Lloyds LPI Next Step

Mikey40

After receiving a whole ream of papers from Lloyds after my sending my SAR letter, I'm now ready to take the next step! Have gone through a load of papers referring to my current and previous loans and taken notes, and I think I'm now in a position to complete my reclaim letter and hopefully send it in the next couple of days. There are a couple of points I would be gratefully if anyone could help me with and the main one is what should I be reclaiming for, but as stated before this should be worked out by them, maybe it will give me a heads up? Also I intend to cancel the LPI in question, and again as stated elsewhere the dreaded terms/conditions 1.4 cancelling the LPI... crops up. If I'm reading it right it says nothing about being penalised for this and only the monthly repayment for the cash loan will be taken very month... I'm very dubious about this? Any thoughts? Anyway the following details apply to my current situation...
My loan has been updated/recalculated over a number of years for various reasons. I'd like to list what these have been and see if anyone could give me a heads up on how much I should be seeking to claim back or to put me on the right track!

1st Loan period covered 19th Oct 2001 to 31st July 2002
Loan £10,000 and LPI of £2,143.03 (Rate 9.96%) Term 60 months
2nd Loan period covered 26th July 2002 to 15th May 2003
Loan £11,100 and LPI of £2,455.59 (Rate 11.34%) Term 60 months
3rd Loan period covered 15th May 2003 to 15th April 2005
Loan £15,000 and LPI, no mention on statement (Rate 10.43%) term 60 months
4th Loan period covered 15th April 2005 to 13th February 2007
Loan £15,000 and LPI, no mention on statement (Interest 10.43%) Term 60 months
5th Loan period covered 13th Feb 2007 to 27th Sept 2008
Cashback Loan of £15,000 and LPI of £4,580.92 (Interest 11.33% per annum) Term 84 months
6th Loan period covered 8th February 2009 to 25th October 2009 (Interest 11.33% per annum) Term 84 months

I was never given an option that this product was aavailable by a thrird party. I feel I shouldn't still be paying for a product which I can get cheaper one elsewhere, if needed at all! Any help or guidance on the above would be massively appreciated. Well got a feeling it might be a long road, but the successes on here do give me heart to keep at it... here goes!! Mikey40

di3004

Mikey40 wrote: »

After receiving a whole ream of papers from Lloyds after my sending my SAR letter, I'm now ready to take the next step! Have gone through a load of papers referring to my current and previous loans and taken notes, and I think I'm now in a position to complete my reclaim letter and hopefully send it in the next couple of days. There are a couple of points I would be gratefully if anyone could help me with and the main one is what should I be reclaiming for, but as stated before this should be worked out by them, maybe it will give me a heads up? Also I intend to cancel the LPI in question, and again as stated elsewhere the dreaded terms/conditions 1.4 cancelling the LPI... crops up. If I'm reading it right it says nothing about being penalised for this and only the monthly repayment for the cash loan will be taken very month... I'm very dubious about this? Any thoughts? Anyway the following details apply to my current situation...
My loan has been updated/recalculated over a number of years for various reasons. I'd like to list what these have been and see if anyone could give me a heads up on how much I should be seeking to claim back or to put me on the right track!

1st Loan period covered 19th Oct 2001 to 31st July 2002
Loan £10,000 and LPI of £2,143.03 (Rate 9.96%) Term 60 months
2nd Loan period covered 26th July 2002 to 15th May 2003
Loan £11,100 and LPI of £2,455.59 (Rate 11.34%) Term 60 months
3rd Loan period covered 15th May 2003 to 15th April 2005
Loan £15,000 and LPI, no mention on statement (Rate 10.43%) term 60 months
4th Loan period covered 15th April 2005 to 13th February 2007
Loan £15,000 and LPI, no mention on statement (Interest 10.43%) Term 60 months
5th Loan period covered 13th Feb 2007 to 27th Sept 2008
Cashback Loan of £15,000 and LPI of £4,580.92 (Interest 11.33% per annum) Term 84 months
6th Loan period covered 8th February 2009 to 25th October 2009 (Interest 11.33% per annum) Term 84 months

I was never given an option that this product was aavailable by a thrird party. I feel I shouldn't still be paying for a product which I can get cheaper one elsewhere, if needed at all! Any help or guidance on the above would be massively appreciated. Well got a feeling it might be a long road, but the successes on here do give me heart to keep at it... here goes!! Mikey40

Hi there Mikey40.;)

In regards of working out the calculations I have not got a clue, I am good at workings out......:o, but if you were mis sold for the same reasons, you can write on the same letter if you want to, and write all the account numbers that apply.

I'm sure someone will come along to help with the workings out for you, but meanwhile in regards of reclaiming, check the link out below with the guidelines of reclaiming, a check list of mis selling reasons, also template letters etc.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
Post by recorded deliver - this is your proof of posting.

They must aim to put you back in the position as if PPI was not taken out and any interest etc, so all the PPI you have actually paid comes back to you.

Hope this helps for now and hopefully others will post up with some help on this for you as well, good luck, please keep us posted.

Cheers.;)

Di

Mikey40

Well this the letter I have drafted, I hope it covers the main points and hope it helps to get back what I'm looking from LTSB! Any thoughts or tips most welcome...

Lloyds PPI
Customer Care
Lloyds TSB Insurance
Tredegar Park
Newport
South Wales
NP10 8SB

Dear Sir or Madam,

Ref: LPI (Loan Protection Insurance)

Account numbers:
Initial Policy: **********

I purchased the above initial policy and then subsequent restructured policies from you starting 19th October 2001, but now believe that after thought and consideration I was mis-sold LPI (Loan Protection Insurance) with the loan policies mentioned above, for the following reasons:
This is due to the fact that I believe I was not given the correct information when the policy was sold to me, I was not told at the time of signing of the agreement (19/10/2001) that the LPI was optional, and that other, more competitive, products of this type were available to me. At the time I was a little concerned whether I needed the LPI but was given the impression that it came with the loan and wasn’t given the time during the initial agreement to go away and think about whether the LPI was needed with the loan itself. With this in mind I am concerned that the person who sold me the LPI has no financial background and the policy was not sold in my best interests.
I am also currently paying for an Income Protection Plan (CD7412B) via Scottish Widows, which is a similar plan, that can cover any loss in employment, and I’m wondering why I was sold very similar products without any real consultation on whether I needed both products.
After becoming aware of the widespread mis-selling of PPI/LPI by some financial institutions, following recent media coverage and recent OFT and FSA investigations regarding the mis-selling of PPI, I thought I would investigate my own policies and believe I have in fact been mis-sold LPI on all of my loans to date.
Unless you can satisfactorily justify to me that the policy/policies was/were fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.
With this action in mind I would like to cease payments of this LPI immediately, and for my current loan payments to be adjusted to reflect the cessation of these payments.
As a loyal Lloyds TSB customer for nearly 15 years I feel I should have been given a full and reasonable description of why I needed this type of loan, now looking back over the loans and payments I have made it has left a little bit of a baste taste regarding customer satisfaction with Lloyds TSB.
I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks of this letter being sent to you or I shall be contacting the Financial Ombudsman to investigate my complaint further.

Yours faithfully,

di3004

Mikey40 wrote: »

Well this the letter I have drafted, I hope it covers the main points and hope it helps to get back what I'm looking from LTSB! Any thoughts or tips most welcome...

Lloyds PPI
Customer Care
Lloyds TSB Insurance
Tredegar Park
Newport
South Wales
NP10 8SB

Dear Sir or Madam,

Ref: LPI (Loan Protection Insurance)

Account numbers:
Initial Policy: **********

I purchased the above initial policy and then subsequent restructured policies from you starting 19th October 2001, but now believe that after thought and consideration I was mis-sold LPI (Loan Protection Insurance) with the loan policies mentioned above, for the following reasons:
This is due to the fact that I believe I was not given the correct information when the policy was sold to me, I was not told at the time of signing of the agreement (19/10/2001) that the LPI was optional, and that other, more competitive, products of this type were available to me. At the time I was a little concerned whether I needed the LPI but was given the impression that it came with the loan and wasn’t given the time during the initial agreement to go away and think about whether the LPI was needed with the loan itself. With this in mind I am concerned that the person who sold me the LPI has no financial background and the policy was not sold in my best interests.
I am also currently paying for an Income Protection Plan (CD7412B) via Scottish Widows, which is a similar plan, that can cover any loss in employment, and I’m wondering why I was sold very similar products without any real consultation on whether I needed both products.
After becoming aware of the widespread mis-selling of PPI/LPI by some financial institutions, following recent media coverage and recent OFT and FSA investigations regarding the mis-selling of PPI, I thought I would investigate my own policies and believe I have in fact been mis-sold LPI on all of my loans to date.
Unless you can satisfactorily justify to me that the policy/policies was/were fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.
With this action in mind I would like to cease payments of this LPI immediately, and for my current loan payments to be adjusted to reflect the cessation of these payments.
As a loyal Lloyds TSB customer for nearly 15 years I feel I should have been given a full and reasonable description of why I needed this type of loan, now looking back over the loans and payments I have made it has left a little bit of a baste taste regarding customer satisfaction with Lloyds TSB.
I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks of this letter being sent to you or I shall be contacting the Financial Ombudsman to investigate my complaint further.

Yours faithfully,

WOW, what a fab letter, well done.:T:T
Looking good.
Remember to post by recorded delivery, for your proof of posting, you should receive within a week or fortnight a letter from Lloyds to confirm they have received your letter and the usual "I'm sorry to learn of your complaint" something along those lines, then they will give you a timescale of when you should expect to hear from them.

However, if you hear absolutely nothing by the time 8 weeks have passed, your entitled to take your complaint to the FOS, good luck and I'm sure you will have a good result out of this, will be very surprised if you didn't, but keep at them you will get there.:beer: