TSB Payment Protection 1990

edited 28 May 2016 at 10:48PM in Reclaim PPI & Other Insurance
7 replies 1.2K views
Parchester61Parchester61 Forumite
3 Posts
edited 28 May 2016 at 10:48PM in Reclaim PPI & Other Insurance
In 1989/90, I took out a policy with the old TSB, long before they became a part of the Lloyds Group.

The policy was a form of salary/payment protection. Each month a pre-agreed amount was paid on a monthly basis. The aim was that when you experienced a loss of income it would 'kick in' and ensure that your monthly outgoings were protected.

This is what payment protection offered or rather it didn't, hence the vast payouts.

I was working as an actor then and this they knew. They advised me that this would be a good scheme to be a part of and one that would protect me in my time of need.

They took regular payments off me and after a period of time they reviewed my account and requested increased payments. These becamse difficult to meet and so I had stop paying in to the plan.

I never received any return of the funds paid in to the plan. However, it became evident that the increase was directly linked to the unpredictable nature of my industry and that I was considered a risk.

Being a customer of the bank at that time, they knew all too well my financial situation and, in truth, the increased amount they asked for was beyond my means and this they must have known.

I don't believe I have the paperwork anymore. But certainly a record of this account miust exist within their archives.

As I say, this was in the late 80's early 90's. Is there any point in attempting to seek redress for this all these years later?

Clearly, in my opinion, this was a product that was mis-sold as given the nature of my work, it would never have paid out becuase of the unpredictable nature of that work.

I am wondering if anyone has had a similar product experience and if they ever made a claim, I hope have gone someway to explaining this product.

Thank you.

Replies

  • jonesMUFCforeverjonesMUFCforever Forumite
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    In what way did they miss-sell this to you?
    Redress for what - did you ever attempt to claim?

    Insurance policies normally do not offer refunds if you do not claim.

    Car insurance premiums vary from year to year as do Home insurance and pet insurance etc so did your insurance due to the risky source of your income.

    Good luck with your claim - you may need it.
  • edited 28 May 2016 at 9:50PM
    NearlyoldNearlyold Forumite
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    edited 28 May 2016 at 9:50PM
    Sounds more like some form of budget account to me? Girobank had one called Flexiplan and I think Lloyds version was called Cashflow.
  • jonesMUFCforeverjonesMUFCforever Forumite
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    Cashflow was a rolling credit type of current account - I remember them well you had a creditor overdraft of 20 times your monthly payment so £20 would have given you a limit of £400.
    This IMO is not what the OP was talking about.
  • dunstonhdunstonh Forumite
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    This is what payment protection offered or rather it didn't, hence the vast payouts.

    PPi is not about the product. It was about the way it was sold.
    I never received any return of the funds paid in to the plan.

    Why would you even expect to?

    I don't believe I have the paperwork anymore. But certainly a record of this account miust exist within their archives.

    Why do you think they would have a record? Its a standalone plan that may pre-date financial services regulation but does pre-date the data protection act. It may not even be an own brand product.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • NearlyoldNearlyold Forumite
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    Cashflow was a rolling credit type of current account - I remember them well you had a creditor overdraft of 20 times your monthly payment so £20 would have given you a limit of £400.
    This IMO is not what the OP was talking about.

    You could be right it's just that some of the phrases used by the OP made me think it was a misremembered description of a budget account. Still baffled though whatever it was particularly by this apparent contradiction:-
    They took regular payments off me and after a period of time they reviewed my account and requested increased payments.
    However, it became evident that the increase was directly linked to the unpredictable nature of my industry and that I was considered a risk.
    this was a product that was mis-sold as given the nature of my work, it would never have paid out because of the unpredictable nature of that work
    So the insurer increased the premium to cover the risk of the OP's occupation even though it didn't cover it anyway.
    Having said that I can't think any insurer would provide unemployment cover for an actor.
  • antrobusantrobus Forumite
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    ...I don't believe I have the paperwork anymore. But certainly a record of this account must exist within their archives. ...

    Submit a subject access request to Lloyds Bank together with a cheque for £10 and you'll find out whether or not they still hold a record of this account after twenty years or so.
  • -taff-taff Forumite
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    Did you have a mortgage at the time? Or was this a totally standalone, not linked to any loan, insurance?
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