Don't want to make an idiot of myself!

NikNox

Hi all

Today I received a letter from Lloyds TSB, informing me that the PPI I took out may have been mis-sold. They quoted a policy reference number, but it means nothing to me. As far as I am aware, I have never taken out, or agreed to PPI. I have had loans in the past, but certainly not recently or in the past 5 years. There is a helpline number, which I called, but they're closed for the weekend.

As it's a very official letter, and states that I must only complain and reclaim PPI if I think it was mis-sold to me, I think it must be genuine. I will of course call them on Monday, but am a little worried that I'll look an idiot when I say "as far as I'm aware I've never taken out or agreed to PPI". There is a claim form with the letter that requires details of the loan, what was discussed when it was taken out etc., and asking to provide copies of loan documents. As I said before, I haven't had a loan for years, so don't have any documentation now, and certainly cannot remember what was discussed when it was taken out! I do know however, that I wouldn't have agreed to PPI because it's something I just don't believe in.

I'm thinking that because I know for a fact that I would never have agreed to PPI, then the PPI they're referring to must have been mis-sold, which is good because it could mean I'll get the money back (money I wasn't aware I'd even spent!).

Has this happened to anyone else? This PPI thing is all new to me, so any advice greatly appreciated.

Thanks

dunstonh

Today I received a letter from Lloyds TSB, informing me that the PPI I took out may have been mis-sold.

The CCL is an invitation for you to complain if you feel you were mis-sold. It is sent to anyone that had PPI. It is not a personalised review of your sale.

As it's a very official letter, and states that I must only complain and reclaim PPI if I think it was mis-sold to me, I think it must be genuine.

CCLs are going out en masse currently.

I will of course call them on Monday, but am a little worried that I'll look an idiot when I say "as far as I'm aware I've never taken out or agreed to PPI".

You dont look an idiot. In itself, its not a strong reason for complaint but if you query it, they have to consider all areas of the sale.

I'm thinking that because I know for a fact that I would never have agreed to PPI, then the PPI they're referring to must have been mis-sold, which is good because it could mean I'll get the money back (money I wasn't aware I'd even spent!).

As I said, they have not reviewed your sale. It is a standard letter sent to anyone with PPI. It is not a good sign that you can read anything from. They are only sending it to allow them to start the timebar.

Has this happened to anyone else?

Yes. Anyone who has had PPI will have already got this letter or be in the queue to get one.

NikNox

Thank you for that, but I was not aware I had PPI. So does this mean that I have had PPI in the past? If so, then I was not aware that I did! Were people given PPI without knowing it?

dunstonh

Yes, it does mean you had it as only those that had it get the letter.

Were people given PPI without knowing it?

It cant be hidden. That is a myth. However, it is only as good as what you read. For example, credit card PPi appears on the monthly statement each time you pay it. Loan PPI appears on the agreement and statement.

NikNox

Thanks again. I'm still confused though. I'm very careful about any "extras" companies try to add on, extras on insurance, that sort of thing. I am in very secure employment & have been for 18 years (with six months full pay sickness and six months half pay), so even though I've had PPI suggested & offered, I know I've never agreed to it, knowingly anyway. I guess all will become clear when I call them, hopefully anyway!

-taff

You will have agreed to it, you just don't remeber doing it, especially on loan agreements, people just forget about that part....
They don't give it to anyone without a signature on something [for loans]

NikNox

So how would I know if it was mis-sold?

-taff

You find another reason......

NikNox

So should I not say I'm not aware I had PPI? It's,going to be difficult to find another reason when I don't even know when I must have agreed to it!

-taff

Well, depends on what loans you had.
Was it a chain of loans, was it individual loans, were they for high value amounts, were they over 5 years to pay back, single premium, did you have good sick pay, savings, another income, a pre-existing illness etc,

NikNox

I haven't had a loan for years, and when I did it was an individual loan which I think.I refinanced (this is what it says in the letter, I don't actually remember). But, certainly no chain of loans. I have an excellent sickness package and have never had any illnesses, pre-existing or otherwise. The loan wouldn't have been high value. I've never really had any savings though.