LloydsTSB PPI claim questions

[ALJ]

Hello chaps

I am new to all this PPI stuff and am in fact finding it all a little bit daunting to say the least.

 

I have two separate loans with LloydsTSB,

one started in

August 2006 and it was for £7000 to be paid back over 84 months

 

and the other was started in

May 2008 and was for £3000 to be paid back over 60 months.

 

I had to sign for both these loans but on both occasions was told by the bank worker that my chances of getting the loans would be affected if I didnt take out PPI.

 

On both occasions I was subjected to lengthy lectures about how unstable the economy was

and that my job security meant that loans might not be granted unless I had some form of cover for unemployment or sickness and that PPI was available,

in effect they made me feel like it was a privilege to be offered such cover,

 

I felt pressured into taking out the cover and was already desperate for the money and so was easy to manipulate.

 

Both my interviews were also late in the afternoon and it was almost like they spent ages scaring me about the PPI

and then before I knew it closing time was approaching and I was rushed.

 

I went in to my local branch the other day to see where I might stand regarding a claim

because the payments are now crippling me because of rising living costs and a lack of pay rises in my field

and was told by a member of staff that because I had signed for the loans and that they were taken out within the last five years

that LloydsTSB have point blank refused to pay anyone within that time frame

and that nobody would listen anyway because it would be my word against theirs,

in fact he even had the audacity to try and pressuring me to continue with the PPI cover after I had asked about cancelling.

 

If I signed for these loans then surely my only option is just to cancel them and not claim, my signature surely means "I Agreed"

Can anyone shed some light on all this for me please, I just dont know where I stand.

 

Regards

Alan

[dx100uk]

Utter BS and those staff should be named and shamed to the manager or the CEO..

 

 

however....

 

your case is 999% typical of all PPI fleecing and you should reclaim the lot.

 

the best idea

is to have a look at the PPI PDF's on the FOS website

and find the one that closely matches your loan

and follow the instructions contained within

 

watch Lloyds - they are notorious for underhand interest calcs on reclaims so you've been warned!

 

comeback here when you need further help

 

dx

[ALJ]

Thanks for the quick reply dx100uk, and also thanks for the words of encouragement.

I'm really daunted by all this, I'm struggling with my finances at the moment and not and much in the way of pay rises for a long time, it doesnt help with the rising costs of bills and fuel and stuff, although yesterday the bank worker just shrugged his shoulders at me and said "you are not unique, you should tighten your belt more".

I trusted the bank, never ever thought they might rip me off, naive I know but back then I didnt have much experience with banking and stuff, how times have changed.

[ims21]

Hi Alan

 

"you are not unique, you should tighten your belt more"........Bloody Cheek!

 

Take the advice from dx and go get em for all of it back plus interest.

 

ims

[ALJ]

I have been told that I cannot cancel my PPI payments on these two loans because that will make it harder to claim back what I have already paid, is this true ?

The PPI adds a fair amount to my monthly payments and it would be better for me if I can stop them now without it affecting my claim, or should I continue paying the insurance.

 

Regards

Alan

[Fred_Funk]

I have been told that I cannot cancel my PPI payments on these two loans because that will make it harder to claim back what I have already paid, is this true ?

The PPI adds a fair amount to my monthly payments and it would be better for me if I can stop them now without it affecting my claim, or should I continue paying the insurance.

 

Regards

Alan

 

Sounds like a complete red herring to me. Who said this to you?!

[ims21]

Sounds like a complete red herring to me. Who said this to you?!

 

I bet I can guess...........

[ALJ]

Sounds like a complete red herring to me. Who said this to you?!

 

Hi Fred

It was a LloydsTSB advisor that told me, he said I would have to continue paying PPI until it had been settled because cancelling it makes it harder to claim.

He said LloydsTSB would not ever pay out on a loan that was signed for because a signature is an acceptance of the PPI agreement so I asked if it was possible to cancel any future payments and he said yes I could cancel but doing that would make the ombudsmen look on the case different when I eventually sent my claim to them after I had been refused by LloydsTSB.

[ims21]

What a load of twaddle. How does he know you'll even involve the ombudsman? You might decide to go to court instead. I'd ignore him and proceed as advised.

 

ims

[ALJ]

What a load of twaddle. How does he know you'll even involve the ombudsman? You might decide to go to court instead. I'd ignore him and proceed as advised.

 

ims

 

So you reckon it would be ok to cancel my PPI ?

[ims21]

If it were me I would cancel them. Don't pussyfoot around with Lloyds...TELL them you want them cancelled. Put it in writing. It is time to start a paper trail for your claim.

 

Have you followed the advice from dx regarding research?

 

ims

[ALJ]

If it were me I would cancel them. Don't pussyfoot around with Lloyds...TELL them you want them cancelled. Put it in writing. It is time to start a paper trail for your claim.

 

Have you followed the advice from dx regarding research?

 

ims

 

It is all confusing stuff, I am looking at the claim forms right now and question 4 asks for the policy number of the payment protection insurance you are claiming for, it later asks (section C1, what was the payment protection insurance sold to cover you for) what was the account number for this, this number should be different to the insurance policy number you filled in on page 1.

I have two forms, one with loan reference number on it and one with loan account number and they are both the same, I have already fallen at the first hurdle

[dx100uk]

its only a questionaire

 

put what you think is correct

what you dont know write N/A

 

dx

[xboxer]

It is all confusing stuff, I am looking at the claim forms right now and question 4 asks for the policy number of the payment protection insurance you are claiming for, it later asks (section C1, what was the payment protection insurance sold to cover you for) what was the account number for this, this number should be different to the insurance policy number you filled in on page 1.

I have two forms, one with loan reference number on it and one with loan account number and they are both the same, I have already fallen at the first hurdle

 

I have 2 blackhorse loans that I'm claiming on and was told by blackhorse to put the same number in as they didn't issue seperate insurance policy numbers.

[ALJ]

I have 2 blackhorse loans that I'm claiming on and was told by blackhorse to put the same number in as they didn't issue seperate insurance policy numbers.

 

Thanks for that xboxer, it would certainly make sense, besides I would think my loan reference number is unique to me so they should be able to pull all the details using that.

[ims21]

Thanks for that xboxer, it would certainly make sense, besides I would think my loan reference number is unique to me so they should be able to pull all the details using that.

 

 

 

[ALJ]

Well I thought I'd post an update regarding my ppi claim, it was successful in that I finally got a response from them after dealing with them directly. They are paying me £3400 back, they said on the 10th of this month they would send me a cheque or pay it directly in to my TSB platinum account. Haha no chance, I logged on to my account yesterday to find one of my loans (£2600 left to pay) had mysteriously disappeared so I phoned the loans department and they said they had used part of my ppi award to clear one of my loans and tomorrow they are going to use the remainder to pay off my other smaller (£1100) loan.

Surely this is not legal, in the past when I have asked for settlement figures they have sent me a letter with that figure and a slip that has to be signed by me giving permission to settle.

I have paid that ppi money with my own hard earned wages, how can they take it and clear my existing loans just like that, is this actually legal.

[ims21]

Hi

 

With a loan they can only set off against notified arrears...not the whole loan.

 

Depends on the status of these loans I would guess....were there significant, or indeed, any arrears on them?

 

ims

[ALJ]

Hi ims21

I have never missed a payment on these loans or any loan I have ever had, I've always worked so the payments have been made on time every time.

[dx100uk]

then you need to complain.

 

they can only off-set against notified arrears.

 

write back and ask them where in the industry & FOS PPI guideline it

states they are allowed to off-set against other borrowing the does not have notified arrears

 

neither of my accounts are in arrears.

 

please refund MY money as a cheque or BACS so I can decided where the money goes not lloyds

 

i have many other debts that equally or more entitled to this money

than for lloyds to 'swallow' it up for their own embetterment.

 

dx

 

 

dx