Lloyds PPI

drshakamoto

Hi,

I received a response from the FOS yesterday regarding my PPI complaint, but i'm unsure what to do.

I used one of these claim4you companies last year, they contacted Lloyds, who rejected the complaint. It was then sent to the FOS, who have now said Lloyds are willing to make an offer as a gesture of goodwill, but with no admission of liability (then why offer me money?), to settle my complaint.

I don't know whether to contest the decision, or just leave it and accept the offer Lloyds make, but this could fall well short of what i've paid in premiums for missold cover.

I definitely feel i was missold the cover, it was put across in such a way that i didn't know i could object, and that in order for my loan to be granted, i would have to take out the PPI, because of my age and how much i wanted to borrow

Any advice would be appreciated, thanks

amersall

What was the offer and do you have the figures?.
Can you post up the loan term and ppi and the interest on the ppi and if the loan went to term or was settled early.

dunstonh

It was then sent to the FOS, who have now said Lloyds are willing to make an offer as a gesture of goodwill, but with no admission of liability (then why offer me money?), to settle my complaint.

Its a filter system that gives them one last chance to pay out before incurring fees. Most banks seem to have a floor limit style approach at the moment where they are paying out certain complaints even where the is no reason for them to do so.

I don't know whether to contest the decision, or just leave it and accept the offer Lloyds make, but this could fall well short of what i've paid in premiums for missold cover.

Or you could lose and not get a penny.

I definitely feel i was missold the cover, it was put across in such a way that i didn't know i could object, and that in order for my loan to be granted, i would have to take out the PPI, because of my age and how much i wanted to borrow

What evidence do you have to support that allegation? (i.e. how strong is your case)

drshakamoto

amersall wrote: »

What was the offer and do you have the figures?.
Can you post up the loan term and ppi and the interest on the ppi and if the loan went to term or was settled early.

Thanks for your response. They've not given me a figure, the FOS are waiting for my acceptance of what Lloyds have offered - upon acceptance, the FOS will write to Lloyds asking them to calculate settlement.

Loan term : 48 months
Cash Loan: £7,000
PPI: £1,729
Total: £8,729
I'm still paying, and will run the full term, only a few months left, with £1,093 outstanding.

Interest
Annual interest rate: 17.65%
Total charge for credit
Cash loan: £2,808.32
PPI: £693.49.49
Total: £3,501.81

drshakamoto

dunstonh wrote: »

Its a filter system that gives them one last chance to pay out before incurring fees. Most banks seem to have a floor limit style approach at the moment where they are paying out certain complaints even where the is no reason for them to do so.


Or you could lose and not get a penny.


What evidence do you have to support that allegation? (i.e. how strong is your case)

Thanks for your response.

Well, it's my word against Lloyds really. With the PPI adding so much extra to the loan amount, i didn't want it, but was given the impression that had i refused, the loan would not have been accepted.

They tried to make out they were doing me a favour, and bending rules in lending me what they did, given my age at the time, and the amount i wanted to borrow. The advisor that arranged the loan, had to speak to her someone above her, and they agreed to lend, but including PPI, so i had no choice, but i have no evidence of it other than my word really.

I'm sure i was asked to sign something at the end aswell, that declares i was given the information i needed to make an informed decision etc. So it looks stacked against me really, so maybe i'd be better accepting settlement i've been offered?

dunstonh

If lloyds give a refund of the PPI premium plus interest then take it. That is the defined method.

he said/she said complaints rarely are successful if that was the only complaint reason. They often require a second reason that is easier to prove to be successful. Typically with loans, that is the fact they add the PPI to the loan and charge you interest on it rather than setting it up as a monthly payment away from the loan which is not charged interest.

drshakamoto

dunstonh wrote: »

If lloyds give a refund of the PPI premium plus interest then take it. That is the defined method.

I'll go with the settlement then, just need to wait for Lloyds to write to me with a proposal and some figures.

Thanks for your help.

drshakamoto

Hi,

Received letter from Lloyds today advising me i'm to receive a refund of £2,554.32, which i'm very pleased with.

However, my complaint was started by one of these third party claims companies, lloyds rejected, so it went to the ombudsman, who also rejected, but lloyds offered a settlement with no admission of liability, which i've had through today.

My question is, will this claims company who got the ball rolling, get any of my settlement, or did their chances of getting anything disappear when it went to the ombudsman?

Thanks for any help.

dunstonh

My question is, will this claims company who got the ball rolling, get any of my settlement, or did their chances of getting anything disappear when it went to the ombudsman?

the claims company will come after you for the money.

drshakamoto

dunstonh wrote: »

the claims company will come after you for the money.

...and if i ignore them?

Lets face it, they've not done a great deal, and in hindsight, i shouldnt have used them.

JuicyJesus

drshakamoto wrote: »

...and if i ignore them?

Lets face it, they've not done a great deal, and in hindsight, i shouldnt have used them.

They will take you to court and win and you will have a CCJ.

Hindsight is 20/20. But if you asked anyone on here before employing them they would have jumped over each other to point out that all claims companies do is put a huge markup on a free and ridiculously simple complaints process. You chose to pay that fee to have someone post a letter for you; unfortunately, you have to now pay it.