Lloys Credit Card PPI

wickedelphaba

Hi

I've just received a letter from LLoyds rejecting my PPI claim. I was self employed when the policy was sold over the phone in 2005 (and still am self employed.) Lloyds send me a yearly ppi statement, which shows my employment status as not known.

Lloyds say the policy covers me and therefore was not incorrectly sold to me. My argument is though, that surely if Lloyds should have asked my employment status and explained the unemployment benefits and that being self employed I would basically have to go bankrupt or tell HMRC I had given up work etc. If Lloyds had asked my employment status, I am assuming this would have been noted and would be shown on the yearly statement as self employed, not employment status recorded as not known???

Had the self employment benefits been explained when the policy was sold, I would not have taken the policy out.

Does my claim against Lloyds sound justified and should I continue to pursue it? Thanks for your help and advice.

Had

Insider101

wickedelphaba wrote: »

Hi

I've just received a letter from LLoyds rejecting my PPI claim. I was self employed when the policy was sold over the phone in 2005 (and still am self employed.) Lloyds send me a yearly ppi statement, which shows my employment status as not known.

Lloyds say the policy covers me and therefore was not incorrectly sold to me. My argument is though, that surely if Lloyds should have asked my employment status and explained the unemployment benefits and that being self employed I would basically have to go bankrupt or tell HMRC I had given up work etc. If Lloyds had asked my employment status, I am assuming this would have been noted and would be shown on the yearly statement as self employed, not employment status recorded as not known???

Had the self employment benefits been explained when the policy was sold, I would not have taken the policy out.

Does my claim against Lloyds sound justified and should I continue to pursue it? Thanks for your help and advice.

Had

What circumstances did you think it would cover you for unemployment under?

Generally speaking it is your responsibility to read the terms & conditions. However, FOS are sympathetic to self employed complainants and will probably uphold it anyway. So in answer to your question, yes you should.

-taff

If you had to sign on to receive the cover, then you would have been in the same boat as anyone else who was employed.
The fact they send you yearly statements means you can't say you didn't know you had it. They have told you it covers you.

Your next step is the FOS if you want to take it further and you may wait up to 2 years. The outcome is not certain.

Alimony

Definitely pursue it. My lloyds CC was initially rejected. I had applied online and was told it was not missold basically I mis bought it.

I had on two previous occasions when applying for loans with lloyds, had face to face pPi advice from Lloyds and I felt that the advice given massively influenced my future ppi decisions. I had enhanced employment benefits, sick cover etc so really had no need for PPi.

I wrote then a reply outlining the reasons why I felt it was missold. Six weeks later I have received almost 13k back. It has been life changing as I have paid off my credit card, and have savings to fall back.

So PLEASE do appeal to them. Be very clear in your letter as to the reasons you feel it was missold. Good luck