Innaccurate Loan Records - Lloyds TSB

IndiSevenFive

Hi,

di3004 suggested I ask in here as these questions are not really relevant to the PPI thread.

I took out a loan in 2006 with Lloyds TSB for circa £13000, and having been reading on the site, I have a few questions?

Firstly, I cancelled the PPI in 2008, but only after seeing 2 years of payments barely touch the overall loan. I'm about to try to reclaim that now.

When I took out that loan I was migrating my debt from Egg to my bank as I wanted a single point of contact after a costly cancelled wedding. Hence with acquisition of an £11000 debt in mind the manager who set the loan up set it up as an internal staff loan - my interest rate was 5.7% as a result.

I discovered this last year whilst trying to expand it to cover some moving expenses. I was advised not to touch the 'staff' loan as the interest rate would be lost.

Countless 'branch managers' have turned a blind eye whenever they've stumbled across it, and told me to tell noone, but should I be listed as a member of Lloyds TSB staff on my personal loan?

Do I have any argument that it was missold?

The other loan last year which came about as a result of not being able to extend the 'staff' loan was then sold to me without updating my address. They couldn't find my new postcode on the day, have still not changed the address despite 12 monthly attempts to make it so, and I'm so irked I want an excuse now to declare the loan null and void based on being knowingly set up with incorrect details. I'm so sick of my cards failing, my post going absent, and having to maintain a postal redirect because every time I post a CoA form, or drop one into the bank I get a letter with some feeble excuse about my signature not matching, or my (clearly readable) account number being illegible, or some excuse about needing to come in with my passport and driving licence.

Any advice appreciated.

Thanks

~Brock~

There's that bloody word again.....'missold'

In what way, by setting up your loan in a way that gives you a cheaper than normal rate, have you been prejudiced in any way?

What is the value of your 'loss' to date?

IndiSevenFive

~Brock~ wrote: »

There's that bloody word again.....'missold'

In what way, by setting up your loan in a way that gives you a cheaper than normal rate, have you been prejudiced in any way?

What is the value of your 'loss' to date?

Lets be fair, I'm not interested in whether you think it's morally right for me to challenge the validity, I'm asking whether the falsifying of records are something I can challenge after years of ignorance and inconvenience, and the misrepresentation of my person in order to generate an interest rate with with to acquire my business.

I'm not at a loss, I'm simply in a position where I am made to look like a fraud through someone elses doing, have no flexibility owing to not being able to draw attention to the loan, and am being misrepresented as a member of staff to the point that anyone I address in the bank simply gives me the hush hush treatment. This is hardly appropriate behaviour for a financial institution.

On the count of the second loan, they have also wilfully falsified their own records.

I should not be in a position where staff treat me with the hush hush every time I want to pay extra, take a repayment holiday, or make an extra payment.

They have been set up in a manner inappropriate to such an institution and, as such, have not been sold properly. Hence, missold.

Now, does anyone have any advice on how I deal with the issue beyond getting all sanctimonious about my motives?

Thank you.

ILW

Just tell them you want to change the details, and if that means a higher rate of interest, so be it.

jonesMUFCforever

I think you should come clean! Make a formal complaint - you should not have a staff loan and it should be re-written to a commercial rate - probably about 12% today!
You should also soon get tax bill as staff loans are a benefit in kind.

Really what do you want to do ? Play along and get a very cheap loan or open a can of worms?
I know which I would do - you can still make over-payments at any branch without charge.

IndiSevenFive

Not a question of coming clean. They've been addressed on the subject several times, and making an overpayment involves 30 minutes of 'are you staff?' and 10 minutes of suggesting I make no payments as any changes to the term will attract attention. IN A BANK!!!!

A Lloyds TSB branch manager has taken the fraudulent step of labelling me staff in order to create a favourable rate with which to attract my business. I found out in 2009 and have repeatedly asked for an explanation. To date this has not been provided and all I get is the nonsense above around keeping quiet.

I accept that the interest rate favours me. I do not accept a financial institution asking me to 'keep quiet' rather than roll my 2 loans together in order to protect the the person who faked elements of my application for the sake of her own commission.

Not to worry a solicitor has picked this up this afternoon. Seems I should not have to explain myself every time I go to the bank over an anomaly caused by internal dishonesty.

jonesMUFCforever

My my - internal dishonesty or simply a mistake??

Over to you it will be you that ends up paying a lot more interest in the long run.

IndiSevenFive

Heavens! Hardly a mistake. You can't take down details of my salary and employer and then list them as Lloyds TSB by mistake.

Jeez, save the indignance for the peasant's trying to avoid paying, not the people who are being told not to pay more.