Advice needed re:loan ppi miss sell.

whatsupthefrog

hello all great forum, ok my mum who is over 70 and is retired and has been for about 10 years needs help.
She took a (big) loan out with Lloyds bank to refinance some cc etc about 2 years ago, the guy who sold her the loan (who i never trusted) at her local branch managed to sell her ppi on top, warned her and she now regrets it 100%
However i have sent the template letter saying how in our opinion that it was clearly mis sold to her. As i have mentioned she is over 70 and was retired so is not covered by the unemployment part surely? so the policy is basicaly worthless.

We sent the letter and had a swift response informing us it would be dealt with by the complaints department, we then had a letter a few days later saying they take this matter very seriously and are looking into it.

My question is,
How long should we wait untill we follow this up? are they just blowing us off?
Do we even have a case?
if we do follow this up what do we right next?

thanks if we can cancel this policy and even better get it refunded, would make the world of difference to my mum.

thanks guys

regularsaver1

Usually to be eligible for a policy in the first place, borrowers have to be in pad employment and paying the correct class of national insurance and maximum age of 65

this was not the case, so sounds like strong case

Astaroth

It certainly does sound one of the stronger cases.... check for the life cover to see if there is an age limit on that.... if there isnt then what they may do is offer a partial refund as she is partially covered by the policy

whatsupthefrog

hi guys my mum got a phone call today and they are stopping the ppi from when they received the letter and offered her 900 quid refund, will have to go through her bills and see how much she has paid. Should she snap the offer up and consider it a job well done or is she entitled to a full refund, the same as say bank charges?

Kinnairdy

No don't accept less, ask for the full amount to be refunded.
Had the same problem last year with LTB, two loans 2000 & 2003, in joint names, self & DH, twas after reading about this subject on here that made me check the loans to see if PPI had been added, it had been on both loans, DH was in receipt of disability benefits and I worked 7-10 hrs per week at the time, wrote asking for the PPI to be refunded due to neither of us actually being eligible at the time etc, gave full details and included scribbled note from bank worker showing total monthly repayment but no breakdown of PPI, cannot actually remember her mentioning it at the time either. Was offered full refund on second loan but nothing on 1st one, declined and asked them to look at claim again and refund in full, obviously they agreed with me as they refunded it all after checking with DSS, took about 6-8 weeks in all.

whatsupthefrog

will have to think about it i guess, my mum knew that ppi was being added that is the bid difference.

itsmeandonlyme

Hello guys, how do you culculate the amount you are claiming for the mis-sold ppi? which spreadsheets are you using?

Thank you.

monneyspinner

Certainly a clear-cut case of mis-selling. Eligible people are usually those paying national insurance between the age of 18-65, some policies extend life cover only to the age of 70.

Hope it all works out for you

sgx.saint

If you receive no satisfactory response from a lender in relation to PPI insurance issues.

Is the next best step in order to recover your PPI charges to complain through the Financial Ombudsman?

- Sorry to hijack.

regularsaver1

Insurances have been regulated by the Financial Services Authority since
14th Jan 2005. On the Initial disclosure documents, it states complaints procedure with lender, and then ombudsman, so yes sgz.saint

sgx.saint

Thankyou for that regularsaver