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As i had a little success previously with reclaiming PPI for myself, a friend of mine asked for some help with mis-sold loan protection insurance ( LPI ) on a loan that he took out in late 2008, the loan was over a 7 year period & was for £7,000,00 with £ 3,086,38 LPI, with interest added the total amount is £17,507,28. I supplied him with the suitably amended template letter stating the reasons he had given as to why he believed the LPI was mis-sold. He has recently received a reply from the Customer Care Team & to cut a long story short their decision is this & i quote :
...However, as a gesture of goodwill on this occasion we will calculate the amount of your rebate on the pro-rata basis if you decide to cancel your policy early, meaning it will be calculated on the actual amount of time you will have had the policy.
If you choose to cancel you will receive approx £2,346.64 but, as a valued customer we are prepared to backdate the cancellation of your policy to when we first received your complaint & thus the reabte will be £2,697,41.
He has also received a very badly photocopied 'Demands & Needs' document with his name & address on but no signatures on & an acceptance form which states :
I, xxxxxx, accept the offer made by Lloyds TSB insurance of a refund of my loan insurance premium of £2,697,41 in full & final settlement of my complaint. I understand that this payment will be made to my loan account, and the term of my loan reduced.
Apologies for the length of this post but the way that Lloyds are going about this is completely different to my claim for mis-sold PPI! Any advice would be most welcome.
As i had a little success previously with reclaiming PPI for myself, a friend of mine asked for some help with mis-sold loan protection insurance ( LPI ) on a loan that he took out in late 2008, the loan was over a 7 year period & was for £7,000,00 with £ 3,086,38 LPI, with interest added the total amount is £17,507,28. I supplied him with the suitably amended template letter stating the reasons he had given as to why he believed the LPI was mis-sold. He has recently received a reply from the Customer Care Team & to cut a long story short their decision is this & i quote :
...However, as a gesture of goodwill on this occasion we will calculate the amount of your rebate on the pro-rata basis if you decide to cancel your policy early, meaning it will be calculated on the actual amount of time you will have had the policy.
If you choose to cancel you will receive approx £2,346.64 but, as a valued customer we are prepared to backdate the cancellation of your policy to when we first received your complaint & thus the reabte will be £2,697,41.
He has also received a very badly photocopied 'Demands & Needs' document with his name & address on but no signatures on & an acceptance form which states :
I, xxxxxx, accept the offer made by Lloyds TSB insurance of a refund of my loan insurance premium of £2,697,41 in full & final settlement of my complaint. I understand that this payment will be made to my loan account, and the term of my loan reduced.
Apologies for the length of this post but the way that Lloyds are going about this is completely different to my claim for mis-sold PPI! Any advice would be most welcome.
This seems as if they are folding on the fact the policy was mis-sold by offering a goodwill gesture but trying to not pay the full amount of LPI payments made and certainly short of the £ 3,086,38 LPI.
How many payments were made on this LPI?
If the LPI is cancelled there should be a refund but also the repayment of payments made from ? to ? with the statutory 8% interest added to any payments made.
I would not advise acceptance until things are more clear.
aa
I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner. ------------------------------------------------
Bank charge successes:
Halifax - Full settlement incl interest.
HSBC - Settlement, goodwill no admission of liability about 75% of claim.
RBS - Settlement, goodwill no admission of liability about 70% of claim.
2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did
PPI Successes
PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.
2 claims settled in full with LV without FOS involvement.
2 claims settled in full with HSBC without FOS involvement
PPI Claims ongoing with:
Cap one Now with the FOS
Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.
LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc
Please do not PM me for advice as it may be sometime before I can respond.
Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.
Is it best to write a letter declining their offer at the present time explaining the reasons as to why? & if so what timescale if any, do they have to get back to him?
I'm currently trying to sort my LPI with Lloyds. Could I ask a couple of questions...
What address did you send the letter too?
I'm not actually trying to claim my LPI back at present just trying to sort out my re-payment without it to which they've added another £1200 to my total loan amount.
Is it best to write a letter declining their offer at the present time explaining the reasons as to why? & if so what timescale if any, do they have to get back to him?
Is it best to write a letter declining their offer at the present time explaining the reasons as to why? & if so what timescale if any, do they have to get back to him?
Is this letter fit for purpose? Any advice will be greatfully received.
Many Thanks
Send the letter IMO and make them provide a valid response
aa
I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner. ------------------------------------------------
Bank charge successes:
Halifax - Full settlement incl interest.
HSBC - Settlement, goodwill no admission of liability about 75% of claim.
RBS - Settlement, goodwill no admission of liability about 70% of claim.
2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did
PPI Successes
PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.
2 claims settled in full with LV without FOS involvement.
2 claims settled in full with HSBC without FOS involvement
PPI Claims ongoing with:
Cap one Now with the FOS
Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.
LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc
Please do not PM me for advice as it may be sometime before I can respond.
Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.
Update - He sent the letter on 26th January unfortunately it seems he didn't send it by registered post & surprise surprise he has not heard a dicky bird from them! Another letter being sent by registered post tomorrow.
Update - He has received the following letter : Your Personal Summary & Our Recommendations :
This was a questionnaire completed at the point of sale, the copy you have received is an electronic version of the document that was completed on screen & held on our data. The sales advisor would have printed a copy off at point of sale which he would have signed & handed to the customer to sign.
Please Note That Should You Wish To Accept This Offer, Your Monthly Loan Repayments Will Remain The Same, Which Will Mean You Will Pay The Loan Earlier.
A pro-rata rebate means we have investigated the concerns you have raised with us in relation to the sale of your loan protection insurance policy & we have rejected those concerns. However, in keeping with our policy of treating customers fairly we have offered you a more preferential pro-rata rebate rather than the sliding scale rebate you would normally receive when the policy is cancelled. Therefore, the pro-rata refund would credit the loan account, thus reducing the term of the loan.
i have a claim against Lloyds and waiting for there reply it has just passed 4wks.how long did they reply back to you for your claim?
thanks.
Afee12345 - It's a claim for a buddy of mine & it was about 8 weeks initially. Ensure you stick to your timelines & if they don't adhere to them hit them hard & complain! Good Luck
__________________
Debt Free Since 1st September 2009:grin:
Update - He has received the following letter : Your Personal Summary & Our Recommendations :
This was a questionnaire completed at the point of sale, the copy you have received is an electronic version of the document that was completed on screen & held on our data. The sales advisor would have printed a copy off at point of sale which he would have signed & handed to the customer to sign.
Please Note That Should You Wish To Accept This Offer, Your Monthly Loan Repayments Will Remain The Same, Which Will Mean You Will Pay The Loan Earlier.
A pro-rata rebate means we have investigated the concerns you have raised with us in relation to the sale of your loan protection insurance policy & we have rejected those concerns. However, in keeping with our policy of treating customers fairly we have offered you a more preferential pro-rata rebate rather than the sliding scale rebate you would normally receive when the policy is cancelled. Therefore, the pro-rata refund would credit the loan account, thus reducing the term of the loan.
Update - He has received the following letter : Your Personal Summary & Our Recommendations :
This was a questionnaire completed at the point of sale, the copy you have received is an electronic version of the document that was completed on screen & held on our data. The sales advisor would have printed a copy off at point of sale which he would have signed & handed to the customer to sign.
Please Note That Should You Wish To Accept This Offer, Your Monthly Loan Repayments Will Remain The Same, Which Will Mean You Will Pay The Loan Earlier.
A pro-rata rebate means we have investigated the concerns you have raised with us in relation to the sale of your loan protection insurance policy & we have rejected those concerns. However, in keeping with our policy of treating customers fairly we have offered you a more preferential pro-rata rebate rather than the sliding scale rebate you would normally receive when the policy is cancelled. Therefore, the pro-rata refund would credit the loan account, thus reducing the term of the loan.
Update - He has received the following letter : Your Personal Summary & Our Recommendations :
This was a questionnaire completed at the point of sale, the copy you have received is an electronic version of the document that was completed on screen & held on our data. The sales advisor would have printed a copy off at point of sale which he would have signed & handed to the customer to sign.
Please Note That Should You Wish To Accept This Offer, Your Monthly Loan Repayments Will Remain The Same, Which Will Mean You Will Pay The Loan Earlier.
A pro-rata rebate means we have investigated the concerns you have raised with us in relation to the sale of your loan protection insurance policy & we have rejected those concerns. However, in keeping with our policy of treating customers fairly we have offered you a more preferential pro-rata rebate rather than the sliding scale rebate you would normally receive when the policy is cancelled. Therefore, the pro-rata refund would credit the loan account, thus reducing the term of the loan.
Any Suggestions as to what he should do next?
it looks that they are offering you a rebate(reducing your inital PPI loan credit) on your policy if you wish to cancel but not refunding any monies paid on the policy.
the demands and need is a total rubbish.if they claim they had printed and signed by yourself one at point of sale.then they must keep a signed copy for there self to prove that you signed it and ask for the signed copy.
my claim is with the fos as they went down the same route with me.i had 2 loans with them and both demands and needs are identical even the dates are 1 year apart.
it is common practice with Lloyds to offer small incentives to fob off initally.have a read through the ppi issues on this forum and you will see
most lloyds claims on this forum end up with the fos.
i think they should be named and shamed on a weekly basis by the fos and probably that my knock some sense in them.
Update - Buddy has referred this to fos, on the same day he received an update concerning 3 previous loans that he had with Lloyds dating back to the 1990's & they have upheld these but, they are asking him to sign a form accepting the amount without actually naming the figure! Does he sign or get in contact with them again & ask how much?
Right this is what happened with mine too, however if anything is amiss afterwards, such as when the acceptances are sent back, they then send the calculations, if you feel they are wrong I believe you can still dispute on them afterwards.
However, they had just made the loan PPI refunds into my bank account and am awaiting their feedback on the Breakdown.
Sent them some calculations of how it should have worked out and the email we sent to them was also copied to the CEO as well, I was told last week they will get back by 7 working days, this should therefore be this Friday.
Buddy Of Mangle101 Versus LloydsTSB
for myself, a friend of mine asked for some help with mis-sold loan protection insurance ( LPI ) on a loan that he took out in late 2008, the loan was over a 7 year period & was for £7,000,00 with £ 3,086,38 LPI, with interest
on this occasion we will calculate the amount of your rebate on the pro-rata basis if you decide to cancel your policy early, meaning it will be calculated on the actual amount of time you will have had the policy.
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Originally Posted by mangle101
Any advice will be greatfully received.
