PPI advice please

Bagpuss40

Hi,

I'm new here, but have been viewing this brilliant site for some time, but now I would like some assistance please!

I successfully claimed 3K+ recently for personal loan PPI with LLoyds TSB after sending of a template from this site. I then checked my credit card statements from the last 10 years and noticed a hell of a lot of PPI payments. I had no recollection of asking for or needing this, so I attempted to reclaim.

My claim was based on three points.
1) I don't remember being asked about PPI
2) I wouldn't have taken it as it was relative to the amount in debt
3) If PPI was mentioned then it couldn't have been explained correctly to me.

Anyway, RE. 1) I received a letter today that basically says that I am owed nothing because "The sales documentation at the time of sale shows we required additional consent to confirm you wanted PPI. I am persuaded that this required a verbal explanation ensuring that you were made aware of what you were purchasing. It can therefore be concluded that you did knowingly consent to the addition of a PPI policy"

Regarding 2), the letter went on to say " When you purchased the policy you would have been provided with sales documents that quoted the cost of PPI. I am of the opinion that this was brought to your attention at the time of sale. I am satisfied that you were informed of the costs"

I honestly would not have taken this policy out if I had known all this. My credit card was 6K+ sometimes and the PPI was £70 per month.

Would it be better to write to them again or contact the FOS? I have no documents as I applied over the phone back in 2003 and I'm sure I didn't receive any.

Any help would be greatly appreciated.

Jason

[Deleted User]

Your complaint is a very weak one, I'm afraid. You are relying on hearsay (your word against theirs) rather than quantitive proof. Also, you acknowledge that you knew about the PPI and so could have cancelled it at any time-why wait for years to do anything about it?

I hope you've cancelled it now...

src007

Do you believe the Lloyds banksters??

I think you have a strong complaint. The vast majority (but not all) Lloyds complaints win at FOS.

The Lloyds card policies would pay out only 5% of the card balance per month which is very low and rarely made clear.

Its weird how people on MSE can ''adjudicate'' on PPI complaints without knowing the full facts.

But of course the consumer is always ''stupid'' and the bank are always in the right and of course we're now closing down libraries to pay back the debt created by the Lloyds TSB scum because they deserve it.

Why don't we just place the entire countries GDP on ''black'' on the roulette wheel? Had capitalism run its natural course Lloyds would have trashed the entire life saving of millions of people including many peoples grandpartents.

Get what you can off these scumbags.

[Deleted User]

src007 wrote: »

I think you have a strong complaint. The vast majority (but not all) Lloyds complaints win at FOS.

Not the ones which rely on hearsay like this one. Why you think my opinion makes me a "Lloyds Bankster", I know not.
The OP is well within his rights to take this complaint to FOS, but he deserves to know in advance that he doesn't have a strong complaint.

src007

Moneyineptitude wrote: »

Not the ones which rely on hearsay like this one. Why you think my opinion makes me a "Lloyds Bankster", I know not.
The OP is well within his rights to take this complaint to FOS, but he deserves to know in advance that he doesn't have a strong complaint.

The Lloyds bankster remark relates to the rejection letter not you. Sorry for the misunderstanding!

My point being (from much experience) that this complaint would actually have a very good chance of winning at FOS. Of course you're right to say that the hearsay wouldn't win it. But most Lloyds polices are deemed unsuitable because they were a scam.

Bagpuss40

Hi,

Thank you for your replies. Being young and foolish at the time, and suffering heavily from depression, I possibly should have done more, sooner, to cancel this but I honestly don't remember being told about the PPI being relative to the amount of debt.

Would it be worthwhile replying to Lloyds directly or submitting a letter to the FOS?

Also, could someone explain this quote to me -

" I am persuaded that this required a verbal explanation ensuring that you were made aware of what you were purchasing. It can therefore be concluded that you did knowingly consent to the addition of a PPI policy" -

Is this my word against theirs as there is no written evidence?

Thanks again

Jason

[Deleted User]

Bagpuss40 wrote: »

Is this my word against theirs as there is no written evidence?

Correct....

RuthnJasper

Bagpuss40 wrote: »

Also, could someone explain this quote to me -

" I am persuaded that this required a verbal explanation ensuring that you were made aware of what you were purchasing. It can therefore be concluded that you did knowingly consent to the addition of a PPI policy" -

Jason

It means "I believe that you couldn't have been sold the PPI at the time of taking out the loan unless someone explained to you face-to-face what the PPI was and what it meant to you. Because of this, I think that you did say yes to the PPI, knowing what it was about."

Basically, they have probably got a form in their file where the salesman who sold you the loan and PPI ticked a box to say "I have explained the terms and conditions of the PPI to the customer" and your signature appears next to a statement which says "I agree that the terms and conditions have been properly explained to me".

Still probably worth appealing if you legitimately believe that you have a case.

Hope this helps. x

dunstonh

Its weird how people on MSE can ''adjudicate'' on PPI complaints without knowing the full facts.

<snip>
I think you have a strong complaint.

You think it weird yet you offer your opinion anyway.

Verbal allegations rarely succeed by themselves. They need another failing to exist or be found or get lucky (such as auto payout). We don't know if there are other failings or the person will get lucky. We can only comment on the reasons given.

Bagpuss40

RuthnJasper wrote: »

Still probably worth appealing if you legitimately believe that you have a case.

Hope this helps. x

Hi, Thanks for replying. Do you think that I would be better off appealing back to Lloyds or go to the FOS?

RuthnJasper

Bagpuss40 wrote: »

Hi, Thanks for replying. Do you think that I would be better off appealing back to Lloyds or go to the FOS?

Hi Bagpuss,

I really don't know the answer to this question I'm afraid, as every case is different. In my own experience, I appealed my case twice with the card provider before going to the FOS - but my case is different to yours (probably) as I had an existing medical condition when I was sold the PPI and have medical records as proof...

You could have a look at the PPI successes/failures thread and see what others have done in cases similar to your own.

The FOS website is also helpful, so you might like to have a squint at that: http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi.html.

Best of luck.