How about this one then?

in-hindsight

About two years ago I sold my business and went to work for the firm who purchased it.

To clear the old debts of the business I took out a loan for £20K with Lloyds TSB. At the time the loan was set up I had a good relationship with my business bank manager. He produced all the paper work for me and I rushed into the branch before going on holiday and signed the loan paperwork.

Upon my return from holiday I opened the post and found that the loan had PPI added to it. I queried this with the bank and subsequently asked for it to be removed as it was not required. I was under the trusted assumption that Lloyds had carried this out and thought nothing more of it.

I found out this morning whilst sorting my personal finances out that it would appear the PPI was not cancelled and i have been paying for it for the best part of two years now. Needless to say Lloyds are a tad sheepish about the whole affair. I have issued them with a modified version of the 'free ppi letter' and have requested the money refunded in full along with the interest. I have also requested 8% interest on the money to compensate.

What do you reckon my chances are then guys and girls?

di3004

in-hindsight wrote: »

About two years ago I sold my business and went to work for the firm who purchased it.

To clear the old debts of the business I took out a loan for £20K with Lloyds TSB. At the time the loan was set up I had a good relationship with my business bank manager. He produced all the paper work for me and I rushed into the branch before going on holiday and signed the loan paperwork.

Upon my return from holiday I opened the post and found that the loan had PPI added to it. I queried this with the bank and subsequently asked for it to be removed as it was not required. I was under the trusted assumption that Lloyds had carried this out and thought nothing more of it.

I found out this morning whilst sorting my personal finances out that it would appear the PPI was not cancelled and i have been paying for it for the best part of two years now. Needless to say Lloyds are a tad sheepish about the whole affair. I have issued them with a modified version of the 'free ppi letter' and have requested the money refunded in full along with the interest. I have also requested 8% interest on the money to compensate.

What do you reckon my chances are then guys and girls?

Hello and welcome.

I say you have a great case here and would go for it.

How annoying that they did not cancel this when you asked them to do so.....:mad:.

If Lloyds do not resolve in your favour, then I'm sure the FOS will.

I would write everything you can on your reclaim letter, include copies of any paperwork you may have as well if you can to back this up.

For more info with templates and a checklist of mis selling reasons link here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

I would not worry about writing down the amounts though.

If you require further help, please post up anytime, good luck.;)

in-hindsight

Thanks very much for the advice! I will keep this post informed of my progress. fingers crossed now everyone.....!

di3004

in-hindsight wrote: »

Thanks very much for the advice! I will keep this post informed of my progress. fingers crossed now everyone.....!

Your very welcome.;)
Fingers crossed.:beer:
Look forward to hearing the outcome, and keep at them.

in-hindsight

Does anyone know from these figures how much the bank owe me back.

Loan Amount £20K
Term 60 months
Monthly amount approx £538
The loan was 4.25% above base
I have 40 payments left to make

Any help would be great

putty71

Can I ask the same question as in hindsight please? Is there tool on here for working out what we would be entitled to after paying PPI?

di3004

in-hindsight wrote: »

Does anyone know from these figures how much the bank owe me back.

Loan Amount £20K
Term 60 months
Monthly amount approx £538
The loan was 4.25% above base
I have 40 payments left to make

Any help would be great

Yikes......:eek:me and calculations, I am hopeless with, sorry......:o, hopefully Marshallka will see this Saturday and check these for you, she is good with working out calculations and I'm sure she will have a go.;)

Good luck.

di3004

putty71 wrote: »

Can I ask the same question as in hindsight please? Is there tool on here for working out what we would be entitled to after paying PPI?

I believe there is some type of calculator on here somewhere, if I find the link to this I will post up, and again Marshallka will be back here I expect on Saturday, and she may have the link to this otherwise.;)

in-hindsight

Just a quick follow up.

I have today received my letter from LloydsTSB. Despite LTSB repeatedly telling me they have done nothing wrong and its all my fault that the policy was added, they have made me an offer.

The offer of "goodwill" is for a full refund of premiums including interest but minus any refund already made. I have been told that I’m not entitled to claim the 8% added interest as i had the PPI added to the top of my loan and therefore did not spend my own money. Can any one shine a light on this one?

I have also requested the amount that will be refunded. The girl on the phone originally told me this was not possible and I was just to sign the paperwork and send it back. When I challenged this she back tracked and said it could be done but it would take a week to obtain the data. This I am happy to wait for.

marshallka

in-hindsight wrote: »

Just a quick follow up.

I have today received my letter from LloydsTSB. Despite LTSB repeatedly telling me they have done nothing wrong and its all my fault that the policy was added, they have made me an offer.

The offer of "goodwill" is for a full refund of premiums including interest but minus any refund already made. I have been told that I’m not entitled to claim the 8% added interest as i had the PPI added to the top of my loan and therefore did not spend my own money. Can any one shine a light on this one?

I have also requested the amount that will be refunded. The girl on the phone originally told me this was not possible and I was just to sign the paperwork and send it back. When I challenged this she back tracked and said it could be done but it would take a week to obtain the data. This I am happy to wait for.

Did not spend your own money???? You spent "your own money" on the repayments and providing there are no arrears this money should come back to you. Anything that was actually PAID towards the PPI was your own money and I cannot understand them saying this. I understand that the unpaid PPI is not actually paid yet and they can just take if off the loan and redo the loan but as regards your repayments made against it i would certainly argue the 8% statutory interest.

in-hindsight

marshallka wrote: »

Did not spend your own money???? You spent "your own money" on the repayments and providing there are no arrears this money should come back to you. Anything that was actually PAID towards the PPI was your own money and I cannot understand them saying this. I understand that the unpaid PPI is not actually paid yet and they can just take if off the loan and redo the loan but as regards your repayments made against it i would certainly argue the 8% statutory interest.

Im glad you see it like that! It was the same point i made on the phone, however i think she may have been fobbing me off.