Cancelling PPI and reclaiming

Helendigi

Hi, I am wondering how I go about cancelling PPI on 2 Lloyds TSB loans that are existing. I have one that started in December 2008 and the other in November 2006. I am still paying the loans every month. I also would like to claim the ppi back too.
I would be grateful for any help. I actually think I could pay my loans off if I got the ppi back.
Many thanks

amersall

Hi there, the first thing....dont cancel the ppi,if you do the loans will be reset,this could result in your monthly payment going up.

Look here for reasons for mis sell.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step2

If any/all apply to you then make a claim.

If you win mis sell,the loans will be reset without the ppi,your monthly payment will go down by the ppi monthly amounts and you get the ppi you have paid to date back to you with 8% interest.

amersall

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

You can do the complaint over the phone.

Helendigi

Thanks for your reply, I'm glad I asked, would of been in a real mess.
When you say if I win and the loans will be reset without the ppi,your monthly payment will go down by the ppi monthly amounts. Will this still be over the same amount of period that is left on the loan. I know I have 18 months left on one of them and about 22 months on the other.
Also if I win and get the ppi I have paid to date back to me with 8% interest. Do they take this off the loans or straight into my bank? Just asking as if they paid me in my bank, I could then pay one of the loans off. I know I am presuming I would win but its wishful thinking.
Many thanks again for your help

amersall

Helendigi wrote: »

Thanks for your reply, I'm glad I asked, would of been in a real mess.
When you say if I win and the loans will be reset without the ppi,your monthly payment will go down by the ppi monthly amounts. Will this still be over the same amount of period that is left on the loan. I know I have 18 months left on one of them and about 22 months on the other.
Also if I win and get the ppi I have paid to date back to me with 8% interest. Do they take this off the loans or straight into my bank? Just asking as if they paid me in my bank, I could then pay one of the loans off. I know I am presuming I would win but its wishful thinking.
Many thanks again for your help

You are very welcome.

Yes,the loans go for the remaining term,if there are no arrears on the loans,the refund comes to you.

If you win,wait until the redress is paid back to you,so you dont confuse them!! then ask them for a settlement figure of both loans and see if any redress will repay these.

Just to let you know,if you are a taxpayer you have to pay tax on the 8% amount.
Good luck and let me know how you get on.

Helendigi

Thank you, I am going to fill the form in now and will post them tomorrow. Will let you know how I get on
Thanks again

amersall

You are very welcome,and fingers crossed x.

Helendigi

Hi,

Just want to say thank you and this site is brilliant. I have received a letter from Lloyds TSB with an offer I could not believe. I had claimed mis sold for 2 loans that I currently have with them and they have replied with an offer that includes these 2 loans and the other loans I have had with them in the past. Really happy just now wait for the settlement and I can actually pay my 2 loans that I have with them off. I am now going to look at my Credit Card next which is also with them.
I will be nearly debt free yipeeee. For those people out there that think its too hard to do it yourself pleaseeeeeeeeeee use this site and your bank will have the form you need to fill in anyway on their website.

Many thanks again

amersall

:j:j:j Well done and congrats :beer::beer: