Can you clarify please...

myotai

Hello,

I took out a loan with Lloyds back in 2004. I was undoubtedly mis-sold PPI primarily as I recall being told (categorically) that I cannot have the loan unless I agree to have the PPI by them. there are other extraneous reasons too - like the loan form had the PPI box pre-ticked.....etc...etc...

However, the salesman added (with my knowledge) another £5500.00 to the loan to cover a credit card balance.

My question is this:

Does adding that other debt to the loan render the PPI invalid anyway?

Thanks,

M

[Deleted User]

No.

And if you had to have the PPI as a condition of the loan, it would not have been mis sold.

myotai

Deleted_User wrote: »

No.

And if you had to have the PPI as a condition of the loan, it would not have been mis sold.

Thats a rather ambiguous and detail poor response???

Also, I suspect you have not understood the nature of my initial post. You seem to be contradicting the WHOLE nature of being mis sold something - specifically PPI.

I was told that I had to have the LLOYDS PPI before I would have the loan.

Are you not happy with the 'checklist' thats offered on this site?

Maybe have another look before contradicting it?


M

[Deleted User]

And I have advised you that if it was a true condition of the sale, it would not be mis sold.

It is in contradiction to nothing.

myotai

Deleted_User wrote: »

And I have advised you that if it was a true condition of the sale, it would not be mis sold.

It is in contradiction to nothing.

so, let me get this right for the record - as I have a blog I need to put this on.

You're stating that PPI was NOT mis sold even as a result of being told that the Lloyds loan was not going to be available to me unless I signed accepting their PPI and theirs only?

Seriously is that what you're stating???

myotai

@zx81 - I suggest you have a look at Section A here:

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

How does my claim NOT fit into that particular category (for one)???

myotai

...alrighty then............

Can anyone else offer some feedback on this particular question?

thanks,

M

dunstonh

I took out a loan with Lloyds back in 2004. I was undoubtedly mis-sold PPI primarily as I recall being told (categorically) that I cannot have the loan unless I agree to have the PPI by them. there are other extraneous reasons too - like the loan form had the PPI box pre-ticked.....etc...etc...

How can a paper form be pre-ticked? Pre-ticking applies to online applications. Not face to face ones.

so, let me get this right for the record - as I have a blog I need to put this on.
You're stating that PPI was NOT mis sold even as a result of being told that the Lloyds loan was not going to be available to me unless I signed accepting their PPI and theirs only?
Seriously is that what you're stating???

Banks are allowed to make insurance a condition of borrowing. Even today they can do that. Although today, you only typically see it on the business customer side. They were stopped from forcing it to be their insurance only a long time ago but before that, they could insist on their own insurance.

So, If it was a condition of borrowing, then it cannot be missold.

However, I think there is a possible misunderstanding here. If it was not a condition of borrowing but you were lied to saying it was, then it is missold. Although it is one of the weakest complaint reasons going and very few complaints get upheld on that particular point due to lack of evidence.

myotai

dunstonh wrote: »

How can a paper form be pre-ticked? Pre-ticking applies to online applications. Not face to face ones.



Banks are allowed to make insurance a condition of borrowing. Even today they can do that. Although today, you only typically see it on the business customer side. They were stopped from forcing it to be their insurance only a long time ago but before that, they could insist on their own insurance.

So, If it was a condition of borrowing, then it cannot be missold.


However, I think there is a possible misunderstanding here. If it was not a condition of borrowing but you were lied to saying it was, then it is missold. Although it is one of the weakest complaint reasons going and very few complaints get upheld on that particular point due to lack of evidence.

Thanks dunstonh,

Well, I guess the question is, how would I know if it was or wasn't a condition of the loan being agreed. they're going to say yes it was. What they can't defend is that I was told it had to be Lloyds PPI. I had no opportunity to look elsewhere - I was brow-beaten into signing with their PPI. they also made it a one off single payment charging me interest (7.6% if I recall) on that as well!

"How can a paper form be pre-ticked? Pre-ticking applies to online applications. Not face to face ones"

Regarding the 'pre-ticked' form. Its demonstrative from that, that there was no room for discussion regarding were the PPI was coming from. Plus if it was an integral part of the loan (as you suggest they might argue) why have a tick box there in the first place?? Effectively they printed off the form, pre-'agreed' PPI and handed me the form to sign - I recall that much!

Nah, the whole thing stinks to me!

dunstonh

Well, I guess the question is, how would I know if it was or wasn't a condition of the loan being agreed.

Lloyds never had it as a condition on unsecured personal loans on its retail consumers (i.e. not business customers).

What they can't defend is that I was told it had to be Lloyds PPI.

They dont have to defend it. There wont be any evidence of the lie you were told.

Regarding the 'pre-ticked' form. Its demonstrative from that, that there was no room for discussion regarding were the PPI was coming from. Plus if it was an integral part of the loan (as you suggest they might argue) why have a tick box there in the first place?? Effectively they printed off the form, pre-'agreed' PPI and handed me the form to sign - I recall that much!

That is not pre-ticked.

When Lloyds moved from the handwritten blue/green forms to computer printed forms, the forms were printed after everything was agreed. The staff member prepared the forms on screen to print. You did not personally get involved in any stage of the data input. So, pre-ticking does not apply. They would only hand you the one form to sign.

You were probably missold based on what you said but pre-ticking just does not apply here. Pre-ticking is where no staff member is involved and you apply online and have to remove the tick that is already pre-filled on the computer screen. A variation of that is the tick to not have it. However, that does not apply to you either.

Focus on the complaint reasons that are applicable to you. Don't focus on things that do not apply to your situation.

[Deleted User]

Do I still get the credit in your blog?