LLoyds Tsb Loan PPI

mystery_united

I have been reading your thread with interest..... I am pleased you have got you phonecall recording, I am sure that the FOS will find in your favour - although you may find that Lloyds settle in your favour without to much more hastle.

:beer:

robbedofmymoney

We shall see wether i get a response,
i am expecting to have to refer this to the FOS, i have already started on the forms and putting a seperate pack with all info and index together to make it easy for the FOS to follow the chain of events.

i can guarantee Lloyds will now mysteriously find another recording to try and stall things further, but enough is enough 7 days encounting.

di3004

robbedofmymoney wrote: »

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

Hi there

Thanks for your update.

I would also request they send all the recordings as you have paid for everything within the SAR, give them 7 days, they should write back with an explaination of why they have not sent others to you, see what they say, hopefully they will realise you MEAN BUSINESS and will send more recordings.
You could tell them you will contact the Information Commissioners Office to complain that you've not received all your data you requested for, this may make them shift.

Hope you hear something soon though with some good news.;)

Di

robbedofmymoney

di3004 wrote: »

Hi there

Thanks for your update.

I would also request they send all the recordings as you have paid for everything within the SAR, give them 7 days, they should write back with an explaination of why they have not sent others to you, see what they say, hopefully they will realise you MEAN BUSINESS and will send more recordings.
You could tell them you will contact the Information Commissioners Office to complain that you've not received all your data you requested for, this may make them shift.

Hope you hear something soon though with some good news.;)

Di

they have confirmed there are no more calls on their records, however, i know there were calls, no doubt with another department or some excuse like that, i have told them when these calls took place but still they insist there are no more, (they have a telphone conversation recording confirming what they have said) so it will look bad for them if they now find something.

Following my discussions with them on Wednesday they know i mean business. (they've had £5.3k so far in LPI payments, there is no way i am letting this drop). got the disc the next day. sending my reply today. (will post below)

thanks for your comments, i have got my Sar and this recording was not within the original bundle, (obviously know why now).

cheers

robbedofmymoney

copy of letter going to Lloyds today following receipt of telephone conversation

Thank you for finally sending me the first phone recording following my discussion with Julie on 11th March 2010.

During my conversation with Julie I discussed all of the telephone conversations which related to this sale of the LPI policy. Julie mentioned that this is definitely the only call that the insurance was discussed in with relation to this loan, at the time I queried this as I remember other conversations.

Excluding these other calls, and after listening to the only recording regarding the sale that LloydsTsb have stated they have. I still believe I have been miss-led and miss-sold the insurance policy for the above loan and will be referring my complaint to the FOS for the reasons below if I do not receive a satisfactory answer.

These points are all within the recording you have sent.

• There is no mention of the LPI policy being added as an integral part of the loan (single premium), I was quoted a figure of £88.95 per month for the LPI policy, there was no mention that interest was added to the insurance premium, the only mention of the 6.9% interest rate was in relation to the loan amount. At no time within the sale was it mentioned that it will be added as a single lump sum up front as part of the loan.
• While discussing wether cover was required by your advisor I discussed my existing levels of cover, and was told by your advisor that this cover would not cover my loan re-payments, (this in hind sight is in-correct) your LPI policy may not pay out as I would still have been able to make the loan re-payments from my income protection (that’s what its there for). Your advisor mentions that this would only cover 80% of my income (this is an assumption made by your advisor), and did not take into account my seperate mortgage payment protection policy which covers my largest out-going. My existing cover at the time was for income protection (un-employment, sickness, redundancy etc), mortgage payment protection, critical illness and life cover.
• There is also a line within the conversation discussing what would happen if I was off on long term sick, to which I confirmed I would get my basic wages, this alone would have negated the need for the LPI policy. During the call your advisor swiftly moved on to the next stage after I mentioned this, still recommending I needed the policy.
• Your document called YPSOR is in-correct, as I have previously stated I have not said no to these questions.
• Your recommendation was to take out the insurance policy even though I had more than adequate alternative cover in all areas.

I also still maintain that even after this first phone call there were a number of other discussion with Lloyds Tsb (which you state there were not).

However, based on the information you do have I believe I have still been miss-sold the LPI policy.

In way of redress I require you to cancel the LPI policy, refund me the premiums I have made to date including 8% simple interest and reduce my loan by £88.95 for the remainder of the loan term.

You have still not issued me with your final response to my complaint which I now request you to do within 7 days from the date of this letter as you have now had over 10 weeks since my original complaint to do so.

di3004

robbedofmymoney wrote: »

copy of letter going to Lloyds today following receipt of telephone conversation

Thank you for finally sending me the first phone recording following my discussion with Julie on 11th March 2010.

During my conversation with Julie I discussed all of the telephone conversations which related to this sale of the LPI policy. Julie mentioned that this is definitely the only call that the insurance was discussed in with relation to this loan, at the time I queried this as I remember other conversations.

Excluding these other calls, and after listening to the only recording regarding the sale that LloydsTsb have stated they have. I still believe I have been miss-led and miss-sold the insurance policy for the above loan and will be referring my complaint to the FOS for the reasons below if I do not receive a satisfactory answer.

These points are all within the recording you have sent.

• There is no mention of the LPI policy being added as an integral part of the loan (single premium), I was quoted a figure of £88.95 per month for the LPI policy, there was no mention that interest was added to the insurance premium, the only mention of the 6.9% interest rate was in relation to the loan amount. At no time within the sale was it mentioned that it will be added as a single lump sum up front as part of the loan.
• While discussing wether cover was required by your advisor I discussed my existing levels of cover, and was told by your advisor that this cover would not cover my loan re-payments, (this in hind sight is in-correct) your LPI policy may not pay out as I would still have been able to make the loan re-payments from my income protection (that’s what its there for). Your advisor mentions that this would only cover 80% of my income (this is an assumption made by your advisor), and did not take into account my seperate mortgage payment protection policy which covers my largest out-going. My existing cover at the time was for income protection (un-employment, sickness, redundancy etc), mortgage payment protection, critical illness and life cover.
• There is also a line within the conversation discussing what would happen if I was off on long term sick, to which I confirmed I would get my basic wages, this alone would have negated the need for the LPI policy. During the call your advisor swiftly moved on to the next stage after I mentioned this, still recommending I needed the policy.
• Your document called YPSOR is in-correct, as I have previously stated I have not said no to these questions.
• Your recommendation was to take out the insurance policy even though I had more than adequate alternative cover in all areas.

I also still maintain that even after this first phone call there were a number of other discussion with Lloyds Tsb (which you state there were not).

However, based on the information you do have I believe I have still been miss-sold the LPI policy.

In way of redress I require you to cancel the LPI policy, refund me the premiums I have made to date including 8% simple interest and reduce my loan by £88.95 for the remainder of the loan term.

You have still not issued me with your final response to my complaint which I now request you to do within 7 days from the date of this letter as you have now had over 10 weeks since my original complaint to do so.

Good one..........:T:T Great letter.
Fingers crossed.

That's right they have had ample time.

robbedofmymoney

di3004 wrote: »

Good one..........:T:T Great letter.
Fingers crossed.

That's right they have had ample time.

i'll get there in the end:beer:

di3004

robbedofmymoney wrote: »

i'll get there in the end:beer:

You will, we shall make sure of that.:D:beer:

robbedofmymoney

got a letter today with final response so off to the FOS.

all they have done is offered to cancel the PPI and re-finance the loan which puts my monthly repayments up.

its a good job i was prepared for the wait with these lot.

i will keep you all informed on my progress

di3004

robbedofmymoney wrote: »

got a letter today with final response so off to the FOS.

all they have done is offered to cancel the PPI and re-finance the loan which puts my monthly repayments up.

its a good job i was prepared for the wait with these lot.

i will keep you all informed on my progress

Hi

Sorry to hear that, to save me looking back was this the only and final response?

That happened with mine, and I told them I was not happy with the offer and that they did not give us any opportunity to wrote back, so I write back anyway and made a few points with them and they did end up relooking at it again and decided fully in our favour.

So just a suggestion if this is the case for you, and if you don't think they have given a reasonable finding to any of your reasons, I would let them know that as well.
But yes otherwise your right in moving on to the FOS, you could also send LLoyds a copy of the complaint form, it is sometimes known that they change their minds once they are aware you moved it on to the FOS.