wow another one of Lloyds Template letters this.

I would of course take them to the FOS now then, if this was final.

I would either ring the FOS to arrange for them to post you a complaints form direct, or on their website download and print the form, enclose copies of anything you have in evidence to support your complaints, and copies of the Lloyds correspondence, even though the FOS have seen the same usual Lloyds templates all the time.
http://www.financial-ombudsman.org.uk/consumer/complaints.htm

May I ask how long you waited for this response from Lloyds?
Was this the only and final decision from them or not?

Have they gone through all your reasons and responded to them all?

Thought I would ask you just in case, because these letters you receive is what most receive from them.;)

di3004

Forgot to say in my above post..........in regards of offers, Lloyds hope we all take it and run, yet they do not uphold but reject but give an offer which is far too low anyway.

Defo FOS time I think, you could let Lloyds know your going to do this as well if you decide to want to go this direction, good luck.;)

di3004

Read this here as well Ged.

http://www.thisismoney.co.uk/insurance/article.html?in_article_id=481259&in_page_id=4

di3004

Does any of this also ring the bell?


Your Concern:
You have advised the seller failed to fully explain the terms and exclusions within the policy at the point of sale.

My Findings:
Lloyds TSB provided customers with a mixture of oral informaton and written documentation in order to provide the customer with the details of what the policy would and would not cover.

Lloyds TSB's training and staff briefings reminded its advisers of the importance of providing the customer with the information concerning the policy including cover and benefits and any significant or unsual restrctions or exclusions to its customers. It was also common practice during the interview for the customer to receive a copy of the Policy document. The Policy Document contained a table setting out the benefits and cover under the Policy; and the way in which cover may change dependent upon the circumstances or age of the customer, at point of claim. It was common practice for the adviser to use the table in the Policy Document to explain wht the Policy offers and to confim how the Policy benefits would apply to the customer's circumsances. A further copy of the Policy Summary and the Policy documents are available for your information on request.

In addition, you signed an Acknowledgement of Purchase form which confirmed that you had received information relating to the costs, terms and conditions and exclusions of the Optional Loan Protection Policy and that you received a copy of the Loan Agreement and Loan Protection Policy Document contained within the policy wallet.

The acknowledgement of Purchase form expressly states that "The Purpose of Loan Protection Insurance is to make sure you continue to meet your monthly repayments in the event of unemployment, hospitalisation or disability through accident or sickness. This policy also provides you with life, cancer and accidental permanent total disability cover.

In the circumstances, I am afraid that in the absense of any further information from you, I will have no alternative other than to reject your complaint.

Your concern:
You have advised you were led to believe the policy was compulsory or that the application for credit would be compromised in the absence of cover.

My findings:
Lloyds TSB did not lead customers to believe that the insurance was compulsory or that the application for credit would be compromised in the absense of cover.
Lloyds TSB through its processes, practices and documents took steps to ensure the customer was fully aware of the optional nature of the cover.

Lloyds TSB sellers were trained that the loan protection policy was optional and that it must be explained fully to the customer with the full costs of the loan and protection explained separately.

You signed an Optional Loan Protection Acknowledgement of Purchase from which confirmed that you had received information on relating to The Cost, terms and conditions and exclusions of the optional loan protection policy and also reminded you of your right to cancel the policy.
A copy of that document attached.

We attach a copy of the Consumer Credit Agreement which you signed and which set out separately:
1. the fact thay there was a cash loan and a loan for the loan protection insurance together with the respective amounts;
2. the monthly repayments for the loan and the loan protection insurance.

A Separate box is completed on the Loan Agreement to confirm that you wished to take the optional loan protection and a further box confirmed that the premium had been advanced as part of the loan.
You were therefore, made fully aware of the optional nature of the policy.

In the circumstances in the absence of any further information from you, I am afraid I will have no alternatve other than to reject your complaint.