PPI Loyds

andymc

Hi all,

I received a letter and questionaire today regarding an old loan I had and Lloyds wants to know if it was missold. Problem is I don't remember this particular loan as it doesn't have any details only an account number. I could order a SAR but the information will get to me too late about which loan it was, because Lloyds are only giving me just under two weeks to reply (14th April 2014), so how do I know which loan it was, how much it was for, when it was taken out etc., etc.

Do you think they are allowed to give me under two weeks to reply, considering they have I think 4 to 6 weeks to send me the information I request by law. Seems a bit slight, don't you think? Has anyone else received this letter today (2nd April)?

Thanks in advance.
Andymc.

dunstonh

Do you think they are allowed to give me under two weeks to reply, considering they have I think 4 to 6 weeks to send me the information I request by law.

You have three years from that letter. They just want to speed you up.

[Deleted User]

They are inviting you to complain if you have valid complaint reasons. If you don't have any, then don't complain.
How long they give you to respond is irrelevant. Do you really want to spend £10 on a SAR request? It won't provide any complaint reasons, only the dates the PPI was active for.

andymc

Thanks for your prompt replies. I will be happy to receive just the dates from the SAR because I will then be able to determine how long ago it was, and then maybe I'll know which loan it was.

I think the average repayment that you get back is more than £1,000, so, yes, I feel that £10 is worth the query, as well as that it would solve my curiosity.

What I do know is that PPI was never done correctly by the banks, hence why it's a big deal these days, especially in my circumstances. They didn't tell me I didn't really need it for a few different reasons (very good sickness payment I would have got from the company I worked for at the time, and various, shall we say, rather dodgy reasons that they don't fully explain) which made it useless for many people including myself.

I know that claiming back longer than six years since the loan ended is one of those things that the banks like to tell you, but I reckon you can still claim after even ten years. I wonder how many people have had success doing that?

[Deleted User]

andymc wrote: »

I will be happy to receive just the dates from the SAR because I will then be able to determine how long ago it was, and then maybe I'll know which loan it was.

This won't help your complaint.

andymc wrote: »

I think the average repayment that you get back is more than £1,000, so, yes, I feel that £10 is worth the query

You'll only ever receive, at most, a refund of any PPI you paid. The "average" payout is irrelevant if you don't have a valid complaint.

andymc wrote: »

What I do know is that PPI was never done correctly by the banks

You "know" this, how?
If what you assert here was true no complaint could be rejected. Plenty of complaints are rejected.

andymc wrote: »

They didn't tell me I didn't really need it for a few different reasons (very good sickness payment I would have got from the company I worked for at the time, and various, shall we say, rather dodgy reasons that they don't fully explain) which made it useless for many people including myself.

What "dodgy reasons" are you on about?

andymc wrote: »

I know that claiming back longer than six years since the loan ended is one of those things that the banks like to tell you

There is no timelimit on how far back your "complaint" may go. The only limit is whether you or the Bank still have records of the finance.

You don't appear to have done much research about this, I suggest you do so;
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

McKneff

If you don't remember, nothing you get is going to make you remember.


Just fill the form in, as best you can, if you cant remember then just put that.


My daughter did this with a loan form many years ago, she just put either don't know or cant remember which was true, and within a very short time she got a cheque for around £800. Just be thruthful,

andymc

Moneyineptitude wrote: »

This won't help your complaint.


You'll only ever receive, at most, a refund of any PPI you paid. The "average" payout is irrelevant if you don't have a valid complaint.


You "know" this, how?
If what you assert here was true no complaint could be rejected. Plenty of complaints are rejected.

What "dodgy reasons" are you on about?


There is no timelimit on how far back your "complaint" may go. The only limit is whether you or the Bank still have records of the finance.

You don't appear to have done much research about this, I suggest you do so;
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

1) If I receive the SAR, it will inform me when I took out the loan, which in turn will give me a much more informed decision.
2) I'm not going to grumble at the cost of the £10 SAR request, as I know for a fact some banks don't even charge you. This is compared to a nice big refund (yes, your right, Moneyineptitude, I won't get a payout if I valid complaint, but fact is we all know, I'm sure, that the banks was miss-selling PPI don't we, and question me if you like but on the times when I sat in front of LloydsTSB and was sold PPI on top of the loan, the way in which they did it, I know, personally it was miss-sold to me.
3) The banks have set aside billions of pounds to allow people to reclaim, so I know this how, come on it doesn't take a fool, you say plenty of complaints are rejected, well I don't know about that, I can only speak for myself, but I'll let you into a little secret, I took 5 banks to court on my own in 2007 and won every one of them I watched as the judge in my local county court give a right rollicking to a Lloyds TSB solicitor for wasting courts' time. I paid for the bailiffs to go into Northenden's branch of Barclays Bank because they assumed they didn't have to pay my credit card charge until the outcome of a High Court test case, they were wrong and I knew they were wrong.
I then in 2011 was about to take 3 banks to court to get my PPI back from them, instead they paid me in full before I needed to do anything but write a request in (cost of a stamp).

So, eh em, I think I know slightly more than you realise, if I didn't know any better I would say you were being paid by one of these financial institutions.

[Deleted User]

andymc wrote: »

If I receive the SAR, it will inform me when I took out the loan, which in turn will give me a much more informed decision.

You only need to send a SAR if both you and the Bank seemingly have no documentation. A SAR won't provide complaint reasons.

andymc wrote: »

I'm not going to grumble at the cost of the £10 SAR request,

I would if it didn't provide me with anything useful.

andymc wrote: »

fact is we all know, I'm sure, that the banks was miss-selling PPI don't we,

Do "we"?
Nothing you have said indicates any mis-sale. You aren't even sure which loan or credit card this policy pertains to, how can you be so sure it was mis-sold?

andymc wrote: »

The banks have set aside billions of pounds to allow people to reclaim

The Banks have set aside this money so that it doesn't impact so much on their bottom line. They are not doing it to "allow people to reclaim".

andymc wrote: »

you say plenty of complaints are rejected, well I don't know about that, I can only speak for myself, but I'll let you into a little secret, I took 5 banks to court on my own in 2007 and won every one of them

Well done on your previous successes. These are irrelevant to your current situation.

andymc wrote: »

I think I know slightly more than you realise,

So why are you posting on here supposedly asking for advice?

andymc wrote: »

if I didn't know any better I would say you were being paid by one of these financial institutions.

How do you know I'm not?:p

OnlyAlan

Andymc
I think you already know the answer - 'invest' the £10 on a SAR. You may well be educated by what you get back. A tenner well spent, in my opinion. It certainly helped me with a successful claim against Lloyds Group. If they refuse your claim you will, at least, know what information they hold and this could help with an appeal.

If you do get an offer, check it well. They offered me about £1900 short. The FOS have just recently corrected them on this.

As to whether you have a valid claim: If you believe you may have, I say "Make your claim and let them prove it is not valid".

Good luck.

-taff

OnlyAlan wrote: »

As to whether you have a valid claim: If you believe you may have, I say "Make your claim and let them prove it is not valid".

Good luck.

The burden of proof is on the person who's making the accusation. It's not up to them to prove it isn't, it's up to you to prove it is.

-taff

andymc wrote: »

I then in 2011 was about to take 3 banks to court to get my PPI back from them, instead they paid me in full before I needed to do anything but write a request in (cost of a stamp).
.

Was this before or afte the ruling on PPI?