Lloyds bank PPI

Katem

Lloyds bank have sent me a PPI claim form, saying I paid PPI on a loan I had several years ago. I really don't remember having PPI on this particular loan, or signing up for PPI but clearly I have had it.

What should I do - do I just say I didn't realise I had it on the loan? Will that stop me receiving it because it's something I didn't miss?

Thanks

Katem

Does anyone have any ideas?

-taff

Fill in the form. If you don't remember, say you don't remember.

Placida

Katem wrote: »

Lloyds bank have sent me a PPI claim form, saying I paid PPI on a loan I had several years ago. I really don't remember having PPI on this particular loan, or signing up for PPI but clearly I have had it.

What should I do - do I just say I didn't realise I had it on the loan? Will that stop me receiving it because it's something I didn't miss?

Thanks

My daughter received such a letter from NatWest a few months ago. She did not remember taking out PPI and said that she wouldn't have agreed to it due to her circumstances at the time. NatWest upheld her complaint. She just answered to the best of her knowledge of how the loan was arranged and why she wouldn't have agreed to PPI.

Look at the key specific sales failings why Lloyds state in the letter that you have been mis sold PPI.

Hope this helps

Brechincity

I too was sent out forms by Lloyds TSB. Took 20 mins to fill in, sent away and within 8 weeks had a cheque through the post. To be fair, they do make the process very simple.

Insider101

Placida wrote: »

My daughter received such a letter from NatWest a few months ago. She did not remember taking out PPI and said that she wouldn't have agreed to it due to her circumstances at the time. NatWest upheld her complaint. She just answered to the best of her knowledge of how the loan was arranged and why she wouldn't have agreed to PPI.

Look at the key specific sales failings why Lloyds state in the letter that you have been mis sold PPI.

Hope this helps

Lloyds will not state in their letter that you have been missold PPi, just that there is a possibility that you may have been affected.

Insider101

Katem wrote: »

Lloyds bank have sent me a PPI claim form, saying I paid PPI on a loan I had several years ago. I really don't remember having PPI on this particular loan, or signing up for PPI but clearly I have had it.

What should I do - do I just say I didn't realise I had it on the loan? Will that stop me receiving it because it's something I didn't miss?

Thanks

I'd have a look for something stronger if at all possible. You will have to be careful with this one. Just not remembering in itself is not a valid complaint reason, many people can't remember what they were doing several years ago. Plus, it will have been on your loan agreement. Hence if they produce a signed copy of it then this one is probably destined to fail.

dunstonh

Look at the key specific sales failings why Lloyds state in the letter that you have been mis sold PPI.

A CCL does not say why you were mis-sold. it gives generic examples of what could be mis-sale reasons. Those reasons may or may not be applicable. The CCL format was agreed by the banks and regulator.

Placida

Insider101 wrote: »

Lloyds will not state in their letter that you have been missold PPi, just that there is a possibility that you may have been affected.

Well spotted. I omitted the word "may".
I am aware of the FCA's view and their guidelines to financial firms of what a PPI CCL should contain and how it should be presented.

My main intention was to draw the poster's attention to THE CONCERNS section of the CCL which would hopefully have helped them in completing the complaint form.

The failings listed in THE CONCERNS section in the CCL my husband received were different to those in the CCL my daughter received but were appropriate to their individual complaints.

Placida

dunstonh wrote: »

A CCL does not say why you were mis-sold. it gives generic examples of what could be mis-sale reasons. Those reasons may or may not be applicable. The CCL format was agreed by the banks and regulator.

The letter my husband received was quite specific in that it detailed 4 concerns that the bank consider may have applied to him.

These were detailed individually in the letter from the NatWest:
(a) Exclusions and limitations may not have been fully described to you.
(b) whether you understood that taking the PPI policy was optional and sold on a non advised basis.
(c)whether you understood the cost of single premium PPI insurance and how it was paid for.
(d) Whether you understood that if you cancelled it after 30 days and before your loan reached full term, only a partial rebate would be payable to you.

Under each heading the NatWest went into detail as to how each concern could be relevant, with examples to illustrate the the point.

Whereas, on the other hand, the letter my daughter received listed different concerns specific to how the PPI MAY have been mis sold to her.

I believe Martin Wheatley commented:

“We think that the redress due from this process may well exceed what has been paid so far, and that is why we are acting now to clarify our expectations. By ensuring that firms are clear about the problems they have identified and the potential redress due, we are aiming to prevent people running out of time if they choose to complain.
“Historically, response rates for these types of exercises are low - sometimes as low as one in ten. Therefore, if you receive a letter, it’s important to consider your PPI purchase carefully and if you feel you have been a victim of poor practice - please do respond to the firm.

dunstonh

The letter my husband received was quite specific in that it detailed 4 concerns that the bank consider may have applied to him.

They are not specific to him. They are generic reasons that appear on all CCLs.