Lloyds Bank PIP Problems

Honnacotts

HI Guys,
My father phoned me up today in a state of anxiety.
He went down to Lloyds to cash in a PIP certificate to the value of £10,000 which was started back in 2000.
At the time he started two for £10,000 and the following year, two for £7,000.
The problem is, they're saying he cashed it in already, now if he'd done this, why would he still have the certificate?
He's adamant the he'd done no such thing and surely if he had there would be some sort of record of him signing over the certificate.
Wouldn't there be some proof that Lloyds could come up with to prove when it was cashed in and the total amount, signature, etc?
I can't find a great deal of info on these pip's, so don't exactly know anything about them.
He reckons he'd been paying in to them over all this time so should he have had some sort of statement on a regular basis?
What's the thought of what we should be doing to find out what's going on?

Annisele

To start with, I think that he should ask Lloyds when the plans were cashed in, where the money was paid, and for copies of the surrender requests. He should also ask Lloyds for copies of his annual statements.

I think there are three possibilities:

• Your father is mistaken, and he really did surrender the policies.
• Lloyds has made a mistake - either now (in wrongly telling him that the policies were surrendered), or before (in surrendering the policies).
• Some sort of fraud has taken place.

The fact that your father still has the certificates doesn't necessarily mean that the policies must be in force. If an investor loses their certificate, they still get to cash in the plan (they usually just have to sign an indemnity form).

For the moment I think that all your father can do is get Lloyds to send him details. If he's not happy with the documents when he receives them, he can make a formal complaint to Lloyds.

dunstonh

Most companies havent requested certificates back for years.

Can you clarify what product it is that you are talking about? I don't recall a Lloyds Bank product of that name.

He reckons he'd been paying in to them over all this time so should he have had some sort of statement on a regular basis?

Statements are normally 6 monthly or yearly. Also, if he has been paying into them regularly then there should be transactions on his current account statement to show that.

Reaper

Honnacotts wrote: »

I can't find a great deal of info on these pip's, so don't exactly know anything about them.

I imagine these are the PIPs:
http://www.lloydstsb.com/investments/pip.asp

Annisele

Dunstonh, I think (not sure) that they're the Halifax ones, rebranded by Lloyds.

dunstonh

Annisele wrote: »

Dunstonh, I think (not sure) that they're the Halifax ones, rebranded by Lloyds.

Thanks to reapers link, they do appear to be Halifax ones rebranded due the mention of St Andrews.