Thread: Lloyds TSB, Missold PPI.

A pensioner friend of mine is currently repaying a £5000.00 loan with Lloyds which he took out to pay off his overdraft caused by bank charges. (Where The Charges are concerned, he is now in the hands of The Financial Ombudsman as a hardship case.)

To obtain the £5000.00 loan to put his current account back into credit, though he told them, Payment Protection Insurance was not going to help him as his circumstances could not change for the worse, Lloyds still insisted he needed PPI. I am virgin to reclaiming PPI. Is there a template letter that can be used, whilst still paying off this existing loan, to get the unnecessary PPI knocked off the balance?

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

Hi, overdone.

I'll move this thread to the PPI Forum, you'll get help in there.

Regards.

Scott.

Originally Posted by overdone

A pensioner friend of mine is currently repaying a £5000.00 loan with Lloyds which he took out to pay off his overdraft caused by bank charges. (Where The Charges are concerned, he is now in the hands of The Financial Ombudsman as a hardship case.)

To obtain the £5000.00 loan to put his current account back into credit, though he told them, Payment Protection Insurance was not going to help him as his circumstances could not change for the worse, Lloyds still insisted he needed PPI. I am virgin to reclaiming PPI. Is there a template letter that can be used, whilst still paying off this existing loan, to get the unnecessary PPI knocked off the balance?

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

PPI is short of template letters as the range of mis-selling was huge so generally each case is different in some way.

Some folks were 'mis-informed' 'some were not informed at all' 'some banks failed to ensure the product was fit for the consumer' 'some online sales were misleading and already had the PPI box pre ticked' The list is endless.

To make a claim you must get your friend to decide which of the mis-selling ploys applies to them and being a pensioner at the point of sale is a case for claiming mis-selling.

The application of PPI to a loan is also wrong if incorrect advice is given at the point of sale. A loan agreement is not reliant on the application of PPI.

It will of course depend upon the timing of the loan and age at the time of the loan agreement being signed.

Do you have all of the paperwork on the Consumer Credit Agreement and other relevant documentation?

If not then start with a Subject access request..templates here

Full SAR for ppi

and also here..Data Protection Act 1998 - Subject access request

please see this..

You can be specific with what data you request although the Subject Access Request is really asking for everything. The Statutory fee is £10.00 Postal Order is fine but keep the details of the number for future reference. The post office will be able to confirm when it was encashed (just call 01246 542091 they will even send written confirmation if you request it) Send all correspondence by at least recorded to be signed for so you can track delivery through Royal Mail

You should request the following documents:

A true copy of your Consumer Credit Agreement with the Terms and Conditions that were applicable at the time you took the loan/card/mortgage.

A ‘demands and needs’ questionnaire.

Copies of all statements applicable to the loan/card/mortgage.

Copies of all correspondence that apply to you as a data subject ie letters, emails, faxes etc.

Copies of all recorded telephone calls or transcripts of the recordings.

Copies of any notes made by bank/loan company staff in their dealings with you as a data subject.

Do not be fobbed off by them citing issues such as relevant filing systems.

If they have any records/data on you as a data subject and it is held under your name, address, post code, account number/s or any other system where the data is identifiable to you then it is a relevant filing system. Even if it is a specific serial number on microfiche records and the serial number is applicable to you.

I would advise you to read up and learn more from the stickies at the top of the forum then gather all of the information including data requested under the SAR then simply ask for your money back.

Mis-sold PPI? Want your money back? use these links to help

A lot of homework but the better prepared you are the more confident you can be in your reclaiming mis-sold PPI

While all this is happening a letter should be sent off to LTSB requesting the cancellation of the PPI ( if this has not already happened ) and requesting a pro rata refund.

This is an extract from one of my letters (you must remember this is not a template it is just to give you an idea on how to prepare your own letter)

I repeat the grounds for mis-selling as detailed in my points 1 to 7 listed below.


1. Responsibilities When Underwriting a Policy of Insurance: On each occasion, when the details of a loan were discussed your sales advisors failed to check my personal circumstances at the time of the sale, which they are under obligation to do when underwriting a Policy of Insurance. If they had done so, they would have realised that the PPI policies were useless to me. At no time was any attempt made to ascertain if the product provided was fit for purpose, suitable for my needs or if indeed it was required at all.


2. Alternative Insurance Cover: Your sales advisors in each case failed to ask me if I had any alternative arrangements for insurance cover. My employer has a generous illness package which would cover a period of sickness as follows: 6 months full pay followed by 6 months half pay. I would also be entitled to a generous redundancy package and a substantial payment would be made in the event of my death in service (more than suffice to clear the balance of the loan).


3. Failure to Supply Important Information with Regard to Significant Policy Exclusions: I was most definitely not informed that the PPI policies could contain certain exclusions which could affect me and my ability to claim on the policies if I should need to. Additionally I was never told that Pre Existing Medical Conditions could invalidate my policy and I was never asked if I had any Pre Existing Medical Conditions. Indeed your Loan Customer Duty of Care Checklist and the Loanguard Certificate of Insurance to which the Customer Duty of Care Checklist refers (forwarded under cover of Reference N) contain no reference to any Pre Existing Medical Conditions or includes any questions to me on the subject. I am in fact in receipt of a 40% War Disablement Pension from Her Majesty’s Government (HMG) since 1991. One element of this pension includes back injury which I now know is an exclusion in your PPI Policies. I also believe that I would also be excluded on at least one other existing condition.


 Widespread PPI Mis-Selling:I cancelled the PPI policy on 830382 Account No 01810701 on 7 Jan 2007 after becoming aware of the widespread mis-selling of PPI by some financial institutions, following recent media coverage and recent OFT and FSA investigations regarding the mis-selling of PPI. I believe this is borne out by Point 3 above. I am also aware that the question of PPI cover is the subject of an ongoing inquiry by the Competition Commissioner.


5. Wholly Inappropriate PPI Selling Bonuses: I understand that some employees are paid higher bonuses if they get prospective creditors to take out PPI with loans. How can the best interests of the customer possibly be met, if there is a clear conflict of interest between your responsibilities to me, and the drive of your employees to sell Payment Protection Insurance whether it is suitable or not in order to receive bonuses?


6. PPI Loan Interest payments miscalculated: Since I cancelled the policy, I have actually received a smaller reduction in the PPI loan interest payments than the figure stated on the agreement. The explanatory letter sent to me has, I believe, confirmed that I have paid for single premium PPI policies on each loan taken with your establishment.


7. True Nature of Single Premium PPI Not Explained: No explanation was forthcoming from any advisor on any occasion on the full extent of single premium PPI policies or the fact that they would offer little or no refund if the loan was settled early or if the insurance was cancelled. The statements you have forwarded on accounts 13189662 and 15276481, show no element of any refund of PPI or PPI interest when the accounts were settled on refinancing. There was also no explanation that the cost of the PPI premium would be added to the total cost of credit and interest added for the full term of the agreement. I believe this practice is unlawful.

I now believe that the single premium PPI policies attached to the loan accounts were both extremely unfair and totally unreasonable and offered me very little, if any protection value whatsoever. I am therefore requesting a full refund of all costs including all single PPI premiums that have been paid, the interest added to these premiums and the payments, that I have paid to date.

Furthermore as I believe I have been unlawfully deprived of this money, I also expect the repayment of the interest at the Statutory Interest rate of 8% applicable to of each of the single premiums.

In my letter dated 2 June I listed what I believed were the costs due to me for the recovery of mis-sold PPI on three accounts. All were single premiums for each account with interest added to each account. I have now made further investigations and enclose the revised figures that I now require to be repaid to me.

Details of the single premiums for each account with the interest payments made are as follows:

My friend has just emailed me 8 pages of CCA request responce but I am not sure, Prescribed terms etc are in the right place. Because I do not know how to block out personal details on an already scanned document, can I email these to you for scrutiny?

Here is the letter being sent.

17th November, 2009


Ref – xxxxxxxxxxxxxx


Dear Sir/Madam,

I believe I have been mis-sold a payment protection insurance policy and would like to request a full refund of my premiums, plus interest paid.

I took out a £5000 loan at your Lloyds TSB branch on 22/10/2008 and also bought a Payment Protection Policy (Loan Protection Insurance) which would cost me an extra £138x.xx over the life of the loan. The complete transaction apart from the later signing was conducted with one lady, of unknown name, over the telephone; the person who signed on behalf of Lloyds TSB was David Cooper. The total amount of my premiums plus interest is £939x.xx

When I took out the loan, I remember saying quite clearly that I didn’t think that I should need any form of Insurance to cover the loan, as my circumstances were not, and are not likely to change for the following reasons:

1. I was/am a pensioner, receiving the State Retirement Pension and had just reached my sixty-eighth birthday.
2. I also receive a Work Related Pension based on money paid in when I was a teacher.
3. I am disabled and receive a disability allowance which is For Life.
4. I also receive the maximum mobility allowance and that also is For Life
.
Regardless of explaining this, I was persuaded to take out Loan Protection Insurance and was given to believe that this was as things should be.

Taking the above numbered list of reasons into account, and in consequence of such, I am not likely to find that my circumstances change other than for the better. So why should I have been persuaded to insure my payments?

I do not believe being coerced into to buying this policy as part of the loan was a fair and reasonable obligation as I did not need this insurance and said at the time of taking the loan that I did not think that I needed it.

I am requesting a full refund of all my insurance payments, plus interest, which total £20xx.60.

If I do not receive a favourable response from you I will pursue this claim through the Financial Ombudsman.


Yours faithfully,

Originally Posted by overdone

Here is the letter being sent.

17th November, 2009


Ref – xxxxxxxxxxxxxx


Dear Sir/Madam,

I believe I have been mis-sold a payment protection insurance policy and would like to request a full refund of my premiums, plus interest paid.

I took out a £5000 loan at your Lloyds TSB branch on 22/10/2008 and also bought a Payment Protection Policy (Loan Protection Insurance) which would cost me an extra £138x.xx over the life of the loan. The complete transaction apart from the later signing was conducted with one lady, of unknown name, over the telephone; the person who signed on behalf of Lloyds TSB was David Cooper. The total amount of my premiums plus interest is £939x.xx

When I took out the loan, I remember saying quite clearly that I didn’t think that I should need any form of Insurance to cover the loan, as my circumstances were not, and are not likely to change for the following reasons:

1. I was/am a pensioner, receiving the State Retirement Pension and had just reached my sixty-eighth birthday.
2. I also receive a Work Related Pension based on money paid in when I was a teacher.
3. I am disabled and receive a disability allowance which is For Life.
4. I also receive the maximum mobility allowance and that also is For Life.

Regardless of explaining this, I was persuaded to take out Loan Protection Insurance and ( given to believe that this was as things should be. ) your sales person failed to ascertain that the LPI was fit for purpose which it sadly was not as pointed out in paragraphs 1 to 4 above

Taking the above numbered list of reasons into account, and in consequence of such, I am not likely to find that my circumstances change other than for the better. So why should I have been persuaded to insure my payments?

I do not believe being coerced into to buying this policy as part of the loan was a fair and reasonable obligation as I did not need this insurance and said at the time of taking the loan that I did not think that I needed it.

I am requesting a full refund of all my insurance payments, plus interest, which total £20xx.60.

If I do not receive a favourable response from you I will pursue this claim through the Financial Ombudsman.


Yours faithfully,

The letter is good you could perhaps add in see the above comments in red (possible remove) and (blue possible insert) just my input the letter of course is yours.

aa

Download the original attachment


Lloyds TSB
PG Box 43
Peterlee
County Durham
SR8 2YQ

• • Telephone: 0800 096 1282
    

24 November 2001

Dear Mr ****edoff-Geriatric,

Your Lloyds TSB account number 100000000000000

Further to my letter of 20 November 2009. Thank you for your patience.

You have complained you feel you were mis-sold the Loan Protection Insurance on the above loan.

I shall deal with each point in turn below as stated in your letter.

Lloyds TSB processes required sellers to explore employment position with customers in order o ascertain:

1. whether a customer was eligible for the policy;
2. the cover which a customer would be eligible for under the policy at its start date.

As a retired person you were of course eligible for the policy. The policy provides that retired people will receive (subject to their age) accident and sickness cover, critical illness, life cover, hospitalisation cover and positive job solutions.

We train our sales agents to describe the cover available in the LPI policy, to ask a number of eligibility questions to ascertain whether any of the key exclusions/restrictions apply to the customer, to ask suitability questions to ascertain whether the customer has a need for the policy and then to recommend that the customer reads to (sic) documentation supplied before committing to the purchase of the loan and LPI. In this call our sales agent met all these requirements.

Lloyds TSB did not lead customers to believe that the insurance was compulsory or that the application for credit would be compromised in the absence of cover. Lloyds TSB through its processes, practices and documents took steps to ensure the customer was fully aware of the optional nature of the cover.

Lloyds TSB’s process provides for customers to receive Your Quick Guide to Comprehensive

(Please note that this line of the letter is missing, so incomplete information coming from Lloyds TSB)

summary to the customer. In your case you signed a Customer Declaration which confirmed receipt of the Policy Summary. I attach a copy of the signed documents. The Customer Declaration confirms that full details of the price of the optional loan protection insurance were included in the Customer Credit Agreement.

Lloyds TSB's Policy Summary makes clear that the policy is optional in the Key Facts section on the first page.

The Policy Summary sets out the right that the customer has to cancel the policy.

Lloyds TSB provided a statement of price to you during the course of the sales (sic) process. This followed the format of the information in the Fixed Sum Loan Agreement. The amount of the premium for the loan protection insurance is listed separately from the price of the cash loan. The statement of price was based on the terms of the Loan Agreement which you subsequently received and signed.

We attach a copy of the Consumer Credit Agreement which you received which sets out separately:
(i) the fact that there was a cash loan and separately a loan of the premium for the loan protection insurance together with the respective amounts;
(ii) the monthly repayments for the loan and for the LPI;
(iii) the total amount payable for the loan and for the LPI;
(iv) the total charge for credit split between the loan and the LPI identifying the cash price for the loan separately once more:
(v) an example of the amount which you might receive back by way of rebate on the LPI premium.

You signed the agreement confirming that you wished to be bound by the terms of the agreement. A box on the agreement was ticked confirming that you also wished to purchase the Loan Protection Insurance. In addition, you signed the Loan Agreement separately to confirm that you wished to purchase the insurance. You were therefore made fully aware of the optional nature of PPI.

In addition to the above, you received as part of the sales process a document confirming Lloyds TSB’s recommendation of Payment Protection Insurance. This document is the Statement of Demands and Needs required under the FSA’s Rules. The version of this document you received contains a clear statement that:

“You are aware of the benefits of optional Loan Protection Cover and have confirmed your current eligibility for cover."

In view of the above, I am afraid that I have no alternative other than to reject your complaint. However, you do have the option of refinancing the loan to remove the cover. This facility offers a refinanced balance at the same APR rate as the existing loan. You may receive an insurance rebate if you have not made a claim. To do this you will need to contact our Retention Department on 0800 092 2290 lines are open Monday to Sunday 8am to 10pm.

If you have any further queries, please do not hesitate to contact me. My number is at the top of this letter.

I hope this will resolve your complaint. However if you’re unhappy with our response, please tell us why and what you’d like us to do to put it right. If you’re still unhappy after completing the banks procedure, you may refer your concerns to the Financial Ombudsman Service and we will tell you how to do this.

If we don’t hear from you within 8 weeks from the date on this letter, we’ll assume that your concerns have been resolved to your satisfaction and we’ll close our files.

For your information this complaint has been identified as being the responsibility of Eisis Limited who are the agents of Lloyds TSB having responsibility for the sales and administration of Loan Protection Insurance from the Personal Loan Service Centre. Your complaint will follow the Banks process for its resolution.


Yours sincerely

(signature)


Vicki Wrathmall
Complaints Supervisor

Originally Posted by overdone

Download the original attachment


Lloyds TSB
PG Box 43
Peterlee
County Durham
SR8 2YQ

• • Telephone: 0800 096 1282

24 November 2001

Dear Mr ****edoff-Geriatric,

Your Lloyds TSB account number 100000000000000

Further to my letter of 20 November 2009. Thank you for your patience.

You have complained you feel you were mis-sold the Loan Protection Insurance on the above loan.

I shall deal with each point in turn below as stated in your letter.

Lloyds TSB processes required sellers to explore employment position with customers in order o ascertain:

1. whether a customer was eligible for the policy;
2. the cover which a customer would be eligible for under the policy at its start date.

As a retired person you were of course eligible for the policy. (You should ask them to prove this is the case.)The policy provides that retired people will receive (subject to their age) accident and sickness cover, critical illness, life cover, hospitalisation cover and positive job solutions. (Ask them to define this positive job solutions IMO it is a garbage input to flesh out the letter with the intention of baffling) But it is actually more like waffling

We train our sales agents to describe the cover available in the LPI policy, to ask a number of eligibility questions to ascertain whether any of the key exclusions/restrictions apply to the customer, (These questions should be recorded on a questionnaire and sent to the applicant to initial the answers, It is refered to as a demands and needs questionnaire and should be a standard form of questions asked of every applicant for a loan) to ask suitability questions to ascertain whether the customer has a need for the policy and then to recommend that the customer reads to (sic) documentation supplied before committing to the purchase of the loan and LPI. In this call our sales agent met all these requirements. (Request a copy of the documentation to prove this statement)

Lloyds TSB did not lead customers to believe that the insurance was compulsory or that the application for credit would be compromised in the absence of cover. Lloyds TSB through its processes, practices and documents took steps to ensure the customer was fully aware of the optional nature of the cover.

Lloyds TSB’s process provides for customers to receive Your Quick Guide to Comprehensive

(Please note that this line of the letter is missing, so incomplete information coming from Lloyds TSB)

summary to the customer. In your case you signed a Customer Declaration which confirmed receipt of the Policy Summary. I attach a copy of the signed documents. The Customer Declaration confirms that full details of the price of the optional loan protection insurance were included in the Customer Credit Agreement.

Lloyds TSB's Policy Summary makes clear that the policy is optional in the Key Facts section on the first page.

The Policy Summary sets out the right that the customer has to cancel the policy.

Lloyds TSB provided a statement of price to you during the course of the sales (sic) process. This followed the format of the information in the Fixed Sum Loan Agreement. The amount of the premium for the loan protection insurance is listed separately from the price of the cash loan. The statement of price was based on the terms of the Loan Agreement which you subsequently received and signed.

We attach a copy of the Consumer Credit Agreement which you received which sets out separately:
(i) the fact that there was a cash loan and separately a loan of the premium for the loan protection insurance together with the respective amounts;
(ii) the monthly repayments for the loan and for the LPI;
(iii) the total amount payable for the loan and for the LPI;
(iv) the total charge for credit split between the loan and the LPI identifying the cash price for the loan separately once more:
(v) an example of the amount which you might receive back by way of rebate on the LPI premium.

You signed the agreement confirming that you wished to be bound by the terms of the agreement. A box on the agreement was ticked confirming that you also wished to purchase the Loan Protection Insurance. In addition, you signed the Loan Agreement separately to confirm that you wished to purchase the insurance. You were therefore made fully aware of the optional nature of PPI.

In addition to the above, you received as part of the sales process a document confirming Lloyds TSB’s recommendation of Payment Protection Insurance. This document is the Statement of Demands and Needs required under the FSA’s Rules. The version of this document you received contains a clear statement that:

“You are aware of the benefits of optional Loan Protection Cover and have confirmed your current eligibility for cover."

In view of the above, I am afraid that I have no alternative other than to reject your complaint. However, you do have the option of refinancing the loan to remove the cover. This facility offers a refinanced balance at the same APR rate as the existing loan. You may receive an insurance rebate if you have not made a claim. To do this you will need to contact our Retention Department on 0800 092 2290 lines are open Monday to Sunday 8am to 10pm.

If you have any further queries, please do not hesitate to contact me. My number is at the top of this letter.

I hope this will resolve your complaint. However if you’re unhappy with our response, please tell us why and what you’d like us to do to put it right. If you’re still unhappy after completing the banks procedure, you may refer your concerns to the Financial Ombudsman Service and we will tell you how to do this.

If we don’t hear from you within 8 weeks from the date on this letter, we’ll assume that your concerns have been resolved to your satisfaction and we’ll close our files.

For your information this complaint has been identified as being the responsibility of Eisis Limited who are the agents of Lloyds TSB having responsibility for the sales and administration of Loan Protection Insurance from the Personal Loan Service Centre. Your complaint will follow the Banks process for its resolution. You should chase LTSB as they will no doubt have signed the Consumer Credit Agreement and it will no doubt be on paper headed with LTSB. The Eisis Limited would have been acting on behalf of LTSB but IMO you should concentrate on Lloyds.


Yours sincerely

(signature)


Vicki Wrathmall
Complaints Supervisor

Fobbed off IMO, keep this letter. The red highlight above says it all it was an advised sale they recommended the product and my guess is it was for their benefit and not yours.

You can reading this letter take this as a final response and now complain to the Financial Ombudsman Service. Your complaint will result in a fee being levied by the fos on LTSB of £500 for starters and IMO the chances of the FOS upholding your complaint agaist LTSB seem to be about 95% plus. I would advise you to send with any complaint to the FOS copies of all documentation you have and copies of all correspondence between you and LTSB.


I could comment on each paragraph, sentence and word. Best way forward is to submit a Subject access request the statutory fee is £10 ask for all the data applicable to you as a data subject.

Gather the information, which as per my comments above, I believe they will have difficulty in producing.

Please read these notes with regard to SAR...

You can be specific with what data you request although the Subject access request is really asking for everything. The Statutory fee is £10.00 Postal Order is fine but keep the details of the number for future reference. The post office will be able to confirm when it was encashed (just call 01246 542091 they will even send written confirmation if you request it) Send all correspondence by at least recorded to be signed for so you can track delivery through Royal Mail

You should request the following documents:

A true copy of your Consumer Credit Agreement with the Terms and Conditions that were applicable at the time you took the loan/card/mortgage.

A ‘demands and needs’ questionnaire.

Copies of all statements applicable to the loan/card/mortgage.

Copies of all correspondence that apply to you as a data subject ie letters, emails, faxes etc.

Copies of all recorded telephone calls or transcripts of the recordings.

Copies of any notes made by bank/loan company staff in their dealings with you as a data subject.

Do not be fobbed off by them citing issues such as relevant filing systems.

If they have any records/data on you as a data subject and it is held under your name, address, post code, account number/s or any other system where the data is identifiable to you then it is a relevant filing system. Even if it is a specific serial number on microfiche records and the serial number is applicable to you.

Hope this helps you will have a fight on your hands but Caggers will be on hand to help and advise.

aa

Dear Lloyds, TSB.

In reply to your letter to me, I would like to make a few points that have escaped you in your reading my letter of complaint. Significantly, this is the section that really infuriates me most.

"As a retired person you were of course eligible for the policy. The policy provides that retired people will receive (subject to their age) accident and sickness cover, critical illness, life cover, hospitalisation cover and positive job solutions."

You seem to have missed my point; I wasn't querying whether I was entitled to insurance; I was complaining that I didn't think I should be paying insurance at all.

This is all a nonsense: Why should I need sickness cover or hospitalisation? There is such a thing as the National Health System, and I should imagine that is adequate for my needs.

And the next section irritates me even more because they obviously haven’t read my letter in any depth; the simplest perusal would see that I have stated quite clearly, as follows:

Quote from my letter to you:
“ …that I didn’t think that I should need any form of Insurance to cover the loan, as my circumstances were not, and are not likely to change for the following reasons:

1.I was/am a pensioner, receiving the State Retirement Pension and had just reached my sixty-eighth birthday.
2.I also receive a Work Related Pension based on money paid in when I was a teacher.
3.I am disabled and receive a disability allowance which is For Life.
4.I also receive the maximum mobility allowance and that also is For Life”

Frankly, I find it potentially insulting for you to mention “positive job solutions” in your letter. Being a disabled person as mentioned in 3. & 4. above. I wonder what you could mean or imply by your statement. Do you understand the meaning of the term Disabled? If so, I suggest you clarify what you mean or do not use the term again when addressing me. Or is this some form of bulking out of your letter in the hope that I will withdraw my complaints and my demands?

And I say again; at no time was I told that I need not take out insurance. I was asked if I had any other adequate insurance to cover the policy and told that the Insurance protection policy was there for my benefit. No, I wasn't told categorically that I must have insurance, but it was implied that I needed it, and implication is just as convincing as a direct statement.

It is quite obvious that the letter sent to me has not been created with me and me only in mind. This is quite clear inasmuch as there is more than an element of copy and paste. Please, address my situation only in your reply. I expect a reply as soon as possible, and hope that this can be resolved to my benefit as soon as possible after that.

Yours faithfully,

The document that they refer to concerns, "The Statement of Demands and Needs required under the FSA's rules. The version of the document you received contains a clear statement that:

" You are aware of the benefits of optional Loan Protection Cover and have confirmed your current eligibility for cover."

I'm beginning to wonder if this is ever going to finish.

I have spent hours setting up the attched document, which I think (unfortunately) is my undoing. I know they hadn't listened to my answers when they asked me that massive amount of questions (four in all), but I did sign!

Your Personal Summary and our Recommendations

10 October 2008

MR Pensioner.

This note provides written confirmation of our advisor’s recommendation to you based on the information you provided on the date above. Please read this carefully to check that we have accurately recorded your circumstances and requirements and you are happy with the reasons for our recommendation. By signing the accompanying credit agreement you are not only agreeing to the terms and conditions of the loan, you are also confirming that you wish to purchase Loan Protection Insurance as detailed below.

You told our advisor

You are aged over 65 and will not reach the age of 75 years during the term of the loan, and you are not currently receiving, or have an outstanding application for incapacity benefit and you are not currently registered as unemployed.

Yes

No

Unsure

Do you have any existing insurance, employee benefits, savings, or other means to cover your loan commitments if you became unemployed?

**

**

**







Do you have any existing insurance, employee benefits, savings, or other means to cover your loan commitments in the event of accident or sickness?

**

**

**







Do you have any existing insurance, employee benefits, savings, or other means to cover your loan commitments if you were to be diagnosed with a critical illness?

ü

Do you have any existing insurance, employee benefits, savings, or other means to cover your loan commitments in the event of your death?

ü

** - as you are over 65 and not eligible for unemployment cover and accident have not assessed your need for this cover.



Your Requirements and Need(s)

We discussed your situation and from the information you provided you have insufficient insurance protection from existing insurance or other means to meet your repayments on this Personal Loan should your circumstances change.

You didn’t know if you would be able to meet your loan commitment if you were diagnosed with a critical illness. You are aware that I have only taken into account the information available. In particular, I have not taken into account any existing insurance cover, employment benefits or savings amid other means, so some of the Loan Protection cover may not be suitable for you. Please take time to check your existing cover as elements of Loan Protection cover may be additional to the cover you already hold.