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Lloyds TSB PPI Complaint upheld in part - advice please!
MissEC
Posts: 2 Newbie
Hi
Lloyds have upheld in part our PPI complaint about three loans with them.
These loans all had a single premium policy which were not suitable for our needs however they state that other than this they are unable to find any other failings with the sale or anything to suggest that we did not have a need to protect our loan payments. They have therefore concluded that we would have purchased a regular premium policy instead had this been made available and so the offer they have made us is based on the difference between what we actually paid and what we would have paid for a comparative regular premium policy.
I just wondered whether this was correct and whether anyone has had a similar experience of this and can help?
Thanks
Lloyds have upheld in part our PPI complaint about three loans with them.
These loans all had a single premium policy which were not suitable for our needs however they state that other than this they are unable to find any other failings with the sale or anything to suggest that we did not have a need to protect our loan payments. They have therefore concluded that we would have purchased a regular premium policy instead had this been made available and so the offer they have made us is based on the difference between what we actually paid and what we would have paid for a comparative regular premium policy.
I just wondered whether this was correct and whether anyone has had a similar experience of this and can help?
Thanks
0
Comments
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I just wondered whether this was correct and whether anyone has had a similar experience of this and can help?
Single premium is considered bad. Monthly is good. They have found no evidence of any wrong doing in the sale. That suggests you havent provided any evidence of wrongdoing either. So, the only failing is single premium. The FCA specify that single should be converted to monthly and a refund giving on the difference.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thank you
0
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