PPI Reclaiming discussion

Drugos

Hello all

I will be very grateful if someone could help, apologies if this has been asked before in the forum, I haven't had the time to read all the posts.
I took a loan with my bank (Lloyds TSB) of £12000 5 years ago to help my brother pay his credit card debts.
I was in rush to get the money and I must have agreed to a loan protection but quite frankly I don't remember it.
I repaid the loan early and forgot all about it.
Last month I received the following letter from Lloyds TSB:
Dear..
We have recently carried out a review of our records and notice that although you repaid the above loan early you have not yet received the refund of Loan Protection Insurance premium that is due to you.
Please accept our apologies. We have calculated the amount due to you as follows;
£1895.84 Refund of premium due when your loan was closed
£390.96 Interest from the date the loan closed, calculated at our current base rate +1%
£2286.80 Total amount you'll received.

As you can imagine I was the happiest bunny to get this, but something is puzzling me…
Lloyds is calculating the interest based on a 1% rate while their current rates are (or the rate at the time) are much, much higher..
Is there any way I can complain and get a new interest calculated on a higher rate? It seems to me is rather unfair that I must lend them money at such a low rate…
Any suggestions welcome.

Thank you

fedupwiththeworry

Hi Drugos,

From what you've posted they are saying the interest is calculated at the current base rate PLUS 1%

Not at 1% only

HTH

thetealady

flipflop7 wrote: »

Hello there all.
I was just wondering if anyone has any idea of how long it takes to get a response to the 1st letter (formatted from the template)?
I have written to HSBC regarding the PPI which i believe i have been missold and also said that I wish to cancel the PPI on my loan but have not had any response yet...I send the letter out on the 31st October.
How long should I wait before sending out the same letter again (and this time maybe a copy to the customer services to see if that helps?)
Many thanks!!

Hi flipflop7

I am also in the process of dealing with the HSBC. The 1st letter I sent was posted on the 24th October, and they sent a reply saying that they were dealing with my complaint with in a couple of weeks. Yesterday, I received a 2 page letter, stating why they won't refund my money. Have posted the second letter today giving them 14 days to make a better offer! I shall wait and see how long it takes them to reply!

Good luck to you.

itsnotfair_2

I mentioned, whilst in the branch on another matter (a Barclays mistake actually)so I was a point ahead at the time. About believing I had been mis sold PPI whilst self employed way back in the 1980's which I paid until 1999 and the guy said he would look into it. I thought 'sure you will' but 3 days later I got a letter from the Manager saying they were now investigating the problem for me and I have'nt even used the template letter yet. So far so good but I won't hold my breath.

GeCon

Can anyone please tell me where to send my first letter to? Is it the branch that sold me the policy? Or the address on the credit card statement?

Thanks.

peediedj

just taken out a loan of £17100 was told repayments would be £368 per mth,but as i needed the cash just took out the loan with insurance of £9100 added,had a loan for more before with payment of £308,had the cash from the loan for 1 week now,and havent got a repayment to make for 3 months,have read the ppi/insurance can be cancelled within 30 days of getting the documents with only a £75 admin fee,if i cancelled it(pointless paying £120 a month for insurance)would i just have the cash loan to repay (£240 per mth) or could they tell me i have to have it,even though iam within the 1st 30 days of having rights to cancel??

cheztreacle

Hi, I dont know whether this is any help but i had a loan with GE Money that i paid off early, i know thats not the same as a store card, but i phoned them and told them i wanted to reclaim the insurance on the loan and i actually received 2 cheques from them, i've banked them both so i dont know whether it was a genuine mistake but they have never asked for anything back, so even if you just phone them with your name and address details they should tell you if you can reclaim, it was really simple to be honest, so give it a try, you've got nothing to lose, regards Chez

michellew_2

Hi
Basically the same position as Sian-C above re First Plus - we actually had to sell our house (before it was repossessed) due to me becoming unable to work and the PPI not covering both my husband and I for sickness - now in a council house with very little debt - woohoo
Anyway sent off the first letter and got reply basically saying all the info re PPI cover was in the info sent out to me and we should have seen it didnt cover both of us and cancelled within the cooling off period.
Also sent copy of letters they have sent me and tapes - after I coughed up £5
The main point is they knew we had to sell our old house and move because of them and the template letter I sent was clearly marked with our new address (for 2 yrs) but they still sent the reply to our old house - if they cant read normal sized type how can I be expected to read small legalise print re the terms?
We ended up repaying £10k more than we borrowed and I will be taking this further - any help would be appreciated.
PS Not listened to the tapes yet as no one has a cassette player now lol

flipflop7

Thank you both 'thetealady' and 'fedupwiththeworry' for your advice and response and good luck with the claims
Have a good evening!

Lindyhop

russbeck wrote: »

Hi, I was just wondering whether anyone is dealing with Black Horse and what they are like. I've seen alot of LTSB customers but I'm unsure whether they are the same company. I've sent off the first letter asking for the ppi premiums back and just waiting for a reply. Is anyone else dealing with them, if so how are you getting on?

Some peace of mind will be much appreciated.
Thanks.

HI

there is no peace of mind when dealing with Black Horse/LTSB. i would advise that you do not take it for granted that they will be helpful, responsive and willing to agree your request for reclaiming.

i have been trying to reclaim 2 PPI's wtih them, currently at deadlock stage as they are ignoring me, (such great customer service - i dont think), but i am persistent and will not leave the matter, and will take it to court if necessary.

my advice if you believe you have been mis sold and they try to fob you off - dont give up. keep at them til you get the result you want.

go get em