Patricia Pearl - Small Claims Procedure - A Practical Guide


An excellent guide for the layperson in how to use the County Court - a must if you are intending to start a claim.

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  1. #1
    Basic Account Holder workaholic duck Novitiate

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    Default PPI Lloyds CC - self employed - legitimate claim?

    I had a Lloydsicon Asset credit card (well, still have, except it's now closed and I'm paying off the balance currently standing at around 3.5k) with PPIicon payments showing until I cancelled the policy on 6/12/2006. This was when I realised it was useless to me unless I went bankrupt. Who would it benefit then??! The total payments made = 726.18.

    When I opened the a/c in 2001, in the branch, the manager filled out the form. He did ask me if I wanted PPI protection. I hesitated and then he said '...just in case you break a leg or something and can't work?'. So I agreed and said OK, it's sensible. That was it. I distinctly remember that part of the conversation. At that time I had a DDicon to pay the balance in full each month. There was no charge unless there was a balance outstanding, then it was 75p on each 100.

    5 years later I was struggling with my business debts, so knowing about this insurance, thought I'd see if it could help somehow. After much discussion they told me they could only help if my business failed completely and I could prove it was closed forever. Since I am 'the business', no employees and run under my own name, I can only see it if I went bankrupt? Then, if that ever happened surely I just walk away from all debts anyway? Therefore, they (Lloyds) would be the beneficiaries?!

    At that point I was too exhausted. Then in 2008, another 'blip' in my finances and decided to tackle them all!! Good successes with most thanks to this brilliant site. Only 1 credit card paying interesticon now. The other 4 agreed to 0% with a fixed repayment of half the original monthly payment. This card is one of them and they were probably the hardest to convince. I tried to claim back PPI then aswell as bank charges with no luck.

    So, for the last year I have been able to manage.....except now the PPI issue has re-arisen!! For me, just too tempting to ignore! I relish a challenge, especially with financial institutions! BUT I am a little hesitant, which is where I would love some moral support from someone here, please.

    Lloyds declined my claim for PPI because, they said, I was covered even though I am self-employed. (That was the reason I used when I claimed successfully from Cap1). But the details were certainly not explained to me at the time and I wasn't given a 'policy'.

    I have ALL my statements obtained with a SARicon request. I also have a calculator to work out contractual interest. Now, if I use 23.9% (the cash withdrawal charge is 27.9%/purchases 19.9%, on my monthly statement) being the 'average' of the 2, is this too much?? BECAUSE, if I can use this figure it would wipe out the debt apart from about 300 (in 3 months this will be paid anyway). That is, if I include the charges aswell. This is the tempting bit! Oh, to have another credit card hit the dust!!

    Should I go for it? Or, could they turn nasty and revert my repayments back to the hellish interest rate whereby I will be paying them for 40 years+ (no, I won't, but my children will).


  2. #2
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    Default Re: PPI Lloyds CC - self employed - legitimate claim?

    Self Employment is one of the reasons for mis selliing, so yes you should be able to reclaim those premiums you already paid along with interesticon. From what you are saying the sales rep/advisor told you that it WAS a good idea for if you broke your leg.. but did he advise you that unless your business failed then you wouldnt be able to claim ? I doubt that.

    I would probably see them trying to retain any refund in order to reduce the balance outstanding.. probably wrong of them to do it.. but it would benefit you in the long run as well!

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  3. #3
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    Default Re: PPI Lloyds CC - self employed - legitimate claim?

    Thanks for that. OK, started to do a proper claim but I have 2 different calculators. This one:-
    http://www.consumerwiki.co.uk/index....pound_Interest

    shows a lower figure than this one:-
    http://www.egalegal.com/compoundWindow

    Which one is nearest to the calculations the bank uses? Anyone know, please?


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    Default Re: PPI Lloyds CC - self employed - legitimate claim?

    Hi there

    Personally I would use the first one

    http://www.consumerwiki.co.uk/index....pound_Interest

    Purley because it calculates the interesticon and compounds it daily and by reference to the cell formulae you can justify your end figures if you are challenged on them.

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  5. #5
    Basic Account Holder workaholic duck Novitiate

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    Default Re: PPI Lloyds CC - self employed - legitimate claim?

    Update. Just been refused repayment of PPIicon. What a surprise. Will take it to fosicon now.
    Interesting thing was that the refusal letter made no mention of my being self-employed, only a sentence saying I was 'employed' at the time! They obviously just didn't read my complaint! They also said that the bank 'would have explained it all to me at the time' - rubbish. It was a complete farce, in my opinion, just to hope I'd go away...well, NO, actually.
    So, another year or so before this one gets resolved! At least I paid off the balance last year so I don't owe them a bean.



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