Send your questions to Lloyds on PPI

magpiecottage

Bidwell33 wrote: »

I took a loan out from LloydsTSB last May. I was advised that I could only receive the loan if I took out PPI following their 'risk assessment'. I accepted and proceeded with the loan.

Several months later I visited my very helpful LloydsTSB branch to conduct a review on my account and we looked at how I could reduce my outgoings. They noticed the PPI, and suggested that I didn't actually need it, so they the direct debit for it there and then! Wonderful.

But now I am wondering if I ever needed to pay the first several months PPI at all, and if not, can I reclaim?

MB

It sounds like they have admitted the product they sold you was unnecessary - so yes you seem to have grounds for complaint.

marshallka

Just wanted to know if this thread is now done and dusted and has Guy now asked the questions he is going to ask? Is it worth anyone else posting for what the original title implies as questions for LLoyds? Will Guy come back with any feedback from Lloyds?

magpiecottage

Rachaelhp4 wrote: »

I took out a loan in 2004 for seven years. I was unaware that I had PPI. In 2008 I became ill and was off sick. After six months, I received for the first time a report from Lloyds to say how my loan was being paid off. I filed it. Two weeks later I received a letter saying that they had made an error and that I had a PPI in place as well. I contacted them and was able to make a claim, even though I did not know that I had it. The claim remained in place to the end of the loan which was over two years away.

The point is that I did not know that I had one. Obviously I would have claimed immediately if I had! Does this mean that I cannot claim for the PPI premium which I discovered was £2000 and if I can claim, will they then want the money they paid which I claimed under this policy which totals around £2,700?

It sounds as though this was a single premium policy which was added to the loan and a complaint is therefore likely to be upheld.

Redress would take account of the payments made but it is quite possible that the interest plus the premium exceeds the payout.

marshallka

Rachaelhp4 wrote: »

I took out a loan in 2004 for seven years. I was unaware that I had PPI. In 2008 I became ill and was off sick. After six months, I received for the first time a report from Lloyds to say how my loan was being paid off. I filed it. Two weeks later I received a letter saying that they had made an error and that I had a PPI in place as well. I contacted them and was able to make a claim, even though I did not know that I had it. The claim remained in place to the end of the loan which was over two years away.

The point is that I did not know that I had one. Obviously I would have claimed immediately if I had! Does this mean that I cannot claim for the PPI premium which I discovered was £2000 and if I can claim, will they then want the money they paid which I claimed under this policy which totals around £2,700?

If you did not know you had it then its up to you about a complaint being made as you still should have been made aware of this and all the exclusions etc. If you redress of PPI plus the interest charged on the PPI and the 8% statutory interest is more than the original claim you made then they would give you the difference.

Blimey, can you imagine all the people in the same boat as you that never made a claim? How much has that made for the banks?

magpiecottage

marshallka wrote: »

Just out of interest here magpie, what makes you think the application was done on paper for one and what makes you think there was no evidence of misselling? Why could it not be a loan from previously before retirement?

If it was for a loan, it would either have been a single premium or simply shown as a direct debit on a current account statement.

Regular premiums on statements therefore points toward a credit card account being debited for its own PPI.

If it is a credit card, then it is most unlikely to be an advised sale and simply completed on line or a paper application.

On line applications are a relatively recent innovation and the arrangement seems to go back some years.

So I think, based on the evidence we have, it is most likely to be PPI covering a credit card that was applied for on paper.

I cannot guarantee it is but this is the sort of thought process that a good complaint investigator will go through to try to build up a picture of what happened.

marshallka

magpiecottage wrote: »

If it was for a loan, it would either have been a single premium or simply shown as a direct debit on a current account statement.

Regular premiums on statements therefore points toward a credit card account being debited for its own PPI.

If it is a credit card, then it is most unlikely to be an advised sale and simply completed on line or a paper application.

On line applications are a relatively recent innovation and the arrangement seems to go back some years.

So I think, based on the evidence we have, it is most likely to be PPI covering a credit card that was applied for on paper.

I cannot guarantee it is but this is the sort of thought process that a good complaint investigator will go through to try to build up a picture of what happened.

Still a little assuming though magpie. I would actually be put off making any complaint with your reply!!!

Tweacle_2

I used to have a lloyds platinum credit card which was automatically superseded by the airmiles duo cards. I have successfully claimed my PPI back from the airmiles duo but Lloyds refuse to acknowledge that my platinum account ever existed saying they have no record of it. Could you ask the man from lloyds what they will be doing to remedy this. By the way I still have the actual credit card for the account which lloyds say never existed. I would have assumed that financial companies would be required to keep records for a certain period of time?

Janet_Lacey

Taking out PPI was put to me by the loan consultant at the real estate office. I was also advised to change my life insurance to name the mortgage payoff first which I felt was better for the children.

However as I am self employed and they knew that at the time of my loan application as I was self certified there may be a case to be answered for signing me up for PPI.

My concern is who was the seller the consultant at the estate agents office, the Insurance Company or the Bank?

I would say this is a stumbling block for many who is to blame and who do we write to?

Thank you
Janet

magpiecottage

marshallka wrote: »

Still a little assuming though magpie. I would actually be put off making any complaint with your reply!!!

You very seldom get clear cut complaints and have to try to piece together what evidence you have. The information we have been given is more consistent with a credit card than another form of borrowing.

If evidence contradicting the conclusion was produced, I would change my hypothesis but unless and until it does, it is the best fit explanation.

Alpine_Star

marshallka wrote: »

Is this a thread for questions to LLOYDS?

Indeed.

I can only assume that magpiecottage is either dyslexic or is AKA Lloyds TSB.