Lloyds Bank mis-selling insurances late 1990's

[bob6759]

Hi,

Back in 1996 I was mis sold 4x insurance policies by Lloyds bank.

 

London & Edinburgh - Commercial Overdraft Repayment insurance

LTSB General Insurance - Health Cover 5 Star

Ambassador Insurance Co - Private Medical Insurance

Royal Sun Alliance - Hospital Income Plan

Consolidated M&G - Accident Protection Plan

 

All policies were sold by Lloyds.

 

If anyone has any additional information on these policies it would be appreciated.

 

At the time I run a small business with two employees with my father as a partner.

After ten years of trading and being with Lloyds I simply applied for a bank overdraft facility extension (£5k-£10k, but ended up being made to sign up for 4x policies - these were made a condition of the overdraft being granted, with pressure selling present by two Lloyds bank manager who came to our office 'for a chat'.

I protested - and asked if there was anyway the overdraft could be put in place without the Policies, but the answer was a emphatic 'no'.

 

All policies started and were cancelled within 3 months of each other.

 

After the policies having ran for 5 years, and when the managers had moved on - I asked a back off staff member if I could cancel - to which the reply was 'of course', a further discussion revealed that the policies were never actually 'required' for an overdraft.

A few months later I moved my account to another bank, who put in place a £10k overdraft, and never once asked for one insurance policy !

 

Both my father and I remember having a bad taste in both our mouths after they left !

But we trusted Lloyds bank, and buried our cynicism.

Only when the PPI saga emerged did I realise we had been mis sold, and we had in fact been milked by our bank for as much as they could get, not a very good way to build trust as a customer !

 

I am now in the process of dealing with Lloyds bank, but it is proving difficult as I have no bank statements or original contracts, I do how ever have my Sage Accounts nominal records and original Inland Revenue Tax Returns (along with my Year End Accounts) - which verify the ledger year end figures on the nominals.

The nominals show all the payments made, and the IR Returns verify theese amounts paid.

I also have a prinout from Royal Sun Alliance confirming 3 of the 5 years 'Hospital Income Plan'.

 

On another forum a few posters feel my 'complaint' of mis selling is invalid.

My father and I both remember the long winded and rambling meeting, and us looking at each other when they had gone sensing something wasn't right, clutching a bunch of papers that insured everything including my right toe nail. We felt we'd been mugged off to be honest.

The policies were wholly unnecessary and not what we asked for, we simply wanted an extension to our overdraft.

[citizenB]

Have you sent a Subject Access Request to the bank ?

[dx100uk]

yep sar time

 

 

FWIW: they are reclaimable

 

 

I got over £27k back for my neighbour

those names ring a bell too.

[bob6759]

Lloyds Bank has rejected my complaints, despite now admitting to more information about the policies than I could even dig up, including several long phone conversations with the bank - so they know quote a lot about what the policies were, but state the dates are too historical and they have 'no paper work relating to the insurance', they then write some script regarding statutes: DPA 1998 and FOIA 2000 - and write 'As a result, in the absence of any information, I can not uphold your complaint'.

 

They also go on to explain that policy details were disclosed to me at inception, and details on how to cancel the policies, and again as they have no information write 'as we have no information, but I have determined you were eligable for the cover and the direct debit continued to be paid, I have no reason to suggest you didn't want the insurance'.

 

Yes but the insurances were required for me to be offered a larger overdraft, or even keep my existing over draft ! hence I was coerced into taking them out, and not cancelling them.

 

I am waiting for a SAR to be done

 

Am I stumped - apart from the Ombudsman ??

 

I must admit I wasn't very polite to the Lloyds investigator when she called, after spending so much time collating my evidence.

 

I can't be the only business in NW London where these managers used this pressure selling, can you illuminate me with any details of your successful claims, would be very helpful, and was it with Lloyds bank ?

[bob6759]

Hi,

I am making a mis-selling of health cover and insurances complaint regarding Lloyds Bank and a commercial overdraft.

 

Back in the late 1990's my local Lloyds bank business branch was aggressive,

and coerced me into signing up for several insurances in order for my business to be offered a raised over draft limit,

 

 

another post here explains:

... put www. before link:

 

consumeractiongroup.co.uk/forum/showthread.php?436828-Health-and-Medical-Insurances-mis-sold-with-PPI&p=4660581#post4660581

 

Has anyone else experienced such mis-selling,

 

 

I would like to share experiences to help with my - and possibly your complaint.

[dx100uk]

the last we heard you were awaiting the sar return?

 

 

now this..

 

 

so what did you do/send?

 

 

dx

[Tom Lee Pettimore]

I had similar experiences with lloyds business banking in the 90's, both with the aggressive selling of useless health insurance add ons to my current account and with the insistence that i take out unsuitable payment protection insurance on a business loan

[dx100uk]

threads merged

 

 

dx

[bob6759]

I was hoping the evidence I had, would be enough without the SAR, which I am still waiting to arrive.

 

I think if Lloyds bank had more voices saying the same thing then maybe we might jointly have a stronger case, especially with the ombudsman, as the rejection letter is saying ... despite all the evidence of the payments, its my voice against there's.

 

I'm confident there many are others - this mis-selling was rife at the time, and it was wrong.

 

If I write another post asking for victims of other mis-selling to contact me, will you merge that thread ?

 

Is there anyway I can contact the fellow poster on this thread, as I have less than 30 posts and cant PM.

 

 

Thanks

[bob6759]

Hi Tom,

 

I had similar experiences with lloyds business banking in the 90's, both with the aggressive selling of useless health insurance add ons to my current account and with the insistence that i take out unsuitable payment protection insurance on a business loan

 

Have you looked into making any 'complaints', sorry can't Pm you as I dont yet have 30 posts.

 

Roughly where abouts in the UK are you, be interesting to know if the mis-selling was regional.

Edited December 10, 2014 by bob6759

[dx100uk]

its gone around twitter twice automatically now

through both your thread

both threads also are seen by anyone logging into cag

 

 

merging the threads makes no odds to the individual publicity

they simply point to the same place.

[dx100uk]

your posts automatically get sent to anyone sub'd to thiese threads.

 

 

you don't need to PM people.

 

 

keep things in the open

 

 

helps everyone then.

 

 

dx