Lloyds & PPI

[Achelois]

Hi
Haven't got a clue about any of this but basically when I applied for my loan in 2005 I had a meeting with an account manager. I dont know her name. All I know is that I went in to discuss various ways of improving my finances in that I was already overdrawn to nearly £370 and was struggling to keep my head above water.
I explained that I had a loan already with Northern Rock and wanted to see if my bank could match the apr Northern Rock had quoted (I saw the rate on their website and thought I may as well ask - if you dont ask you dont get). We had a long chat and she said that as my account was with lloyds it would be good to keep everything together and look at taking a loan with them. (As I already had a loan with Northern Rock and hadnt been offered another - this was the outcome I was hoping for)
We filled out an application and she said she would try and get me the lowest apr she could, but I would need to take ppi. I said that I did not want it as I was in a job whereby redundancy doesnt happen (teaching) that often and I had family etc who would help me if I really needed the help. She stated that whilst I didnt have to take the ppi if I didnt the apr might be a lot higher and I might not even qualify for the loan.
So I took it....
About £12000 was credited to my account which was used to consolidate, pay off o/d and get myself out of trouble. The total outstanding today is just over £12000 and I have never missed a payment of about 230 monthly!
Have I got a case and if so what on earth do I do and how?

Thanks so much for your help

Achelois x

[dx100uk]

as far as i read your claim its clear cut mis-selling issue.
go for it.

dx100uk

[Achelois]

Great! Just what I wanted to hear... except

1) Where do I go from here
2) do I tell them what I have told you (all detail)?

Thanks again

[reidnet]

Sounds like a solid case of Mis-Selling.. No PPI then no Loan..arghhhhh.

Have a look at some of the following links, they may be of some help.

http://www.consumeractiongroup.co.uk...claimants.html

http://www.consumeractiongroup.co.uk...yds-2-ppi.html

If you need any other Info just shout..

Good Luck

Ian

[Achelois]

The thing that concerns me is that I have no proof except my Northern Rock Loan which I had first - does not have ppi as I told them I didnt want it and they accepted it (shows that I didnt want it before so why would I want it in the future). The lloyds loan discussion was private/unrecorded etc and therefore surely my word against theirs????

Thanks

[reidnet]

Mine was the exact same Achelois, loan discussed in private room no recording etc.. But they did refund without too much bother, Then they strongly denied any wrong doing on the tonight with Trevor McDonald Loan Busters Program.. The salesperson had a 33 year unblemished record according to them..lol But I got my Money back.

The time seems to be right to complain to them too, with the FSA investigating PPI and so far have fined a few lenders for mis-selling and I believe that there at least another 9 fines in the pipeline.. Maybe Lloyds will be one of them..lol

Ian

[Achelois]

Thanks for the advice - Ill keep you posted!

[birchave0]

The same happened to me with Lloyds in 2002, no PPI loan probably won't be accepted, but will with the PPI on. Last month I complained to my branch in writing, I then sent a copy to head office. I have since heard that this is being investigated, I am waiting to be asigned a case worker. I rang them in 2005 to cancel the PPI but was told I could'nt, they restructured the loan over seven years to reduce the payments. I have since learned they should have at least have offered a new loan without the PPI to replace the old one, this was not the case. I intend to take this all the way. First thing you can do is request a copy of the original credit agreement, then you have the information you require regarding the loan, template letter in the library. Will be watching you thread with interest
good luck!
Birchave0

[Achelois]

Morning!
Having spoken to you all yesterday I dug out my loan agreement this morning. The original Cash Loan was for £11447 monthly repayment £185.89 over 84 months totalling £15614.76 at apr of 9.7%
Loan Protection Insurance was £2774.86, monthly repayment £45.06 over 84 months total £3785.04 also at 9.7% apr.

Total Charge for credit for loan was £4167.76 and for LPI Loan £1010.18 at Annual interest rate 9.29%

Questions

I took the loan (first repayment) on 4th August 2005 - Therefore still have just over 5 years to go. Would I ask for the full refund and continue paying my monthly premiums or alternatively ask for what I have already paid?
How much would the same cover have cost with another insurer?
What do I do first - ring them or send the Complaint and request for return of ppi insurance plus interest?
Where is the "library" mentioned in the previous post?

Thanks for all your help

Acehlois xxx

Will keep you posted - getting excited but dont want to get my hopes up!

[reidnet]

Hi Achelois,
The thread mentiond above has been removed for the Momment due to Legal Reasons.

Ian

[Achelois]

Reidnet
Was the post removed one of mine?
Thanks
Achelois

[dx100uk]

it says the thread not post

dx100uk

[Achelois]

Ok - sorry.

anyway - can anyone answer my questions above / tell me how much I should consider asking to be refunded?

Thanks

[dx100uk]

the full PPI amount you have paid + interest

dx100uk

[marcelle]

Hi Achilois

Good luck with your refund. My loan amount is similar to yours but I agreed to pay this within 5 years. Can't believe when I add it up, I'm paying double the original loan amount when you total the PPI and interest!!!! I will not be backing down from this one!