PPI Reclaiming discussion

cocker100

Hi all,

Just been searching through my credit report and looking for info on previous loans I have had. I took out 2 loans with Lloyds TSB some time ago. One in 2001, which was settled in 2002, and another in 2002 which was settled in 2005. Both of these had ppi attached to them. However, I've no paperwork left for either of these as it has all been shreaded and therefore have no idea what the loan account numbers were. The second loan was a consolidation loan for approx £20000, which paid off the first. I took this out during one of Lloyds TSB's account reviews into my finances!!!!:rotfl: I remember the woman the the bank saying the ppi was needed because at the time I was only in my early twenties, with not much credit history and still lived at home with my parents. She said that the there would be little chance of the bank giving such a large unsucured loan if I opted not to take it, so I did. I know now that this is mis-selling, so want to try and claim something back. However, I no longer bank with Lloyds TSB, so which department should I contact to get the loan details and more importantly will they still have them and be willing to give me them. Not the best of friends with them now and I know how funny they can be.

All advice appreciated.

mattC_2

m.colak wrote: »

This isn't as uncommon as you think as you could normally get a interest only mortgage where again you pay off the interest first and then finally you start making headway into paying your mortgage. What i would advise is look at the product that you were sold if it states it is a interest only loan then fair enough. However you can still claim that they sold you the loan under false impressions and if you had know this was the product you were buying then you wouldn't have taken the loan (Misselling). The company will either pay back the total PPI amount + interest (8%) or recalculate your loan taking out the PPI element either way you have to fight them as they already have your money.

Thanks for your input, the loan is a capital repayment (normal personal loan product) yet the early repayments have only been paying off the insurance premium and not the amount borrowed. If my partner had been aware of this she would not have taken out the loan with Abbey. Whats your thoughts on reducing the repayment that is being paid to the Abbey (ie deduct the insurance premium element) as a way of gaining their attention whilst waiting for the refund to be processed?

cocker100

Forgot to mention above!!!:o

What are the chances of success in these type of claims as there was only two of us present at the time the loan was agreed. There was no actual written evidence to suggest they acted wrongly. It is basically their word against mine.

m.colak

mattC wrote: »

Thanks for your input, the loan is a capital repayment (normal personal loan product) yet the early repayments have only been paying off the insurance premium and not the amount borrowed. If my partner had been aware of this she would not have taken out the loan with Abbey. Whats your thoughts on reducing the repayment that is being paid to the Abbey (ie deduct the insurance premium element) as a way of gaining their attention whilst waiting for the refund to be processed?

I personnally wouldn't do this as this plays into their hand. Reducing the payments without authorisation can result in them filing a CCJ against you even though it's in protest. What you can do is phone them and ask to reduce you payments in lue to the agreements being reached. You can cancel the payments at any time you just have to let them know in writing (use registered post). Once you do this they have to recalculate the amount anyway and then you're court action or FOS complaint can go through un impeded.

Hope this helps

m.colak

cocker100 wrote: »

Forgot to mention above!!!:o

What are the chances of success in these type of claims as there was only two of us present at the time the loan was agreed. There was no actual written evidence to suggest they acted wrongly. It is basically their word against mine.

Ok mate the problem here one step at a time. In order to regain you loan details either go into the branch you opened the loan with and they should have all your details on file. Failing this you need to contact the head branch and ask them to provide yourself with the information (sometimes this may require a fee but you should be ok with an information request (loan number) which then you can find the details from any branch). As for claiming back the PPI it is always a case of your word against theirs however if you use the 1967 Act as detailed earlier in this thread it becomes lloyds resonsibility to prove that they didn't mis sell you the policy. Taking the pressure off you and therefore more likely that they will pay out.

Cheers

sanmiguel_2

Dear Forum,

I have received a reply from my original letter to the Co-Op concerning mis-sold PPI denying that I have a case but offering to cancel the policy and reduce the amount oustanding on the original loan by a 'partial refund' of the PPI calculated from the date of the original complaint. I would have to take out a new loan however at the original interest rate of 7.202%

My problem is that I don't understand how they have arrived at the numbers quoted, ie

The term of the loan was 7 years (83 months) for £15500.00
The Insurance was a lump sum of £5155.65 which was added to the original sum.
Interest then added to the total of 5614.61 making a grand total owed of £26270.26

In my simple mind I calculated that the monthly cost of the PPI is £62.11 (5155.65/83)
37 payments have been made which equals £2298.07 and 46 months are left to run on the loan which equals £2857.06

The full and final settlement of partial refund being offered is £1561.14 which I must accept by 14.01.08

As you can see, it doesn't compare to my calculations and I am wondering whether I am being completely dim or they are stitching me up. Any help would be greatly appreciated.

Many thanks

ginnygee

ginnygee wrote: »

I had an Egg loan which I took out over the telephone. I was given no option but to take their ppi even though I was self employed. I can't remember when I took the loan out but it was some years ago and I actually paid off the loan earlier this year. I believe I still have all the paperwork at home (hopefully). If so, as I was given no option but to take on their PPI, which was approximately £50 per month, could I still make a claim even though I have paid the loan off?

Any information would be appreciated.

I have gone through the process with Egg and eventually they came back to me basically saying go away. They said in the letter that I had all the information and when the agreement was sent through I had the option to cancel the PPI.

However, not being as financially savvy as I am now (thanks Martin) I just signed the agreement and sent it back. It does show that the PPI was added as a lump sum but at that time I didn't know any different. However, I was definitely not told on the telephone that it was a lump sum figure and that interest would be charged on it and was quoted a monthly premium of approximately £49. Also, I was not told that the PPI was optional (when I was given a quote for the monthly premium it was automatically inclusive of PPI) and I queried the amount quoted. I was then told that it included PPI and I told them that I certainly didn't want cover for employment/redundancy as I was self employed (and was so busy I never managed to get a day off)but the operator kept on pushing it and in the end, I begrudingly said OK.

I realise that I have to take some of the blame for this situation, but I still think that I was not given the full information during the initial call and was certainly not questioned with regard to health issues, etc.

Am I being unreasonable about this? Or should I pursue the matter further. Any information would be greatly appreciated.

Many thanks.

Ginnygee

gt568

ginnygee wrote: »

I have gone through the process with Egg and eventually they came back to me basically saying go away. They said in the letter that I had all the information and when the agreement was sent through I had the option to cancel the PPI.

However, not being as financially savvy as I am now (thanks Martin) I just signed the agreement and sent it back. It does show that the PPI was added as a lump sum but at that time I didn't know any different. However, I was definitely not told on the telephone that it was a lump sum figure and that interest would be charged on it and was quoted a monthly premium of approximately £49. Also, I was not told that the PPI was optional (when I was given a quote for the monthly premium it was automatically inclusive of PPI) and I queried the amount quoted. I was then told that it included PPI and I told them that I certainly didn't want cover for employment/redundancy as I was self employed (and was so busy I never managed to get a day off)but the operator kept on pushing it and in the end, I begrudingly said OK.

I realise that I have to take some of the blame for this situation, but I still think that I was not given the full information during the initial call and was certainly not questioned with regard to health issues, etc.

Am I being unreasonable about this? Or should I pursue the matter further. Any information would be greatly appreciated.

Many thanks.

Ginnygee

Of course you should persue it further. What letters have you sent? Have you threatened court or FOS yet? If not consider these actions.

LISAW_2

cocker100 wrote: »

Hi all,

Just been searching through my credit report and looking for info on previous loans I have had. I took out 2 loans with Lloyds TSB some time ago. One in 2001, which was settled in 2002, and another in 2002 which was settled in 2005. Both of these had ppi attached to them. However, I've no paperwork left for either of these as it has all been shreaded and therefore have no idea what the loan account numbers were. The second loan was a consolidation loan for approx £20000, which paid off the first. I took this out during one of Lloyds TSB's account reviews into my finances!!!!:rotfl: I remember the woman the the bank saying the ppi was needed because at the time I was only in my early twenties, with not much credit history and still lived at home with my parents. She said that the there would be little chance of the bank giving such a large unsucured loan if I opted not to take it, so I did. I know now that this is mis-selling, so want to try and claim something back. However, I no longer bank with Lloyds TSB, so which department should I contact to get the loan details and more importantly will they still have them and be willing to give me them. Not the best of friends with them now and I know how funny they can be.

All advice appreciated.

Hi,

I had a similar problem with LTSB, If you contact 0845 300 5599 and manage to get someone helpful, they will give you the policy number, amount and date.
They have point blank refused to admit liability for mine so i have gone to the FOS. I'll keep you posted on how i get on.

Good luck!!

L x

kirkenstein

Has anybody claimed back PPI on a loan from a bank they still have their current account with? I think I have a case for the return of around £4k in PPI on a ten year £21k loan (that has 6 1/2 years left to run) but my current account, which is heavily overdrawn, is with the same bank. I'm worried that if I start rocking the boat they'll ask for the OD to be repaid or even freeze my account thus rendering me unable to pay the rent or feed my family. Should I change bank accounts first?