Lloyds tsb loan mis-sold ppi

[Skintsuzi]

I am hoping for some advice, last year i was off my work for a long time due to stress ect, now I realised I had ppi on both credit card and loan with tsb, however after phoning the claims line for credit card was told i was not eligible for cover.I assumed the same would be true for loan.

I was sold PPI single premium with my loan in Jan 2005 and my circumstances have not changed since then. When i applied for the loan I was part-time temporary working which was advised to the salesman also I stressed that i was worried I may not get the loan he assured me that if i took out the PPI this would help with getting the loan.

 

Now I feel I have been mis sold this and wrote a letter of complaint in february. They have came back with the usual fob off

 

I am having severe finincial diffuculties right now so have made arrangements with bank to lower my monthly payments meanin i am in arrears of 1900 with my loan.

 

The original loan amount was 5500 with 1372 ppi on top.At the moment there is 11months left to go on the loan and I am hoping that the bank will refund the ppi into my arrears

[Skintsuzi]

Dear Sir or Madam,

Account number:

I refer to your letter on 9th February 2009

 

 

In your letter you state that the seller requires to explore employment position with customers in order to ascertain::

1. Whether a customer is eligible for the policy

2. The cover which the customer would be eligible for at the start date

I purchased the above policy from you in 10th Jan 2005 but now believe that I was mis-sold this policy for the following reason

 

• This is due to the fact that knew I was on a part-time temporary contract when I took out the loan and I made this aware to your member of staff when the policy was sold.

Also

• At the time I had informed your salesperson I was unsure about obtaining the credit for the loan and your salesperson stated that taking out the policy would assist my credit application

 

I am still on the same temporary part-time contract and my employment status has not changed throughout the term of this loan.

Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

Yours faithfully,

[alanalana]

I am hoping for some advice, last year i was off my work for a long time due to stress ect, now I realised I had ppi on both credit card and loan with tsb, however after phoning the claims line for credit card was told i was not eligible for cover.I assumed the same would be true for loan.

I was sold PPI single premium with my loan in Jan 2005 and my circumstances have not changed since then. When i applied for the loan I was part-time temporary working which was advised to the salesman also I stressed that i was worried I may not get the loan he assured me that if i took out the PPI this would help with getting the loan.

 

Now I feel I have been mis sold this and wrote a letter of complaint in february. They have came back with the usual fob off

 

I am having severe finincial diffuculties right now so have made arrangements with bank to lower my monthly payments meanin i am in arrears of 1900 with my loan.

 

The original loan amount was 5500 with 1372 ppi on top.At the moment there is 11months left to go on the loan and I am hoping that the bank will refund the ppi into my arrears

 

 

Dear Sir or Madam,

Account number:

I refer to your letter on 9th February 2009

 

 

In your letter you state that the seller requires to explore employment position with customers in order to ascertain::

1. Whether a customer is eligible for the policy

2. The cover which the customer would be eligible for at the start date

I purchased the above policy from you in 10th Jan 2005 but now believe that I was mis-sold this policy for the following reason

 

• This is due to the fact that knew I was on a part-time temporary contract when I took out the loan and I made this aware to your member of staff when the policy was sold.

Also

• At the time I had informed your salesperson I was unsure about obtaining the credit for the loan and your salesperson stated that taking out the policy would assist my credit application

 

I am still on the same temporary part-time contract and my employment status has not changed throughout the term of this loan.

Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

Yours faithfully,

 

Ok you can strengthen your case by firstly reading up, then gathering the information and then going into battle. It will be a long road but inevitably worth the wait.

 

Please read some of the links in the stickies at the top of the forum...

 

PPI - Some Notes for Claimants.. and also this link...

 

Mis-sold PPI? Want your money back? use these links to help

 

within the second link are many more all full of useful info...

 

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.

Once you are happy with the homework you can fire off some hard hitting letters. You will get help on your thread with that from PPI caggers.

 

One question do you have all the relevent documents as applicable to your loan ? if not you would be wise to send a Subject Access Request...Links here...

 

Full SAR for ppi and also here......

 

Data Protection Act 1998 - Subject Access Request

 

keep posting and asking help will be at hand I am sure

 

aa

[RedVixen]

Hi Skintsuzi - I have some similarities with you in that I knew I only had 6 months to go in my current job (well actually I was a student which made it worse) difference is I did not agree to PPI although Lloyds have never acknowledged this fact. Its a long road but stick with it - Lloyds are absolute (polite here) toerags on this one

[landy_alert]

Hi Skintsuzi:)

 

As RedVixen says LTSB are total toerags when it comes to mis-sold PPI (or anything else for that matter!).

 

I have received a similar letter to yours stating the bit about exploring employment position etc. I was a housewife when I took out my loan with them. They told me I had to have the PPI for my loan application to be approved. They knew I was a housewife, yet their letter states - 'if you were registered unemployed at point of sale then you would not have been eligible for the policy' - well I wasn't unemployed, but I wasn't employed either - so how I could have been eligible is anybody's guess!

 

Having pointed this out to LTSB they are still denying it was mis-sold and have only offered a pro-rata rebate of a few hundred pounds because I have cancelled the PPI instead of the few thousand they owe, so I have now passed my complaint to the FOS.

 

It does seem that in some cases LTSB are paying out before it gets to the FOS - there have been a few success stories on the forum lately - and as RedVixen will confirm they do also seem to capitulate once the FOS is involved, although it is unfortunately a long-winded process:(

 

Good luck!

 

Regards,

 

Landy x