PPI on Lloyds TSB Loan

Tigger2808

Hi, I'm new and I hope people out there can advise me.

I took out a loan last year with Lloyds TSB. They offerered me PPI and I asked if I could take out a policy with another company as it woud probably be cheaper but I was told no, so I signed up for theirs. I do now have income protection insurance so don't need theirs. Is this a case of mis-selling as they told me I couldn't use another policy to cover it, but of course it's their word against mine?

Also, I just received a loan statement which shows the whole amount borrowed as the first entry and directly underneath is the whole cost of the PPI under the heading "Loan Protection Insurance Loan Advance". I'm sure I've read somewhere before that companies are not allowed to add the whole cost at the start of the agreement? Does anyone know? Then, As interest is added after these entries month by month I don't know if they're calculating the interest on the cost including the PPI which is surely wrong.

I'm pretty sure Lloyds TSB were fined at some point so I'd be surprised if they're still mis-selling but any advise would be very mucha appreciated! Many thanks

di3004

Tigger2808 wrote: »

Hi, I'm new and I hope people out there can advise me.

I took out a loan last year with Lloyds TSB. They offerered me PPI and I asked if I could take out a policy with another company as it woud probably be cheaper but I was told no, so I signed up for theirs. I do now have income protection insurance so don't need theirs. Is this a case of mis-selling as they told me I couldn't use another policy to cover it, but of course it's their word against mine?

Also, I just received a loan statement which shows the whole amount borrowed as the first entry and directly underneath is the whole cost of the PPI under the heading "Loan Protection Insurance Loan Advance". I'm sure I've read somewhere before that companies are not allowed to add the whole cost at the start of the agreement? Does anyone know? Then, As interest is added after these entries month by month I don't know if they're calculating the interest on the cost including the PPI which is surely wrong.

I'm pretty sure Lloyds TSB were fined at some point so I'd be surprised if they're still mis-selling but any advise would be very mucha appreciated! Many thanks

Hello and welcome.;)

Lloyds all over this, and you do have a good case here, so give it a go on the reclaiming for them mis selling the PPI to you, you will find more info on the below link, with template letters and the guidelines of reclaiming.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

They have not stopped selling these types of PPI.

Good luck and please let us know how you get on, and also ask for help if required.