Please help, not sure where to go from here

Marjay73

Hi, this is my first post, so forgive me! But, I remember way back in 1994 when I was taking out my first ever mortgage with Lloyds Bank the cashier who showed me and my soon to be wife into the room saying, and I quote "Lloyds can sort your mortgage out within two weeks, so, of course they expect something back from you. Take out all the Lloyds insurances they offer"!!!
This ended up amounting to 'income protection' 'employment protection' 'payment protection' ' house and home insurance' as I did as I was told as I was only 20yrs old and I needed a home for my fianc! and our unborn baby!
When I was a little more grown up 2-3yrs later, I went to an independent who told me I didn't need all these insurances as most of them overlapped each other anyway. And there were ridiculous things in there, like my end of terrace in SW Wales was insured for £500,000.
I have asked Lloyds to look at this as I have no paperwork, but as they have been through many changes over the years, they have no records either, they say it maybe with the TSB side, but how am I supposed to know?
All I'm asking is, as this was clearly underhand, do I have a claim? Where do I go from here?
Please help and advise!:eek:

Brokerwise

Marjay73 wrote: »

Hi, this is my first post, so forgive me! But, I remember way back in 1994 when I was taking out my first ever mortgage with Lloyds Bank the cashier who showed me and my soon to be wife into the room saying, and I quote "Lloyds can sort your mortgage out within two weeks, so, of course they expect something back from you. Take out all the Lloyds insurances they offer"!!!
This ended up amounting to 'income protection' 'employment protection' 'payment protection' ' house and home insurance' as I did as I was told as I was only 20yrs old and I needed a home for my fianc! and our unborn baby!
When I was a little more grown up 2-3yrs later, I went to an independent who told me I didn't need all these insurances as most of them overlapped each other anyway. And there were ridiculous things in there, like my end of terrace in SW Wales was insured for £500,000.
I have asked Lloyds to look at this as I have no paperwork, but as they have been through many changes over the years, they have no records either, they say it maybe with the TSB side, but how am I supposed to know?
All I'm asking is, as this was clearly underhand, do I have a claim? Where do I go from here?
Please help and advise!:eek:

Nothing, it is game over I am afraid. Even if they had records your complaint would be hearsay and easily rejected. On a side note my wife promised me something 5 years ago if I sorted out a new frock for her in return and it still has not materialised yet

magpiecottage

You have several problems.

The obvious one is that, as Brokerwise says, there is no evidence to substantiate your allegations.

The second is that you are telling us that in around 1997 you learned that you had been missold but waited 17 years to complain about it.

So your complaint seems to be dead in the water.

Marjay73

Thank you both for your replies, I just wanted to know if I had a claim or not. I waited this long, basically, because I was naive and until recent headlines didn't even know I could complain! D'uh.

dunstonh

But, I remember way back in 1994 when I was taking out my first ever mortgage with Lloyds Bank the cashier who showed me and my soon to be wife into the room saying, and I quote "Lloyds can sort your mortgage out within two weeks, so, of course they expect something back from you. Take out all the Lloyds insurances they offer"!!!

Lloyds did actually have mortgage deals in the mid 90s that required the purchase of insurance.

This ended up amounting to 'income protection' 'employment protection' 'payment protection' ' house and home insurance' as I did as I was told as I was only 20yrs old and I needed a home for my fianc! and our unborn baby!

So, it seems having the insurance was a sensible thing to do.

When I was a little more grown up 2-3yrs later, I went to an independent who told me I didn't need all these insurances as most of them overlapped each other anyway. And there were ridiculous things in there, like my end of terrace in SW Wales was insured for £500,000.

Your house was not insured for £500k. It was automatically covered with a policy maximum of £500k. That is a bad show by the IFA.

I have asked Lloyds to look at this as I have no paperwork, but as they have been through many changes over the years, they have no records either, they say it maybe with the TSB side, but how am I supposed to know?

Surely you know who you did the mortgage with?

I waited this long, basically, because I was naive and until recent headlines didn't even know I could complain!

There doesnt actually seem to be anything wrong here though. You bought through a tied sales agent and the products you mention are typical for mortgage back then and still the same today. Some of these are not even PPI. You were given duff info by an IFA a few years later and changed the products. Almost certainly the IFA would have arranged things at lower cost as IFAs are cheaper than banks in respect of product pricing. However, it is not uncommon for the last adviser in to poo poo the work or advice of an earlier adviser to make them sound better. its not nice but unfortunately it does happen and given the misinformation you were given, it does sound like it happened here.