Lloyds TSB BLRI claim?

Plantmaniac_2

Hi all,

I am considering making a claim for a policy that was sold to me by Lloyds TBS back in 2000 and cost me £13,205 added to a refinancing loan for my business of £100,000 (Total loan £114,455-94) repayable over 15 years.

At the time I was a sole trader embarking on an IVA, a very heart wrenching time, but none the less due to circumstances beyond my control it was the only option given to me. As part of the survival plan the Bank refinanced all existing borrowing, loan and overdraft into this loan. My business became incorporated in 2000, however the Bank only agreed to the borrowing on the basis that it was protected, and that it stayed outside the company. Needless to say the loan was fully secured. I successfully completed the IVA 6 years ago with a better than expected outcome for my creditors BTW.

The loan is still being repaid. I believe that I was mis-sold the policy, indeed until recently had forgotten it existed. It is clearly a single premium policy, but I do not believe I was given any option not to have it, and I was certainly not given any details of the product in advance of the policy coming into force or being paid. I have the loan agreement copy with the attached terms and conditions of the insurance. The forms were filled by the Manager, leaving me to just sign and retain a the copy.

Any view you may have would be great. I have started to write a claim letter to the bank using a template I found on the internet, however I am not clear about how to calculate the interest element of the claim, given that the loan is still active and has approximately 5 years still to run.

Martin, thanks for being such a champ:T

di3004

Plantmaniac wrote: »

Hi all,

I am considering making a claim for a policy that was sold to me by Lloyds TBS back in 2000 and cost me £13,205 added to a refinancing loan for my business of £100,000 (Total loan £114,455-94) repayable over 15 years.

At the time I was a sole trader embarking on an IVA, a very heart wrenching time, but none the less due to circumstances beyond my control it was the only option given to me. As part of the survival plan the Bank refinanced all existing borrowing, loan and overdraft into this loan. My business became incorporated in 2000, however the Bank only agreed to the borrowing on the basis that it was protected, and that it stayed outside the company. Needless to say the loan was fully secured. I successfully completed the IVA 6 years ago with a better than expected outcome for my creditors BTW.

The loan is still being repaid. I believe that I was mis-sold the policy, indeed until recently had forgotten it existed. It is clearly a single premium policy, but I do not believe I was given any option not to have it, and I was certainly not given any details of the product in advance of the policy coming into force or being paid. I have the loan agreement copy with the attached terms and conditions of the insurance. The forms were filled by the Manager, leaving me to just sign and retain a the copy.

Any view you may have would be great. I have started to write a claim letter to the bank using a template I found on the internet, however I am not clear about how to calculate the interest element of the claim, given that the loan is still active and has approximately 5 years still to run.

Martin, thanks for being such a champ:T

Hi and welcome

Wishing you luck on your reclaiming.

I would not worry about writing the figures in your letter, because you can request for a breakdown at any time and check them out that way.

If they uphold in your favour, then they must therefore calculate inline with the FOS, check out Maxdp's thread on how the FOS calculates PPI refunds......
https://forums.moneysavingexpert.com/discussion/1596473
It may just give you an idea.;)

Send your reclaim to this address here.....

Lloyds PPI
Customer Care
Lloyds TSB Insurance
Tredegar Park
Newport
South Wales
NP10 8SB

Its the one I used anyway.

Good luck with this though and please keep us posted, cheers.;)

Plantmaniac_2

Many thanks indeed. I have sent a letter today to the address you gave. :D

Will keep you informed of how I get on

di3004

Plantmaniac wrote: »

Many thanks indeed. I have sent a letter today to the address you gave. :D

Will keep you informed of how I get on

Your welcome.;)

Just a few more details you may require here if needs to be.

[EMAIL="customer.care.insurance@lloydstsb.co.uk"]customer.care.insurance@lloydstsb.co.uk[/EMAIL]

Email these in regards of your reclaim, to chase them up, for instance - if you hear nothing by 8 weeks, or if you get any problems, good luck.:D:)

We look forward to hearing your outcome.

Fiddlestick

Do the same rules apply if it was a B2B sale rather than B2C?

di3004

Fiddlestick wrote: »

Do the same rules apply if it was a B2B sale rather than B2C?

I am not too certain TBH, I'm sure someone will confirm.;)

Plantmaniac_2

Fiddlestick wrote: »

Do the same rules apply if it was a B2B sale rather than B2C?

Would be interesting to know. Reclaiming charges are treated differently certainly as businesses are only covered in common law rather than consumer law, but I believe I read somewhere that it was possible.

Will let you know if I learn more.

Plantmaniac_2

Had nice letter back from them with attached FOS PPI questionaire, so am following the guidlines on here.

So far so good

middleman31

Hello,

Is there any more information on this case or a BLRI PPI recovery case. I have seen posts who have been successfull but they do not say what routes they took to get the result.

J