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

[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

[hellhasnofury]

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 SAR and a request for the agreement which show that you agreed to it.

[butwhy]

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]

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]

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]

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]

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]

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]

Check this link has lots of information regarding agreements.

 

http://www.consumeractiongroup.co.uk/forum/general-debt/83035-guidelines-requests-original-agreement.html?highlight=asking+for+credit+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]

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]

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.co.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]

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]

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

[lizzy40]

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

[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.

[hellhasnofury]

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]

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!

[lizzy40]

It sounds like you where clearly mis sold if you worked under 16 hrs per week.

 

Did your hrs of work change at all or was it always under 16 hrs per week?

 

You may need to prove at the start date of the policy taken out you wasn't working over 16 hrs and that you wasn't informed if you worked under 16 hrs the policy wasn't suitable for you, why would you pay for a product if you cant use it.

 

Can you provide evidence of your hrs of work especially the date the poilcy which it was sold to you. This is evidence they cant deny you were mis sold.

 

Cant remember if you said but did you have to answer a statement of demands and needs at the time when you got your loan?

 

Regarding your statements you haven't got hopefully HHNF can advise you on that one.

[butwhy]

It sounds like you where clearly mis sold if you worked under 16 hrs per week.

 

Did your hrs of work change at all or was it always under 16 hrs per week?

 

You may need to prove at the start date of the policy taken out you wasn't working over 16 hrs and that you wasn't informed if you worked under 16 hrs the policy wasn't suitable for you, why would you pay for a product if you cant use it.

 

Can you provide evidence of your hrs of work especially the date the poilcy which it was sold to you. This is evidence they cant deny you were mis sold.

 

Cant remember if you said but did you have to answer a statement of demands and needs at the time when you got your loan?

 

Regarding your statements you haven't got hopefully HHNF can advise you on that one.

 

Hi lizzy40, Thanks for your reply.

 

I was lucky enough to find nearly all of my old pay slips so I can verify that I only ever worked 14 hrs a week, in fact it decreased to 12 hours in 2005 so there was no way I would have qualifed for the policy at all.

 

I don't remember answering any statements to confirm that I met the conditions.

 

 

It's just pure luck that i found all this documentation last night, because I have thrown out most of my old paperwork from my uni years so its a mini miracle that this stuff survived!

[lizzy40]

Thats great news its amazing what stuff we hold onto.

 

So the way it stands at present you don't have a true figure of the full cost of your PPI or any signed agreement?

 

However you have wage slips proving you worked under 16 hrs per week.

 

Do you have the wage slip for the date the policy was taken out?

 

Can you remember if the sales adviser asked you how many hrs a week you work?

[butwhy]

Thats great news its amazing what stuff we hold onto.

 

So the way it stands at present you don't have a true figure of the full cost of your PPI or any signed agreement?

 

However you have wage slips proving you worked under 16 hrs per week.

 

Do you have the wage slip for the date the policy was taken out?

 

Can you remember if the sales adviser asked you how many hrs a week you work?

 

Yup that's exactly it, I have a rough figure of whats owed to me over the course of two years, but am missing the 1st year of statements when I took the cover out. And still have wage slips dating back to the time when I took the cover out. I'm not sure if I have one that exactly covers the month the policy was started but definately stuff around that time.

 

I don't remember the adviser asking about how many hours i worked. Even if he/she had then I would have stated the facts which were that I only worked on a Saturday and Sunday of each weekend doing retail hours which total 14 hours!

 

If I knew that it was gonna be of no use to me then I wouldnt have thrown away £385 on a policy that I wasn't even entitled to!

[lizzy40]

The only problem I can see by using this agrument is that they will say well you signed the agreement and you were given the terms and conditions it was down to you to cancel the policy if it wasn't suitable.

 

But this is where they are wrong because they should make sure the product is suitable before they sold you it.

 

Why would you pay for something that is no use.

 

This is what happened to me when I pursued my PPI under the grounds that I was self employed and I wasn't covered. I wrote 3 letters each reply was saying I should have read the terms and conditions and it was down to me to cancel it. On the forth letter they seemed to have changed there mind for what ever reason I don't know because each letter I sent was very similar so all I can say is just stick with it because they didn't do there job properly if they did you wouldn't be asking for it back.

 

Its like paying for a top of the range mobile and walking out the store without it!

 

Anyway going on what you have said I would be inclined to write to them using one of the PPI letters listed. Change the details to your own making sure you state that when this policy was sold to you, you where working under 16 hrs per week - you wasn't aware at the time that you had to be working over 16 hrs per week to qualify under the terms and conditions and this only came to your attention due to the meda cover and the sales adviser didn't tell you this - photo copy your pay slip for the date you took policy out as evidence.

 

Send letter recorded delivery.

 

You could also ring them up and ask them how much you paid for you PPI on this loan including the interest I should think they would give you this information straight away.

 

Are you still paying for the loan?

If so Is it up to date?

 

I can only advise on what I have experienced I didn't have to take court action or get the FOS involved so perhaps someone else can advise on other options just in case. Thats why its important to do all the procedures like HHNF said.

 

The amount you should be claiming is the cost of the PPI policy plus its interest this figure you can get form the loan company. Its the contractual interest which is added after this could be 8% which a court would give or it could be the amount you had on your loan this is worked out from the date the policy taken out to the date it was cancelled.

[butwhy]

Ok, I understand what you mean.

 

Since my policy covered my credit card it was charged at 75p per £100 of my balance, which is why alot of the time the payments being taken out each month were approx £18 - £25.

 

This is why i need to get my old statement becuase the payments for the policy varied each month depending on my balance.

 

In the meantime I guess I can start proceedings and and just send them a letter telling them that I know i was mis-sold the PPI. Do i HAVE to declare how much is owed to me in this initial letter?

[lizzy40]

It would be best if you had all the information before you go ahead because its not easy getting them to agree you were mis sold.

 

What about your signed agreement have you got a copy?

[butwhy]

no signing of any paperwork at all.

 

It was all sold to me over the phone. I didn't sign anything as far as I remember.