now what???

lisa2

Hi just been told i can have the missold insurance back from ltsb and 8%. This is great! However my loan along with all my other debts were handed over to a debt management company years ago. These people pay everything and should be finished paying in 2011.
The bank now says it will only pay the money into the loan account and will not issue a cheaque or put it into another account. I no longer use the account and it is purely for the debt management company. What do i do? Its because of them misselling me that i ended in so much hardship etc.
Can they do this? Please help!:mad: If anyone has been in a simular situation can you pass on your story x

di3004

lisa2 wrote: »

Hi just been told i can have the missold insurance back from ltsb and 8%. This is great! However my loan along with all my other debts were handed over to a debt management company years ago. These people pay everything and should be finished paying in 2011.
The bank now says it will only pay the money into the loan account and will not issue a cheaque or put it into another account. I no longer use the account and it is purely for the debt management company. What do i do? Its because of them misselling me that i ended in so much hardship etc.
Can they do this? Please help!:mad: If anyone has been in a simular situation can you pass on your story x

Hi and welcome Lisa

Unfortunately, this is the way this seems to work, if there is debt owing, even with payment plan, if any arrears then it does normally get refunded directly to that account.
However, if they admitted liability, they should also pay you the 8% interest of what a court would award, because you have been deprived of your money, and this part to what I am aware of should come back to you by cheque payment or to your bank account.

However, if your not happy with the way they have dealt with this, write back to them and like any complaint they have 8 weeks in full to respond, if they still don't do anything in your favour, then you have the right to complain to the financial ombudsman service (FOS) for them to investigate, but there may be some time before they can deal with it, but in hardship situations, you could request for fast tracking if you want to.

Hope all this works out for you, the very best of luck, please keep us posted.:)

marshallka

di3004 wrote: »

However, if they admitted liability, they should also pay you the 8% interest of what a court would award, because you have been deprived of your money, and this part to what I am aware of should come back to you by cheque payment or to your bank account.

.:)

But don't you have to declare it (the 8%??) for the DMP as income as you could then pay more on the plan sometimes? Not too sure how these things work?

lisa2

Thanks for your help i will keep on at them! Just think it is so wrong. I was poor before and then my son died and i came into some money. This is when ltsb started hounding me. When i got the loan i was in need of money and they gave me it on a plate and even went onto give me a second loan. If they had looked at my account history they would have seen i was always poor apart from the money i inherited. I am disabled and couldnt work and was only getting benifits as an income and still am? Does this mean i can ask them to scrap the whole loan? and then get my ppi back?
Greatful of all your help x

di3004

lisa2 wrote: »

Thanks for your help i will keep on at them! Just think it is so wrong. I was poor before and then my son died and i came into some money. This is when ltsb started hounding me. When i got the loan i was in need of money and they gave me it on a plate and even went onto give me a second loan. If they had looked at my account history they would have seen i was always poor apart from the money i inherited. I am disabled and couldnt work and was only getting benifits as an income and still am? Does this mean i can ask them to scrap the whole loan? and then get my ppi back?
Greatful of all your help x

Hi Lisa

So sorry to hear about your son and of course your disabilities.
Very tragic indeed.

I am not too sure on the whole loan, but in regards of the insurance, they should put this right for you.;)

Thanks for explaining this better Marshallka in regards of the 8%.:)