Do I have a case?

[screamingoutloud]

Hello everyone

This is my first post here. I have read avidly the posts in this section as I am planning on trying to get some justice.

 

About 3 years ago I had finished paying a loan off with Lloyds TSB when they contacted me asking if I would like another loan. I was in debt with credit cards so I thought it might be a good idea to take out enough to clear the cards.

 

However I was also on receipt of Incapacity benefit due to long standing condition. The manager said that this wasn't a problem but the underwriters insist that you take out a PPI as cover. When I said that it would be worthless as I wasn't able to work at that time re replied by saying "Well I'm sorry but no PPI no loan" or words to that affect.

 

The loan was for £11,000, the PPI was 2,689.88 and the APR 11.9%.

 

Do you think I have a case? I know it was my own fault for signing for it but I was a bit desperate and he knew that. By the way it's nearly £20,000 in repayments over 7 years.

 

Regards

 

PS Congratulations to the owners/developers of this forum. A fantastic job.

[alanfromderby]

Hi, and welcome to the forum. From what you say you would certainly have a claim. Have a good read through the stickies at the top of this forum, and you will find some very helpful information to get you started.

[screamingoutloud]

Hi Alan

Thank you for your prompt reply. I have taken a look at the template letters and think I will use the first one. Once I have compiled my letter I will post it here.

 

Regards

[screamingoutloud]

Hi again

Can anyone tell me where I can find the spreadsheet to calculate my interest payments on my PPI. Thanks in advanced.

 

PS My new bank, Nat West, received a visit from me today. Over the Christmas period there was a bit of confusion. One direct debit was asking for payment 2 days early whilst my benefit payment was a day late. I had £90 in my account, £41 went on the car insurance, £12 on other insurance and a payment for £13 went out. This left a total £24 in the account. On the same day Sky's dd appeared for £50 (2 days earlier than usual). Nat West declined to pay it, then took £38 out of my account for being naughty which put me £14 in the red????

 

Calmly I explained the situation to the nice lady on the desk (dropped in the fact that the account was funded by benefit payments) and as a good will gesture said she would waive the fee and it would be returned to my account this evening.

 

Not a massive result I know, but reading this forum has given me a real sense of empowerment. Thank you

[alanfromderby]

Go to the main forum and the Bank Template Library - you can use the same template that is used for bank charges.

[screamingoutloud]

Thank you Alan. I did come across them but thought they were just for calculating bank charges.

 

Regards

[screamingoutloud]

Hi all

Well I sent my letter off to Lloyds at the beginning of the month and have just received a reply. Unsurprisingly they think that forcing unemployed people to take out a PPI is OK. Alright they never twisted my arm behind my back and forced me to sign but they did insist I took it out or there would be no loan, even though it was worthless.

 

Because I had signed the Acknowledgement of Purchase form then it was my own fault for not reading the small print.

I am about to send off my reply and await their final response.

 

I will keep you up to date.

 

Regards

[screamingoutloud]

Could I ask someone to read through this letter that i have composed in reply to their letter please. I would appreciate your comments and advice:

 

Thank you for your reply dated 24 January 2008. I am disappointed but not wholly surprised at your response to my claim. I would like to reiterate the points I made regarding the selling of this loan protection plan to me.

 

At the time it was taken out I was Unemployed and in receipt of Incapacity Benefit which was paid into the above account, this is proof in itself that I was unemployed. This rendered the loan protection plan as worthless. The person who sold me this loan protection plan was completely aware of my employment status. I was also told that if I did not take this loan protection plan then I would not receive the loan, which, incidentally I was invited to apply for by my local branch.

 

I would like to, if I may, show you this taken from the FSA website. Although you are not the bank in question I believe the same rules apply to all Financial Institutions:

FSA/PN/004/2008

16 January 2008

“The Financial Services Authority (FSA) has fined HFC Bank Ltd (HFC) £1,085,000 for failing to take reasonable care to ensure that the advice it gave customers to buy Payment Protection Insurance (PPI) was suitable, and for failing to have adequate systems and controls for the sale of PPI.

From January 2005 to May 2007, HFC's procedures did not require advisers in its branch network to gather sufficient information about customers' circumstances and take sufficient information into account when considering whether PPI was suitable. HFC also did not require advisers to explain fully why they recommended a particular policy or identify to customers any demands and needs which the policy would not meet. These and other failings meant that HFC put its customers at an unacceptable risk of being sold PPI when it was not suitable for them.”

I believe the key words are “failing to take reasonable care to ensure that the advice it gave customers to buy Payment Protection Insurance (PPI) was suitable”

This is the point that I am trying to convey to you. I was badly advised regarding this loan protection plan and would ask you to look at my claim again.

I look forward to receiving your response.

[tonycee]

Hi.

I think that they will give you the runaround for as long as you let them.

I think its essential that you do a S.A.R - (Subject Access Request),

Its a request for all the information they hold on you.

It should, in theory, contain transcripts of the actual sale of PPI.

They have to provide it within 40 days.

Sorry to be negative, but i think sending nice letters just delays your claim.

I dont think you can tell them anything they dont know already.

Just my opinion of course.

[screamingoutloud]

Hi Tonycee

Thank you for your quick response. Do you think I should ask for the S.A.R in this letter or send another letter requesting them?

 

I do appreciate your advice regarding being "nice". It is much better than what I really want to say to them though

 

Regards

[tonycee]

You have to put your feelings to one side for the time being.

 

You can approach this in one of two ways.

 

1. You can send pretty please correspondence back and forth and get nowhere.

 

2. Be ruthless, like they would with you, and follow the proven method.

 

If you chose route 1. you will probably end up doing route 2. anyway, you will have just wasted several months in the meantime.

 

You can find the S.A.R - (Subject Access Request) HERE.

Adapt/adjust, to suit your requirements.

[screamingoutloud]

Hi tonycee

Can you show me an example of being ruthless? I sorry but I don't know how to word my reply to sound ruthless.

Regards

[tonycee]

What i meant was, by writing letters that they can ignore, thats what they will do.

 

By being ruthless, i meant, use the legal system to your advantage.

[insight claims]

SPAM!

 

(and I'm not all that hungry)

[screamingoutloud]

Thanks tonycee. I try to rephrase my reply.

Regards