LLoyds TSB - PPI on credit card

weegie-dfw

I was wondering if anyone could help with this. My OH has a Lloyds TSB credit card with around £12,000 when he signed up for the card years ago they signed him up for PPI.

To be completely honest he was totally useless with money, not spending it on lots of gadget's or being completely excessive but just not realising what he has coming in and out. He also had problems with an old flat mate not paying rent to him for months or bills, he is also a self-employed so some months are great, some not. Anyway this is why the balance has ended up so high.

Anyway the PPI payments are now crippling and we are struggling to make any head way on the balance of this account, despite payments being up at £300. He phoned to try and cancel it and was told he couldn't. Is there anything we can do to get them to change their mind?

Any help much appreciated!

Conor_3

Threaten them with legal action. Was he self employed when he took out the card? REad the T&C of the PPI. I think you'll find the PPI wouldn't cover him and in fact he has been missold the insurance. Point out this and tell them that they can cancel it or you'll sue them for compensation in County Court for payment of the full amount of PPI you've paid. I've not come across a single PPI for loans/cards that covers self employed people.

Once they've cancelled, seek legal advice and sue em anyway.

weegie-dfw

Yes he's been self-employed since leaving school. I'll have a look through the paper work today. Cheers for the help!

weegie-dfw

Just had a look at it and it does cover self-employment!:mad:

However there is a paragraph that says he can cancel it with 14 days notice, I'll get a letter done up today and get it sent off once he's back from tour.

Does anyone know if we can reclaim PPI payments like the bank charges reclaim?

Conor_3

Sadly, not. When writing the letter to cancel, remember to quote the Term number and full text of that term.

Something along the lines of:

In accordance with the terms and conditions, Secton XX "Blah Blah Blah" of the PPI contract, I am hereby giving you 14 days written notice of termination of contract.

Donedoingdebt

They cannot refuse to cancel the PPI on a credit card. As stated earlier, send a letter via recorded delivery stating the contents along the lines that Conor stated.

weegie-dfw

Oh well, it was worth asking the question. Thank you so much for all your help! Here's to getting debt-free a wee bit quicker.

craftingqueen_2

hi,weegie-dfw

Just to let you know we were able to cancel ppi on my husband's c/c and he's limit was very high and thats with lloyds.

Mind you that's the only good thing lloyds have done for us.

craftingqueen