LLoyds Tsb Loan PPI

robbedofmymoney

Just an update.

I have now had a response about the recordings and have once again been promised these will be sent on a CD, (this time i have it in writing from them)
the SAR team have told me that the loan department will send these to me.

so i will wait until monday (8 weeks up).

the terms and conditions for the loan insurance believe it or not are not held with the loan details so i will need ot send off another SAR to Newprot if i want this. (not essential fo rmy claim)

there is no record or details about the original on-line application (although i do have the dates and approx time)

i have decided that come monday, the 8 weeks will be up, they have had enough time to sort this out, i know what the recordings will say if i ever get them, they will confirm that Lloyds have filled in documents in-correctly during the loan application process. and ignored details of existing cover to make it look like i had no cover at all.

i have all the times and dates of these phone calls form my own phone records so can prove the calls took place if lloyds dispute this.

i will write to them and give them 7 days notice that i will be refering this complaint to the FOS, and a seperate complaint to the information commissioner for not sending me personal information and losing/not saving details of my loan application for 6 years.

i could give them more time but i think they will just keep stalling and i would end up going to the FOS anyway.

di3004

robbedofmymoney wrote: »

Just an update.

I have now had a response about the recordings and have once again been promised these will be sent on a CD, (this time i have it in writing from them)
the SAR team have told me that the loan department will send these to me.

so i will wait until monday (8 weeks up).

the terms and conditions for the loan insurance believe it or not are not held with the loan details so i will need ot send off another SAR to Newprot if i want this. (not essential fo rmy claim)

there is no record or details about the original on-line application (although i do have the dates and approx time)

i have decided that come monday, the 8 weeks will be up, they have had enough time to sort this out, i know what the recordings will say if i ever get them, they will confirm that Lloyds have filled in documents in-correctly during the loan application process. and ignored details of existing cover to make it look like i had no cover at all.

i have all the times and dates of these phone calls form my own phone records so can prove the calls took place if lloyds dispute this.

i will write to them and give them 7 days notice that i will be refering this complaint to the FOS, and a seperate complaint to the information commissioner for not sending me personal information and losing/not saving details of my loan application for 6 years.

i could give them more time but i think they will just keep stalling and i would end up going to the FOS anyway.

You certainly know what your doing, well done and the best of luck.:A

robbedofmymoney

just an update.

as suspected, Lloyds have not supplied the recordings, although they have sent the encryption code to me for the disc.

i will leave until friday as i am away in sunny Wales until then, if no disc by then i'm off to the FOS with my complaint.

their 8 weeks were up yesterday.

di3004

robbedofmymoney wrote: »

just an update.

as suspected, Lloyds have not supplied the recordings, although they have sent the encryption code to me for the disc.

i will leave until friday as i am away in sunny Wales until then, if no disc by then i'm off to the FOS with my complaint.

their 8 weeks were up yesterday.

Hi there

Good luck then.

May see you here in Sunny Wales, lol that's where I live anyway, the South East part.;)

robbedofmymoney

another update,

will sned htis letter today, along with letter to ICO
any other suggestions welcome

I write to you in follow up to my previous letter dated 15th February 2010 requesting copies of ALL of the telephone conversations regarding my Loan Protection Insurance which you refer to.

I have received two pieces of correspondence since writing to Lloyds Tsb on this matter.

One response from your SAR team mentioning they had discussed this matter with yourself and that you would send the information requested under the terms of the data protection act and would be sent by royal mail special delivery.

The second was correspondence following a phone call form your department. The phone call was once again promising to send this information, a letter then followed with details of the encryption code, however, to date I have still not received the voice recordings, I can only assume once again you have not fulfilled your obligation to send them as promised.

Bearing in mind I have now requested this information and been promised it on 4 separate occasions over the last 2 months, and also requested this information within my SAR and still do not have it, I feel that I am left with no alternative but to write to you to inform you that this particular matter will be referred to the Information Commissioners Office in the form of a complaint as I believe Lloyds Tsb have committed a serious breach of the Data Protection Act. I will notify your SAR team by separate correspondence.

Because of your failure to send this information and not respond to my letter dated 13th January 2010 I feel you have not dealt with my complaint about the miss-selling of my Loan Protection Insurance properly, and are either deliberately stalling your final response or just ignoring my complaint.

As you have now had over 8 weeks which is enough time to fully investigate my complaint and have not really performed in a manner I would expect from a large financial institution I require you to issue me with your full and final response to my complaint within 14 days from the date of this letter.

In the meantime I still require the voice recordings for all of the calls that relate to my loan and selling of the insurance policy. This information is still required to be sent to me under the terms of the Data Protection Act.

jayne1965_2

Hi, I have started my claim last week for ppi from Lloyds TSB. I received a rejection letter a few days later and it was exactly as your letter was with all the same phrases. Thank you so much for your reply to them, I will adapt it to my circumstances, I thought it was brill. One problem I have is that I have claimed on this policy and was successful, so I am unsure whether or not it will make a difference. Can't wait to see your success story and best of luck.

robbedofmymoney wrote: »

I have today recieved a rejection letter from LLoyds Tsb for my loan PPI,
obviously this is a standard letter as i only posted my complaint to them on the 2nd Jan 2010.

anyway, i have read a number of threads where people as worried about the resonse they first get from their lenders.

so i have posted my full response to LLoyd which i intend to send tomorrow in the aim to demonstrate the types on answers you could give.

if any one spots any glaring aerrors please let me know before i send it.

happy reading,



Thank you for your prompt response dated 8th January 2010 to my complaint dated 2nd January 2010. You refer to a letter you have sent me dated 6th January 2010, I have not received this first letter, so can only assume it has been lost.

After reading your response, you state that you have addressed each point in my letter of complaint, you have not properly addressed every point, and you have not properly addressed my concerns.

You have also referred to a telephone recording that was made for which you have not enclosed a copy of this recording, Please send me a copy of this recording for my records. There was more than one phone call concerning this loan for which you will no doubt have recordings of, can you send me all of these recordings. (not transcripts)

I will now refer to the points you have commented on and will answer these points accordingly.

“LLoydsTsb did not lead customers to believe that the insurance was compulsory or that the application for credit would be compromised in the absence 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.”

2 points are raised here, the first referring to wether or not the insurance was optional, as per my previous letter dated 2nd January 2010 you did not make this fully clear and explain this to me properly under your obligation to do so. If you had of explained this properly I would not have taken out your policy as there was no need to.
You have not been successful in implementing your obligations and procedure through your second point as I still purchased your insurance even though I had alternative cover.

On a point of fact, and I would like your answer to this question, If Lloyds Tsb do not mis lead people into purchasing their insurance, why is it that well over 90% of claims made against Lloyds Tsb for PPI mis-selling are upheld by the FOS.

“Lloyds Tsb s process provides for customers to receive Your Quick Guide to Comprehensive Loan Protection Insurance which complies with the FSA’s requirements to provide a policy summery to the customer. In your case you signed a Customer Declaration which confirmed receipt of the Policy Summery. I attach a copy of the signed documents. The Customer Declaration confirms that full details of the price of the loan protection insurance were included in the Customer Credit Agreement.”

“Lloyds TSB s Policy makes clear that the policy is optional in the Key facts section on the first page.”

I had already been advised over the phone to have your insurance prior to signing the documents there for I did not see any reason for going through the document in great detail as I had been led to believe I needed your policy. It is your obligation and responsibility to discuss any exclusions, options and terms and conditions prior to selling me the policy, and to make sure the policy is sold in my best interests.

“the Policy Summery sets out the right that the customer has to cancel the policy”

Your Policy sets out my rights, why then in 2007 at my Local branch was I told I “could not cancel” just my loan protection, if I did my re-payments would “not go down” as the only way to do this would be to re-negotiate the loan and that this would be at a “higher interest rate” I was there for advised not to cancel the policy as it would not have saved me money. This advice was not in my best interests, as it appears I have not been advised correctly.

This is one of the points you failed to address within my original complaint.

You have then referred to the overall cost of this insurance, the total cost of this insurance is not in question so your statement here is irrelevant.

“In addition to the above, you received as part of the sales process a document confirming Lloyds Tsb s recommendation of Payment Protection Insurance. This Document is the Statement of Demands and Needs required under the FSA’s rules. The version of this document you received contains a clear statement that:”

“You are aware of the benefits of optional Loan Protection Cover and have confirmed your current eligibility for cover.”

“We have reviewed the Personal Summery and our Recommendation (YPSOR) documentation provided to the customer before completion of sale. In the process that our Sellers follow they complete the YPSOR and use this as a prompt to discover wether there are any exclusions that should be drawn to the attention of the customer. I enclose a copy of the YPSOR from which you will note that there were no exclusions raised.”
The copy of my (YPSOR) you have sent me is incorrect, I have not filled in this document. This has as you have stated, been completed by an Adviser. This is the first time I have seen this document.

In particular where your advisor has ticked the boxes No. the facts are as follows to each point.

“Do You have any form of Life or critical illness insurance that would provide cover for the entire term of this loan.. Your adviser ticked No.”

I had at the time and still have life and critical illness cover, life cover for 200k, and seperate criticall illness cover, these policies are with Lloyds Banking Group companies (Scottish Widows) why would I say no to this question?

“Do you have any form of accident, sickness, hospitalization or unemployment insurance that would cover you for the entire term of this loan. Your adviser ticked No.”

I had and still have got income protection insurance which kicks in after a pre-determined time to co-incide with my employers contractual obligations on pay. Why would I have said no to this question? I believe this was and still is with Scottish Widows, a LLoydsTsb group company.

“Would you be able to repay this the outstanding debt under this credit agreement from any other source if your present circumstances were to change. Your adviser ticked No.”

I had all of the above from the first 2 points, Why would I have said No to this question.

Your recording of this sales call will shed more light on these points.

Its clear these last few paragraphs only strengthen my case for a miss-selling complaint.

“The duration of the LPI policy matches the duration of the loan. This is made clear in the policy terms and conditions.”

My notes and records do not reflect this, I have the insurance down as 5 years. Send me a copy of the insurance terms and conditions stating cover is for “6 years”.

As you have not satisfactorily resolved my complaint I am requesting that you look into my complaint again. And in doing so would request that if you are unable to demonstrate that you have treated me fairly, and advised me correctly in all aspects of this miss-sale I require a full refund of all premiums paid to date complete with associated interest.

If I do not receive a satisfactory response within 8 weeks form the date of my original complaint I will have no option but to refer my complaint to the FOS for them to action.

di3004

Hi Jayne good luck,
Hope they re-look into this for you and uphold in your favour.

My hubby made a successful claim but they did finally uphold on the grounds that his chances were reduced due to his medical circumstances, they did send an offer but we requested they take another look and investigate what they they should have investigated on and then they overturned this decison in his favour, so yes even if you have made a claim, you may still have a complaint or have grounds to make a reclaim on another reason.
Why pay out a full cover if they are not fully covering you?;)

Fingers crossed.

Di

slightlybaffled

I only took out a loan with Lloyds about 4 months ago and was told I could not have the loan without their payment protection, I am also self-employed (which I told them at the time) and now realise the policy is pretty useless to me and vey expensive!
While I realise that what I have actually paid amounts to less than £200 I am confused as to what happens to the payments on the rest of the loan (7 years) - Lloyds say you have to cancel the policy within 30 days
Sorry if this is a bit basic - I have no experience and am wallowing in a sea of confusion, but would really appreciate some advice as to how to proceed. Thanks

di3004

slightlybaffled wrote: »

I only took out a loan with Lloyds about 4 months ago and was told I could not have the loan without their payment protection, I am also self-employed (which I told them at the time) and now realise the policy is pretty useless to me and vey expensive!
While I realise that what I have actually paid amounts to less than £200 I am confused as to what happens to the payments on the rest of the loan (7 years) - Lloyds say you have to cancel the policy within 30 days
Sorry if this is a bit basic - I have no experience and am wallowing in a sea of confusion, but would really appreciate some advice as to how to proceed. Thanks

Hi and welcome

With your reasons, write to them by giving them 8 weeks.

I understand that some still protect self employed so worth double checking on this, but there are lots of reasons you may have.

Lloyds are known to had added PPI automatically, and many assumed it was all part of the loan/credit card and so on.

The link below will explain more, with a useful guidelines of reclaiming, with template letters and a checklist of mis selling reasons that is worth checking on, so if any of those also apply to you also write them in your letter too.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Do not worry about writing the amounts down on your letter, they should supply you with the breakdown of this is successful, or you can request they send this to you.
Keep on at them until you receive the final decision, sometimes they give you the opportunity to write to them again with further information.
The final response they should enclose details of the financial ombudsman service (FOS), so you can take your complaint to these if your not satisfied with the outcome of your complaint.

Post by recorded delivery for your proof of posting, good luck, please keep us posted and ask for help anytime.;)

Di

robbedofmymoney

thank you all for your comments,

another update,

finally got the phone recording, however, there is only one phone call they have sent me, they say there are no more, (they are wrong)

anyway

the recording they have sent confirms that i discussed my exisitng cover and was told that my existing cover wa snot good enough (even though they did not get details of exactly how much) they also did not confirm that thier policy would not pay our if my income was not effected,
the recording also confirms that if i was off long terms sick i would still get my basic wage.

and wait for it.

there is no mention of the LPI being added to the loan as a single premium and that it would attract interest, they just quoted a monthly LPI figure.

so on this basis i will write to Lloyds to point out that i still intend to go to the FOS within 14 days even if i haven't had their final response. i think this is why they have delayed in issuing the call recording and the final response, hoping i would just give up.

i will still insist that they dig deep to find the other recordings as this will help to confirm other points of my claim, however, a miss-sell is a miss sell

i will keep all updated