Mis-sold Lloyds PPI on a credit card - as a student!!

butwhy · 29th October 2007, 15:16

Hi there,

I have just recently been made aware of the mis-selling on PPI's and think I might be one of the many that I have been cheated on - once again!

I was sold the PPI over the phone as a student to compliment my credit card. At the time I don't recall signing any paperwork but being advised that this insurance was very helpful if I could not meet my repayments on my credit card.

As I was a student at the time I was only working part time - approx 12-16 hours a week. However, when I did not have enough funds available to make payments I was not advised of any other possible solutions and consequently was charged numerous late charges and eventually had my account closed. I am still paying this off 4 yrs on.

On numerous occasions I called Lloyds to cancel this over the phone and was told I would have to write a letter, which (sad as it sounds) I just didn't have the
time to do in between lectures and assigments. Finally about 2 years later I managed to cancel this over the phone.

I am also in the process of claiming for late charges etc. But am unsure if I also qualilfy for this PPI.

So where do I stand? Was I mis-sold this policy and can I claim for this now?

Thanks

ButWhy

hellhasnofury · 29th October 2007, 21:25

Quote:

Originally Posted by butwhy

Hi there,

I have just recently been made aware of the mis-selling on PPI's and think I might be one of the many that I have been cheated on - once again!

I was sold the PPI over the phone as a student to compliment my credit card. At the time I don't recall signing any paperwork but being advised that this insurance was very helpful if I could not meet my repayments on my credit card.

As I was a student at the time I was only working part time - approx 12-16 hours a week. However, when I did not have enough funds available to make payments I was not advised of any other possible solutions and consequently was charged numerous late charges and eventually had my account closed. I am still paying this off 4 yrs on.

On numerous occasions I called Lloyds to cancel this over the phone and was told I would have to write a letter, which (sad as it sounds) I just didn't have the
time to do in between lectures and assigments. Finally about 2 years later I managed to cancel this over the phone.

I am also in the process of claiming for late charges etc. But am unsure if I also qualilfy for this PPI.

So where do I stand? Was I mis-sold this policy and can I claim for this now?

Thanks

ButWhy

Hello and welcome,

You need to read the terms and condition of the policy they sold you. But I seriously don't think that you would be covered as you where a student and working minimal hours. Did you try to claim on it?????

They will argue that it run for so long and you did not cancel it, but you have only now become aware after the recent coverage by the media and the investigations by the FSA and the OFT.

Have you sent a Subject Access Request and a request for the agreement which show that you agreed to it.

butwhy · 31st October 2007, 11:50

Hi hellhasnofury,

No, I haven't contacted them about anything!

I only found out recently from all the media coverage that I had been conned. Also received a call from a company called conkers who told me I was entitled to this.

Regardless of how long I let it run for I should be entitled to get my money back for something I was mis-sold shouldn't I? I never claimed on it because I didn't actually know what I was paying for. As a student I wasn't very money savvy so I guess I just let it slide and cancelled it because it was costing me too much on top of the credit card repayments which I could barely afford anyway.

I don't rememeber actually signing anything though. I was sold it over the phone when I called to make a payment once.

lizzy40 · 31st October 2007, 13:04

Hi ButWhy,

I'm also in the process of getting my PPI refunded with Barclays they have finally agreed I was mis sold. It has been a long battle. Creditcard PPI might be slightly different to a single premium policy but the mis selling is the same.

Firstly I would check your policy just like HHNF has said. Different policies have different eligibilty criteria, also if a firm makes a personal recommendation then it is down to them to make sure it is suitable for the customer so check policy first.

So you need a copy of terms and conditions this will clarifly if the policy was suitable for you as a student working part time and a copy of the original signed agreement this will also show if you ticked the box for PPI. Not sure how you stand if you did it over the phone perhaps HHNF can advise on that one.

When was the policy taken out?

butwhy · 31st October 2007, 14:41

Hi lizzy40,

I think i took this out approx 4-5 years ago. Where can I get a copy of terms and conditions for that period of time specific to my account?

lizzy40 · 31st October 2007, 16:32

The reason I asked how long ago that the policy was taken out as some people have had trouble claiming after 6 years.

You could ring LLoyds and ask them to send you a copy or perhaps someone on here might have an old copy relating to your year.

PPI's are usually for the employed so as for being a student you may have just qualified for the policy with your part time hours but only the T & C will clarifly this.

Have you looked at the FOS's web site regarding mis sold PPI's there are more the one way of being mis sold.

butwhy · 31st October 2007, 17:43

I managed to find a current copy of their t's & c's online. Not sure if this will apply to the cover I was sold.

However, it says that you must be in employment of 16hrs or more per week, which I was. However, I still don't remember signing any documentation. And I was ill on numerous occasions throughout my university years so was unable to work and therefore couldn't keep up with payments quite often.

I had numerous medical certficates issued for this too, to explain my absence from uni. But I doubt this will count for anything now

I'll have to research further before I start compiling any claims I guess!

lizzy40 · 31st October 2007, 18:25

This may be a silly question as students can be of any age but was you 18 when the policy was taken out?

Have you worked out how much you paid for the PPI?

Does it also say on the term & condition how to cancel the policy? Does it mention you have to do it in writing?

If you were aware you had this cover when your where sick you probably could have made a claim.

Going on what you have said it may be best to asked for a signed copy of the original agreement before you do anything else.

lizzy40 · 1st November 2007, 11:37

Check this link has lots of information regarding agreements.

http://www.consumeractiongroup.co.uk...edit+agreement

Depending on your agreement as I said before there are other options to mis selling check out the FOS site and the FSA to built your case...

Keep us up dated...

butwhy · 1st November 2007, 12:51

Yes, I was 18 going on 19 when i took out the policy, the lack of money sense at that age ensured my downward spiral!!

I haven't worked out how much I paid in total for the PPI yet, need to find all the statements. I think they date back to 2003, was missing the earlier ones so need to find them asap!

The terms and conditions said the policy had to be cancelled in writing but I don't remember receiving this information so I couldn't have known what I was tied into?

Again, If I'd known that the cover "covered" me for the sickness then I definately would have claimed. I had hospital certificates and medical ones too which justified my time off from uni and subsequently time off from work. Its half the reason I feel into arrears!

Is there a template I can use to request my agreement?

butwhy · 1st November 2007, 12:53

Hi lizzy40/hellhasnofury,

I managed to find the link in that extensive thread (finally)

For anyone else that needs this its here: http://www.consumeractiongroup.c o.uk/forum/general-debt/20758-creditors-dcas-letter-templates.html

My agreement was cancelled a few years ago and the only reference I remember having for this was the additonal charge I used to see on my monthly credit card statement which has also since been closed, but is still being cleared off.

How can I refer to this specific agreement if I never actually remember having any documentation about it?!

hellhasnofury · 1st November 2007, 19:41

Quote:

Originally Posted by butwhy

Yes, I was 18 going on 19 when i took out the policy, the lack of money sense at that age ensured my downward spiral!!

I haven't worked out how much I paid in total for the PPI yet, need to find all the statements. I think they date back to 2003, was missing the earlier ones so need to find them asap!

The terms and conditions said the policy had to be cancelled in writing but I don't remember receiving this information so I couldn't have known what I was tied into?

Again, If I'd known that the cover "covered" me for the sickness then I definately would have claimed. I had hospital certificates and medical ones too which justified my time off from uni and subsequently time off from work. Its half the reason I feel into arrears!

Is there a template I can use to request my agreement?

Hello butwhy,

If you look on this thread you will find the letter to send for your ca.

You need letter N. give them 12 working days + postage if not supplied in this timescale they are in default, then after 1 further month if not supplied they are in criminal default. Costs a £1, send it recorded delivery so you know when the got it and keep all info for your file.

butwhy · 2nd November 2007, 11:48

and why are all my replies appearing in the wrong order?!

lizzy40 · 2nd November 2007, 12:04

I think something strange was happening with the system yesterday as I noticed it too....

butwhy · 4th November 2007, 21:51

confusing!!

Good news though... i managed to find some of my old pay slips which confirm that I was only working 13.5 hours a week at the time I had the PPI so thats a good sign!

Now I just need to root out all the old statements so I can work out how much is owed to me.

hellhasnofury · 5th November 2007, 06:46

Quote:

Originally Posted by butwhy

confusing!!

Good news though... i managed to find some of my old pay slips which confirm that I was only working 13.5 hours a week at the time I had the PPI so thats a good sign!

Now I just need to root out all the old statements so I can work out how much is owed to me.

Excellent detective work, they won't be able to argue with evidence

Get you spreadsheet done and get your preliminary request sent of as soon as, you never know you may get a surprised before xmas.

If you need help just ask.

butwhy · 6th November 2007, 13:08

Quote:

Originally Posted by hellhasnofury

Excellent detective work, they won't be able to argue with evidence

Get you spreadsheet done and get your preliminary request sent of as soon as, you never know you may get a surprised before xmas.

If you need help just ask.

I managed to find most of my statements and worked out how much I paid from march 2003 - September 2005, when the policy was cancelled but I'm missing my statements for 2002 and the policy was started in Feb 2002.

The outstanding amount i worked out so far was £385 without interest and with the 8% it is £485

so imagine how much more is owed if I am still missing a years worth of statements!

The problem is, If i contact Lloyds to send out the outstanding statements they are gonna take ages. So what do i do?

Oh and i also managed to find my introductory letter when I first started the cover, accompanied by the terms and conditions, which clearly state that i should have been working 16hrs or more!

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