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can i cancel my Lloydstsb 2004 loan protection insurance


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hello all

 

I am new to your forum which i find very helpful and informative, and i do need some help please.

 

i took out a 16 k loan from Lloyds in 2004, and the guy who was dealing with this matter made it clear that loan wouldnt be approve without PPI, so i reluctantly agreed to it as i needed the money at the time, so with the PPI on top the loan amounted to 19k. now i have around 7k left on the loan.

 

now my question is: can i still cancel this insurance policy? i still have the original documents and it says nothing about cancelling PPI, it just said that Lloyds paid the money to the insurers for me at the beginning of the loan.

 

the PPi alone costs me £74 a month, a total rip off!!! so this is the situation and i appreciate any help or advice you can give me regarding this matter.

 

thank you very much indeed

 

 

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Hello afreets,

 

hello all

 

I am new to your forum which i find very helpful and informative, and i do need some help please.

 

i took out a 16 k loan from Lloyds in 2004, and the guy who was dealing with this matter made it clear that loan wouldnt be approve without PPI, so i reluctantly agreed to it as i needed the money at the time, so with the PPI on top the loan amounted to 19k. now i have around 7k left on the loan.

 

now my question is: can i still cancel this insurance policy? Yes you can cancel in the light of so much mis-selling you can indeed insist that your ppi agreement is terminated if you have a solid reason to claim mis-selling. Please see my links below to help you make a decision IMO you have a sound case on the comment that the loan would not be approved without the PPI being added. This is blatant mis-selling. still have the original documents and it says nothing about cancelling PPI, it just said that Lloyds paid the money to the insurers for me at the beginning of the loan.

I would however point out that you still have a loan with payments to be made and it is important that if needed you have the means to repay through a cheaper PPI company available online.

the PPi alone costs me £74 a month, a total rip off!!! so this is the situation and i appreciate any help or advice you can give me regarding this matter.

 

thank you very much indeed

Ok so PPI mis-sold see the links here ..................

For claims before 2005 and the FSA ruling from which campaign

How to tell if you’ve been mis-sold PPI

 

Quick check: were you mis-sold? - How to tell if you’ve been mis-sold PPI

Another useful site to help you reclaim missold PPI UPDATED 16 JUN 08

Reclaim your PPI premiums - payment protection insurance | This is Money

 

This is a little snippet from the above link....

 

Can I reclaim on any PPI policy?

Your claim for compensation is dependent on when you took the insurance. PPI sales only came under the jurisdiction of the FSA on 14 January 2005. Any sales made before then are not covered by the latest rules.

However, it may still be worth complaining to your lender if you feel you have been mis-sold. If you bought before January 2005 it is likely that they will have been covered by a previous regime of rules. This means that the Financial Ombudsman Service will be able to consider these complaints. If you took PPI after January 2005, your claim is subject to the latest rules.

THIS LINK IS IMPORTANT TO YOU ON RECLAIMING IT IS FROM 2001 FROM THE FOS

loan payment protection insurance and a quote from this link...

 

Quote:

When determining whether a policy is suitable, a seller – whether a lender or an agent for the insurer – must obviously take into consideration any information the prospective policyholder volunteers. However, we do not consider the seller’s duty is limited simply to recording what the borrower discloses. It is only by asking questions that the seller can properly determine suitability. These questions cannot cover every aspect of a borrower’s personal position and should not be expected to do so. To paraphrase the ABI Statement, only those matters deemed to be relevant by the insurer should be the subject of questions.

Hope the above helps

 

aa

I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner.

------------------------------------------------

Bank charge successes:

Halifax - Full settlement incl interest.

HSBC - Settlement, goodwill no admission of liability about 75% of claim.

RBS - Settlement, goodwill no admission of liability about 70% of claim.

2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did :mad:

PPI Successes

PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.

2 claims settled in full with LV without FOS involvement.

2 claims settled in full with HSBC without FOS involvement

 

PPI Claims ongoing with:

Cap one Now with the FOS

Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.

LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc

 

1 Complaint not upheld by FOS they said it was ICO issue. Complaint upheld by ICO. See this..

Post 290 from

***RBS PPI Claim Long fight but, WON***

 

Please do not PM me for advice as it may be sometime before I can respond.

 

Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.

 

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