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  1. Hi slipper99 No. My original letter of complaint included this but on reflection I didn't persue it. I got full refunds plus interest at the appropriate rates. I think that in order to get anthing else you will have to go via the Court. This would not be an easy action to bring - it would almost certainly be defended and probably in a track where you could end up paying the costs if you lost. Unless you have a really good understanding of the law and can argue against a legal team I would think very carefully about it. Purely my opinion!! Keith
  2. Hi Slipper99 Sorry my last post seems to have vanished! I said that I had successfully reclaimed two lots of loan protection insurance from Lloyds as the director of a limited compnay. I went via the FSO which can be done once your wife has a final response letter from Lloyds. The FSO found that Lloyds had not fully explained the details and ramifications of the Terms and Conditions as the Code of Conduct required them to do. The FSO service is free and might be worth a shot. If your wife decided to go down this route I'll see if I can help with the documentation Keith
  3. Hi Marcelle Mine were single premium policies which were added to the amount of the loan. I did not have to clear the loans first - although my refunds plus interest were deucted from the outstanding loan. My loans would have continued as normal but with lower payments monthly. I asked to have the loans re-scheduled at the current APR rate ( which was much lower than that forced on when I took out the loans ) and to my surprise they agreed. Not only did I get the refunds plus interest but the total amount I will repay is also much lower. Keith
  4. Hi Pixiepixie, Head office will do - it will be redirected to the internal department dealing with refunds. Can you clarify the date you signed for the PPI as it might be have a bearing. I assume that the premium was added onto the loan as a lump sum. Do you think you have any grounds for saying the policy was miss sold? For example were you told it was optional? Was thePPI made a condition of getting a loan? These points will help us to assist you if needed. I wonder if you would like to start a new thread for your complaint - I think we have hi-jacked somebody else's. Keith
  5. Hi Pixiepixie, I'm not an expert but I'll see if I can help. The starting point is to clarify exactly what it is we are dealing with. So you need the figures - loan amount, APR, term and date of loan plus details of the PPI element etc. Don't worry too much about the Terms & Conditions at this stage. Hopefully you will have the paperwork. If not then you can request copies from the Bank. The next thing is to decide how you are going to get your money back. If there is no evidence of mis-selling it will be very difficult with Lloyds although I have heard of one or two people getting a refund just on request. I don't know whether requests are being dealt with more sympathetically in the light of the present climate. If you think the policy was mis-sold then I may be able to help you put a claim together (please remember I am NOT an expert and have had no legal training I'm just used to writing claims of one kind or another). I wouldn't worry too much about your account - there is very little evidence that the Bank will get nasty with you if you reclaim PPI. In my case - once I had got past the mentality of the local area managers I found the people dealing with my claims (Bristol and Cardiff) were very friendly, helpful and efficient. In fact although its not the norm the Bank rescheduled my loan without the PPI at a much lower rate of interest saving me a great deal of money. I've no idea why they were so helpful. It was a bit of a struggle initially before I went via the FSO for two of my claims. The whole process actually took about a year from start to finish although the FSO bit was relatively quick. The third claim was settled without the intervention of the FSO. Good luck Keith
  6. Hi, The way Lloydstsb calculate refunds of interest is: They run off a printout showing all the loan payments you have made including the PPI. They then reduce the original loan amount by the PPI premium and re-run the printout using the reduced payments that would have been necessary. The difference between the two printout outs is the amount of interest to be refunded at the correct rates that prevailed at the time. I asked them to provide me with their method of calculating interest refunds and this is what they said. It is the method they used with me and they supplied copies of the printouts which to be honest were a bit complicated to understand. Eventually after laborious manual calculations I arrived at the same figure within a few pence. It worked out at more than 8%. I don't know anybody who has succcessfully claimed compound interest refund on PPI but I'm sure somebody may pop up to help you. Hope this helps
  7. I had this problem with Lloydstsb and in the end the money was taken from my loan which to my complete surprise was then rescheduled at a much lower APR. Although I really needed the cheque I gritted my teeth and accepted because overall I will end up paying far less money over the term of the loan and also had lower monthly payments which also helped. I think I was lucky over the APR but this might be because it was a business loan. The attitude of the Bank seems to be that they lent the money to make a one of payment of the PPI premium and that if it was to be cancelled then the extra money was not required and they should simply remove it from the loan total. Well there are lots of arguments here but the suggestion in the above post might work - tell them that you have debts and need to share out the money. I have dealt with a number of PPI claims now with Lloyds and there seems to be little consistency in their approach. It almost seems to depend on who they appoint to deal with it as to what happens.
  8. Hi What happened in my case was they ran a printout of the payments I had made. They then ran another one but making payments as they would have been if the ppi had not been included. They difference between the two is interest due to be refunded plus the actual ppi payments. Thats how they calculated it and to within a few pence it came out to what I expected. My two loans were recheduled once I had the refund but the APR was much much better (4.9% lower) then I had originally so it was better all round for me. Depending on your circumstances it might be worth looking at your APR and seeing what they would offer on a rescheduled loan as over time you might save a great deal of money in addition to getting the refund. If the APR is likely to be higher then clearly its not an option nor is it if you need to have a cheque. If they are making you an ex-gratia payment does the letter say it is their final response? If not they are obviously expecting you to try to negotiate further.
  9. OK - I'm not an expert and have no legal training but here's what I suggest. Firstly PPI cannot be made a condition of granting a loan. The Bank is quite within its rights to refuse a loan if a client has no means of repaying it if anything unfortunate should occur BUT it cannot insist on you taking out its own PPI. I would write to the Bank insisting that you were mis-sold the policy for these reasons and you require a refund of premiums and interest. Be prepared for delaying tactics but keep going until you get a Final Reponse. Don't worry about the T & C's and any cooling off period at this stage In the meantime prepare to take your case to the FSO which you can do when you have your final letter. You could of course go to the Small Claims Court but there will be an initial outlay of cash and you will have to prepare a legal case with all the precedents etc etc. Not many people seem to have risked this. You can still go to court if you fail with the FSO but not the other way round. The FSO will decide your case on documentary evidence so your written complaint is important and must try tp pre-empt anything the Bank will produce. You can help yourself by being as "professional" as you can - this does not mean in the legal sense but that you know what you are doing. Try to remember as much as you can about the original interview - where and when did it take place, why and with whom - an outline discussion (don't include any talk about T & C's - you'll see why later). Photocopy any documents / letters you have to and from the Bank. Label them and produce an index so you can refer to them in your written complaint. The way at which the FSO will look at your complaint will differ slightly according to the date the policy was sold to you as the rules changed in Jauary 2005 ( I think) I know of several instances where the FSO have ignored the T & C's cooling off period - I won't explain further here in case of snooping eyes but can PM you later if needed. The Bank will also have to provide written evidence including a report from the person who originally sold you the policy - assuming they can track him down If they do his memory is likely to be hazy (he probably sold hundreds of policies) which is why your recollections of the meeting have to come across in the best possible light. If they can't track down the salesman they will have to produce a copy of any notes of your meeting they may have on their system - again they are not likely to be comprehensive. Certainly I have seen several FSO adjudications where this has been the case. Once you are ready to deal with the FSO post a copy of your written complaint as there are loads of people here who will their eye over it for you.
  10. Hi, I had this battle with LloydsTSB and unfortunately because my loan accounts were still open they simply deducted the refunds and interest from the amount outstanding. This happened in two of my claims - I received a cheque for the third one which concerned a closed account. I won two of these cases via the FSO. Unfortunately their "brief" is to return the claimant to the position they were in had the mis-selling not occurred. In my case this meant a smaller loan which did not include PPI. This in turn meant that the loan amount was reduced and I could not get a cheque as a refund merely that the loan was recalculated using the original date and the smaller total. I should point out that these were business loans so I don't know if made a difference. Although I would dearly have liked a cheque there are some advantages in what happened. I now owe a lot less and my monthly premiums are much lower so I suppose that I have to accept (very grudgingly) what happened and bearing in mind all my circumstances it was for the best. Ah well, dreams of a good holiday on the back burner again! Keith
  11. Hi, Can you elaborate a bit please so we can try and help. Which bank was this? Was the premium added to the loan to give a new total? Did the sales person go through the terms and conditions with you and explain their implications? Were you actually told at the time that you had a 30 day cooling off period or were you expected to find this out yourself from the documentation? Sorry for all the questions but reclaiming PPI is not as straightforward as unlawful charges. The answers to the questions will determine the best way to go ahead. Getting a refund can be done - I've done it three times now but be prepared for a battle. Keith
  12. Hi, BLRI is Business Loan Repayment Insuance from Lloydstsb and is the business version of PPI. The terms and conditions are on the LloydsTSB wesite somewhere (don't have the link at the moment). I successfully reclaimed two refunds for these. I first wrote the stndarad letters asking for repayment of premiums and interest initially to my business manager. This escalated up to the area manager and eventually I had a final response from Customer Services at Bristol. I then took my complaint to the FOS alledging that the two policies had been missold to me and also that the terms and conditions should be disregarded as I accepted the policies on the advice of a Financial Services Professional (i.e. my business manager at the time) and he had not , as he was supposed to do, explained then fully to me. I won both cases with no probelms. I hope this helps
  13. Ok - then as I understand it you signed for this policy in 2004. Here's what the FSO said in my case: " Whilst I note your comments (this to the Bank) that terms and conditions were sent to the complainant and that he had 30 days to cancel the insurance should he no longer require it, the fact remains that an individual is unlikely to cancel something that has been recommended to them by a finacial services professional and that recommendation has been taken on good faith." So I think you need to worry unduly about the T & C. Here is a paraphrase of another bit of their ajudication "The ABI code at the time required intermediaries recommending policies to use their best endeaqvours to ensure that a proposed policy was suitable and that all essential provisions / restrictions of the cover of the policy were explained to customers. Futhermore the GISC Code takes this further by suggesting that if a policy cannot match all requirements then enough information will be provided so the customer could choose whether or not to taske out the policy." You won't be able to quote these bits as they are specific to my case but they at least give you an idea of the FSO's thinking and on the face of it you seem to have a good case. I would suggest that once Lloyds give a Final Repsonse letter you go to the FSO (it doesn't cost anything). You have to submit your case in writing and it is important that you get this right as the case will be decided on documentary evidence and your written complaint. If you reach this stage there are lots of people here who will be happy to run their eye over it for you. Good luck - Keith
  14. Hi, Can you clarify a few things which may help. I have been involved in a number of PPI claims and I have just discovered one that may possibly be similar to yours. Was the policy actually for PPI or for Life Insurance. I think LLoyds call the former Loan Payment Protection Insurance. You will need to find out who the underwriter where. I had this situation myself and I think there may be subtle differences between the two types of policy. The claims I had for Protection Insurance were eventually refunded by Lloyds themselves after I went to the FSO, but the other policy I had (which turned out to be life insurance in the end although I assumed it was PPI) to cover repayment of an overdraft was treated differently. In this case Lloyds themselves got a cheque back from the underwriters which they then sent on to me. The FSO were not involved in this claim - Lloyds themselves did all the work to get the money back for me although though they originally sold me the policy. I hope I haven't confused you but I think it is important to find out exactly what you were sold in terms of insurance to find the easiest route to make your claim. Incidently my insurance were set to run way past my 70th birthday but this ws not the reason for claiming mis-selling in my case. I won refunds because I was not informed that the policies were optional and secondly I had previous medical conditions which made the policies worthless and the Bank had not checked this point.
  15. Hi dpick, I'm not an expert but I think I would gather all of your information together then think about two different claims. The unlawful charges route is well tried and documented through the small claims court. Reclaiming PPI often depends on individual circumstances and going to court could be a risky business. Personally I would tackle the PPI through the FSO once you have a final rejection from the Bank. It is a fairy simple process and cost free. The FSO makes a decision on written submissions and there have been a number of success stories. Even if the FSO decides against you the option is still open to go to court. Once you have your info together post your findings. I can copy some bits from my ajudication with the FSO which might be useful. At this stage it might be confusing to do that now so getting the SAR sorted is the first step.
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