Lloyds TSB Loan PPI Rejection! help/Advice needed.

javorb

i received same letter ,it does not say final response but when i phoned them today they said that it was and they would not reconsider and they gave me ombudsman phone number.
claim now lodged ,only plus they have had to employ 700 more people to deal with ppi ,so it may be quicker responses from fos.

wmg75

amersall wrote: »

no mention of Single Premium here

Hi Amersall, Am i right in thinking that all of the personal loans from LloydsTSB back then would have been Single upfront premium? and if so what difference does that make to my position?
Sorry if this has been asked before but I'm still learning!!! but I am in this for the long haul!!! I'm not one for backing down once I get my teeth in to something!!! lol

thanks in advance for any info you can give me!

WMG75:D

Ricoh

FOS mate, show no mercy.

magpiecottage

skypie123 wrote: »

This letter from Lloyds is not their full and final stance on the matter.

Wrong - if they have given the OP six months to go to FOS then it IS the final response.

However, simply having PPI does not constitute a missale and the OP has given no reason to suppose it was.

As Amersall says, the single premium argument would result in an uphold but otherwise as things stand there is nothing I have seen which would lead me to uphold it.

Saffy123

Oh dear, this does not bode well. I fear I am about to get exactly the same long winded rejection letter as wmg75 posted above. The only difference being is that the other day, I did receive a telephone call from Lloyds asking the following:

1. Was I working more than 15 hours per week when I took out the loan. I answered that I was not.

2. Did I remember the staff members name when I took out the loan. Answer yes.

3. What other reasons did I feel I had been mis sold. I answered that I had already advised them of this but also clarified.

At the end of the conversation I was told I would hear in 5/7 days the outcome of my case, they would not tell me over the phone.

I therefore wrote clarifying my conversation with them on all the above points and await hearing from them. For some reason after reading all of the above, I am not hopeful and can see this also going to the Ombudsman.

Lloyds seem to be doing everything in their power not to pay genuine claims.

Any further help/advice appreciated.

betty_boop_48

I had a similar response from LTSB!!! I have wriiten back to ask them to look into my claim again, failing that i will take it further!!!
Joke is a good friend called the LTSB line just to see if he had taken out PPI found out he had, when asked why he was now complaining he relied because every one else has!!! Thought he’d blown his chances a few weeks later £6800 deposited into his account!!!!!! How can they justify that!!!! Pleased for my friend but seems unfair for all the others who have been declined for many reasons!!!

Queenb71

wmg75 wrote: »

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. [/FONT][/FONT]
[FONT=Arial,Helvetica][FONT=Arial,Helvetica]
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

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Hi WMG75

My other half has received practically the same letter, with the conclusion being word-for-word!!! He was informed at the time that PPI would increase his credit rating and he felt pressured into taking it. It was taken out over the phone and Lloyds have attached the credit questions and answers where the sales person has marked x in "purchase of recommended cover", however this has not been signed. Not sure how he stands on this?
Looks like a letter to FOS is called for! Good luck with this

dunstonh

Ok, lets look at your complaint reasons....

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.

1 - an unprovable allegation. Can you prove you were not given the correct information? What was wrong with the information?
2 - again, an unprovable allegation. Can you prove that?
3 - again, an unprovable allegation.
4 - most loan PPi is not sold on advice basis. They dont have to assess your financial needs. Just your eligibility.
5 - rubbish reason and is an internet myth. There is and never has been any requirement to tell you that you can buy elsewhere.
6 - As it is a non-advised case, they dont have to. They just have to make sure you were eligible for cover.

So, in all, you have a very weak complaint with some totally irrelevant reasons and some that every fraudulent complaint made includes but no evidence will ever support. So, you can see why they rejected it.

You say your instinct is to refute their responses. This suggests you have some evidence so support your allegations. So, what evidence do you have?

My response isnt that you wont succeed at the FOS as we dont have the benefit of the files here to read and assess. Just what you tell us. There may be something we are not aware of that results in a success. We can only comment on what we see here.

[Deleted User]

Queenb71 wrote: »

My other half has received practically the same letter, with the conclusion being word-for-word!!!

The Banks obviously use template letters in correspondence, but there is nothing sinister in this I'm afraid. They select the most appropriate template for the type of complaint and also use templates for offer letters.
I don't recommend going to FOS just because someone on the internet got a similar letter!:eek:

worried48

wmg75 wrote: »

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. [FONT=Arial,Helvetica][FONT=Arial,Helvetica]
[/FONT][/FONT]

All of us, I would guess, who took out a loan with Lloyds know very well that this is EXACTLY how it was. Can it really be true that lloyds themselves don't know??