IMMORAL MIS-SELLING by LLOYDS TSB

The_Famous_Cash

I have a legal document which gives me authority to deal with any and all of my disabled son's financial affairs.
Lloyds YSB denied having seen the document but I have proof they knew about it following an unrelated incident some years earlier.
Without my knowledge or permisson they mis-sold my son various insurances, let him overdraw his account and lent him THREE loans. The second loan to pay off the first and the third loan to pay off the second.
In all, they are charging him a monthly fee for the privilege of having overdraft, charges for unauthorised overdraft, charges for the loans and other fees. He is due them anout £12,500. Due to some of his medical problems, insurance bears a loading of 75% ! (They STILL relished forcing him to take!)
After much complaining, the admitted the mis-selling and gave full refund of all the insurances and token compensation. (I got them to give another 50% after further complaints about their incompetence.)
HOWEVER, notwithstanding their admission of mis-selling, they refuse to admit the overdrafts and loans were mis-sold!
Even more astounding, the Financial Ombudsman is letting them get away with it! No wonder the net is full of allegations about The FO being corrupt ALSO!
Any ideas what avenue to go down to force these EVIL people to admit full responsibility?
My Member of Parliament is now involved and I intend to advertise these EVIL acts in every forum and elsewhere on the net. I will explore the possibility of contacting the press and television.
It is SO blatant and yet they reckon they have got away with it!
NO EWAY, EVIL, INCOMPETENT LLOYDS, YOU ARE GOING DOWN!!!!!!!!!!

TrustyOven

(I don't have the relevant experience or knowledge to help you directly, but my post below might help others think about your problem and might help them find a way to help you)

The_Famous_Cash wrote: »

I have a legal document which gives me authority to deal with any and all of my disabled son's financial affairs.

So if your son has such a medical condition that it affects his life to the extent that you have full authority to deal with his financial affairs, that must mean that all financial affairs are your responsibility and you are the one that gets the bank statements and manage the accounts? Yes?

The_Famous_Cash wrote: »

Without my knowledge or permisson they mis-sold my son various insurances, let him overdraw his account and lent him THREE loans.

How can that be? If you have full authority, then you are the one they will send letters to regarding the accounts and the issue of overdrafts and loans?

The_Famous_Cash wrote: »

Any ideas what avenue to go down to force these EVIL people to admit full responsibility?

I thought you were the one responsible for the full financial affairs of your son.

The_Famous_Cash wrote: »

let him overdraw his account

How does a bank do that? Isn't that the responsibility of the one controlling that account (ie. your son, or in this case, you, because you said you have full control of his financial affairs)?

The_Famous_Cash wrote: »

HOWEVER, notwithstanding their admission of mis-selling, they refuse to admit the overdrafts and loans were mis-sold!

If you have full control of his financial affairs as you claim, then:

1. surely you would have received letters regarding the loans and the overdrafts
2. if you didnt, but your son did, and he didnt tell you, then it doesnt seem like the bank's fault.

either way, it doesn't seem like miss-selling of either of those. I could be wrong.

why did he need an overdraft?
why did he need the first loan?

Who asked the bank to add the overdraft to the account?

Who asked the bank for the loan?

TrustyOven

The OP's other thread on this, which might be helpful for others to read first before replying (I certainly didnt know about it ):

https://forums.moneysavingexpert.com/discussion/4717121

tomtontom

OP does seem to have an unfortunate streak when it comes to mis selling and 'rip offs' ...

Does your son not have the capacity to make financial decisions OP, and if so, who has made this determination? What has he done with the money he borrowed?

McKneff

What 'proof' do yu have that they had seen this document, you didn#t say....

DaveTheMus

I forgot it was caps-lock rage day today....

The_Famous_Cash

Thanks for your response. A number of points but the simplest way to explain how that happened . . .
Years ago, I presented the document to the bank and explained the situation that he must never be overdrawn or any negative situation arise without my knowledge.
I then let him use his card to withdraw whenever and whatever he was able to access, happy knowing he could never get into difficulties.
A situation arose (too complicated to go in to) and I wrote a letter of complaint (and attended a meeting) when the document was, again, produced. The situation was dealt with and received assurances this could never happen again.
Unfortunately, it has. I had no knowledge the bank had mis-sold my son insurances, overdrafts and loans. He is unable to advise me how this arose.
They, certainly knew that I was in charge of any financial transactions (other than withdrawing monies up to valid amount) as was proved by production of original complaint years earlier.
His account statement was sent to his home address but I never had any need to access it because of arrangement.
These evil people deliberately set about STEALING from my son. Let them try to sue me for that statement. I will be delighted to go to court!

The_Famous_Cash

tomtontom wrote: »

OP does seem to have an unfortunate streak when it comes to mis selling and 'rip offs' ...

Does your son not have the capacity to make financial decisions OP, and if so, who has made this determination? What has he done with the money he borrowed?

He does not have capacity to make financial decisions. He has learning difficulties amoungst many physical disabilites.

He has no idea what happened to money. I suspect it was given to third parties but have no way of confirming this.

The_Famous_Cash

McKneff wrote: »

What 'proof' do yu have that they had seen this document, you didn#t say....

I have their letter many years ago acknowledgeing document following earlier complaint.

TrustyOven

Thanks for your reply.

The_Famous_Cash wrote: »

Years ago, I presented the document to the bank and explained the situation that he must never be overdrawn or any negative situation arise without my knowledge.

I don't see how that could or should happen though. A bank is a business.

The only situation I can imagine that they might take on that role, is if you had paid them a fee (like a monthly direct debit) to manage the account. A bit like a personal accountant or similar (do high street banks do that? or would you have to go to specialist banks?).

Did the bank agree in writing to your terms that the bank should inform you should anything happen with the account that would negatively impact your son?

The_Famous_Cash wrote: »

I then let him use his card to withdraw whenever and whatever he was able to access, happy knowing he could never get into difficulties.

I assume he had income of some sort being deposited into the account...

Is it possible he ran out of money and needed money for food and then either ran into unauthorised overdraft, or arranged overdraft himself?

An unauthorised overdraft may have been converted to a loan or an authorised overdraft... maybe.

The_Famous_Cash wrote: »

Unfortunately, it has. I had no knowledge the bank had mis-sold my son insurances, overdrafts and loans. He is unable to advise me how this arose.

With all due respect, perhaps he should have someone else (ie. you) run the account for him or else not let him have an account or bank cards?

Obviously try to recover the money that is owed / nullify the debt etc...

R_P_W

The_Famous_Cash wrote: »

Thanks for your response. A number of points but the simplest way to explain how that happened . . .
Years ago, I presented the document to the bank and explained the situation that he must never be overdrawn or any negative situation arise without my knowledge.
I then let him use his card to withdraw whenever and whatever he was able to access, happy knowing he could never get into difficulties.
A situation arose (too complicated to go in to) and I wrote a letter of complaint (and attended a meeting) when the document was, again, produced. The situation was dealt with and received assurances this could never happen again.
Unfortunately, it has. I had no knowledge the bank had mis-sold my son insurances, overdrafts and loans. He is unable to advise me how this arose.
They, certainly knew that I was in charge of any financial transactions (other than withdrawing monies up to valid amount) as was proved by production of original complaint years earlier.
His account statement was sent to his home address but I never had any need to access it because of arrangement.
These evil people deliberately set about STEALING from my son. Let them try to sue me for that statement. I will be delighted to go to court!

Please stop using the word evil. I don't think you know what it means and make yourself look a bit silly!