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Lloyds Tsb PPI re-claim
monkeymush
Posts: 2 Newbie
Hi there!
Just wondering if anyone can help.
My parents took a loan out in 2006 over 7 years and are now in a position to pay the balance off in full.
After looking through the possible grounds for PPI mis-selling, I think they may have grounds, as they weren't asked about any exisisting insurance policies, were given quite a hard sell on it and weren't informed that because my father turned 65 during the period of this loan, that it would pretty much render the LPI useless.
Just in the process of filling out the template letters, but there is one area I'm a little unsure on, as to whether it is a single premium policy or not. The total amount of the LPI is added to the loan amount, but appears to be being paid in monthly instalments. So would this be single premium or not?
Also when my parents called up, originally they were going to just cancel the LPI and pay the rest by the instalments, but after speaking to the customer services person were told this would only save them around £19 per month.
Just want to make sure I get it right on the template letters really
Thank you in advance.
Just wondering if anyone can help.
My parents took a loan out in 2006 over 7 years and are now in a position to pay the balance off in full.
After looking through the possible grounds for PPI mis-selling, I think they may have grounds, as they weren't asked about any exisisting insurance policies, were given quite a hard sell on it and weren't informed that because my father turned 65 during the period of this loan, that it would pretty much render the LPI useless.
Just in the process of filling out the template letters, but there is one area I'm a little unsure on, as to whether it is a single premium policy or not. The total amount of the LPI is added to the loan amount, but appears to be being paid in monthly instalments. So would this be single premium or not?
Also when my parents called up, originally they were going to just cancel the LPI and pay the rest by the instalments, but after speaking to the customer services person were told this would only save them around £19 per month.
Just want to make sure I get it right on the template letters really
Thank you in advance.
0
Comments
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Hi There
It sounds as if you have a good case here. If it was added to the loan it was a front loaded premium. If they have done that why are you paying for it monthly as well. Do you mean that every month they say pay 200.00 150 being the loan and 50 being the ppi premium. Is that what you are meaning?:mad:0 -
Yes. I think it was £220 ish per month and then an extra £50 LPI on top of that.0
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