FOS decision against - can I apeal

Mirica

Can anyone help re ppi in Lloyds overdraught ? I realise that having used by my over draught for around 7 of the 20 years I have been with Lloyds and I have been self employed for 17 years that this is probably why Lloyds with held my file for over three months ?


The financial ombudsman service fast tracked to check 3 loans and credit cards I held with Lloyds. Lloyds withheld my file for 3.5 months. FOS ruled no PPI applied, I appealed and 2 days later same result .

I have been self employed for 17 years. Did not elect to take out PPI but my bank manager admitted ( reluctantly) that PPI had been embedded into the interest.

What can I do ?

Bantex_2

What does imbedded into the interest mean?

Nasqueron

If you have been rejected by an adjudicator then you can appeal to the ombudsman for a final review (expect a wait though!) - check your rejection letter.

Beyond that you would have to risk court action (not recommended) - the FOS is consumer friendly, courts operate on stricter legal footing and you would have to prove the PPI was paid AND it was miss-sold

PPI on a credit card cannot be "hidden in the interest", that's a claims company myth - if you think about it, a credit card balance will come from all the payments made, how can the interest be "hidden" when the balance will increase if PPI is paid - the total would not match the payments? PPI might be added to a loan (known as "single premium" PPI as an upfront cost which you then pay interest on) - that is normally an uphold so they must not believe that is the case or the evidence doesn't support it.

If you do not have any compelling new evidence given the FOS have said there was no PPI then the top level ombudsman will probably reject as well - you have not proven you paid PPI and they do not believe there was any - they cannot refund something you didn't pay!

[Deleted User]

Since PPI cannot be "embedded in the interest" and you either have it or you don't I fail to see how you babk manager "admitted" any such thing..
If FOS say you didn't actually have any PPI, then it's pretty impossible for you to argue otherwise unless you have documentary proof of same which the Ombudsman did not have access to.
Little point in appealing a fact.

dunstonh

I have been self employed for 17 years. Did not elect to take out PPI but my bank manager admitted ( reluctantly) that PPI had been embedded into the interest.

PPI is not embedded into the interest. That is just a claims company myth. I am really surprised any bank manager said that. However, my experience of bank managers is that the REAL bank managers have little understanding of the mechanics of the products and the pretend bank managers (those with a title but not really a manager) are usually low knowledge nowadays.

So, you have had the bank tell you that you didnt have PPI and the FOS have verified you havent got PPI. Yet you want to appeal the decision because of a untrue myth.