Send your questions to Lloyds on PPI

robbedofmymoney

my question would be:

its quite clear there has been widespread miss-selling of PPI and subsequently a complete lack of ability to properly investigate customer complaints. (backed by FOS statistics)

Will Lloyds contact all of their customers who have still got all types of PPI (loans/credit card) and re-assess their suitability for the product no matter how the product was purchased in the past.

SCOTTY58

Like many other Lloyds/TSB customers (and indeed the same applies for other banks), my initial complaint regarding PPI was rejected outright by the bank and that was back in 2008. I have pursued this matter through the FSA who found in my favour. However,even after the Judicial Review it seems that my case will not even be finalised for some months,indeed it could be up to 1 year. It appears that I am not in enough financial hardship in that my property is not in immediate threat of possession to warrant it being given special consideration. The fact that my family is living on £100 a month means nothing.
Lloyds/TSB.When are you going to do the decent thing and stop stalling. You should be working in conjunction with the FSA to bring these cases to an early conclusion. People out here are suffering because of you and you are just dragging your heels.
My options according to the FSA are to contact you direct for an offer. Will this be a fair and reasonable one and do you work to the same equations as the FSA ie 8% accrued interest added and compensation for the hardship caused (that is what the FSA have instigated on my behalf. Or will you offer me a paltry sum because you know that I am in hardship? I think I know which it will be

magpiecottage

The interview will, I suspect, have to concentrate on the generic, rather than the specific.

For those with specific issues relating to timescales it might be helpful to understand that, until the Judicial Review was decided, the banks did not know if they would have to pay redress on affected cases or not.

Only when they lost did they start recruiting staff to deal with it. That is reasonable as it is not commercially viable to pay to recruit and retain staff that you may not need for some time if at all.

Lloyds TSB did start very quickly. They announced they would not be taking part in an appeal before anybody else. I knew that they were not about a week before because I learned that they were recruiting.

However, it does take time. You can go to FOS but then you will end up in another queue which is probably longer.

I suspect that, if your complaint is upheld, it will be quicker to allow Lloyds TSB to deal with it and I think it will now follow what FOS will do. In other words, I think it unlikely that a complaint will be rejected by Lloyds TSB then upheld by FOS.

That does mean if you lose at Lloyds TSB you will end up waiting longer for an answer from FOS than if you simply went to FOS now but I think it is worth waiting.

magpiecottage

Orford wrote: »

It has been reported that the banks are refusing to reopen any of the claims which it rejected and which was not then referred to the Financial Ombudsman. Is this true?

Good question - this should be asked, I think.

marshallka

magpiecottage wrote: »

Good question - this should be asked, I think.

According to this is money Barclays and HSBC are

Santander says it will not consider compensating any customers who have already had their complaint rejected.
State-backed RBS and NatWest say they will offer redress 'in line with the standards the FSA now requires' — which does not include complaints already rejected. Lloyds Banking Group, which includes Halifax and Cheltenham & Gloucester, simply says that customers should contact them directly. Barclays and HSBC on the other hand, say that customers who have already been dismissed should get in touch again because the banks are now assessing complaints differently.


Read more: http://www.thisismoney.co.uk/credit-and-loans/ppi-mis-selling/article.html?in_article_id=533825&in_page_id=506#ixzz1O6SrKIsz

magpiecottage

missminx wrote: »

Lloyds sent me a letter saying that they were changing the provider of PPI and if they didn't hear from you they took it as tacit consent to continue the arrangement you had. I wrote back requesting they cancel as of the new provider. They conveniently didn't act on this. More than 18 months later they did stop it after several phone calls and letters, but haven't back dated it. How can you justify advising people by post, with no proof of receipt, but then apparently if we write to you we need proof you received it. I fully intend to challenge the PPI over the full length of my credit card agreement now, as I feel I have been taken for a ride. It never helped when needed, and is just another scam.

Your difficulty is proof. It is not much help to you now but as a rule, proof of posting (free from the Post Office) will be deemed by FOS to have been received two working days later in the event of a dispute.

magpiecottage

cabbage360 wrote: »

Hi,

I have a loan and and overdraft with LloydsTSB and I've heard that claimants of PPI have had overdrafts withdrawn. I ocassionally take a payment holiday from my loan and one of the criteria for doing this is that there is no claim going through. I'm generally worried that claiming back PPI would have a negative effect on my standing with LLoydsTSB and the repurcussions wouldn't be worth the trouble.

Retaliating against a customer who made a complaint would almost certainly breach FSA Principle 6.

FOS found against a number of firms on this point over bank charges complaints - in other words a complaint about a complaint was upheld.

magpiecottage

marshallka wrote: »

Why should commissions come into financial selling (which is what single premiums were all about)?

Surely the seller has more of an interest in the commission than looking after their customer?

Apprently the commissions for single premiums were huge?

The question is whether the purchaser was in a position to make an informed decision, not who earned what from the sale.

The main problem with single premium products was that the total cost (including interest) could be more than it was possible to receive in benefits and consumers did not understand this.

magpiecottage

d-b wrote: »

Is it possible for executors of an estate to claim back PPI. He was on a pension and seriously ill which ended up being terminal. The cover was not in effect when he died but we have some statements with it on from a few years ago.

As marshallka says, you can complain if you have grounds for complaint.

However, statements with cover in, that it stopped some years ago and he was on a pension suggest it was covering a credit card and stopped when he retired.

I would think it likely the application was done on paper and the cover was almost always an opt in on paper.

So I suspect you will find there is no evidence of misselling.

magpiecottage

marshallka wrote: »

When banks make a redress why do they only pay 8% statutory interest when so much more has been made on the money that was as some would say, ill gotton in the first place?

Because that is what the FSA has dictated.

It is a bit of a trade off.

On the one hand, there will be those who get less than they are paying on other loans elsewhere but there will also be those who would simply have put the money on deposit and got less.