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Do I accept Lloyds offer - Does it make sense?

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Hi everyone,

Hoping that someone can make better sense of a reply I have received from Lloyds about a PPI claim on a personal loan. The loan was taken out a long time ago, more than 6 years but I couldn't remember any details so I submitted a claim using the Resolver tool. After a couple of letters to say they are investigating, they have replied with an offer of £179.74 for the commission they earned from my loan PPI. The decision on the actual PPI though, they state "Not reviewed in time limits / unfair relationship created". They basically say that as it has been more than 3 years ago since they wrote to me to explain failings in PPI sales, they cannot review my PPI mis-selling concerns.

To me it reads tht I did have PPI but they won't review it because of this 3 years clause. But they are willing to pay me back the commission they earned from it.

Any ideas how I should approach this? or just pay in the cheque for £179.74 when it arrives?

Any help very much appreciated.

Mike

Comments

  • Nasqueron
    Nasqueron Posts: 9,069 Forumite
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    Your complaint about PPI sale has been rejected due to the time bar - unless you moved house more than 3 years ago in which case you can appeal it. If you did not move house then the time bar is correct - sending you a letter inviting a complaint about PPI is sufficient to trigger this.

    As it was rejected they look at Plevin and have paid you the commission.

    The 3 year rule is set in stone if applied correctly, the FOS cannot do anything about it.
  • dunstonh
    dunstonh Posts: 116,696 Forumite
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    They basically say that as it has been more than 3 years ago since they wrote to me to explain failings in PPI sales, they cannot review my PPI mis-selling concerns.

    That means you are timebarred from complaint and only Plevin can apply. Which they have done.
    Any ideas how I should approach this? or just pay in the cheque for £179.74 when it arrives?

    The 3 and 6 year rule is an FCA and if the bank sent you a CCL (as they say) and it was more than 3 years ago, then they are correct to bar your complaint.
    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.
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