Lloyds TSB loan PPI help please.

dougie212

Hi there
I'm sure this has been asked many a time before, but I am genuinely daunted by this subject and so any walk-through advice anyone can give would be much appreciated.

My wife took out a loan prior to meeting me in 2005 for £21,732.33. Having recently put our finances through a thorough spring clean, I came across this loan and noticed that she was paying PPI for it. I asked her why as, as a rule I never opt for PPI. Her reply was that she was told that it was a condition of being accepted for the loan!!..

Now.. my opinion of this is that surely its technically been mis-sold. She didnt want it nor needed it but was told she had to have it as a condition of the loan. Am I right or is this allowed.

If, those of you who are well versed in this field do agree that the PPI has been mis-sold could someone please guide me through the best way of getting the money back please.

Your help in this matter would be greatly appreciated!!

Regards

Duncan

magpiecottage

dougie212 wrote: »

My wife took out a loan prior to meeting me in 2005 for £21,732.33. Having recently put our finances through a thorough spring clean, I came across this loan and noticed that she was paying PPI for it. I asked her why as, as a rule I never opt for PPI. Her reply was that she was told that it was a condition of being accepted for the loan!!..

Now.. my opinion of this is that surely its technically been mis-sold.

It is only missold on those grounds if she was told that it was a condition of the loan (not merely that she recalls that it was now) AND it was not.

She didnt want it nor needed it

On what basis do you say she did not need it. The fact that we now know (I presume) that she has neither lost her job nor fallen ill means, with hindsight, that she did not but that is the same with all insurance. If we knew what was going to happen in advance then we would not insure at all.

Remember, the mere act of purchasing an insurance policy, or anything else does not make it a missale, nor does the fact that somebody else buys something we would not choose to spend money on.

peadars

sorry magpiecottage if this is the wrong place to ask this, but you seem to give good advice. my question is as so many insurance policies were just added to loans without discussion how did banks know if they suited the client, but more importantly how could we know the suitability without discussion.mabe i am a bit stupid but should we not have answered a few questions about health job ect.

The_Marksman

Hello There,

You can start a complaint if you have your account number. Its easy to do yourself, so i would avoid a claims company. . You can do the complaint over the phone or via letter form, its up to you

to get you started, Look here for info and reasons for being miss-sold your ppi, Most ppi's were front loaded which is a big NO NO so go for it!

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step2

Once you have had a read though and have your reasons. You will need to fill in a consumer complaints questionnaire. Which I would download, have a read though and familiarise yourself with the questionnaire and its layout. The questionnaire can be found here

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step3

the main info you will need to complete the questionnaire is:

• Loan account number/numbers OR CC account number/ numbers
• start date
• finish date
• and your reasons

also have a read here for even more information:

http://www.financial-ombudsman.org.u...PPI-forms.html

Info for Lloyds:

http://www.lloydstsb.com/payment_protection_insurance_complaints.asp

then complete the form and send it off. If you ring your bank or CC company they may have a ppi complaint line and can start your complaint for you over the phone but id get as much info ready before phoning them. If you start a complaint over the phone, they will ask the reasons why you felt mis-sold so have all the information ready and be prepared.

simples, hope that may help, good luck

magpiecottage

peadars wrote: »

many insurance policies were just added to loans without discussion how did banks know if they suited the client, but more importantly how could we know the suitability without discussion.

There a number of reasons. One is that the policy was arranged by an intermediary (broker) and the lender did not have anything to do with that decision.

Alternatively, the borrower may have simply been given details of the policy and made their own decision based on the information provided.

However, a single premium policy where the premium is added to the loan is generally difficult to justify.

tommytynan123

duggie212 - I sense a feeling of apprehension in your post and certainly in the past other posters have sounded a little frightened of the whole procedure. It all sounds so complicated !!!!
On this site you will find amazing, helpful and accurate advice - just follow it, don't be put off - plod on.

Oh - forgot to mention - I used the amazing, helpful and accurate advice and only this morning I became £8K better off. Thanks to you all.

peadars

thanks to magpiecottage for reply as my question was in relation to single premium. and auto added to credit card without even a mention i feel mabe i will be lucky with my complaint. also well done to all on the site who are winning back their money and good luck to those waiting myself included. i look forward to reading more success stories daily.