Would I have case?

Foggster

Apologies, as this has probably been asked a million times before!

I took a loan out with Lloyds TSB in 2003 for 7 years. Recently I amended the loan to extend for 18 months more and asked that the PPI was removed for the remainder of the loan which has been done.

I have always believed I wasnt able to claim for the last 5 years because I was employed full time when I took the loan out. I honestly dont recall any hard sell although I dont remember it being mentioned so do not see this as a reason for case.

However, in the event of long term sickness, I would have been covered with 100% salary for 6 months through work and would not have needed the PPI until after 6 months. Is this reason enough?

I dont hold out much hope but at the same time I dont want to miss applying if others have been in a similar sitiuation.

Many thanks in advance.

di3004

Foggster wrote: »

Apologies, as this has probably been asked a million times before!

I took a loan out with Lloyds TSB in 2003 for 7 years. Recently I amended the loan to extend for 18 months more and asked that the PPI was removed for the remainder of the loan which has been done.

I have always believed I wasnt able to claim for the last 5 years because I was employed full time when I took the loan out. I honestly dont recall any hard sell although I dont remember it being mentioned so do not see this as a reason for case.

However, in the event of long term sickness, I would have been covered with 100% salary for 6 months through work and would not have needed the PPI until after 6 months. Is this reason enough?

I dont hold out much hope but at the same time I dont want to miss applying if others have been in a similar sitiuation.

Many thanks in advance.

Hi there

It seems (in my opinion) and my own experience with LLoyds as well, they did not explain the policy, so just added it in with the loan, if explained and asked if you already had cover in place, then you would have been given the opportunity to tell them that you were covered through work.

So basically its like paying for something you did not actually know you had if you got my drift?

I assume others have been in the same position as yourself and were protected by other means, through employment etc, and have given this reason.
Have you also checked the checklist on the reclaiming guidelines?
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Foggster

Thank you di3004, I did read the checklist and thats why I came here. LOL I am still not sure if the fact I would receive full pay for 6 months would be the same as being "insured" elsewhere as per the checklist.

I have banked with the same Lloyds for over 20 years which is the same amount of time I have been employed in local government so I am without doubt that my bank knew my circumstances and the kind of "cover", if you can call it that, I would have been receiving. However, I am wondering if Lloyds would say "what would have happened after 6 months" which is when my insurance would have kicked in?

Andrew_Thomas

they have to follow strict guidlines when selling complex financial products which they will have made a fortune on. If they did not ask the right questions you will be able to claim. You should have been asked what cover you already have and what benefits you would receive should you be unable to work due to sickness injury

Andrew_Thomas

you could have got a much cheaper policy tailored to your individual needs if they had followed the correct process

Foggster

Thank you. No harm in applying then.

Andrew_Thomas

absolutley. Good luck

di3004

Foggster wrote: »

Thank you. No harm in applying then.

That is right with what Andrew said, so give it a go at least and keep at them, fingers crossed.;)

Stuart_1980

It sounds like a definite case of mis-sold PPI to me.

michelle45_2

Hi

I have just claimed for 2 loans with lloyds/tsb for the same reasons that as I work for the NHS I did not need to take out their ppi and that if they were working for the customer (and not them selves) they would have realised this and advised me not to take it out.

After 2 weeks they have just up holded one loan from 2001 just waiting to hear from the other,

Michelle

finatra26

Well done Michelle - The NHS reason was one of the ones I used too with BOS & it was upheld