Lloyds Bank PPI refund - much lowerthan expected!!

antrobus

Nearlyold wrote: »

If you recall that the bank told you you had to have PPI why would you be amazed you had PPI?
.....

I was just about to post exactly the same observation.

Or perhaps the OP has only recently recalled what was said six years ago after being disappointed by the £440.

The_Reverend

At the time I flat out refused the PPI. I was absolutely clear that I didn't want it, even after the nonsense about not being able to get the loan without it. Despite all that it would appear that they added it anyway. That's why I was amazed.

[Deleted User]

The_Reverend wrote: »

it would appear that they added it anyway.

It's a myth, sponsored by claim companies, that PPI was routinely added to loans, credit cards and mortgages without the knowledge and permission of the customer.

The PPI scandal is that PPI was often mis-sold to those who did not need or who could never claim on the insurance.

If your PPI was indeed added without your knowledge or permission, present your evidence of this to the Bank and/or the Police as that would be the very serious crime of fraud.

wolvesmat

I took car finance out in 2009 and remember quite clearly when filling the Credit agreement out with the salesman him explaining about the PPI policy, what it covered, what was not covered and stating that it was optional.
He spoke about the government rulings forcing all financial service providers to change the ways that PPI policies had been sold.
I was told that I had to pay guaranteed asset protection (GAP) Insurance .

-taff

You had a 20,000 loan six years ago [when PPI was sold as a standalone product]


It was paid off within 2 years


You were adamant that you wanted no PPI, yet PPI was somehow added to it


Even though you were adamantly against it, you somehow thought, hang on, there might have been hidden PPI, so I'll make a complaint.


For which you were offered 400, and even though it sounds like Plevin uphold, re the undiscolsed commission [which is only paid on rejected complaints], it is somehow not this but a full redress and upheld complaint.....


The more you say, the less this makes any logical sense.

Nasqueron

wolvesmat wrote: »

I took car finance out in 2009 and remember quite clearly when filling the Credit agreement out with the salesman him explaining about the PPI policy, what it covered, what was not covered and stating that it was optional.
He spoke about the government rulings forcing all financial service providers to change the ways that PPI policies had been sold.
I was told that I had to pay guaranteed asset protection (GAP) Insurance .

That's miss-selling still.

Garages cannot insist on any policy (GAP is irrelevant to them as it covers the difference between the insurance payout and the value, you would still have to make up any shortfall in the event of a write off). The salesman wanted you to buy it as they get commission but you can get your own policy from a third party.

Nasqueron

The_Reverend wrote: »

At the time I flat out refused the PPI. I was absolutely clear that I didn't want it, even after the nonsense about not being able to get the loan without it. Despite all that it would appear that they added it anyway. That's why I was amazed.

This argument would be defeated by simply showing the paperwork you signed, particularly if taken out in 2012. It also counts against you that if, for some crazy reason, a bank staff member added it behind your back, you didn't complain immediately about it being on the account. It would not have been included in the loan (single premium) if sold in 2012

societys_child

I think someone's been trawling the net, looking for reasons . .