I took PPI with my Lloyds TSB Loan is it my own fault?

**apple_man77** · 10th January 2010 00:17

Hi,

I had a £2450 over draft with Lloyds icon

2 years ago. After 12 months they cancelled it leaving me with -£2450 in my account. I went to the bank to sort something out and they managed to get me a loan or £5800 to bring my account back in credit and pay a lloyds credit card off.

I was desperate at the time and the loans something crazy like 24% interest icon

and I'm paying back £1900 for the PPI icon

on top.

The woman at the bank did ask if I wanted payment protection and I just said yes thinking it would make me look a more attractive customer to offer a loan should the worst happen.

I'm a Police Officer so in a stable fairly well paid job. I've paid most of the loan off now and fortunately better with my finances now! Do I have a leg to stand on claiming back any of this PPI?

If so where do I start and what grounds do I have to say/prove I was mis sold it as I do agree its a total waste of money!!

Many thanks for any help.
Mark

**alanalana** · 10th January 2010 21:25

Originally Posted by apple_man77

Hi,

I had a £2450 over draft with Lloyds 2 years ago. After 12 months they cancelled it leaving me with -£2450 in my account. I went to the bank to sort something out and they managed to get me a loan or £5800 to bring my account back in credit and pay a lloyds credit card off.

I was desperate at the time and the loans something crazy like 24% interest icon

and I'm paying back £1900 for the PPI on top.

The woman at the bank did ask if I wanted payment protection and I just said yes thinking it would make me look a more attractive customer to offer a loan should the worst happen.

I'm a Police Officer so in a stable fairly well paid job. I've paid most of the loan off now and fortunately better with my finances now! Do I have a leg to stand on claiming back any of this PPI?

If so where do I start and what grounds do I have to say/prove I was mis sold it as I do agree its a total waste of money!!

Many thanks for any help.
Mark

Yes IMO you would have a good chance of claiming back the PPI fee.

You should read the following to decide if you have a valid claim for mis-selling of the PPI.

There is a lot to read in the stickies at the top of the forum and if you have any questions just post them up.

PPI - Some Notes for Claimants..

BANKS are giving incorrect advice on PPI

Full SAR for ppi

Data Protection Act 1998 - Subject access request

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

You can be specific with what data you request although the Subject access request icon

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 icon

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 icon

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.

Keep up the pressure until you get all the information if they play dumb go to the Information Commissioners Office the details are in this...

For the Information Commissioners office. (this is an option if the DSAR is not complied with)
http://www.ico.gov.uk/upload/documen...ess_rights.pdf

Information Commissioner's Office - Information Commissioners Office

http://www.ico.gov.uk/upload/documen...lain_final.pdf

Complaints - Information Commissioners Office

Information Commissioner`s Office are having trouble dealing with tha massive amount of complaints so timeframes keep slipping. Patience is the name of the game. (Received a response from the Information Commissioner`s Office Upholding my complaint under the sixth principle of the Data Protection Act 1998. RBS failed to comply fully to my Subject Access Request within 40 days) post 290 on http://www.consumeractiongroup.c o.uk...fight-but.htm.

A lot of information but if you are prepared you are more able to fight

aa

**apple_man77** · 10th January 2010 22:28

Many thanks I might as well give it a go.

Just two questions which may be easy to answer without having to go through all the threads and getting it round my neck...

1. Whats the route to claiming back my PPI icon

? Letter template etc.

2. Can I cancel my PPI with Lloyds icon

the loan was over 60 months and I've got around 26 months left on it. Without getting my paper work out I think its around £27 a month which would make a nice difference. I think my job is safe enough to cover the repayments for the remaining duration.

Many thanks again for any further help.

**apple_man77** · 11th January 2010 00:23

Having looked in to this further I have actually got an LPI with Lloyds icon

which is costing me £41.23 a month over 59 months!!

On the terms add agreements it states....

1.4

If you choose to purchase the LPI loan we will pay any LPI loan directly to the insurer to cover the price of the premium if you decide to cancel the LPI policy the LPI loan will also be cancelled. The cash loan will continue and we will collect only the monthly repayment for the cash loan.

So are they basically saying I can ring up and cancel the Loan Protection Insurance and they will stop charging me for it and just make me pay the remanining £116 a month of the loan until it is paid without the LPI?

If thats the case I'll be straight on the phone tomorrow and make myself £41 a month better off

Cheers
Mark

**pompeyfaith** · 11th January 2010 00:51

Hiya Mark, Yes it will involve a fair bit of letter writting but please do write rather than phone as you need that paper trail as evidence in case you have to go to the fos icon

to get redress. Now you can cancel the policy now and yes that will lower your repayment and give you a rebate of the loan

**apple_man77** · 11th January 2010 00:56

Many thanks for the quick reply.

I know its probably letting the bank win but I'll just be happy canceling the LPI and leaving it at that. Its going to leave me £41 a month better off a month reducing my repayments down to £116 a month which I'm more than happy with. I don't want all the aggro of fighting against Lloyds icon

TSB for a few hundred pounds.

I'm just glad I can cancel it now and not paid the full LPI and in future I'll know not to take it

Many thanks again.
Mark

**pompeyfaith** · 11th January 2010 00:58

once you have done the above you can then set about getting back what you have already paid. Now can you tell me does your job come with full sick pay if it does and this was not asked then that is your avenue for being missold icon

the useless product
Regards PF

**pompeyfaith** · 11th January 2010 01:05

it will not be just a few quid though because you have also paid interest icon

on that lpi at the same rate as the loan and you are legally entitled to this back too plus a further s69 statutory interest at the judicial rate of 8%

**apple_man77** · 11th January 2010 01:05

Yeah I'm a police officer so get pretty well looked after in respect of time off work and redundancies are pretty much unheard of now a days. The only possible way I'd lose my job and be unable to pay back the loan is if I did something totally reckless.

I will certainly get it canceled tomorrow morning and then look in to it a bit more about claiming my previous LPI back as a rough estimate shows I've paid around £950 at present for the LPI.

The thing was I was basically told at the time I would need LPI to be shown as a safer borrower from the bank and I was pretty desperate at the time so just agreed. The thing is its basically my word against the person who sold me it as reading all the forms shows its only a recommendation etc etc

**pompeyfaith** · 11th January 2010 01:09

and remember if they hold onto that lpi you have paid you will be paying interest icon

on it yup paying interest on your money things are not as simply as they seem PF

**apple_man77** · 11th January 2010 01:12

well as long as I get it canceled tomorrow it'll be a good start. Should they just cancel it and change my monthly payment to £116 a month or am I totally missing something?

**pompeyfaith** · 11th January 2010 01:14

i appriciate you have enough form filling etc in your job but it is worth fighting for you will get plenty of help and support here

**apple_man77** · 11th January 2010 01:16

Many thanks you've been a great help already so after canceling it tomorrow whats the next step?

Just writing saying I was mis-sold icon

LPI and want a refund for £xxx off the loan....?

**pompeyfaith** · 11th January 2010 01:19

they may ask you to sign a new agreement minus the lpi this is ok providing it is over the lower term and the APR and terms and conditions icon

are the same as before

**pompeyfaith** · 11th January 2010 01:23

yup you need to calculate what you are due inc the interest icon

and request it back stating the reasons you where missold icon

when you are ready i can help you with this

**apple_man77** · 11th January 2010 01:23

Well the APR at the moment is 22.9% so not that great as it is! The only other thing I can do is settle the loan at the bank and try and get another loan from Lloyds icon

with LPI but I'd rather just adjust this one if I can.

Thanks again
Mark

**apple_man77** · 11th January 2010 01:24

Originally Posted by pompeyfaith

yup you need to calculate what you are due inc the interest icon

and request it back stating the reasons you where missold icon

when you are ready i can help you with this

Thank you.

**pompeyfaith** · 11th January 2010 01:30

yes they can adjust it the bank is well geared to doing this due to it being a product massively missold icon

**pompeyfaith** · 11th January 2010 01:35

your welcome right ill be back tomorrow evening to give further assistance PF

**apple_man77** · 11th January 2010 01:39

Many thanks again will give the bank a ring in the morning to cancel the LPI and let you know how I get on and then start trying to claim some of the money back

Take care.
Mark.

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