Made redundant during PPI loan period

hollytree10

Good afternoon all, brand new to the forum so I apologise if this question has been asked before but I don't seem to be able to find out much information on the subject of redundancy during the period of a loan that had PPI online.

We had a car loan with Lloyds from 1996 to 2001. We did not know PPI was added to this loan and during the course of the loan my husband was made redundant and did not work for a year. Had we known we had PPI we would have attempted to make a claim for redundancy if indeed redundancy was covered.

We have today received a letter from Lloyds confirming a refund of our PPI on this loan but whilst they were informed about the redundancy in our claim to them this is not mentioned in the letter from the Lloyds or in their breakdown of the compensation.

Would anyone know please if it is worth going back to Lloyds reference the redundancy query, we do not have bank statements going back that far but may be able to find some old tax returns that list the loan but we have very little other information.

Thank you in advance for any replies.

dunstonh

We had a car loan with Lloyds from 1996 to 2001.

I suspect you mean personal loan rather than car loan. Lloyds bank never retailed car loans. You could have a personal loan for a car but car loans are normally retailed via car dealers. It may seem semantics but car loans were not normally regulated until after Jan 2005. Whereas personal loans via banks have to be considered pre-regulation.

Would anyone know please if it is worth going back to Lloyds reference the redundancy query, we do not have bank statements going back that far but may be able to find some old tax returns that list the loan but we have very little other information.

What evidence do you have to show that husband was made redundant and signed on during that period? I suspect nothing. And that is going to be the problem for 20 years ago.

hollytree10

Thank you for your prompt response. Yes I probably should have said personal loan rather than car loan.

Why suspect nothing ? It was 20 years ago but I am off to investigate old boxes to see what can be found, he definitely signed on for benefits and I maybe able to find some documentation relating to the redundancy.

Nasqueron

They aren't going to give you money on top of the refund because you didn't claim on the policy. You did know you had PPI because you signed the paperwork for the loan which also included the PPI, it couldn't be added on in the small print etc because the numbers wouldn't add up.

hollytree10

Yes of course the paperwork was signed but that does not mean we knew that PPI was included, that was not explained at all. If it had been then we would not have accepted it.

At the time of taking the loan my husband was a branch manager of a financial services company. If we had wanted PPI on the loan he would have taken out the policy himself. Therefore when he was made redundant we did not make a claim because we did not know we had PPI on the loan.

dunstonh

At the time of taking the loan my husband was a branch manager of a financial services company.

That is a bit worrying. He should know better.

If we had wanted PPI on the loan he would have taken out the policy himself. Therefore when he was made redundant we did not make a claim because we did not know we had PPI on the loan.

He needs to read things before he signs them in future.

Nasqueron

hollytree10 wrote: »

Yes of course the paperwork was signed but that does not mean we knew that PPI was included, that was not explained at all. If it had been then we would not have accepted it.

At the time of taking the loan my husband was a branch manager of a financial services company. If we had wanted PPI on the loan he would have taken out the policy himself. Therefore when he was made redundant we did not make a claim because we did not know we had PPI on the loan.

Again, the numbers would not add up if the PPI was not mentioned on the paperwork. It's however many years ago, memories fade, the paperwork you signed said you agreed to the loan and the PPI and you have simply forgotten.



It's a common myth spread by claims firms that PPI was secretly added on without consent or hidden somehow in the loan. This is impossible as anyone with basic maths skills, let alone someone who worked in financial services, could say hey look I borrowed £10000 but the loan is for £11000 and it would be found out, hence they don't risk it.

hollytree10

I joined the forum today hoping for some friendly advice but actually I feel that all I received are personal and quite frankly rude comments so I'll just sign off.

kingstreet

hollytree10 wrote: »

We have today received a letter from Lloyds confirming a refund of our PPI on this loan

Which is a great result with statutory interest at 8%, taxable unfortunately.

No other result will be forthcoming.

[Deleted User]

You've already received a full refund plus interest of the mis-sold PPI. Whatever evidence you therefore find of your husband's redundancy will not net you any more money I'm afraid. Redress for mis-sold PPI is defined as a full refund plus 8% simple interest.

If you now want to claim retrospectively for the time two decades ago when your husband was redundant, then you can hardly complain that the PPI was mis-sold. Regardless, the amount you could have claimed then is unlikely to exceed the refund (plus interest) you have already been awarded.

You cannot claim on the insurance and complain of mis-selling. it's one or the other.

Bermonia

You are no longer able to make a retrospective claim to time for this was before you made a mis-sale complaint - as you have now received a full refund (that is to put you in the position had you never taken out PPI) it is as if it never existed and as such you cannot make a claim against a policy that has in essence been unwound.

Whilst you may not like the response you have received, the information you have been provided is correct - no more money to be had I’m afraid.