Any help would be great

gordonmckinley82

hello all if someone can help me with my dilemma, any advice would be great

I have a current loan with the Lloyds Tsb, and got a few more years left to run on it, would i be able to

A make a claim for the ppi insurance on the loan

and

B if the claim was successful, what would happen with my loan, will the annual APR change or will it go to current rates, the rate i have was before the credit crunch/recession took effect

any advice or if others had a similar situation could let me know what happened with them would be helpful

di3004

gordonmckinley82 wrote: »

hello all if someone can help me with my dilemma, any advice would be great

I have a current loan with the Lloyds Tsb, and got a few more years left to run on it, would i be able to

A make a claim for the ppi insurance on the loan

and

B if the claim was successful, what would happen with my loan, will the annual APR change or will it go to current rates, the rate i have was before the credit crunch/recession took effect

any advice or if others had a similar situation could let me know what happened with them would be helpful

Hi and welcome.

I take it you were mis sold the PPI and want to make a reclaim on the PPI for that reason?;)

I would check your policy details, if you no longer have these then they will or should provide them to you free of charge.

If you cancelled the insurance after the cooling period, some banks will then suggest to pay off the loan, to take out a new loan without the PPI, if you do this though I think the rate should be that of equal or better, unless someone can clarify on this.
Although you should be able to cancel at any time.
You can still of course make a reclaim on the PPI.

It can vary from bank to bank, it may be the case that if your successful they will refund the amount to the loan to reduce the balance and any interest should be refunded directly to you.

If your not in arrears though, I am aware you can request they refund the amount directly to you, because you have already been out of pocket and deprived if your money due to being mis sold the product.
Your loan should therefore be reduced on the monthly repayments.

To make a reclaim -

1, Complete the FOS questionnaire (these are now in replacement of the first template reclaiming letter) and recently issued by the financial ombudsman service.
You will find the questionnaire, on link below, further down the page as Stage one.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

2. Send to Lloyds, as these were the ones responsible for the setting up of your policy.

3. Keep a copy as well - in case you need to refer to it later on.

4. They have 8 weeks in full to respond, they sometimes request for more time to investigate, that is fine, as long as they've not ignored your complaint.

Make sure you get proof of posting as well from your post office.

Good luck with this.;)