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Morning All
First time poster so please be gentle!!
Anyway straight to the point
My wife and I took out a loan with Lloyds TSB for £17,000 back in October 2004,
I have just received our recent statement and I have noticed that they have taken £4,406.40 for something called Loan Protection Insurance Loan Advance is this the same as PPI
We had taken out this loan to pay off a prevous loan and I wondered if the insurance was on the earlier loan as well
My question is 1/ how do I find out if the previous loan had this insurance applied to it?
2/ Can I claim these insurances back?are they the same as PPI
3/ How do I go about it, do I use one of the companies that advertise
Sorry to be such a doofus!! but it's the first time I have done this sort of thing
Any advice would be great
Many Thanks
Grant
Oh I forgot to mention that we also have a secured loan from Loans.co.uk
Who have been fined for providing unsuitable loans can I do anything about that?
Thanks Again
Grant
Yes that is PPI and if it was missold you can claim it back though Lloyds are absolute sods over this
You need to ask for copies of the previous agreement which they will probably claim not to have although they are supposed to keep them for 6 years.
To start to process you need to start with a formal letter of complaint detailing why you think the PPI was missold
Do you remember any discussion about PPI when the laon was being taken out
Were you told that PPI was a condition fo having thelaon approved
Were you working full time at the time you took out the laon? and did they go through a series of questions asking about this and possible pre existing medical conditions which may invalidate the PPI
Most people also send of a SAR request as well which should give you all information hat they hold on you - although my SAR did not give me any old loan agreements it did get me old statements of loan account which chowed PPI as being added
If you decide to go ahead with this - be prepared for a long battle
If you can keep you head when all of those around you are losing theirs try parking your helicopter somewhere else
Hi Red Vixen
Thanks for the reply
They did not mention the PPI at all when we applied
I was in full time employment although my wife was self-employed
The branch was next door to the place where I worked at the time and all they said was"we need you to sign the papers for the loan can you pop in for 5mins" there was no mention of any type of insurance at all.
With regard to the earlier loan should I request the paperwork for that?
I think if they have added PPI on the existing loan then they may have done the same with the earlier one
Regards
Grant
Yes certainly request it - in theory a full SAR request should give you that information. I doubt they will be able to find it but the thing about the SAR request is you may get the numbers you need in a different form - eg the statements of loan accounts that I received
Another tactic which worked for me was to ask in branch at reception if they could find the information out just to give me some number initially - some will claim they can't do it but others will just do it
If PPI wasn't entioned but just added then it was missold but Lloyds will defend this
If you can keep you head when all of those around you are losing theirs try parking your helicopter somewhere else
Lloyds T.S.B PPI
TSB for £17,000 back in October 2004,
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