Can you claim PPI if...

KayJ066

You only took the loan out last year? My partner and I were watching Watchdog on Monday and Martin was on there talking about PPI reclaiming.
My Partner took a 5k personal loan out with Lloyds tsb last april and he doesnt know if he is able to claim.

He pays £136 pcm for 5 yrs i think, we will have to check his paperwork, not sure what the apr was, but i would presume pretty low as his credit rating is good.
His bank had called him and told him he was pre-approved, he went into the bank at 10am and by 10.30 he had the money. I think £136 is a little high?

So, can he claim back the PPI? If so what will happen? we are really new to this but have heard some success stories.

Will Lloyds accept his claim? Will it jepordise his bank account or anything like that?

thanks in advance

dunstonh

I think £136 is a little high?

If that is the case, why did you agree to take out the loan?

o, can he claim back the PPI? If so what will happen? we are really new to this but have heard some success stories.

What is his reason for complaint?

Will Lloyds accept his claim? Will it jepordise his bank account or anything like that?

We would need to know what the complaint is if you want us to offer opinion on it.

KayJ066

dunstonh wrote: »

If that is the case, why did you agree to take out the loan?


What is his reason for complaint?



We would need to know what the complaint is if you want us to offer opinion on it.

Well, the complaint would be that he was mis-sold the PPI. I'm pretty sure when he went into the bank they called it "fully covered" payment (£136) or something along those lines.

Like i said my partner took the loan out in his name, not me, so my opinion on the monthly payment, is just an opinion.

I would say he has been mis-sold it, when we were watching the program with Martin, my partner said "I wonder if I have that on my loan" so we need to get the paperwork together before he/if he makes a claim.

dunstonh

Well, the complaint would be that he was mis-sold the PPI. I'm pretty sure when he went into the bank they called it "fully covered" payment (£136) or something along those lines.

Yes, the complaint was mis-sold but what reason was it mis-sold?

There is nothing wrong with having PPI. A complaint about having PPI will be rejected. You need to state why you believe it was mis-sold as its how it was sold and set up that matters.

KayJ066

Because he doesn't know if he has it or not. So if he has it and doesnt know then that is the ground for complaint?

DrSqueeze

KayJ066 wrote: »

Because he doesn't know if he has it or not. So if he has it and doesnt know then that is the ground for complaint?

He needs to have a read through his loan agreement, see if it's shown on there. Check whether there are tick boxes to accept or decline PPI, or whether he signed to say he wanted PPI.

Also check through any other documents that were sent when the loan was approved, for example a PPI policy booklet or any letters from the lender which explain what the PPI is for.

Then write down what was discussed during the application process and why he feels the PPI was mis-sold.

In order to justify a claim of mis-selling, there needs to be some reason why it was unsuitable or proof that he was misinformed or simply not told about it.

dunstonh

Because he doesn't know if he has it or not. So if he has it and doesnt know then that is the ground for complaint?

The fact he cant remember is not their fault.

A complaint of mis-selling has to be about something they have done wrong. Having PPI is not a complaint reason (as is not having it). When you make the complaint you state what you believe they have done wrong.

src007

KayJ066 wrote: »

My Partner took a 5k personal loan out with Lloyds tsb last april and he doesnt know if he is able to claim.
So, can he claim back the PPI? If so what will happen? we are really new to this but have heard some success stories.

Will Lloyds accept his claim? Will it jepordise his bank account or anything like that?

He should certainly complain. Lloyds PPI was a way for the bank to make massive extra profits and they were one of the worst offenders for mis-selling.

He is entitled to complain and it will in no way affect his bank account or dealing with Lloyds in the future.

You could say that it was unfair interest was added to the insurance. He can use a template letter or his own letter to complain (it's up to him).

The lender should investigate fully either way.

KayJ066

thanks all, will find the paperwork and then post back so i dont get too confused.

Thanks for all the advice.

src007

Sure its worth checking. I meant if he has the insurance he should definitely complain.

You can also phone them to check if it was added.

KayJ066

Well, I got home last night and my partner had a letter from Lloyds, stating that he has "enjoyed peace of mind for the last 12 months as you have Lloyds loan insurance" it is £36 a month but he can cancel if he wants, although they wont pay back what he has already paid. It is pretty much a generic letter, i spoke to my partner who says when he took the loan out the guy that was doing it for him told him that the insurance would protect him if he lost his job due to redundancy and as there was a recession he should take it as he wouldnt know if he would ever need it.

Based on that info, should he claim or not?