Lloyds contact re PPI

Tabitha_T

I have received a letter and questionnaire from Lloyds that says I have been identified as a customer who may have been mis-sold PPI on an old loan. Specifically, it says that as the loan was refinanced the figure could well be substantial. I'm a bit confused by this. My records show that the £10K loan was taken out in Sep 2005 and was repaid early, in full, within 18 months - but, it wasn't 'refinanced' as such, i.e. I didn't reschedule or increase it. (Or, can paying off a loan early be classed as refinancing in financial jargon maybe?)

In respect of the form, some of the questions I am being asked are proving tricky. This loan was originally taken out over the phone, will they still have the telephone records from 8 years ago? I really can't remember my exact personal circumstances at the time of this application as my employment history has been complicated with various self employment periods etc. I don't want to jeopardise my chances by giving any incorrect
answers that don't 'match up' to the original. Does anyone have any experience of this sort of thing please?

Thank you, Tabs

societys_child

The important thing is not to make any guesses, as if your wrong, it may look like you're trying it on and you'll lose credibility. They obviously have some records.
Give as much info as you can and if you're not sure or can't remember, just say that.

Tabitha_T

Thanks for your advice, much appreciated, I'll complete as best I can and see how we go! Cheers, Tabs

dunstonh

I have received a letter and questionnaire from Lloyds that says I have been identified as a customer who may have been mis-sold PPI on an old loan. Specifically, it says that as the loan was refinanced the figure could well be substantial. I'm a bit confused by this. My records show that the £10K loan was taken out in Sep 2005 and was repaid early, in full, within 18 months - but, it wasn't 'refinanced' as such, i.e. I didn't reschedule or increase it. (Or, can paying off a loan early be classed as refinancing in financial jargon maybe?)

The CCL you have received is template based. It is fairly generic in reasons that "could" apply to you. They are not saying that they do apply to you. A lot of people have been misreading these letters which frequently use terms like "may have" or "could have" or similar.

The CCL is sent out to allow the bank to start the 3 year time bar. The layout is largely defined by the requirements the regulator set out in its consultations on timebarring and issuing CCLs.

Single premium loan PPI is quite easy to get a mis-sale complaint on. Especially if refinanced. That is why the refinancing part is mentioned. Early repayment and no new loan is not refinancing. Just give your reasons for complaint. Dont make things up or guess. If you unsure, state you cannot recall but you think it was blah blah.... People who have perfect recollection of events from nearly a decade ago are doubted whereas those who are honest and say they cannot recall everything are the expected norm and a complaints handler would be more likely to believe them in areas they can recall. That said, any complaint that is based on recollection of events from nearly a decade ago, is a weak one. Eligibility and suitability are much stronger complaint reasons.