PPI Reclaiming successes and failures

amersall

Hi, there AOA67and welcome.
:beer:congrats on your wins :j:j well done :money:

di3004

Or maybe ring the dept direct on....
Tel 0845 3005599

To write to them......
Lloyds PPI
Customer Care
Lloyds TSB Insurance
Tredegar Park
Newport
South Wales
NP10 8SB

I assume the letters are also addressed by these??

I can't recall on been given a time limit to be honest, and do remember thinking this myself.

I would defo try to contact them in one way or another though to make sure on the interest, if they mentioned inline with the FOS this should be included, and I would make them aware of that too.;)

AOA67

LOL OK I have another couple of questions to throw out there, must be the 6 years worth of frustration and anxiety I have been under sorry!

My last loan is about to be defaulted by Lloyds, will this still go ahead after my complaint has been upheld? Do I need to tell them myself or will the Lloyds PPI team inform the relevant dept?

Secondly I have been regularly paying a reduced amount towards the loan ie £200 rather than £522.17 (429.18 w/o PPI) from Nov 2004 (for over 6 years). My loan was due to end in Nov 2007 but the settlement figure has never changed from that date and in fact has increased slightly. How will they calculate what proportion of these payments have gone to the cash loan and PPI?

I believe that after paying 23 months of the full repayments and 59 months of reduced payments to date I must be close to reducing the amount owed considerably if the interest applied to the PPI was redressed. Surely how these payments are allocated will affect how the loan will be re-structured and what rebate I receive and what ultimately I will pay in total. Is there any formula used by FOS for reduced repayments?

AOA67

Thank you amersall and well done on a great job you guys are doing helping others. I can't believe how widespread this grand larceny, theft, embezzlement, financial racket these banks and insurance companies have been perpetrating on their loyal customers, ie us, for so long!

di3004

AOA67 wrote: »

LOL OK I have another couple of questions to throw out there, must be the 6 years worth of frustration and anxiety I have been under sorry!
That's okay, do not worry.;)


My last loan is about to be defaulted by Lloyds, will this still go ahead after my complaint has been upheld? Do I need to tell them myself or will the Lloyds PPI team inform the relevant dept?
I am not too sure, but I would still tell them myself anyway, just to be on the safe side.
Maybe they will hold back on this while its in dispute, I would write a letter to tell them this.
Tell them at this current time your account is in dispute due to insurance reasons and you are awaiting an outcome, so please could you delay any further action on this account (something like that will be okay).

Secondly I have been regularly paying a reduced amount towards the loan ie £200 rather than £522.17 (429.18 w/o PPI) from Nov 2004 (for over 6 years). My loan was due to end in Nov 2007 but the settlement figure has never changed from that date and in fact has increased slightly. How will they calculate what proportion of these payments have gone to the cash loan and PPI?
I will leave this one for Robbedofmymoney, I am sure he knows how this works with the calcs side of it, but what normally happens is that if your successful, any arrears is refunded towards the account, anything remaining and the interest should be awarded to you by forms of a cheque payment.


I believe that after paying 23 months of the full repayments and 59 months of reduced payments to date I must be close to reducing the amount owed considerably if the interest applied to the PPI was redressed. Surely how these payments are allocated will affect how the loan will be re-structured and what rebate I receive and what ultimately I will pay in total. Is there any formula used by FOS for reduced repayments?

Your loan balance should be reduced once this have been resolved, so they must remove any ppi and restructure the loan to lower payments that what you were originally paying.
Again I will leave this for Robbedofmymoney of someone that may know more on this actual matter.

I would check on Maxdp's thread as well, if they state they are calculating inline with the FOS, the thread below is on how the FOS calculates ppi refunds, via loan/ppi/credit cards etc.

https://forums.moneysavingexpert.com/discussion/1596473

Hope this gives some ideas for now.:)

catharsis

AOA67 wrote: »

Dear All I have been reading with keen interest all the experiences on this and other MSE forums connected with the mis-selling of PPI. My story is typical of many people who banked with Lloyds TSB. Over the past 15 years I have taken out 6 loans with Lloyds TSB with PPI each consolidating the predecessor. I believed I was miss-sold as I was either a full time PhD student or was employed on fixed term contracts in academia.
Date Cash Loan PPI Term Loan inst PPI Inst APR Payments Date Settled Rebate
Dec 1995 2000 202.42 18 202.42 12.86 18.8% 4 April 1996 No
April 1996 5000 509.82 24 240.16 24.49 14.9% 15 July 1997 No
July 1997 3800 681.87 60 78.22 14.24 8.9% 13 August 1998 No
August 1998 5500 1034.62 60 115.46 21.72 9.9% 33 May 2001 No
May 2001 11670 3137.70 60 247.72 66.61 10.4% 18 Nov 2002 Yes 1405.97
Nov 2002 20000 4332.91 60 429.18 92.99 10.9% 23 ongoing passed in Credit Management Dept in Aug 2010
from Nov 2004 - date have made reduced payments of £200 x 59 months

The last loan went arrears when my contract ended in July 2004 and I was unemployed for 15 months. That was when I was told that I didn't qualify for cover as I was on a fixed term contract. However as I had an overdraft, credit cards with Lloyds I didn't feel secure enough to complain. This has continued over the last 6 years. Armed with the information on this site I finally sent letters and questionnaires for each of the loans to complain to Lloyds TSB on 21st July 2010. Luckily on 10th August I received a reply from Lloyds and all my complaints were upheld. I mistakenly signed all the acceptance forms without reading them closely. I had three different letters to cover all the loans, one to cover the existing loan as it was in arrears, another for the loan from 2001 where I had a rebate of 1405.97 and one for the 4 earlier loans (1995-2001). Two of the letters concerning the last two loans state that the calculations will be settled with the standard redress remedy recommended by the Financial Ombudsman Service, including simple interest of 8%. However for the earlier loans the letter stated that " The refund will be calculated based on the information provided within your Consumer Credit Agreement which outlines the insurance premiums paid including interest. I've only just noticed the difference in the proposed rebate calculations. I thought the reason for the different letters was due to the different circumstances of the loans.

I believe that the simple interest 8% is NOT being paid for these earlier loans. Is this correct and how much do you think I will be losing in rebate without it? Can I, even after signing the acceptance forms, reject the resulting offers if the simple 8% interest is not included. Can I ask for it retrospectively? Would value your advise. Finally I think that this site is unbelievably informative and invaluable, much credit should be given to Martin Lewis and the major MSE contributors. I have been singing MSE praises to all my friends and family.

I am not sure about the 8%simple to be honest. My advice to you however is to make a claim as per my earlier post so that you are claiming for all additional indebtebness that flowed from the mis-selling of PPI.

Did you hold an overdraft with LTSB - in your case where the mis-selling was cyclical and all centres on the same current account then there is a strong case now for reclaiming all late payment fees, excess charges, and overdraft interest for the life time of this (terrible) experience. You can cite the new FSA 10/12 and FSA 2010/36 clause in doing this: -

"3.9.2 In assessing redress, the firm should consider whether there are any other further losses that flow from its breach or failing that were reasonably foreseeable as a consequence of the firm’s breach or failing, for example, where the payment protection contract’s cost or rejected claims contributed to affordability issues for the associated loan or credit which led to arrears charges, default interest, penalty interest rates or other penalties levied by the lender."

As Di says 8% simple should have been added and you in all likelihood appeal this this now - all of the major clearing banks will be wanting to keep a clean sheet with FOS/FSA in the run up to December as they run the risk of fines and very adverse publicity.

I have to say, your post shows what a terrible RIP OFF this insurance is as they did not pay when you needed it most.

I am noticing that LTSB are offering blanket compensation of £1,200 for loans where they do not have the records (and if you do not either).

Hope this helps.

lickoloctupus

Hi
I have been claiming £398 paid from April 2003 until about 2005 from Santander Cards UK on a Kwikfit autocharge card I held. I have had the usual responses and my last letter states that as I agreed to the ppi over the phone verbally that that is enough evidence for the company to refuse to repay the money. They have said should I be unhappy with this I need to contact the FLA (financial and leasing association) and not the FOS. I have phoned Santander and spoken to their customer complaints team and they say it is because the date of the claim is prior to 2007 and so the FOS do not cover them.
I have spoken to a very nice lady at the FLA and she says that I can got through them as long as the FOS are not involved yet and if they fail then I can go to the FOS but I cannot go to the FOS first and back to them.
Has anyone had any dealings with the FLA and of so what are they like.
Also as I agreed verbally on the phone to this ppi how do I stand.
I have claimed that Santander used a telesales marketing employee who sold me the ppi and that I was covered elsewhere which I would have been as I took ppi out on everything at the time.
Also they claim I had a 30 day cooling off period but I cannot remember getting any literature on this especially as I moved house very close to the date in 2003.
looking forward to a response
thanks

rollover

di3004 wrote: »

Hi there

I agree with amersall.

And not only that, this is a bog standard response.

If you were already protected by your employer, then why on earth would you want to pay out further for something you did not require, due to already be protected.

Even on a non advised sale, they still had a responsibility to make sure you required this or not, and given you the opportunity to say yes or not.
So was it hand ticked?
Again it may not have been yours, with one of mine, I signed my agreement and the bank added a cross or tick on the ppi afterwards, then I used to assume the PPI was all part of the finance.

You need to keep on at them, follow the next procedure, if they do not resolve in your favour by the final decision, then complain to the FOS, good luck with this.;)

Further update , wrote back to RBS asking them to reconsider their findings . They have responded , they have no intention of reviewing anything , if not happy contact the FOS .


I will send off a copy of the questionaire I originally sent to RBS ,along with other paperwork (the application form).

Should I also include a cover letter outlining my complaint and if so , what form should this take?

As ever , all help gratefully received.Thanks in advance!

fo

SusanED_2

rollover wrote: »

Further update , wrote back to RBS asking them to reconsider their findings . They have responded , they have no intention of reviewing anything , if not happy contact the FOS .


I will send off a copy of the questionaire I originally sent to RBS ,along with other paperwork (the application form).

Should I also include a cover letter outlining my complaint and if so , what form should this take?

As ever , all help gratefully received.Thanks in advance!

fo

I had the same response from RBS. What I did note was they sent me a copy of the application form which, I had assumed it was me had ticked, but the date stamp on it and authorsation showed I could not have possibly received the documents explaining the PPI before the PPI was in place! In those days (late90s) you didint get the details with the application) There was a 3 day window between me signing and ticking it and it being authorised and in place. This was done by post as it was an invitation to apply for a card by RBS. Despite all the arguments I have put, they have refused to uphold it and it has gone to FOS who have already responded to me to say they are asking RBS for their view.

I must admit I didnt put a covering letter but enclosed all the correspondence which clearly showed my arguments and copies of the application etc.

Good luck

di3004

lickoloctupus wrote: »

Hi
I have been claiming £398 paid from April 2003 until about 2005 from Santander Cards UK on a Kwikfit autocharge card I held. I have had the usual responses and my last letter states that as I agreed to the ppi over the phone verbally that that is enough evidence for the company to refuse to repay the money. They have said should I be unhappy with this I need to contact the FLA (financial and leasing association) and not the FOS. I have phoned Santander and spoken to their customer complaints team and they say it is because the date of the claim is prior to 2007 and so the FOS do not cover them.
I have spoken to a very nice lady at the FLA and she says that I can got through them as long as the FOS are not involved yet and if they fail then I can go to the FOS but I cannot go to the FOS first and back to them.
Has anyone had any dealings with the FLA and of so what are they like.
Also as I agreed verbally on the phone to this ppi how do I stand.
I have claimed that Santander used a telesales marketing employee who sold me the ppi and that I was covered elsewhere which I would have been as I took ppi out on everything at the time.
Also they claim I had a 30 day cooling off period but I cannot remember getting any literature on this especially as I moved house very close to the date in 2003.
looking forward to a response
thanks

Hi there

In my opinion the FLA are a waste of time.

Even though the FOS will be unable to investigate your complaint because they were not governed/regulated when you taken your your loan, you can still contact the FOS for advice.

The FOS have suggested for cases like this to pursue the actual underwriter/insurer as another avenue, as these would have been governed and had part liability - such as when your loan was approved.
Sometimes you have to request from the (lender) for the PPI policy details, as these are not always enclosed within your loan documentation you would have received after the loan went through.

So give the FOS a ring anyway, I do think they will ask you to go for this direction, like many of us have.
http://www.financial-ombudsman.org.uk/contact/index.html

Good luck, please let us know how you get on, cheers.:)