Is my PPI too complicated to take on myself? Help!?

Pipeandslippers20

I’m just putting the feelers out regarding PPI on a loan I took out years ago with Lloyds bank with the intention of gauging (a) whether I’d be able to tackle this one myself without employing a PPI claims handler and (b) if individual circumstances mean that my claim might be thrown out. I would really appreciate some thoughts on the below. What I am not seeking is people passing comment on my folly of taking out this loan in the first place, I’ve already told myself off enough! J )

I took out the loan in 2002 whilst I was a university student to pay for my final year year (accommodation, tuition fees, price of living). Admittedly, back then I was not sensible with money and taking out a loan when you don’t have a job is the most stupid thing I have done.

I was paying £108 per month for the loan, £22 of this was for PPI. Unsurprisingly, after 5-6 months, I defaulted on the loan. I had the loan refinanced, it was transferred to ‘LoansDirect’ and I ended up paying a larger amount because of the interest added to my arrears. I was managing to make these payments and then went on to get a temping job, which made them easier to meet.
Unfortunately I was then a victim of a serious crime which resulted in several months off sick and I lost my job. I had to refinance the loan again.

I have written to Lloyds using the template on this website and have received back from them copies of the original agreement. It shows the following:
The date of the signed agreement falls within the time I was at university and didn’t have a job
The box for PPI has a typed ‘X’ in it
The statement shows a transfer to a new loan.
I distinctly remember the banker did not ask my employment status. He asked how much I wanted to borrow and for what. He was keen to get the loan done asap.


Questions/queries:
If I was in full time education (university) why did I need PPI?
Who do I try claim against? Is it the bank who originally sold the loan?
Does the typed ‘X’ help to show it was forced upon me?
Will my arrears count against me? (I still feel bad about taking out this loan).
I would welcome any constructive feedback.

Thank you for your time in advance guys.

dunstonh

(a) whether I’d be able to tackle this one myself without employing a PPI claims handler

Claims companies dont aid the process. You still have to tell them why you were mis-sold or you need to fill in the questionnaire when they just stick in the post (and I am sure you are capable of sticking a questionnaire in the post yourself)

If I was in full time education (university) why did I need PPI?

No. and a solid complaint reason for you.

Who do I try claim against? Is it the bank who originally sold the loan?

yes. Although when you defaulted, a refund of PPI premium should have occurred.

Does the typed ‘X’ help to show it was forced upon me?

no. An X in the box indicates nothing to help or hinder you.

Will my arrears count against me? (I still feel bad about taking out this loan).

It means you may not get the money but find they offset it against your debt.

jay-1

If you use a claims company and have a successful claim they will want their % plus VAT of the full redress even if you personally never got any money as it went toward your debt.

Do it yourself and at least if your claim is bigger than your debt at least you get something.

roonaldo

All you need to do is write a quick letter quoting account number saying you feel you feel your PPI is mis-sold because......

All the CMC will do is send a letter with a load of lies on, probably actually weakening your complaint.

Pipeandslippers20

dunstonh wrote: »

Claims companies dont aid the process. You still have to tell them why you were mis-sold or you need to fill in the questionnaire when they just stick in the post (and I am sure you are capable of sticking a questionnaire in the post yourself)



No. and a solid complaint reason for you.



yes. Although when you defaulted, a refund of PPI premium should have occurred.



no. An X in the box indicates nothing to help or hinder you.



It means you may not get the money but find they offset it against your debt.

Many, many thanks for your reply.
I'm going to do this today.

I've paid off the loan years ago and thanks to learning several hard lesson I'm (almost debt free).

If I get this money it will be a bonus and it isn't needed to pay off the debt.

The claims company phoned me Friday to ask why I hadn't posted the form back, I said because your fees are 35% and I'm doing to do it on my own. They said 'good luck'!

It appears I have a strong case against Lloyds TSB. Many thanks for your help guys. I'll reply to the thread when I know more.

Pipeandslippers20

Just got £2500 back. Thanks for everybody's help!