Confused - what is the likely outcome?

Kingtalk

Hi all

I recently put in a PPI enquiry with Llyods bank. They called me last week and confirmed that PPI was applied to a loan I had with them. The loan was for £16,000 and was active between Feb 2010 and November 2013.

I remember taking out the loan – it was over the phone. I have no memory at all of anyone talking to me about PPI and I am the type of person that always says no to the extras (even when I should say yes!).

They asked me a few questions about my circumstances at the time. Mostly that I was employed full time, I was entitled to sick pay, I had a pension etc etc.

What is the likely outcome of a loan with PPI at this time. How would I know if it was mis sold? Could I be entitled to anything?

Thank you

[Deleted User]

Kingtalk wrote: »

What is the likely outcome of a loan with PPI at this time. How would I know if it was mis sold? Could I be entitled to anything?

You are entitled to tell them why you think it was mis sold.

The likely outcome is that if it was mis sold, you receive a refund. If it wasn't, the likely outcome is you won't.

Kingtalk

I was More looking for some understanding about when Lloyd!!!8217;s stopped Mis selling ppi? - I know they stopped selling ppi altogether in 2012 but it!!!8217;s not clear when they stopped !!!8216;MIS selling!!!8217; it

[Deleted User]

Anything can be mis sold at any time.

Just give them your reasons for why YOU believe it was mis sold.

Kingtalk

Oh ok. I thought it had something to do with when banks became regulated. Hence why some people have their claims rejected

[Deleted User]

No. Some people have had their complaints rejected because it either wasn't mis sold to them, or they didn't have it in the first place, but liked the look of the passing bandwagon.

Kingtalk

OK - so as I have no recollection of being told about it or agreeing to it. Would it Be down to Lloyd’s to prove to me that it was not mis sold?

Also - I thought I read somewhere that depending on your circumstances at the time I.e. if you didn’t have any other type of cover - then they could claim that you needed the ppi all along?

dunstonh

Banks became regulated in April 1988. They also volunteered back then to consider pre-regulation complaints.

OK - so as I have no recollection of being told about it or agreeing to it. Would it Be down to Lloyd!!!8217;s to prove to me that it was not mis sold?

No. It will be down to looking at available info and evidence to see if a wrongdoing exists.

Also - I thought I read somewhere that depending on your circumstances at the time I.e. if you didn!!!8217;t have any other type of cover - then they could claim that you needed the ppi all along?

There is nothing wrong with having PPI. If it covered a need and was sold correctlyt then there is no issue.

-taff

Were you paying single premium PPI or were you paying a monthly separate amount?
They stoped doing single premum around 2009 ish.
If it was monthly stadalone payment, there will be an audit trail a mile wide to say you agreed to this, so don't bother if you were.