What do you think?

Alimony

Hi there,

I'm new to this PPI reclaim malarkey and need opinions etc.

I recently submitted two complaints regarding ppi sold on a credit card with lloyds back in 2004 (applied for online) and also for Two very old lloyds loans.

The credit card complaint has been rejected as they said it wasn't a personal sale and I would have had all the info at the time to make an informed decision. My beef with lloyds is this, prior to applying for the card, I applied for two lloyds loans (several years earlier), both times I had a face to face with the bank manager and was sold PPI. On each occasion PPI was never explained at all really, just that it was "in everyone's best interest and would protect both the bank and myself if I couldn't keep up with payments etc. it was all quickly skimmed over but I was left with the understanding that ppi was the best thing to have when borrowing. My personal circumstances both when I took out the CC and when I took the loans were identical. I worked for a local authority, had generous sickness cover, would have got a good redundancy, had death in service, had additional life cover etc. knowing what I know now, I feel ppi was not needed due to my employment benefits.

Had ppi been explained fully and honestly and I had been made aware that it was most suited to people who did not have a back up plan if they were off sick, made redundant etc then I would have never taken it. I was never asked about employment benefits, life assurance etc at the time.

The advice on both occasions made me believe it was a product that I should have. This advice strongly influenced my thoughts about ppi and would have influenced my decision to tick the ppi box on the application.

Do I have a leg to stand on. I have written back to lloyds explaining the past advice and how it affected my mindset towards ppi plus reiterated my employment benefits etc. meant that ppi was not needed.

I not trying to claim something that I not entitled to, I just feel that the advice given on two occasions strongly influenced my future financial decisions relating to ppi.

I have yet to hear from lloyds regarding the old loans.

Any opinions most welcome.

Thanks

dunstonh

My beef with lloyds is this, prior to applying for the card, I applied for two lloyds loans (several years earlier), both times I had a face to face with the bank manager and was sold PPI.

Different type of PPI put in place by a different person under a different sales process.

On each occasion PPI was never explained at all really, just that it was "in everyone's best interest and would protect both the bank and myself if I couldn't keep up with payments etc. it was all quickly skimmed over but I was left with the understanding that ppi was the best thing to have when borrowing.

Very few complaints get upheld on the basis of unprovable verbal allegations.

The advice on both occasions made me believe it was a product that I should have. This advice strongly influenced my thoughts about ppi and would have influenced my decision to tick the ppi box on the application.

Lloyds did not retail loan or credit card PPI on an advised basis. Whilst it is possible some slipped into advised basis in real life, proving it is harder. Each sale is looked at on its own merits and mostly based on what documents still exist and your situation at the time. Not what may or may not have been said on conversations over 10 years ago.

Do I have a leg to stand on.

If you have evidence to support your allegations then your complaint gets stronger. You have done the best thing in going back to them but if they still say no and you still disagree then you can refer your case to the FOS who will look at the case.

-taff

They do seem to be getting a bit tought where online sales are concerned, and that's all companies, not just Lloyds.
They're right in that it was an online purchase, therefore you didn't get sold it, you actually bought it.
Unless there was a pre-ticked box, you've got a struggle with that one and you may as well refer it to the FOS because Lloyds are not very good at the same complaint being made after they;ve rejected it once.

As for the loans, complain that you were sold single premium insurance and that the full costs were never explained to you.

[Deleted User]

-taff wrote: »

As for the loans, complain that you were sold single premium insurance and that the full costs were never explained to you.

I think that's the point, only the online complaint has been rejected. The Op feels the advice given at his original mis-sale was enough to influence him for his internet application

-taff

It's still a hearsay complaint though.

[Deleted User]

-taff wrote: »

It's still a hearsay complaint though.

It's stronger than many I've seen..

Alimony

Thank you for your replies, I have sent a letter back to Lloyds yesterday after their rejection stating in my own words why I believe I have a justifiable complaint.

I understand I effectively bought PPi by ticking the box, however I
strongly believe that the advice given on both occasions massively influenced my understanding of PPI (or lack of understanding as it turned out) and formed my opinion that PPI was necessary when borrowing.

I will wait and see what Lloyds decide regarding the two old loans which I know we're definitely mis-sold PPI. Knowing Lloyds, they will probably wangle their way out of them as well!

I just wish I knew what I know now about PPI back then, i would of saved a fortune in PPI payments and could have made a proper informed decision!

Thanks

Ali

gal1961

hi had a cc and loans with lloyds .cc rejected ,loans paid out ppi claim

Alimony

Checked my bank account online tonight to fine lloyds have deposited £3280.10 in there in respect of PPi claim.

I am assuming its in respect of my old loans and not the lloyds CC as I received a letter from them this week saying they were going to further investigate my complaint.

I assume I will receive a letter from lloyds showing how they have calculated the payment.

I am really pleased that they have upheld my complaint and only hope the misselling of ppi on my loans holds a little weight on my CC complaint - I ticked the box believing I needed PPi based on the face to face PPI advice I received from Lloyds in the past.

Ali

[Deleted User]

Alimony wrote: »

hope the misselling of ppi on my loans holds a little weight on my CC complaint

The result of one complaint has no bearing on the result of another-they are separate complaints about different finance.

Alimony

An update on my original post regarding the rejection of my lloyds credit card PPI complaint. I wrote to them in my own words to say why I felt I had been missold ppi even though my application had been an online application. Lloyds wrote back to say they would investigate further. I haven't heard anything officially yet BUT to my delight whilst checking my account lloyds have deposited £12, 808 into my account using my Ppi claim as the payment reference. I am assuming I have been successful and will get the confirmation letter in the next day or so!

I totally thought I didn't have a leg to stand on even though I felt the personal advice I was given by Lloyds when I took out two loans had a massive bearing on ticking the PPI box on my credit card application. I totally believed it was a product I needed based on their previous advice.

Moral is never give up if you genuinely believe you were missold!