Lloyds TSB - Mis-sold PPI

[UK26]

Hi everyone.

 

I have been asked by my brother to look into his loan account with Lloyds TSB Bank PLC

 

He took a loan out on 13th June 2008 for £2600 - refinancing his existing loan. He took out payment protection insurance for over £900 making the total payable excluding interest at just over £3500

 

The monthly repayments are £99.00 x 60 months = £5940

 

On or around end of August 2008 my brother fell out of work and claimed Job Seekers allowance from the Job Centre. This was awarded, on 18th August 2008.

 

The payment protection insurance company “Lloyds TSB Insurance services Limited” refused his claim, saying he does not qualify. There reasoning being that 30 days had not elapsed since taking out the policy.

 

Below are two letters, which I have drafted on behalf of my brother, which I plan to send out.

 

I also asked the bank manger to send my brother copies of the agreement and T&Cs which he agreed to do as he had them in his branch.

 

Theses however have not been received and so need to send a formal request under CCA 2006 to get them.

 

I have done theses before under my own debts but they are covered under CCA 1974 and do not have a template for the new 2006 act. Could any one point me in the right direction?

 

Regards

Dave - UK26

 

[Letters now scanning - available soon]

 

Letter to PPI Company

 

Letter to Lloyds TSB

Edited September 20, 2008 by UK26

[UK26]

just been reading the CCA 2006 act, looks like you still send out the CCA Request headed under CCA 1974. is this correct

[Goldlady]

I think so. The CCA 2006 superseded some of the provisions of the 1974 act but I think your right to request a copy of an agreement from any date is still within the 1974 act. As far as I know

[UK26]

Section 7 of the CCA 2006 says

 

7 Further provision relating to statements

(1) In section 78 of the 1974 Act (duty to give information to debtor under runningaccount

credit agreement) after subsection (4) insert—

 

 

 

here is what i plan to send

 

[Goldlady]

Not sure if you need paragraph 3 as that is aimed at DCAs and other assignees of debts.

[UK26]

ok.

 

I feel sorry for my brother; it looks as if he has been stitched up by the bank

 

He does not know anything about loans or credit cards and was under the impression when leaving the bank today, that £900 payment protection insurance covered the interest of the loan aswell.

 

I really had to point out to him that it did not, and he as been advised incorrectly by the bank. Simply showed him the figures I worked out and he did not believe me.

 

 

Loan Amount £2600

Payment Protection Insurance £900

 

Total £3500

 

Monthly Repayments £99.00 over 60 months = £5940

 

Worked out the Interest £5940 - £3500 = £2440

 

I really fill like going and confronting the girl who advised him today.

 

actually ill do better then that, i will file a complaint with Trading Standards

 

does my brother have grounds to withhold payment??

 

I am not 100% sure, but personally i think its best to hind behind S77 CCA 1974 after 12 days then withold payment, until they have resolved the dispute

 

Not sure if you need paragraph 3 as that is aimed at DCAs and other assignees of debts.

[alanalana]

hello uk26,

 

I have been asked by my brother to look into his loan account with Lloyds TSB Bank PLC

 

He took a loan out on 13th June 2008 for £2600 - refinancing his existing loan. He took out payment protection insurance for over £900 making the total payable plus interest at just over £3500

 

The monthly repayments are £99.00 x 60 months = £5940

 

On or around end of August (is this month correct?) 2008 my brother feel out of work and claimed Job Seekers allowance from the Job Centre. This was awarded, on 18th August 2008.

 

The payment protection insurance company “Lloyds TSB Insurance services Limited” refused his claim, saying he does not qualify. There reasoning being that 30 days had not elapsed since taking out the policy.

You will need to clarify if the 30 day rule applied or not as your dates do not match.

 

Below are two letters, which I have drafted on behalf of my brother, which I plan to send out.

 

I also asked the bank manger to send my brother copies of the agreement and T&Cs which he agreed to do as he had them in his branch.

 

Theses however have not been received and so need to send a formal request under CCA 2006 to get them.

 

I have done theses before under my own debts but they are covered under CCA 1974 and do not have a template for the new 2006 act. Could any one point me in the right direction?

These links may help I believe there were amendments/additions to the 1974 Act in 2006 (see the links below) but the 1974 Act is I believe, still the main legal statute that you should use.

Consumer Credit Act 2006

http://www.opsi.gov.uk/acts/acts2006...0060014_en.pdf

Consumer Credit Agreements amendments 2004

http://www.opsi.gov.uk/si/si2004/uksi_20041482_en.pdf

OFT Credit changes and APR

http://www.oft.gov.uk/shared_oft/con...dit/oft144.pdf

 

 

I would ask you to confirm date of agreement, date of loss of job just to check on the 30 day rule.

 

Hope this helps you out

 

aa

[Goldlady]

Is it possible that the policy commenced after the loan did? Or are they just playing the usual 'we will do anything to avoid paying out insurance' game?

[UK26]

Why can't banks be simple and fair with there customers insted of looking for aways not to pay the insurance claim.

 

 

 

I have sent them proof of the date he claimed JSA

 

Loan agreement signed 13/06/2008

 

Edited September 20, 2008 by UK26