Thread: Newbie: Appreciate Advice on Lloyds Bank Loans and Credit Card

Hi All,

I'm new to the site and would be immensely grateful for advice upon the following:-

I have two (2) separate personal loans from Lloyds which had loan protection taken out at same time as each loan. (I was not employed when I took the loans out)

Also, I have a credit card with Lloyds, again with protection on it.

Long story short, I was unable to pay either the loans or the credit card around 2years ago (that hasn't changed). I cancelled the Direct Debits etc, but, the bank basically took the monies from my account. In order to avoid penalties resulting from going overdrawn, I set up IVA with the bank for both loans. As for the credit card, I am just about managing the minimum payment.

Now, what I want to ask is, can I claim back ALL the payment protection monies that I have already paid to both my loans AND my credit card? Also, how would I go about it? Feeling a little confused with the terminology!!

Many thanks,

J

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Was the PPI unsuitable for you in any way? Were you self employed, or in part time employment, for example?

Did they say you couldn't have the loan with out the PPI?

As I understand it, if it was mis-sold (and most of them were), you can claim back all your PPI payments.

I'm not an expert on this and hopefully someone more knowledgeable will be along soon - just didn't want to leave you with no replies

There is a forum specifically for this issue, I believe - I'd have a good read of the threads if I were you. You'll be amazed by how much you learn in a short time.

Best of luck.

Hi Underdog,

Thanks for replying

Basically, when I took the first loan, 2nd loan + credit card, I was a full time mature student at Uni, I recall them saying the PPI would pay the loan off if i were to die! So that kind of convinced me to take the ppi with the loan.

The second loan I got I just recall him saying something along lines of it being in my best interests - can't truthfully remember. I do recall him showing me the difference in cost ie// with or without the ppi.

With the credit card, again, all I recall is that it was 'in my best interests to have protection' no full explanation really given or alternatives suggested.

Come to think of it, the ppi wasn't really suitable for me as I wasn't working! So, as I have an IVA set up on the loans, can I claim the ppi back that I have already paid?

Many thanks again,

J

You're welcome LoopyLou.

Totally mis-sold, IMO!

PPI will pay it off if you die!!!!! In your best interests, yeah right! Nothing to do with the walloping commission he received for selling it to you, then

I don't think the IVA will make any difference to your claim, but as I say I'm no expert on this area. I see that the site team have moved you to the PPI forum, so I'm sure someone with greater knowledge than me will be along soon.

Best of luck Though I'm sure you won't need it

If I were you I would send an SAR to Lloyds and get all the information on all the accounts.This will cost £10 and covers all accounts.They have 40 days to reply.

I would also send a seperate letter to Lloyds saying you were mis sold the PPI and stating your reasons. Then if they fob you off you will have the SAR coming to back up your claim.

Cheers Underdog,

I'm gonna see which letters I need to write and get the ball rolling ASAP!!!
I have something similar with Car Craft.....but thats a story for another thread!lol Will keep ya posted on how I get on

All help/Advice really appreciated,

Happy New Year,

J

Hya Pinknico,

Thanks for the reply

I shall get the SAR done today - am I right in thinking I need just the one letter quoting all 3 things (their ref numbers etc)?

Many thanks,

J

Yes thats right , Good luck

Happy New year, to you too. Best of luck

Hi and thanks for the advice,

I have the SAR form all ready to go and the letter to Lloyds stating why I think I was missold PPI, just unsure where to send... Would I send the SAR to the collections centre address in Brighton? And my other letter to my local branch? Gonna post tomorrow (Friday 2nd Jan) first class recorded.

Many thanks and Happy New Year

J

Hi, thanks Scott much appreciated,

All the best,

J

Just curious, has anybody else written to the Chatham Address in the link and recieved a reply? Just want to make sure SAR go's to the right place!

Cheers All,

J

Right, have sent the SAR form and letter to my Bank by recorded delivery today, will keep all posted on what happens, thanks for all advice so far,

Jen

Best of luck, Jen

Cheers Underdog, keeping my fingers crossed they will see error of their ways!! Take care, will keep this thread updated regularly, even if to say I heard nowt...

Jen

Thanks Jen, I'll be subbing.

If there are any developments in my battle with Lloyds that I think will help, I'll post them up on here

That would be fab Underdog As a wise man once said.... 'We will fight them on the beaches!' Well, we will fight this laterally - too cold on the beach right now!!!

Take care and good luck in your case too,

Jen

Just found some paperwork in relation to one of the loans - can't find the other paperwork for other one. Anyhoo, on this loan I took it out in Nov 2003 it was for £5,500 and, wait for it PPI of £1292.37!!! I can only assume the other loans' PPI would be around same figure as that loan was for £5000.
Now then, on this statement they say the interest rate is 14.01%per annum....I have an IVA in place though so surely they shouldn't be charging interest upon it??!! The interest is cancelling out and actually adding to the balance I owe!!!

Jen