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Lloyds TSB Loan PPI Rejection! help/Advice needed.
wmg75
Posts: 5 Forumite
Hi,
After reading all the great advice on here & being bombarded with phone calls from Claims managment companies; I decided to have a go on my own, so far I have had back just over £11,000!!!:j (£3400 Natwest CC, £2200 Barclaycard, £6000 for 2 TSB credit cards!)
Anyway I have now hit a slight problem, I sent off a SAR request to LloydsTSB who sent all the info through very promptly. It listed 3 Personal loans (1996, 1998, 2001) all of which were paid off, I filled in the questionaire listing all of our reasons for complaining about being mis sold & today I have received the following:
Dear Sir
Loan Reference:
770904*********3000, 770904*********4000, 770904*********1000
I am writing to you today in relation to your complaint about your Payment Protection Insurance (PPI) policies.
After considering the evidence and information available to me, I have not found sufficient evidence to agree with your allegations that your PPI policies were mis-sold. As such, I am unable to uphold your complaint.
I am sorry that you felt the need to complain about your PPI policies and appreciate that my decision may be of disappointment to you. However, I can assure you that I have fully investigated your complaint and all the surrounding circumstances.
Your complaint
In your questionnaire dated 12 June 2012 you said:
1) You were not given correct information regarding the policy.
2) You were led to believe taking out the policy would assist you application and if you did not take it out, it would have a negative affect.
3) You felt you could not say no to taking out the policy.
4) You were not made aware you did not need the policy as you could have replayed the loan using your employer benefits or savings.
5)You were not informed the same policy could be bought for cheaper elsewhere.
6) You do not believe the policy was sold in you best interest.
Findings
In order to address the concerns you have raised, I have reviewed all the available sale related evidence.
To further assist my investigation I have also taken the following into consideration:
[*]Your complaint questionnaire
[*]Our knowledge of our sales process and documentation at the time
[*]Your sales documentation -January 2000 policy booklet
It should be noted that prior to 2005 the sale of PPI was not regulated by the Financial Services Authority (FSA). However, we were members of The Association of British Insurers (ABI), which expected its members to conduct business with utmost good faith and integrity.
All your complaint points have been fully considered. For clarity, I have addressed your allegations under the following headings.
[*]Policy Features and Limitations
[*]-Were the policy benefits and exclusions explained to you clearly?
[*]Optionality
[*]-Were you made aware that the policy was optional?
[*]Information and Disclosure
[*]-Did we give you enough information and help so you can make an informed decision? Were our services and status explained correctly?
Policy Features and Limitations -Relating to complaint point 1
The documentation that you were provided with both at the point of sale and after purchasing each of your PPI policies, such as the policy booklet, fully explained the benefits and limitations of the policies. I am also of the opinion that where it was practical the features of the policy were discussed at the point of each sale.
Having considered all the available evidence I have come to the conclusion that the features of the policy were adequately presented to you.
Optionality -Relating to complaint points 2 & 3
I can confirm that it has never been a requirement to take out a PPI policy in order for a loan
application to be accepted. In addition, taking out a PPI policy would not have improved the
chances of your application being accepted.
I have therefore come to the conclusion that you were made aware of the optional nature of your PPI policy.
Information and Disclosure -Relating to complaint points 4, 5 &6I can verify that the adviser had no alternative policies to consider or offer to you.
I am also aware that only where it was practical to do so we would have taken steps to identify your needs. However, we would have ensured we put you in a position where you could make an informed choice about the transaction that you were entering into and the insurance that you were buying.
When considering the information available I can conclude that the documentation we provided to customers at the time contained sufficient information to ensure you could make an informed decision as to whether the policy met your personal requirements.
It cannot therefore be concluded that the information and disclosure given was inappropriate in the circumstances.
Conclusion [FONT=Arial,Helvetica][FONT=Arial,Helvetica]In light of my findings, I feel that our adviser acted fairly and reasonably throughout the sale.
I believe that the information provided at the time of sale was a fair presentation of the features of the policy and explained the policy exclusions and the total cost of the insurance. I am also of the opinion that it was clear, fair and not misleading therefore allowing you to make a fully informed choice.
My review has not highlighted any failings with the sale that would lead me to believe your decision to purchase the PPI policies would have changed.
I trust that I have clearly explained the reasons for my decision. However, if you do not agree with my decision please contact us on 0845 601 2683 or write in providing further supporting evidence to support your claim. I will consider any additional information and advise you whether it changes my decision. If I do not hear from you within twenty eight days from the date of this letter I will close your complaint and consider it resolved.
In the event that you remain unhappy with my decision, you have the right to refer your complaint to the Financial Ombudsman Service (FOS). Any referral to FOS must be made within six months of the date of this letter. I enclose a copy of the FOS's leaflet about its service.
Yours sincerely
Lloyds TSB
:mad:
My gut instinct is to write back and dispute their findings and ask them to reconsider before forwarding it onto the FOS!
Please advise what would be the best course of action, before I dive in!
Thanks for the great job you all do,:beer:
WMG75
[/FONT][/FONT]
After reading all the great advice on here & being bombarded with phone calls from Claims managment companies; I decided to have a go on my own, so far I have had back just over £11,000!!!:j (£3400 Natwest CC, £2200 Barclaycard, £6000 for 2 TSB credit cards!)
Anyway I have now hit a slight problem, I sent off a SAR request to LloydsTSB who sent all the info through very promptly. It listed 3 Personal loans (1996, 1998, 2001) all of which were paid off, I filled in the questionaire listing all of our reasons for complaining about being mis sold & today I have received the following:
Dear Sir
Loan Reference:
770904*********3000, 770904*********4000, 770904*********1000
I am writing to you today in relation to your complaint about your Payment Protection Insurance (PPI) policies.
After considering the evidence and information available to me, I have not found sufficient evidence to agree with your allegations that your PPI policies were mis-sold. As such, I am unable to uphold your complaint.
I am sorry that you felt the need to complain about your PPI policies and appreciate that my decision may be of disappointment to you. However, I can assure you that I have fully investigated your complaint and all the surrounding circumstances.
Your complaint
In your questionnaire dated 12 June 2012 you said:
1) You were not given correct information regarding the policy.
2) You were led to believe taking out the policy would assist you application and if you did not take it out, it would have a negative affect.
3) You felt you could not say no to taking out the policy.
4) You were not made aware you did not need the policy as you could have replayed the loan using your employer benefits or savings.
5)You were not informed the same policy could be bought for cheaper elsewhere.
6) You do not believe the policy was sold in you best interest.
Findings
In order to address the concerns you have raised, I have reviewed all the available sale related evidence.
To further assist my investigation I have also taken the following into consideration:
[*]Your complaint questionnaire
[*]Our knowledge of our sales process and documentation at the time
[*]Your sales documentation -January 2000 policy booklet
It should be noted that prior to 2005 the sale of PPI was not regulated by the Financial Services Authority (FSA). However, we were members of The Association of British Insurers (ABI), which expected its members to conduct business with utmost good faith and integrity.
All your complaint points have been fully considered. For clarity, I have addressed your allegations under the following headings.
[*]Policy Features and Limitations
[*]-Were the policy benefits and exclusions explained to you clearly?
[*]Optionality
[*]-Were you made aware that the policy was optional?
[*]Information and Disclosure
[*]-Did we give you enough information and help so you can make an informed decision? Were our services and status explained correctly?
Policy Features and Limitations -Relating to complaint point 1
The documentation that you were provided with both at the point of sale and after purchasing each of your PPI policies, such as the policy booklet, fully explained the benefits and limitations of the policies. I am also of the opinion that where it was practical the features of the policy were discussed at the point of each sale.
Having considered all the available evidence I have come to the conclusion that the features of the policy were adequately presented to you.
Optionality -Relating to complaint points 2 & 3
I can confirm that it has never been a requirement to take out a PPI policy in order for a loan
application to be accepted. In addition, taking out a PPI policy would not have improved the
chances of your application being accepted.
I have therefore come to the conclusion that you were made aware of the optional nature of your PPI policy.
Information and Disclosure -Relating to complaint points 4, 5 &6I can verify that the adviser had no alternative policies to consider or offer to you.
I am also aware that only where it was practical to do so we would have taken steps to identify your needs. However, we would have ensured we put you in a position where you could make an informed choice about the transaction that you were entering into and the insurance that you were buying.
When considering the information available I can conclude that the documentation we provided to customers at the time contained sufficient information to ensure you could make an informed decision as to whether the policy met your personal requirements.
It cannot therefore be concluded that the information and disclosure given was inappropriate in the circumstances.
Conclusion [FONT=Arial,Helvetica][FONT=Arial,Helvetica]In light of my findings, I feel that our adviser acted fairly and reasonably throughout the sale.
I believe that the information provided at the time of sale was a fair presentation of the features of the policy and explained the policy exclusions and the total cost of the insurance. I am also of the opinion that it was clear, fair and not misleading therefore allowing you to make a fully informed choice.
My review has not highlighted any failings with the sale that would lead me to believe your decision to purchase the PPI policies would have changed.
I trust that I have clearly explained the reasons for my decision. However, if you do not agree with my decision please contact us on 0845 601 2683 or write in providing further supporting evidence to support your claim. I will consider any additional information and advise you whether it changes my decision. If I do not hear from you within twenty eight days from the date of this letter I will close your complaint and consider it resolved.
In the event that you remain unhappy with my decision, you have the right to refer your complaint to the Financial Ombudsman Service (FOS). Any referral to FOS must be made within six months of the date of this letter. I enclose a copy of the FOS's leaflet about its service.
Yours sincerely
Lloyds TSB
:mad:
My gut instinct is to write back and dispute their findings and ask them to reconsider before forwarding it onto the FOS!
Please advise what would be the best course of action, before I dive in!
Thanks for the great job you all do,:beer:
WMG75
[/FONT][/FONT]
0
Comments
-
Hi there,
I would definately write back and reject their reasons for not upholding your complaint.
If you get no joy go to the FOS. They are upholding alot of rejected Lloyds ppi claims - the figures make interesting reading.
Lloyds appear to be rejecting a lot of complaints at the moment.
Good luck & keep us updated but fight on - you have nothing to lose:)0 -
One more question!!! Did anyone call you or have they just read your letter/questionnaire?0
-
Hi,
Thanks for the replys,
No I havent received any phone calls just this letter today!!!
Regards, wmg750 -
No point rejecting their rejection. Join the queue at FOS.0
-
I think before going to FOS you need to exhaust the companies complaint procedure or 8 Weeks has to elapse, you may need to reject their rejection.0
-
Nonsense.gingeralan wrote: »I think before going to FOS you need to exhaust the companies complaint procedure or 8 Weeks has to elapse, you may need to reject their rejection.
A rejection is not an invitation to appeal. It actually states that the OP now has the right to refer to FOS....0 -
Hi Guys,
Thanks for the prompt reply's I will forward it onto the FOS and Im going to send a letter of rejection to LloydsTSB!
I had hoped that "amersall" might have given me the benefit of their advice before I do anything thou!!!
Thanks anyway, WMG75
0 -
-
no mention of Single Premium here 0 -
This letter from Lloyds is not their full and final stance on the matter.
Op I would write back to them.
Once you have their full and final rejection THEN go to FOS if you wish but until then it's all to play for.I have realised I will never play the Dane!
Where are my medals? Everyone else on here has medals!!
0
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