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I’m so worried I can’t sleep
My daughter has several financial problems that I’m at a loss on how to help her to overcome them.
I initially found this site because I was going to start a claim for PPI on a store card that I have, but my problems pale in comparison to the ones my daughter has.
She has not paid anything on her credit cards/loans/bank accounts for almost 4 years
She applied for two loans from Lloyds TSB (possibly 2002 ? ) but she was told that she couldn’t have it unless she also had PPI. She did explain that she was a Director of a Limited Company and therefore wasn’t sure if she ‘qualified’ for any benefit under the PPI. Lloyds told her that she wouldn’t get the loan if she didn’t sign.
She made all her payments on the loan until December 2004 but her company went into receivership and effectively she became ‘unemployed’ She made a telephone call in January 2005 to see if she could claim on the PPI but was told that she wasn’t covered under the terms of the Insurance. She couldn’t afford to pay the instalments on the loan and did the classic ‘head in the sand’ scenario.
At that time, she also had a current account with Lloyds and had an overdraft facility of £1500.00. It was at its maximum, she stopped using the account but without a salary cheque going in on a monthly basis, the charges started piling up. At of 6th November 2008 the balance on her account stands at £ 5,385.77.
I want to help her to overcome her problems, I can’t help financially, but I’d appreciate any advice that you may offer even if it’s just to tell me that she has no hope.
I’m so worried I can’t sleep
My daughter has several financial problems that I’m at a loss on how to help her to overcome them.
I initially found this site because I was going to start a claim for PPI on a store card that I have, but my problems pale in comparison to the ones my daughter has. Hello NYM, You've come to the right place for help and support to begin getting this problem sorted ...
She has not paid anything on her credit cards/loans/bank accounts for almost 4 years Has she negotiated a payment plan? Is the acount 'in dispute'?
She applied for two loans from Lloyds TSB (possibly 2002 ? ) but she was told that she couldn’t have it unless she also had PPI. She did explain that she was a Director of a Limited Company and therefore wasn’t sure if she ‘qualified’ for any benefit under the PPI. Lloyds told her that she wouldn’t get the loan if she didn’t sign. This seems to be a typical response from a number of lenders, and they take advantage of people's lack of knowledge, and also of the trust we repose in banks to treat us fairly. and blatantly ignore the FSA's regulations that govern the sale of financial products to us their customers. Definitely not so as in this case, and very shoody business practice to say the least, and a clear case of mis-selling ...
She made all her payments on the loan until December 2004 but her company went into receivership and effectively she became ‘unemployed’ She made a telephone call in January 2005 to see if she could claim on the PPI but was told that she wasn’t covered under the terms of the Insurance. She couldn’t afford to pay the instalments on the loan and did the classic ‘head in the sand’ scenario. OK ... that's interesting!
At that time, she also had a current account with Lloyds and had an overdraft facility of £1500.00. It was at its maximum, she stopped using the account but without a salary cheque going in on a monthly basis, the charges started piling up. At of 6th November 2008 the balance on her account stands at £ 5,385.77. Has she claimed back or started the process of claiming back her bank charges? This would and should IMO but dealt with separately from the PPI mis-selling claim.
I want to help her to overcome her problems, I can’t help financially, but I’d appreciate any advice that you may offer even if it’s just to tell me that she has no hope. She has hope ...
Thank you
I think the first step is for you and your daughter to get together and send a SAR to Lloyds TSB. In it she will requesting a true copy of the application form as signed by her; a true copy of the Credit Agreement as signed by her; a copy of the Terms & Conditions of the Loan including those relating to the PPI element and any exclusion clauses attached; a transcript of the sales conversation in either hard copy or audio copy. You should ask if the sale was made in an 'Advised' or 'Non Advised' capacity, and ask for a copy of the Demands and Needs Statement realting to the sale of the PPI.
Check out this PPI - Some Notes for Claimants.. which will give you an idea of the process of reclaiming PPI, and additional info.
Also this links ... and this too PPI which is from the Consumer Wiki on this site and will help you pinpoint how the PPI was mis-sold and how you can begin to formulate the case for mis-selling.
The following link is from the In the Media section on the front page of this site and is great for keeping you up-to-date with who has been fined for mis-selling, etc: PPI in the media and also gives a confidence boost!
Now, go pour yourself a nice big G & T and relax as you're amongst friends who are ALL in the process of standing up for ourselves and reclaiming PPI ...
'Fortune favours the brave.'
Any advice given is purely on the basis of my own views and opinions and offered in good faith.
Thank you so much for giving me some hope.
She certainly doesn't expect her debts to magically disappear, but making a start organising and sorting things out can only be a step in the right direction.
I shall read those links carefully and try to advise her accordingly.
I shall also suggest that she makes a claim for any unfair bank charges but I'll start a thread in the Banks section of the forum for that.
She kept all her problems to herself because she didn't want to upset me or her dad. It's odd how when your kids are little, you want to keep them ignorant of all the bad things happening in life, but when they want to 'protect' their parents by doing the same , you realise just how much the roles have reversed.
NYM you are a gem just being around to help her, that in it self must be a weight of her shoulders.
It is times like these that real families come together and with the help of people in here who have been in the same situation we can get you on the right path.
It has taken me roughly 18 months to sort out my finances, which were in a right old pickle; I re-claimed my bank charges, re-claimed my credit card charges, had defaults and a GAIN entry removed from my 'credit file' and now it's the turn of good old PPI ...
My credit rating was dire and is now much improved ... you daughter can do the same.
I can understand her reluctance to tell you of her financial problems. She had a good job and must feel pretty fed up. Is she working again? Has she sorted a repayment plan for what she owes?
Anyway, you and she should take a bit of time reading the stuff I posted earlier, send that S.A.R - (Subject access request) and you can take it from there.
'Fortune favours the brave.'
Any advice given is purely on the basis of my own views and opinions and offered in good faith.
Any advice please...
I’m so worried I can’t sleep
on a store card that I have, but my problems pale in comparison to the ones my daughter has.
Reply With Quote
Re: Any advice please...
Originally Posted by NYM
