LloydsTSB PPI Payment

get05up

Verymadmax wrote: »

Am I getting this right? With the open loan cases, is the total amount of PPI premiums already paid together with interest put towards reducing the remaining amount of the loan itself?

If that is the case, that cannot be right. The whole basis of the mis-selling complaint is that these payments should never have been paid in the first place, so it is up to us what they are now spent on. It is not LTSB's decision whether it goes towards reducing the loan or a fortnight in the Caribbean.

That must be a breach of contract and a breach of any number of regulations.

I think people with open loans should get this checked out. Luckly I don't have any open loans outstanding. All paid off in January. Just want my money back and move on.

sexyvicchic

When I called at the very beginning I was told that I would recieve the money as it was redress for payments mis-sold and they had to re-compensate me so my account stood as it would if I had never taken the PPI.

But the posts above have really thrown me. Yes my loan is still open but I have no arrears or missed payments

D_G_4

Hello,

I wonder if anyone can assist with the following.

My Fiancee has been chasing up her PPI Payment for approximately 4 months.

She was awarded just over £8000. When she spoke to Lloyds she instructed that the payment be made to a bank account with another bank.

After months of waiting the payment still hasnt been made. This is despite numerous phone calls and complaints.

She was then told that the payment would be made to a Lloyds Account.

After a further delay the payment still hasn't been made.

Today, out of the blue, a letter has been sent stating that the £8000 was paid onto the original outstanding loan in September.

My question is this: Can Lloyds do that? Even though the request was for the money to be paid elsewhere. There were other commitments depending on the refund of the £8000.

Having spoken to Lloyds maybe 15 - 20 times, even up until today, when speaking to PPI they have no knowledge of any payment being made.

Where do we stand? Can we ask Lloyds to remove the amount paid to the loan and place it in the current account.

She has also said that she was sent a letter in which she was asked where she wanted the money paid. She replied and told them "Not on the original loan"

Help!!!

Many thanks.

bailey85

D_G wrote: »

Hello,

I wonder if anyone can assist with the following.

My Fiancee has been chasing up her PPI Payment for approximately 4 months.

She was awarded just over £8000. When she spoke to Lloyds she instructed that the payment be made to a bank account with another bank.

After months of waiting the payment still hasnt been made. This is despite numerous phone calls and complaints.

She was then told that the payment would be made to a Lloyds Account.

After a further delay the payment still hasn't been made.

Today, out of the blue, a letter has been sent stating that the £8000 was paid onto the original outstanding loan in September.

My question is this: Can Lloyds do that? Even though the request was for the money to be paid elsewhere. There were other commitments depending on the refund of the £8000.

Having spoken to Lloyds maybe 15 - 20 times, even up until today, when speaking to PPI they have no knowledge of any payment being made.

Where do we stand? Can we ask Lloyds to remove the amount paid to the loan and place it in the current account.

She has also said that she was sent a letter in which she was asked where she wanted the money paid. She replied and told them "Not on the original loan"

Help!!!I

Many thanks.

I think the MP an emailing the CEO is a good start ?!

sexyvicchic

Oh jeez this is my worst fear!

D_G_4

She has already sent a letter to the FOS.

We just dont know what to do. Even today they said the money would be paid into a Lloyds Account as it was outstanding.

loopyloo1

Spoke to them again today when I received my letter on 13th sep they said money will go to debt recovery but if u want it phone and let us know so did that and gave them my bank details for a rbs account they said no problemm. Today I have been to your account have been escullated since u have been waiting over 28 days and it will not go to your bank u will get a cheque

get05up

Has someone got the email of the CEO?

sexyvicchic

D_G Was ur g/fs loan in arrears? Did she have missed payments etc?

giddyup

We take seriously our responsibility to help protect customers’ financial well-being. Payment Protection Insurance (PPI) is a product which insures customers against an inability to make repayments on credit they have taken out, due to accident, illness or unemployment. Our PPI products were good quality, and rated excellent by independent assessor, Defaqto. However, in some cases the sale of PPI did not meet customers’ needs and we are working hard to address this.

Last year, the FSA announced new rules for handling PPI complaints about mis-selling which they wanted applied to past sales. This was challenged by the British Bankers’ Association and subsequently a judicial review into complaints handling was launched in October last year. The High Court ruled against the BBA on 20 April 2011.

We recognised that customers were facing long delays in respect of their PPI sales-related complaints during the BBA’s judicial review. We decided to end our participation in the review and instead to focus on addressing the concerns of our customers who felt they had not been sold the right product. We were the first of the major banks to do so. This decision is good for customers as it brings clarity to those affected. It is sensible, prudent and the right thing to do. We have set aside £3.2 billion for the potential costs of redressing customers’ PPI complaints and are dealing with customers’ queries and complaints as quickly as possible.


A Direct quote from Sir Bischoff Lloyds banking chairman from website