Lloyds PPI

macman85 · 20 July 2009 at 2:43PM

Hello,

This is my first post and its taken me a lot to face this and my problems over the past months and I've only just found this site. I've been bad with my money in the past but am on the journey to putting this right.

One of the items in my hit list is to reduce what I am unnecessarily paying out... I got a single pay protect policy in September last year (its cheaper then what I was paying on one card and covers all my outgoings!), and when I took this out I successfully cancelled the PPI on all my credit cards, but was advised by Lloyds that I could not cancel the PPI on my loan unless I took out a new loan, which I felt was unfair but I couldn't argue against (this is something I wouldn't have been comfortable with aswell as my credit score took a knock as I moved to a new house around this time).

Any way I'm still seeking to improve my financial position and one way to significantly help this would be to stop paying for this now unnecessary PPI bundled into my loan.

I have read many threads and letters on here, but I'm unsure of what action to take and was hoping someone with more experience could offer any advice.

The original loan was taken out in December 2005 for 72 months through Lloyds telesales, and my niggles with my policy are as follows:

I've been advised I cannot cancel the insurance. My only option would be to apply for a new loan to pay off the existing one with PPI
I felt pushed into taking out the PPI by the sales-advisor
I was adivsed that by taking PPI my chances of been approved would be significantly improved

I am also unsure how to tell if this is a single premium policy?

I would be very thankfull of any advise on this.

macman85

di3004 · 20 July 2009 at 2:58PM

macman85 wrote: »

Hello,

This is my first post and its taken me a lot to face this and my problems over the past months and I've only just found this site. I've been bad with my money in the past but am on the journey to putting this right.

One of the items in my hit list is to reduce what I am unnecessarily paying out... I got a single pay protect policy in September last year (its cheaper then what I was paying on one card and covers all my outgoings!), and when I took this out I successfully cancelled the PPI on all my credit cards, but was advised by Lloyds that I could not cancel the PPI on my loan unless I took out a new loan, which I felt was unfair but I couldn't argue against (this is something I wouldn't have been comfortable with aswell as my credit score took a knock as I moved to a new house around this time).

Any way I'm still seeking to improve my financial position and one way to significantly help this would be to stop paying for this now unnecessary PPI bundled into my loan.

I have read many threads and letters on here, but I'm unsure of what action to take and was hoping someone with more experience could offer any advice.

The original loan was taken out in December 2005 for 72 months through Lloyds telesales, and my niggles with my policy are as follows:

I've been advised I cannot cancel the insurance. My only option would be to apply for a new loan to pay off the existing one with PPI

I felt pushed into taking out the PPI by the sales-advisor

I was adivsed that by taking PPI my chances of been approved would be significantly improved

I am also unsure how to tell if this is a single premium policy?

I would be very thankfull of any advise on this.

macman85

Hi there.;)

Lloyds TSB do add the PPI to the loan and yes it is that of a single premium.

You can cancel the insurance any time, but unfortunately it is a case that a new loan with have to be taken out without the PPI, this is how Lloyds tsb deals with cancellations, if the cooling period has passed which is normally that of 30 days if I remember rightly, but you can still reclaim on the PPI and the interest etc.

If you were pushed and pressurised into taking this out, you do have a case here, because this is optional, and you should have been given an opportuntity if you wanted this or not, it may be because you already had cover elsewhere, or if you have an existing medical condition at the time of you taking the policy out, your claim would not be successful, if you had to make a claim and so on there are lots of other reasons as well.

Your 3rd reason is common as well, they made it look as if you do not take out the ppi then you don't get the loan.

So in my opinion get writing to them to reclaim, they have 8 weeks to respond in full, if they do not resolve this in your favour by the final response, you have the option to take to the financial ombudsman service (FOS). Post by recorded delivery.

More info on guidelines and templates in the link here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Good luck and please keep us posted and ask for help when required.;)

Caseyface · 20 July 2009 at 3:04PM

macman85 wrote: »

Hello,

This is my first post and its taken me a lot to face this and my problems over the past months and I've only just found this site. I've been bad with my money in the past but am on the journey to putting this right.

One of the items in my hit list is to reduce what I am unnecessarily paying out... I got a single pay protect policy in September last year (its cheaper then what I was paying on one card and covers all my outgoings!), and when I took this out I successfully cancelled the PPI on all my credit cards, but was advised by Lloyds that I could not cancel the PPI on my loan unless I took out a new loan, which I felt was unfair but I couldn't argue against (this is something I wouldn't have been comfortable with aswell as my credit score took a knock as I moved to a new house around this time).

Any way I'm still seeking to improve my financial position and one way to significantly help this would be to stop paying for this now unnecessary PPI bundled into my loan.

I have read many threads and letters on here, but I'm unsure of what action to take and was hoping someone with more experience could offer any advice.

The original loan was taken out in December 2005 for 72 months through Lloyds telesales, and my niggles with my policy are as follows:

I've been advised I cannot cancel the insurance. My only option would be to apply for a new loan to pay off the existing one with PPI

I felt pushed into taking out the PPI by the sales-advisor

I was adivsed that by taking PPI my chances of been approved would be significantly improved

I am also unsure how to tell if this is a single premium policy?

I would be very thankfull of any advise on this.

macman85

Hi Mac

First of all, well done for facing this and trying to put things right. I felt the same a few months back and i am on the road to sorting things out.

Secondly, from what you have said you definitely have a case for reclaiming your PPI back. Do you still have the original paperwork? If not you can request it from your bank using the SAR letter at the top of this forum, think it costs a minimal amount of money, a couple of pounds or so although some people have requested theirs and not paid anything. Your paperwork should tell you if you had/have a single premium policy, i think alot of loans at the time were single premiums, i know mine was in 2005.

Thirdly, if you have a read of this link http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
It will tell you all you need to know on how to go about applying to get your money back, it also includes the letter templates you can use to claim back your money.

Fourthly, you will get lots of help and advice on here, if you need help with your letter etc etc, there is also a list of banks addresses just at the top of the this forum to help you send your letter to the right place.

Good Luck

macman85 · 20 July 2009 at 3:31PM

Thank you very much for your quick replies.

I do have the paper work at home so I shall dig it out and have a look, I shall also write to them the first letter based on the templates on this site. Also there are a number of addresses for Lloyds, where am I best directing my letter Customer Care or the PPI dept?

Thankyou again and I shall keep you posted with progress.

di3004 · 20 July 2009 at 7:23PM

macman85 wrote: »

Thank you very much for your quick replies.

I do have the paper work at home so I shall dig it out and have a look, I shall also write to them the first letter based on the templates on this site. Also there are a number of addresses for Lloyds, where am I best directing my letter Customer Care or the PPI dept?

Thankyou again and I shall keep you posted with progress.

Hi there, good luck with your complaint and there is an address thread on this site here:
http://forums.moneysavingexpert.com/showthread.html?t=1619943
And the address you would be looking for is here:

Lloyds PPI
Customer Care
Lloyds TSB Insurance
Tredegar Park
Newport
South Wales
NP10 8SB
Tel 0845 3005599
Fax 01633 468835

shamrock7 · 20 July 2009 at 8:27PM

Ive sent a SAR to Lloyds as I had 2-3 loans with them all re-financed. I do remember when off work with after a riding accident a manager in a different branch of LTSB telling me to claim my loan and mortgage payments whilst off work and I was surprised as didnt know I had PPI. Funny that!!! Anyway my question is I did use the PPI on one of these loans for 3-4 payments I think??? Anyway can I reclaim on others as I really didnt know I had it! sorry to go on!

shamrock7 · 21 July 2009 at 8:01PM

shamrock7 wrote: »

Ive sent a SAR to Lloyds as I had 2-3 loans with them all re-financed. I do remember when off work with after a riding accident a manager in a different branch of LTSB telling me to claim my loan and mortgage payments whilst off work and I was surprised as didnt know I had PPI. Funny that!!! Anyway my question is I did use the PPI on one of these loans for 3-4 payments I think??? Anyway can I reclaim on others as I really didnt know I had it! sorry to go on!

Anyone???

di3004 · 21 July 2009 at 8:56PM

shamrock7 wrote: »

shamrock7 wrote: »

Ive sent a SAR to Lloyds as I had 2-3 loans with them all re-financed. I do remember when off work with after a riding accident a manager in a different branch of LTSB telling me to claim my loan and mortgage payments whilst off work and I was surprised as didnt know I had PPI. Funny that!!! Anyway my question is I did use the PPI on one of these loans for 3-4 payments I think??? Anyway can I reclaim on others as I really didnt know I had it! sorry to go on!

Anyone???

Hi hun

This is one I think for Melorablack I think, as not sure if a successful claim as already been made, hopefully Melorablack will be along soon to give you an answer on this.;)

macman85 · 28 July 2009 at 3:39PM

[FONT=Arial, sans-serif]Hello,[/FONT]

[FONT=Arial, sans-serif]Been a bit busy, heres the letter I've drafted just wondered if any one has any comments before I send...
[/FONT]
[FONT=Arial, sans-serif]
[/FONT]
[FONT=Arial, sans-serif]I purchased a payment protection insurance policy from you as part of a loan taken out in December 2005 (loan account number above) but now believe that I was mis-sold this insurance policy for the following reasons: [/FONT]

[FONT=Arial, sans-serif]This is due to the fact that I contacted you in September 2008 and you informed me that I could only cancel the payment protection insurance policy if I took out a new credit agreement. As the FSA has now stated ‘no refund’ terms are considered unfair I would like my original cancellation request to be honored.[/FONT]
[FONT=Arial, sans-serif]This is due to the fact that I was not given the correct information when the payment protection insurance policy was sold to me, as: [/FONT]
[FONT=Arial, sans-serif]your salesperson implied that taking out the policy would assist my credit application.[/FONT]
[FONT=Arial, sans-serif]your salesperson was very pushy in selling me the policy so that I felt I could not say no.[/FONT]
[FONT=Arial, sans-serif]your salesperson implied that taking out the policy was essential for me to get the associated credit.[/FONT]

[FONT=Arial, sans-serif]Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made. [/FONT]

[FONT=Arial, sans-serif]I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.[/FONT]

[FONT=Arial, sans-serif]Thanks
[/FONT]

di3004 · 28 July 2009 at 5:39PM

:T:T brilliant, as long as you have covered everything with your reasons then that is great, well done and remember as well to post by recorded delivery, this is your proof of posting.;)

Good luck.

macman85 · 11 August 2009 at 12:48PM

Hello,

I've been rather ill since my last post and catching up on works taken over everything else... so this hasn't been sent off yet

Before I send this off, is there any impact on the fact this is a current loan with aprox 18 months left to run?

Thanks

Lloyds PPI

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