Help with Lloyds TSB PPI (Asset Card)

[makkapakka69]

Hi,

 

I've been trying to reclaim the PPI on an old Lloyds TSB Asset credit card from 1999,

however both Lloyds and now the FOS have rejected the claim.

 

The card itself defaulted 4 years ago and has been passed around several DCA's, both in house and external.

 

I believe it to be unenforceable due to missing prescribed terms and no original terms and conditions.

 

I'm a bit gutted as a successful claim should clear the balance of just over £6,000.

 

The PPI was missold as I was told it was essential in order to get the card, despite having some cover through work.

 

Also, the terms and conditions for the PPI policy were not sent out to me until 4 month after the card started.

 

Is this worth persuing through the Court or should I just accept the defeat?

 

Thanks,

MP.

 

Any other info, just ask!

[ims21]

Hi

 

What were the reasons fos gave for not upholding your claim?

 

ims

[makkapakka69]

Thanks for getting back so quick.

 

They said that on the application form, the tick box for ppi was clearly stated as an optional feature.

They did give my complaint credibility, but said that it was more than likely that the sales advisor only advised it was taken out and did not say it was compulsory.

 

The card and ppi were taken out during a financial review in branch.

 

I was only told where to sign and wasn't given any info on the ppi policy, only that I had to take it out because of my limited credit history at that time as I was only 22.

 

The Ombudsman said that even though I never received the t's and c's on the day,

this wasn't enough to claim an unfair disadvantage.

 

MP.

[ims21]

You can ask for the complaint to be escalated within fos but you should be prepared for it to take a long time.

 

The other option is for you to sue in court.If you take that route there will be a considerable amount of work involved but the payout will be higher than fos would award.

 

Hve you done a spreadsheet or calculation as to how much you feel you are due back?

 

ims

[makkapakka69]

Already went to an Ombudsman for final determination and he agreed with the adjudicator. he just went into a little bit more detail as to their reasons.

 

I went back to LTSB after the FOS rejected as the initial complaint was sent well before the High Court ruling this year, (About 2 years ago in fact) as I thought that they hadn't covered every point of the complaint. Just received a letter yesterday from LTSB confirming that the case wont be reopened and if i want to take it to small claim court, then to do so!

I dont know the exact amount to reclaim, as I no longer have all the previous statements. (I've got some, but none of the earlier ones from when I lived with my parents) But the card was opened in 1999, so I would expect it to be quite substancial with the interest added on top. Some of the monthly premiums were in excess of £50, so I believe it could run into 5 figures!

 

I only want to clear the debt once and for all, so I was thinking of getting a claims management firm involved. Even with their fee, the debt would be cleared if i won. If I went it alone, would I be liable for all Lloyds costs if I lost?

 

MP.

[dx100uk]

NO NEVER EVER DO THAT.

 

theres another way to look at this

in 2yrs it falls off your CRA file

 

they will never go to court about he debt

as it is subject to a PPI claim.

ok it might not be water tight

but enough doubt exists i'm sure

 

as why pass it around DCA's if they were so confident you owe the OD bal.

 

pers i'd just let it drop off.

 

dx

[makkapakka69]

NO NEVER EVER DO THAT.

 

theres another way to look at this

in 2yrs it falls off your CRA file

 

they will never go to court about he debt

as it is subject to a PPI claim.

ok it might not be water tight

but enough doubt exists i'm sure

 

as why pass it around DCA's if they were so confident you owe the OD bal.

 

pers i'd just let it drop off.

 

dx

 

 

But that wont stop them chasing me for the money forever,

or worse selling it on and then being chased by a DCA forever.

 

We all know that people are chased for completely unenforceable debts for years and years.

 

Thats why I really want to clear it this way, then I would be certain that the debt would never reappear!

 

Would it be worth sending a SAR to work out exactly how much I would be due?

As I said earlier, I think it would be easy a 5 figure sum with compound interest on top of the premiums!

 

I hate LTSB with a passion, so the thought of them winning on this really hacks me off!

 

MP.

[dx100uk]

certainly yes worth it

 

they'd be a good chunk left to go into your pocket for sure

 

you might even get the defaults removed too

 

however your choice

 

it 'troubles' me that the fos have found with the OC

 

i'm unsure how this would look to a judge?

 

dx

[makkapakka69]

certainly yes worth it

 

they'd be a good chunk left to go into your pocket for sure

 

you might even get the defaults removed too

 

however your choice

 

it 'troubles' me that the fos have found with the OC

 

i'm unsure how this would look to a judge?

 

dx

 

Yes, it worries me too!

 

I haven't got the FOS letter to hand,

but the jist of it was that the complaint was no upheld because the original application form had a tick box for ppi within the "Optional Features" section.

The Ombudsman said that I should have realised that because of this, the policy wasn't compulsory.

 

The thing is, the application form was filled out by the sales advisor.

It is quite clearly not my handwriting.

I was only shown where to sign the form,

and this was after she had told me that I had to have it.

 

There aren't even any ppi t's and c's to read on the form before signing and none were pointed out to me by the advisor.

 

Strangely though, I've already claimed back two loan ppi policies from LTSB, both of these also said "optional" on the loan documents.

 

Lloyds refunded one straight away, and the other was upheld through the FOS, so there are inconsistancies here.

 

Both these loans were also sold in branch, the only difference being that they were both single premium policies.

 

Dont know if this made any difference.

 

MP.

[dx100uk]

so we not only have a judge lottery, but an FOS lottery here

 

what was the FOS comment on the fact it was not you that filled it in?

 

dx

[makkapakka69]

I raised this with the original adjudicator, but they said it would not alter the outcome as the signature is right next to where the optional features are.

The Ombudsman never even referred to it in his summing up.

 

MP.

[dx100uk]

very poor synopsis in my opinion

 

been there done that.

 

gets passed a doc

sign where the 'x's are please.

 

dx

[makkapakka69]

Dug out the final FOS letter:

 

Makkapakka69 says he thought he had to take the policy out to qualify for the credit card.

 

He says while the application form he signed does allow for the PPI to be declined,

the adviser said his status was such that he needed to take it out.

 

Makkapakka69's explanation is plausible, so I have given it some weight.

But I have also considered that these events took place over a decade ago and even the clearest memories can fade or become confused with time.

I also note that the option to decline the policy, on the application which Makkapakka69 signed, was right beside the option to take it out (and just as prominent)

and that this was under the heading "Optional Features".

 

Taking all this into account I am not persuade I can safely conclude Makkapakka69 was told this policy was compulsory.

I consider it more likely he was told he should have the insurance (by way of the adviser's recommendation) rather than he must have it.

 

Given I consider the policy was suitable I do not think the adviser making such a comment would have been inappropriate.

 

He believed the policy was suitable because I was not affected by any of the exclusions or limitations on the cover provided by the policy,

and that the policy would have "provided a useful benefit to him in the event of accident, sickness or unemployment."

Even though I had excellent cover through my employer for accident and sickness.

 

Only the unemployment cover was extra.

 

MP.

[makkapakka69]

Just receieved a recorded phone message tonight from Westcott Credit Services asking me to call them!

Dont know if this is linked to this account yet, but it wouldn't surprise me if LTSB have sold the account on or farmed it out to them to attempt collection again.

 

Better get that SAR sent off soon. Where is best to send the SAR? Local branch?

 

MP.

[dx100uk]

nope look at the stickies at the top of the lloyds forum.

 

or any lloyds PPI thread

use the advanced search top right.

 

dx

[makkapakka69]

Data Protection Dept

LTSB

The Pentagon

48 Chiswell Street

London

EC1Y 4XX

 

Is this the correct one?

 

How do Westcott rate amongst other DCA's?

[dx100uk]

i'll do!

 

wetcloths as with all DCA

 

HAVE NO LEGAL POWERS

 

ignore them.

 

dx

[makkapakka69]

Oh yes, I know that!

 

Its just some are more persistant than others. After dealing with the notorious 1st Credit, I'd happily take on any of them. Juat nice to know who I'm up against.

 

MP.

[makkapakka69]

After sending Lloyds a Sar request back in December, have still not heard anything back. It was sent recorded, but the Royal Mail tracker is just syaing that it is being processed through our system. The cheque has not been cashed either. Could it have got lost in the post as it was sent in the busy run up to Christmas?

 

Also, Wescott are also hounding me over this with calls and letters, despite me sending them a letter that the debt is disputed.

 

MP.

[ims21]

Hi

 

You need to get in touch with RM to find out what has happened to it

 

ims

[makkapakka69]

Royal Mail are worse than useless!

 

A rather rude woman said that I should have sent it Special Delivery because for one, it was an important document, and for two, it contained a cheque which RM class as money!

 

As normal recorded delivery is not tracked right through the delivery process, there is no way of checking where in the system the letter may be. So it seems normal post is a sub-standard service.

 

She advised me to contact Lloyds to see if they had received it, and if not to re-send via Special Delivery! Joke!

 

MP.

[dx100uk]

thats why i never both

just use 2nd class and get proof of postage

good enough in a court of law.

 

cancel the cheque and resend it.

 

dx

[makkapakka69]

Re-sent this morning.

 

Clock reset!

[makkapakka69]

They have received it today. Does today count as day one or not?

 

MP.

[dx100uk]

if you like

dont be too exacting

 

dx