ppi-LTSB

maria456

I have had two loans from LTSB,one was paid off before the last one was taken out.
I was mis-sold ppi on both loans. The last loan was taken over by a debt agency a while ago. I have sent both first letters to LTSB who have replied and stated first loan was mis-sold to me and they need more time to sort out second loan.
Letter from LTSB says I need to sign letter for them to calculate refund due to me, they will workout refund as link for ppi-FOS.
My problem is I have to sign letter and send back to them,not knowing what amount they will offer me, letter also states I will not go to
FOS as this claim will now be closed, it sounds a bit like blackmail to me.
FOS may be able to offer me a higher amount than the bank.
I was hoping to get a full refund of ppi on both loans, as they were single premium amounts, I do have the paperwork for both.
Can some-one please give me some advice on this?
I have not signed letter as yet, I am waiting for letter regarding second loan.

di3004

maria456 wrote: »

I have had two loans from LTSB,one was paid off before the last one was taken out.
I was mis-sold ppi on both loans. The last loan was taken over by a debt agency a while ago. I have sent both first letters to LTSB who have replied and stated first loan was mis-sold to me and they need more time to sort out second loan.

Hello there and good luck.;)
Did you have the same reasons for both loans for the mis selling of the PPI?

maria456

Yes, I gave the same reasons for both.
Does the form signing seem like bank bullying to you, what if, after I have signed the form, I don't like the amount offered, can I still go to the FOS?

di3004

maria456 wrote: »

Yes, I gave the same reasons for both.
Does the form signing seem like bank bullying to you, what if, after I have signed the form, I don't like the amount offered, can I still go to the FOS?

Hi hun
I take it they pressurised you take out the PPI then, and it was sold in the branch?

Or did you mean the form to accept the offer of the refund?

If you signed the acceptance form, they would take it your happy to accept this as a final settlement to what I know of, I'm sure and hope someone else can clarify on this for you.
However, if they admitted they mis sold the PPI, you should be refunded all you have paid in PPI and the interest etc as if you did not take out the ppi in the first place.

If they admitted the mis selling on the other one, and it was not an offer, you should be okay on reclaiming on that one as well, good luck with this.

Of course if your not happy like with any complaint, you can always take your case to the Financial ombudsman service (FOS).;)

maria456

Yes, I was sold both ppis by the bank branch and was told it would be better for me if I took out the ppi on each loan, so I did not argue with this.I would like both ppis to be refunded plus 8% interest on all payments made by me. I do not trust the bank to do this properly for me, I also need to put in a claim for bank charges with LTSB as well.
I have 1034.00 outstanding on second loan, which has a ppi of 1272.00, which would clear this debt, I also have debt company trying to take me to court, as I am unemployed, this is turning into a nightmare for me, ppi has not been cancelled by me as I have read it is not allowed to be cancelled, it is on the list on this website that says this.

di3004

maria456 wrote: »

Yes, I was sold both ppis by the bank branch and was told it would be better for me if I took out the ppi on each loan, so I did not argue with this.I would like both ppis to be refunded plus 8% interest on all payments made by me. I do not trust the bank to do this properly for me, I also need to put in a claim for bank charges with LTSB as well.
I have 1034.00 outstanding on second loan, which has a ppi of 1272.00, which would clear this debt, I also have debt company trying to take me to court, as I am unemployed, this is turning into a nightmare for me, ppi has not been cancelled by me as I have read it is not allowed to be cancelled, it is on the list on this website that says this.

Hi hun
I do hope this all works out for you, and I agree Lloyds are not the easiest to deal with but since the write ups in the media recently they do seem to have mellowed, and the FOS are on to these big time in regards of mis selling of PPI etc, defo on credit card ppi sales, and I assume it would be the same for loan ppi as well.

I'm sure it will all go in your favour in the end, and of course you can go to the FOS if your not satisfied with the outcome.

For reclaiming charges, you may be aware to do this separately, there is a separate thread on the site here below, good luck.;)
http://forums.moneysavingexpert.com/forumdisplay.html?f=102