Need some help with Lloyds PPI

[garn666]

Im thinking about writing a letter to lloyds about my ppi charges i just need to clarify a few details and that im not going to end up wasting my time.

 

Basically febuary 2007 i took out a loan for 9,000 at my local lloyds branch as i was experiencing some debt troubles, i was offered ppi which i said i didnt want as it bumped the loan up a hell of alot (my work offers a good sick/redudancy package) but the bank manager said i had to have it otherwise they reckon the loan would not get authorised so as i was desperate i agreed. In april 2008 i was sent a letter advertising that i can top up my existing loan so as i was going on holiday i decided to go for it to get some extra spending money. Upon phoning lloyds the gentleman i spoke to basically explained the top up loan is actually taking out a new loan for more than the previous and paying the old loan back plus leaving some "top up" money left over, i agreed to this and got a new loan of 11,000 paying back the old one in the process which also had ppi attached to it. Now browsing the internet at work today i come across this part of the forum and it got me thinking, do i actually have a case to claim back my ppi? since the original loan was taken out ive never claimed once and i assume when i paid the old loan back and took out the new one the ppi carried over? My old interest rate was 18.1% and the interest on my new load is 20.9%

 

any help would be greatly appreciated - ive got both loan agreements in front of me plus the ppi t&c's so if any info is needed please ask

[alanalana]

Hello garn,

 

Im thinking about writing a letter to lloyds about my ppi charges i just need to clarify a few details and that im not going to end up wasting my time.

 

Basically febuary 2007 i took out a loan for 9,000 at my local lloyds branch as i was experiencing some debt troubles, i was offered ppi which i said i didnt want as it bumped the loan up a hell of alot (my work offers a good sick/redudancy package) but the bank manager said i had to have it otherwise they reckon the loan would not get authorised (Mis-selling) so as i was desperate i agreed. In april 2008 i was sent a letter advertising that i can top up my existing loan so as i was going on holiday i decided to go for it to get some extra spending money. Upon phoning lloyds the gentleman i spoke to basically explained the top up loan is actually taking out a new loan for more than the previous and paying the old loan back plus leaving some "top up" money left over, i agreed to this and got a new loan of 11,000 paying back the old one in the process which also had ppi attached to it. Now browsing the internet at work today i come across this part of the forum and it got me thinking, do i actually have a case to claim back my ppi? since the original loan was taken out ive never claimed once and i assume when i paid the old loan back and took out the new one the ppi carried over? My old interest rate was 18.1% and the interest on my new load is 20.9%

 

any help would be greatly appreciated - ive got both loan agreements in front of me plus the ppi t&c's so if any info is needed please ask

 

In a word yes you can reclaim your PPI.

 

You will probably find that the new loan would pay off the old loan but you would have received a rebate for earlier settlement. It would more that likely be the same for the PPI a refund on early settlement. You will be able to request a refund of the payments made on the old loan including the interest. As your employer offers offers a redundancy package you can cancel your existing PPI and ask for your money back again to include the contractual interest applied to the PPI.

 

If you could scan and post up your Agreements but with all of the personal stuff removed, names, signatures, initials, sort codes, account numbers, names, addresses and telephone numbers it would be a help. Double check before posting.

 

Also have a look here for further assistance.

 

PPI - Some Notes for Claimants..

 

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

 

and there is much more in here that could help.....links

 

 

This should be enough to get you started..

[garn666]

hey thanks for the reply, i always thought it was weird that happend. The bank was manager was trying to play it off like because my bank account wasnt in the best shape i had to have ppi or my application would get rejected. One small problem though i dont own a scanner and where i work doesnt have one either, you do mean both my loan agreements yeah? (all the charges and interest breakdown). I can take a pic of it with my digital camera if thats anygood? best i can do

 

One more question, shall i ring up and cancel my ppi now or send the letter and let it runs its course?

[alanalana]

hey thanks for the reply, i always thought it was weird that happend. The bank was manager was trying to play it off like because my bank account wasnt in the best shape i had to have ppi or my application would get rejected. One small problem though i dont own a scanner and where i work doesnt have one either, you do mean both my loan agreements yeah? (all the charges and interest breakdown). I can take a pic of it with my digital camera if thats anygood? best i can do

 

One more question, shall i ring up and cancel my ppi now or send the letter and let it runs its course?

 

If you take a picture are you able to edit before uploading and posting here?

 

If not just try and give a breakdown of the figures on each agreement with the loan and PPI figures separate.

 

aa

[garn666]

ok thanks, i will type out the figures when i get home. As to my other question shall i cancel my ppi now or wait to send a letter and let it run its course?

[alanalana]

ok thanks, i will type out the figures when i get home. As to my other question shall i cancel my ppi now or wait to send a letter and let it run its course?

 

You should ensure you have adequate cover if the loan is still running. Do not cancel the existing PPI unless you have cover from another source or your employer provides the cover if you are off work sick.

 

You can get cover elsewhere but please ensure if you have pre existing medical conditions that these are declared, or you new policy would be invalidated. Have a look on moneysavingexpert website (google will do it) there are details on PPI insurance companies on there that are much cheaper than going through your creditor.

[garn666]

Ok here's the details of my loans, ive attached it as a word document as i typed it up earlier. Can paste the details if needed, the first loan was taken out in Febuary 2007

loan details.doc

[garn666]

another update. I spoke to lloyds earlier about my current loan (the second one) to get the ppi cancelled which they said was fine. I was informed the refund was about £2000 and it would be credited back on to my loan to bring the balance down, is this correct? i said in principle i agree and the paperworks in the post to sign. I just want to check before i sign and send it back

[alanalana]

another update. I spoke to lloyds earlier about my current loan (the second one) to get the ppi cancelled which they said was fine. I was informed the refund was about £2000 and it would be credited back on to my loan to bring the balance down, is this correct? i said in principle i agree and the paperworks in the post to sign. I just want to check before i sign and send it back

 

You do not have to agree to have the refund offset against the loan you can ask for the money to be paid back to you by personal cheque in your name. The Loan and the PPI on the loan are separate issues and the bank cannot offset the balance on the loan with the PPI refund.

 

I will get back to you on the loan figures in your previous post.

 

aa

[garn666]

what what you say is the best thing to do? the woman said on the phone lastnight that the refund is going to be ofset against the loan, i asked them about getting a cheque sent to me but they said it doesnt work like that. I agreed on the phone to have the refund offset against my loan but they are still sending me the paperwork to sign and confirm the agreement. Thanks for your help aswell

 

The first loan was paid off by the second so i can definatly reclaim some ppi charges off it as they never offered me a refund when it was paid off early in may 2008

[Forsure]

what what you say is the best thing to do? the woman said on the phone lastnight that the refund is going to be ofset against the loan, i asked them about getting a cheque sent to me but they said it doesnt work like that. I agreed on the phone to have the refund offset against my loan but they are still sending me the paperwork to sign and confirm the agreement. Thanks for your help aswell

 

The first loan was paid off by the second so i can definatly reclaim some ppi charges off it as they never offered me a refund when it was paid off early in may 2008

 

When did you write into Lloyds initially ? I had heard they were one of the worst lenders to deal with and in getting your PPI refunded wasnt an easy task. I too am in the process of making a claim against them and any advice or tips would be very much appreciated

[garn666]

i spoke to them on the phone lastnight, they advised me that my ppi would be refunded against my existing loan instead of given to me as a cheque. I agreed to getting that done just so they'd send me the paperwork for me to read through properly. Id prefer to have the cash as the repayments are not a problem and i never missed one, i think it will be easier to write them a letter next time explaining that i was offered i dont want and would prefer a cheque? im going to claim ppi on my other loan aswell with the help of aa (thanks by the way)

[Forsure]

i spoke to them on the phone lastnight, they advised me that my ppi would be refunded against my existing loan instead of given to me as a cheque. I agreed to getting that done just so they'd send me the paperwork for me to read through properly. Id prefer to have the cash as the repayments are not a problem and i never missed one, i think it will be easier to write them a letter next time explaining that i was offered i dont want and would prefer a cheque? im going to claim ppi on my other loan aswell with the help of aa (thanks by the way)

 

Im not sure how relevant that would be to me though, the loan I am claiming for ( not mine but my mother in laws ), has been repaid. Im thinking if this would actually make a difference ?

[garn666]

if you need help with stuff like that its probs best you start your own thread, im seeking advice myself but im sure somebody with more knowledge than me will be able to help you :grin:

[alanalana]

Garn I think the best thing here is to get all the information as mentioned in earlier post you really need details of the statements on both the closed account and the one still running.

 

I would not accept the refund to offset the balance still remaining especially if you can manage every payment.

 

So this will be a lengthy process but stick with it and you should:

 

a) get all the PPI money you have paid on both loans ie the monthly payments over xx months. The monthly PPI payments quoted on your word document add up on the existing loan but not on the first one.

b) Be able to cancel the PPI on the existing Loan and get a rebate which should cancel out any outstanding PPI loan.

 

c) get back all the monthly payments made on PPI on both loans and have the money paid back directly to you by personal cheque and not to offset the loan balance.

 

You should start with a Subject Access Request. Information and template letters here...

 

Full SAR for ppi

 

Data Protection Act 1998 - Subject Access Request

 

You should request the following documents:

 

A true copy of your Consumer Credit Agreement with the Terms and Conditions that were applicable at the time you took the loans.

 

Copies of all statements applicable to the loans.

 

Copies of all correspondence that apply to you as a data subject ie letters, emails, faxes etc.

 

Copies of all recorded telephone calls or transcripts of the recordings.

 

A copy of the needs and wants/ customer duty of care questionnaire... here is an example.

 

http://wwwa.mbna.co.uk/insurance/files/CP0608_INSU_MB_LP_S.pdf

 

Copies of any notes made by any staff in their dealings with you.

 

Also have a look in these links for further help.

 

PPI - Some Notes for Claimants..

 

links within this one are loads more links here are a couple that may help..

 

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

 

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.

Once sent they have 40 days to comply with the request the fee is £10.00

 

It is important to obtain all the data in case you will have to take further action via the FOS or the Courts. Send your request at least recorded signed for deliver (Cost £1.14) and then you can track via the Royal Mail website for proof of delivery.

 

You will be in for a fight but at the end of the day I believe you will get a few £££ back.

 

aa

[garn666]

thanks aa, im gonna read through your posted links now. As for the ppi not adding up, i posted it exactly as its written on my agreement so i dont no what to say

 

edit - does it matter my bank account is also with lloyds aswell?

Edited June 10, 2009 by garn666

[garn666]

just an update, my SAR letter is ready to be posted at the weekend (i cant get down the post office till then). ive put both my loan policy numbers on there plus the things you have listed, i managed to find the data subject access department address on another forum so if anybody needs it let me no and ill post it up

 

wish me luck

[alanalana]

Good luck and you will need a degree of patience;)

[garn666]

haha thanks. As the second loan is currently being paid by me though do i need to send a SAR for it? The reason i say this is because when i spoke to them on the phone on tuesday they said the refund would be around £2000 but it would go towards the loan it was being paid on rather than a cheque to me, but i would prefer a cheque

[alanalana]

haha thanks. As the second loan is currently being paid by me though do i need to send a SAR for it? The reason i say this is because when i spoke to them on the phone on tuesday they said the refund would be around £2000 but it would go towards the loan it was being paid on rather than a cheque to me, but i would prefer a cheque

 

See post 15 on your thread. I would not accept the PPI repayment being applied to offset any remaining balance on the existing loan.

 

One SAR should cover both the first and second loan if you include both of the account numbers on the SAR.

[garn666]

ok thanks, sorry for the endless questions but i just wanna get it right. Your help is greatly appreciated and i shall make a donation if all goes well

 

I shall bump the thread when i get any letters back from Lloyds