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I took two loans out with Lloyds TSB, one in 2006 and one at the end of 2007.
With the first loan I categorically did not apply for PPI, and told the member of staff that I did not require it, and did not tick the box to apply for it.
With the second loan I accepted PPI after being given a persuasive sell, and then cancelled in writing within the cooling off period after seeing just how much it was going to cost. (I received a letter confirming cancellation)
I've been looking at my online banking tonight and for the first time noticed that I could look at the current status of my loans, and was absolutely astonished to see PPI listed as being active on both loans.
The initial loan amount for my second loan is showing on my online statement as being around £5,000 more than the loan I took out, which tallys with the written details for the PPI which I cancelled.
Arrrgh! How dare they do this! (Very easily I'm sure!)
I'm going to look into this and will keep you informed!
PS I've had nothing but trouble with the second loan... After cancelling the PPI, the bank helpfully also cancelled the direct debit, but forgot to set up a new DD for the revised monthly payments. I was then rather puzzled when I started to receive demands for unpaid loan payments Like I said.. nothing but trouble. Every time I spoke to the collections agency they apologised and said they would be cancelling the charge for the demands letter, but I've had no proof that this has been done. I was told that the charge would have come out of my bank account rather than added to the loan, but I'm not sure I trust them, especially after discovering that the bank doesn't seem to have cancelled my PPI after all!
PS I've had nothing but trouble with the second loan... After cancelling the PPI, the bank helpfully also cancelled the direct debit, but forgot to set up a new DD for the revised monthly payments. I was then rather puzzled when I started to receive demands for unpaid loan payments Like I said.. nothing but trouble. Every time I spoke to the collections agency they apologised and said they would be cancelling the charge for the demands letter, but I've had no proof that this has been done. I was told that the charge would have come out of my bank account rather than added to the loan, but I'm not sure I trust them, especially after discovering that the bank doesn't seem to have cancelled my PPI after all!
Hello DM and welcome
We have all learned the hard lesson here, never trust the banks, they have one goal in common your money, to be taken by fair means or foul
The best thing to do is send them a S.A.R - (Subject access request) under the data protection act to receive all information that they hold on you. This means everything and to be honest, this is not probably what they will give you.
Make a list of all the events as you recall and when you get the SAR, check list, so you know that all the issues you raise are mentioned in the SAR.
Do not ring them for any information, do everything in writing so you have a paper trail to follow.
Also write to them for confirmation that the ppi was cancelled when you requested. If they cancelled the ppi, they would have had to write to you regarding the outstanding balance, a portion of ppi and interest used would have been refunded to the outstanding loan balance, therefore reducing it
Send all letter recorded delivery and you can use the royal mail website to follow and track the letters.
You will find the template letter for the SAR in the ppi stickies.
Do this as soon as possible and start the ball rolling
If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW
Hi DM agree with HHNF - send a full SAR request in - I found some entries on my contact sheet which were completely false and like you there is one loan with PPI that I also categorically stated I did not want as I knoew they woulnd't pay up. The SAR was very useful as I now know what I am fighting
It is also worth checking your bank statements - I fould that when a loan was rescheduled the PPI was refunded directly into my curtrent account - but they never refunded the total ammount as a pro rata
I would link my thread but haven't figured that out
If you can keep you head when all of those around you are losing theirs try parking your helicopter somewhere else
Thanks for the amazingly fast replies! I keep all bank paperwork so I shouldn't have any trouble proving that PPI should not be part of either loan.
As my online statement seems to show my second loan as being around £5000 more than the loan I took out, it would seem as if they haven't refunded the amount that they should have. I've got the letter confirming cancellation of PPI and refund so it seems as if they didn't follow through with the refund. They did revise my payments, but messed up the direct debit.
I've had it up to here with their mistakes so I'm not going to be taking any prisoners
Just discovered my loans have PPI!
TSB, one in 2006 and one at the end of 2007.
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Re: Just discovered my loans have PPI!
Like I said.. nothing but trouble. Every time I spoke to the collections agency they apologised and said they would be cancelling the charge for the demands letter, but I've had no proof that this has been done. I was told that the charge would have come out of my bank account rather than added to the loan, but I'm not sure I trust them, especially after discovering that the bank doesn't seem to have cancelled my PPI after all!
Originally Posted by dungeonmaster
