Lloyds PPI.... rejection

dc1000

Hi all,
Advice (help) needed. I applied for a PPI refund on a policy i feel was miss soled, but Lloyds TSB has rejected my claim, should i try and take it further or accept their decission.

I took out a personal loan with PPI. The loan was for quite a substantial amount when the advisor got to the PPI bit i refused it wanting to keep my costs down, the advisor left the room for 4 or 5 mins and returned saying without the PPI the loan would be refused, feeling the only way to get the loan was to agree PPI i signed for it.

I would also like to add, i have a witness to this as my partner was in the room with me..

Also the advisor phoned the A&L as it was known at the time impersonating my partner to ask for a settlement figure for a loan they had with them so this could be consolidated into my personal loan.. Do you feel they were wrong to turn me down.

dc1000

Could someone please tell me, how long you need to be in full time employment before a bank should sell you PPI on a personal loan, i was sold a PPI policy on a loan which cost me £10k on top of my loan, i am currently sitting looking at a rejection letter from my bank saying everything was done above board and that i had no claim. I was told by the advisor no PPI no loan which to me is mis selling but apparently not to them... I am desperate for some advice as the 28 day appeal time is ticking fast.

amersall

Who was this loan with and do you have the agreement?.
Did you pay one payment each month to this loan and PPI and not a separate payment for the PPI? if you did, this is Single Premium PPI and this is the reason for mis sell that you use, this was a loan on the loan paid to term end with interest, if you cancelled the PPI they would have given you a pro rata rebate of the PPI and the remaining PPI is still on the loan to term end.
If you settled this loan early then, as above you, would have a pro rata rebate and you would have paid back the remaining PPI in with the settlement figure.
This is the most upheld of all PPI claims and is the reason you reject the not upholding from the bank.

dc1000

First... Thank You for answering....

The loan was, still is with Lloyds only ONE payment per month, but its broken down on the agreement and i can see the PPI is £108 per month.. on top of the loan payment.
Again Thanks for taking the time.

amersall

Single Premium as I said above, is the reason for the mis sell, this is how you paid this PPI, put the claim in.

amersall

With what you put above, this is hearsay and your word against the Advisor.
Did you pay one payment each month to this loan and PPI and not a separate payment for the PPI? if you did, this is Single Premium PPI and this is the reason for mis sell that you use, this was a loan on the loan paid to term end with interest, if you cancelled the PPI they would have given you a pro rata rebate of the PPI and the remaining PPI is still on the loan to term end.
If you settled this loan early then, as above you, would have a pro rata rebate and you would have paid back the remaining PPI in with the settlement figure.

If your loan PPI was paid in with the loan, then write back to Lloyds and reject the reasons they gave for not upholding and use the Single Premium as a reason for mis sell.

dc1000

Yes one payment for both. I would like to add I canceled the ppi which was £108 per month but my payments only dropped by about £32 per month where does the other £70 go.

[Deleted User]

dc1000 wrote: »

Yes one payment for both. I would like to add I canceled the ppi which was £108 per month but my payments only dropped by about £32 per month where does the other £70 go.

You shouldn't have done this until you won redress. Now your loan continues on without any payment protection, but you are still paying back the amount of the insurance policy and the extra interest too.:eek:

dc1000

Moneyineptitude wrote: »

You shouldn't have done this until you won redress. Now your loan continues on without any payment protection, but you are still paying back the amount of the insurance policy and the extra interest too.:eek:

I cancelled it long before i thought about putting a claim in for mis selling of the ppi, i done it purely to get the costs down thinking the loan would drop by £108 per month:mad:.... i only tried to claim after hearing everyone talking about how easy it was just a simple phone call, nothing to it, you dont need these companies, DO IT YOURSELF, well i managed to so far make a mess of my attempt, so far anyway:o:o ... could i just say thanks for replying... i feel 100% better about the situation even just talking about it:j

[Deleted User]

dc1000 wrote: »

i only tried to claim after hearing everyone talking about how easy it was just a simple phone call, nothing to it, you dont need these companies, DO IT YOURSELF, well i managed to so far make a mess of my attempt

I don't think many on here extol the virtues of pursuing a complaint by telephone. You really should communicate via letter because then you have copies of exactly what you have told them.

Follow Amersall's advice.

amersall wrote: »

write back to Lloyds and reject the reasons they gave for not upholding and use the Single Premium as a reason for mis sell.

dc1000

point 1
In my rejection letter they ask.. Were you made aware that the policy was optional

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I wasnt, i was told i must take ppi to get that loan, no ppi no loan....

There response... it has never been a requirement to take out a ppi policy in order for a loan application to be accepted... WE WERNT TOLD THAT

point 2...

were you pressured into taking out the policy... the advisor had just spent what seemed like hours convincing me how it made sense to take the loan, ballanced against the interest rate for my credit card, for them to say, well we can do all that for you only if you take the ppi..... then yes i did feel pressured.... the advisor even phoned the Alliance & Leicester pretending to be my partner for a settlement figure on a loan they had to add into my loan... Every single day of my life since i have thought, of them laughing there heads off when i walked out,,,, thinking what a MUG.. every time time i see my bank statment i feel sick, how could i have been so bloody stupid.