Lloyds Offer on Loan Mis-selling

daiwilliams

Hi Everyone,

I have recently been successful in getting money repayed by Lloyds to me regarding mis-selling of PPI. This repayment included interest.

Following this, I wrote to them complaining about the mis-selling of the loans in terms of the way they were sold to me. This was not about PPI.

I have been reasonably successful in my complaint where they are now offering to repay elements of previous loans and reduce the amount of my current loan.

The offer they have made to me does not include interest. I am wondering should I ask for the interest?

As they have already admitted liability for what they have done, if I went to the FOS, would they award me interest?

Thanks,

Dai

di3004

daiwilliams wrote: »

Hi Everyone,

I have recently been successful in getting money repayed by Lloyds to me regarding mis-selling of PPI. This repayment included interest.

Following this, I wrote to them complaining about the mis-selling of the loans in terms of the way they were sold to me. This was not about PPI.

I have been reasonably successful in my complaint where they are now offering to repay elements of previous loans and reduce the amount of my current loan.

The offer they have made to me does not include interest. I am wondering should I ask for the interest?

As they have already admitted liability for what they have done, if I went to the FOS, would they award me interest?

Thanks,

Dai

Hiya Dai

And well done to you.:beer:
There is no harm in asking, send them an email and ask if they would consider it, also due to the fact of them already admitting liability of mis selling on this other, and of course you have already been deprived of your money.

Email them as a general enquiry here:
[EMAIL="Customer.Care.Insurance@lloydsTsb.co.uk"]Customer.Care.Insurance@lloydsTsb.co.uk[/EMAIL]

Good luck, please keep us posted.

Also if and when you email them, ask them to confirm your email have been received, they do this normally.;)

Di

daiwilliams

Thanks Di, this is with a customer relations centre in Bristol unfortunately so not with the PPI guys now.

Will have to write them a letter I think!

Thanks for your advice

di3004

daiwilliams wrote: »

Thanks Di, this is with a customer relations centre in Bristol unfortunately so not with the PPI guys now.

Will have to write them a letter I think!

Thanks for your advice

I think the email counts for all...............I think....

They are the ones that I and many on here email in relation to PPI refunds.

I did forget to say though, its best to write a hardcopy as well, just in case, good luck.;)

Andy_Boro_2

on what grounds did you complain the loan had been mis sold to you?

halphy

Well done to you x

daiwilliams

There were a variety of reasons!

Basically I was in a bit of trouble when in uni with affording fees and accomodation etc. I was sold a loan that had PPI with it while still in education. Things escalated for various reasons where I needed extra money and was sold further loans with PPI. I have successfully claimed the PPI back on those.

My issue that I have complained about was the nature in which they were sold knowing I would struggle to pay them back with PPI and the circumstances they were sold in.

They have made an offer based on this complaint which I am happy with, but I was wondering should interest have been added to this which it hasnt been for this offer.

daiwilliams

Hi Everyone, just an update on this that I posted.

I wrote back to LLoyds after receiving the offer asking for interest to be paid on the refund. They have declined this as "the type of refund that we are offering does not qualify" for this payment.

So now I am left with the option of accepting their offer, which taked a loan of £8,193 down to £5,632 and meaning I pay this off in 5 years, or I take this to the FOS.

So I need some advice really. If I take it to the FOS, what would the risks be? Baring in mind Lloyds have already admitted liability on mis-selling the loan. I dont want to be greedy and risk losing the offer, but I do feel that the offer should include some form of compensation due to the mis-selling and the money I have been deprived of?

Hope you can help.

Thanks.

vaporate

How can any bank 'mis-sell' you a loan lol

You signed the dotted line for the loan. cough up or face the consequences.

daiwilliams

Quite easily actually.

I went in, asked for a loan. Gave them all of my details, quite clearly couldnt afford the repayments, plus they sold me PPI knowing I was a student.

Therefore sold me a loan knowing I couldnt afford to meet the repayments = mis-selling.

It doesnt matter whether you signed on the dotted line or not, it was the responsibility of Lloyds to not sell it to me in the first place.

As for the cosequences ... never missed one payment, and quite happy to keep paying.

vaporate

daiwilliams wrote: »

Quite easily actually.

I went in, asked for a loan. Gave them all of my details, quite clearly couldnt afford the repayments, plus they sold me PPI knowing I was a student.

Therefore sold me a loan knowing I couldnt afford to meet the repayments = mis-selling.

It doesnt matter whether you signed on the dotted line or not, it was the responsibility of Lloyds to not sell it to me in the first place.

As for the cosequences ... never missed one payment, and quite happy to keep paying.

lol Come on.

That is your fault.

Yes it does matter.

Consumer responsibility.

I'm with the bank on this one.