PPI whilst having IPI lloyds

stuuyb

Hi,

Hopefully I'm not duplicating, Am new to posting here and was after some advice.

Basically since 2000 my partner has had several loans with lloydstsb including credit cards. It was noted on the credit card that she was paying payment protection cover, something which she has never asked for and therefore has just cancelled. Looking at this she was advised to look into her loans where she has found that all her loans she had paid ppi, where loan protection was paid as 'premium advanced as part of loan'. She still has a copy of a couple of the credit agreements confirming she had ppi and it was paid.

Her issue is that she already had an 'Income Protection Plan' in place at the times of the loans. This IPI policy was bought and sold through the same company Lloydtsb, and she is still paying for it today. To me this seems like a mis selling of the ppi on the loans, on the basis she already had cover for illness and accident through this more comprehensive policy, something which they must of known when the loans were sold as the policy was written by Lloyd's and was being paid from the same account as the loan repayments.

I was just after some advice on this if anyone could be so kind?!

Many thanks

magpiecottage

PPI and Permanent Health Insurance (long term income protection) can overlap but it depends on the circumstances. On the other hand, a single premium added to the loan is difficult to defend.

dunstonh

Her issue is that she already had an 'Income Protection Plan' in place at the times of the loans. This IPI policy was bought and sold through the same company Lloydtsb, and she is still paying for it today.

What is the deferment period on the income protection (PHI) policy?

It is quite common to have both PPI and PHI. For example, The PPI covers the first 12 months and the PHI covers 12+ months.

-taff

single premium on a consolidated chain of loans is a good complaint reason - hint hint

[Deleted User]

-taff wrote: »

single premium on a consolidated chain of loans is a good complaint reason - hint hint

Yeah, OP should forget about the health insurance and concentrate on complaining about the single premium.

stuuyb

Hi thanks for the replies!

I believe the deferment period is 3 months, but will check it

You mention the single premium on consolidated loans and to complain about this, is this part of mis selling i presume? sorry if I sound stupid just trying to get my head around it all. Would this complaint still be made in the same way? (Lloydstsb have sent some forms through the post asking for lots of details about the ppi policy, why u had it, how it was sold, ur savings, other policies you had etc etc.

From what she can recall, the IPI policy was sold to her by a Lloyd's rep visiting at her friends families house back in 1999. The loans she took out with Lloyd's were taken out in branch. From what some people say the banks often don't have paperwork over 6yrs which is a pain, though she does have the cca front sheets for a couple of the loans.

We also struggling to understand why there's ppi on credit card from when it was taken out so many yrs ago.

Thanks againfor your help.

[Deleted User]

stuuyb wrote: »

Hi thanks for the replies!

You mention the single premium on consolidated loans and to complain about this, is this part of mis selling i presume? sorry if I sound stupid just trying to get my head around it all. Would this complaint still be made in the same way?

As above, it's the ONLY thing you should be concerning yourself with.

stuuyb wrote: »

From what she can recall, the IPI policy was sold to her by a Lloyd's rep visiting at her friends families house back in 1999.

Forget all about the health insurance.. .

stuuyb wrote: »

We also struggling to understand why there's ppi on credit card from when it was taken out so many yrs ago.

Banks didn't randomly add PPI to loans and credit cards without the knowledge and permission of the customer. That's a myth fostered by claims companies. If you don't know why it was added to your credit card, then you've simply forgotten agreeing to it.

Concentrate on the single premium policy on a consolidated chain of loans. This is a very strong complaint and is a definite winner.

stuuyb

Thank you moneyineptitude,

Is there anywhere here or that you can recommend that can word this correctly and in the right way, just that I want to make sure we are explaining this single premium complaint in the right way when filling out the paperwork. I'm assuming this complaint fits well in the question 'why are you unhappy with the ppi policy? They also ask why did you decide to take it out? My wife tells me she doesn't recall taking it out, and the cca agreement on two of the loans has a computer printed x in the boxes optional loan protection and premium advanced as part of loan

Is this more specific to consolidated loans or with the majority of single premium ppi loans?

Her loans were 2000, 2001, 2003, 2004, 2005, 2006 (this loan to cover cc)

Lastly, do you recommend completing a Lloyd's ppi questionnaire for each policy? Or do one form and add the other loans and amounts to the additional information on the back.
Ta