PPI and Statute of Limitations

[Bicester1]

Hi advice please!

 

LLoyds loan £15k in April 1999 sold PPI for £3k added to loan told had to have it as a term of the loan. I assume this is miss selling but does the Statute of Limitations apply to miss selling?

 

Bicester1

[reidnet]

Hi advice please!

 

LLoyds loan £15k in April 1999 sold PPI for £3k added to loan told had to have it as a term of the loan. I assume this is miss selling but does the Statute of Limitations apply to miss selling?

 

Bicester1

 

As it is over 6 years ago it may be outwith the time limit, But there is no harm in writing to them. How long was the loan running for ?, you could always go for any payments paid within the 6 years.. That is only my idea but others may offer better information regarding the 6 year limit.

 

Good Luck

 

Ian

[Bicester1]

Ian many thanks! Paid loan off in November 2000. But see this Vincent Cunningham v Friends Provident | This is Money I don't know if you have seen it already but it seem to me to say that the six year period only begins when the claimant becomes aware of the wrong! meagain argues the same in one of his posts.

I am going to go after them for negligent mis-representation under Section 2 (1) of the Misrepresentation Act of 1967 which allows for damages and it reverse the burden of proof, obliging the defendant to show he had reasonable grounds to believe what he said was true. In other words I assume they will have to show that Bank Policy at the time was not to grant loans unless customers took out a PPI. There was no reason for me to take it out and I have never had it before or since. There actions were opportunistic! They knew that I did not need the insurance they sold me but they knew I needed a loan!

 

This starts to get interesting. Will draft my prelim letter over the next few days. Are there any strict tests of miss-selling which would have applied in 1999 and does anyone know what LLoyds APR was for loans in 1999 my statements don't tell me?

 

Bicester1

[reidnet]

I have also used the Misrepresentation Act of 1967 in my claim against GE Money / Purpleloans. Just for good measure too..lol. I mainly threw that in as well because the fact that GE Money were not under the Jurisdiction of the OFT etc at the time I took out the loan, then some of my arguments might be thrown out. But they cannot hide from the Misrepresentation Act of 1967 .. Just have to cover all avenues..lol

 

Though I have quoted several Laws etc to GE Money I honestly think they have not even read half of the correspondence, Their Argument is you ticked the Box for PPI...aye right..lol since the forms were all filled in by their agent I only signed where asked. And again was told no PPI no Loan. when will these people eventually sit up and listen to complaints..

 

Im taking My case to Court at the start of the year, Just too busy just now with Xmas and New Year as this is our Band / Discos bussiest time of year.

 

I had a look at the above link too, have printed it of for reference too..

 

Well at Least GE Money / Purpleloans and Firstplus can expect some Bad Publicity in early January with the Tonight with Treveor McDonald Programme.. I have been in a lot of discussions with Granadamedia and they are due to come up here very soon..lol

 

Good Luck

 

Ian

[Bicester1]

Thanks.

 

Have a good Christmas and stay in touch!

 

Bicester1

[reidnet]

Thanks.

 

Have a good Christmas and stay in touch!

 

Bicester1

 

Will do m8, Just we are busy just know entertaining all the P1sheads for the Xmas and new Year parties..lol

 

Have a Good Christmas too.

 

Ian

[Bicester1]

Are there any Lloyds or ex Lloyds bank staff lurking here?

 

I am trying to build a case for mis-selling of PPI by Lloyds Bank and came across this Revealed: The bank bonus game | This is Money

 

In the comments section at the end is a post from an ex Lloyds employee saying they ran something similar. They state the a "blind eye" was turned to mis-selling! What a surprise.

 

Anyone got any info on this? Can anyone else confirm it? If it is true then it would be very helpful in building a case.

 

PM me if you wish.

 

Bicester1

[Bicester1]

Hi all

 

Well having read around I have produced this as a prelim. with thanks to the other authors on the site! I think it covers most things but any suggestions gratefully received before I actually send it!

 

Bicester1

 

Complaints Department

Personal Loans Service Centre

Lloyds TSB

PO Box 43

Peterlee

County Durham

SR8 2YQ

 

My Ref: PPI1

 

Thursday, December 21, 2006

 

Dear Sir or Madam,

 

Re: Complaint and request for return of Payment Protection Insurance premium and contractual interest. Account no: xxxxxxxxxxxxxxxxxxxxx

 

On the 21st April 1999 I took out an unsecured loan with you bank of £15000.

 

When I took it out, I signed up for Payment Protection Insurance [PPI]. At the time I was experiencing some short term financial difficulties and I was told that I could not have the loan unless I agreed to take the insurance.

 

No claim was ever made under the policy.

 

I now realize following the recent OFT and FSA investigations, that you mis-sold me this insurance policy, which I did not want and did not need. I believe I signed up for the insurance under economic duress and that your actions were unconscionable

 

I am writing to ask you to refund the premium paid together with interest equal to your APR at the time under the accepted principle of mutuality and reciprocity.

 

Your responsibilities

 

I would draw your attention to the terms of the contract which you agreed to at the time that I opened my account. It is an implied term of that contract that you would conduct yourselves lawfully and in a manner which complies with UK law.

 

I am frankly shocked that you have operated my loan account in this way as I had always reposed confidence in your integrity and expertise as my fiduciary.

 

Firstly, I understand that at the time I entered into the contract with you your bank was running an incentive scheme to encourage your employees to sell PPI schemes, as were several other High Street banks. A former employee of yours has posted the following on a public website in September this year:

 

I worked for Lloyds TSB up to 4 1/2 years ago - the points system you state is being used by RBS was used by Lloyds TSB more than 5 years ago.

 

Bosses and Regional Managers turn a blind eye to 'mis-selling' because they get bigger cash bonuses (or foreign holidays) than the staff selling the products. Even worse, Lloyds TSB use the disciplinary procedure to threaten staff with dismissal for failing to reach targets.

 

I was personally threatened in this way and in the end left, after 25 years service, to find much more fulfilling employment elsewhere.

 

Failing to hit targets was a bigger crime than mis-selling, which in my experience was brushed under the carpet.

 

I was not aware of this and even if it is untrue, I consider that there was a clear conflict of interest between your fiduciary responsibilities to me and the direct selling by your employees of PPI schemes, given the very large profit margins they generate.

 

No attempt was made to ascertain if the product provided was fit for purpose, suitable for my needs or if indeed if I really needed it at all. No inquiry was made as whether I had preexisting insurance for accident, illness or unemployment. I was not given a copy of the insurance policy nor were any rights to cancel explained. I believe you manifestly failed in your fiduciary responsibilities, your duty of care.

 

Secondly, I understand under the Consumer Credit Acts and following a House of Lords judgment, that you are not allowed to make a loan conditional on taking PPI unless you include the costs of PPI as part of the charge for credit and not the credit itself.

 

You did not do this. You added it to the total for credit and then charged me further interest on the premium on top of the interest for the loan. This is unacceptable.

 

Finally I believe insurance contracts are contracts uberrimae fidei (contracts of the utmost good faith) which imposes on you a “duty of disclosure of all material facts because one party is in a strong position to know the truth.” Inter alia, I believe that you should have disclosed to me that the type of policy you sold me, a single payment premium, did not give a pro-rata refund in event of early settlement. I believe you should have made it clear to me that the policy generated large profits for you. You failed to do this. I believe that you have also therefore failed in your duty of disclosure. Your failure to disclose is misrepresentation at common law.

 

What I require

 

Your concealment of the act of mis-selling has prevented me from asserting my right until now. I believe that there are strong grounds for action against you under common law, statute and consumer regulations.

 

The original premium was £3038.10 debited to my account on 21st April1999. You refunded £1434 on 6th November £2000 following my early settlement of the loan, reflecting an actual premium charge of £1604.10

 

I require the £1604.10 premium charge refunded with interest from 6th November to date of £1595.85, totaling £3199.95.

 

I require interest on £3038.10 from 21st April 1999 to 6th November 2000 which is £454.09.

 

The total claim is therefore £3654.04.

 

I have calculated interest at 9% APR., which I estimate was your APR at the time, reflecting the principal of mutuality and reciprocity. I am sure you will advise me if the APR at the time was different. Alternatively I will ask the Court to allow me statutory interest at 8% under S69 of the Count Court Act.

 

My targets to resolve this matter

 

I hope that you will enter into a sincere dialogue with me about this matter and I am writing this letter to you on the assumption that you will prefer to do this than merely respond with standard letters and leaflets. I will give you 14 days to reply to me accepting, unconditionally, my request in principle and letting me know a date by which I will receive payment.

 

If you do not respond, or you do not respond positively, within this time period, I shall send you a letter before action giving you a further 14 days in which to reflect. I believe that this time frame is sufficient for a large company such as yours with its dedicated staff and departments. After that, there will be no further communication from me and I shall issue a claim at the expiry of the second deadline.

 

Yours faithfully,

 

 

xxxxxxxx

[reidnet]

Looks good to me, Will be interesting to see what response you get from that letter.

 

Good Luck, and I will keep an eye on your progress.

 

Ian

[bandonbhoy]

Excellent letter. May I use it in my developing claim with HBOS in scotland?

 

Like yourself, I was in financial diff in the 90's - marraige having broken up, and ex wife cuasing all sorts of shenangians.

 

Up shot was I was overdarwn by 3800 and bank offred me loan to consolidate this debt, but it would only be given if i took out their insurance. I had never in my life ever previously taken such cover, since I was in protected occuptaion of having guaranteed position at uni until 65. I was under such duress that I took it out, but it has always rankled me.

 

The insurance for 4500 came to 1682 and then they calculate interest of 8% on top of this. So for 4500 loan to repay bank charges they charged 8786. I also paid this off early and sent cheque. No acknowledgement came

 

the OFT report and what reidnet has been posting has given me direction. I was able to get my PPI back from MBNA, and in like manner going after Cap One.

[Bicester1]

Thanks guys.

 

bandonboy of course you may you will note that quite a lot of it is taken from the existing template letters.If HBOS Head Office is in Scotland I assume Scotish Law will apply which may be different!

 

I should point out tho' that I am not a lawyer! Hopefully one of the legally trained guys lurking on the site might critique it but you are very welcome after all that is the point of this site! I think I've understood the HOL ruling correctly! The time bar has been dealt with elsewhere on this site if they come back to me on that one.

 

I'll wait for a few more days before I send it, maybe we might get some constructive criticism.

 

Best wishes

 

Happy Christmas.

 

Bicester1

[Bicester1]

Hi everyone.

 

If like me you were told that you had to take PPI out or not have the loan then this makes interesting reading. This isn't in the library on the site yet maybe it should be?

 

http://www.oft.gov.uk/NR/rdonlyres/BF663165-0261-45C2-9494-C0BF2F24CA62/0/oft299.pdf

 

It seems to me to say that if you were told you had to take PPI to qualify for the loan then the PPi premium should have been part of the charge for credit and not part of the credit. In plain English if they added the premium onto the loan and then charged you interest on the total they were wrong! If they did this you might have a case for mis-selling.

 

Any Mods out there care to check if I am right?

 

Bicester1 1

[reidnet]

Interseting reading there m8..Thanks for that info,

 

Will have a thourough read through it later this weekend.

 

Thanks

 

Ian

[Bicester1]

Hi Reidnet,

 

Let me know what you think.I think we might have them!

 

Bicester1

[reidnet]

I have printed it off and will have a good read of it tomorrow, Bit too many sherries tonight ..lol

 

I did have a quick look over it earlier and thought a couple of points could be added into my own Statement of claim.

 

I have a couple of other little things up my sleve that I am about to HIT GE Money / Purpleloans with..lol

 

Ian

[The Capitulator]

Hi Guys

 

Any up-dates on this thread? I also printed out the OFT report and believe I was mis-sold 3 policies on same account so intend to get all the money back plus interest.

Ian can you say how and at what rate did you calculate interest on your PPI for refund purposes?

 

Thanks Guys

 

Carl

[reidnet]

Hi,

I calculated the Interest Rate on the PPI at the Contractual Rate (ie the rate that the loan was set at, Mine was 7.9% APR variable)

 

I am hopint to finish my statement of claim against GE Money over the next couple of days and get it sent of to Court early next week.

 

I am also expecting a reporter / researcher from the national Media to visit me on Wednesday to gather more info for a TV Program due to be screened Mid January.

 

Ian

[swhitehe]

Hi Bicester, Reidnet,

 

I am about to initiate action against Purple Loans / GE money for mis-selling of my policy for a loan I took out in 2003. I was in contract employment when I took out the loan and have been ever since. I was also undergoing doctor's treatment for some depression/mental health issues. I was never asked about any of these issues, both of which would have excluded me from claiming.

 

Ian,

I was however wondering how relevant you feel this OFT statement is - particulalry in your claim against Purple loans.

 

Also,

can someone point me in the direction of the original thread outlining in detail to whom / when /what to write from the SAR onwards

 

Best Regards

Sean

[reidnet]

Hi Sean,

Why did I Crindge when I saw GE Money / Purpleloans there..lol, If you have not yet written to them to complain, I would skip all the Morrons and write directly to the Head Morron (Name & Address Below). Though I doubt if you will get any sense out of them and they will never respond within your time scale. Well thats My Experience of GE Money / Purpleloans anyway.

 

Mr Rupert Peacock

Customer Relations Manager

GE Money Consumer Lending Ltd

53-61 College Road

Harrow

Middlesex

HA1 1FB

The name and Address that you send you SAR to is below.

Shamus Jivraj

Compliance Dept.

GE Money Purple Loans Limited

Malvern House

Croxley Business Park

Watford

Hertfordshire

WD18 8YF

 

When you submit SAR remember to also include in your request all transcripts and audio recordings of all telephone calls that may have been recorded.

 

Again they will take their time to answer your SAR, they failed to deliver mine within the 40 Days and did supply it after I sent a Failure to Comply Notice to Mr Peacock by Fax. Strangley I recieved my Part info 2 days later.

 

I was Mis Sold the PPI on my loan, Was told no PPI then No Loan, that was from a sales rep that caled to my house, The rep filled out all the paperwork and I signed.

 

GE's Final answer on this was you ticked the Box for PPI so Tuff Sh1te, I think Not..lol, the sales rep ticked the boxes.. I have all the paperwork ready to get sent off to court on this one, but due to workload and personnal things going on at the Momment I may have to wait till Feb before sending Papers to Court.

 

You will of Course find GE Money , Rude, Aragent and they seem to think they are well above the law.

 

I also Involved the OFT (Could not help as GE Not Regulated by them at the time). The FSA, they did take the complaint serious but of course will not handle individual cases. The FISA of whom GE are members, They took the complaint serious too, But sadly the FISA have no real power and requests from them to GE Money to contact myself to try and resolve the matter fell on deaf ears with senior management at GE Money.

 

Hopefully with the Publicty that is about to hit the TV Screens..lol GE Money may actually take note that they cannot treat Consumers the way they currently treat them.

 

I have been Involved with Granada TV re the Tonight with Trevor McDonald program, they are screening a program on the issues of PPI on Friday 12th January 07. I had the film crew etc here last week to carry out the Interview. In the Interview Lloyds TSB were mentioned as I succesfully reclaimed on a Mis Sold policy from them, I recieved full refund on that one without too much bother. Funnily enough I had the Press Office from Lloyds on the Phone on Monday mornining..lol, Granada have written to them for their comments and the poor guy was panicing a wee bit..lol.

 

Good luck with your claim, and If I can be of any help please don't hesitate to shout on here or PM me.

 

Ian

[Bicester1]

If anyone's after LLoyds for mis sold PPI then this is the addy that is dealing with my prelim.

 

Customer Care

Lloyds TSB Insurance

Tredegar Park

Newport

South Wales

NP10 8SB

 

TEL 0845 3005599

FAX 01633 468835

 

Bicester1

[Bicester1]

Well finally got round to sending prelim off! Holding reply from a Ms Wort at day 7 so 7 days to go and then LBA.

 

A lot in the press I see over the last few weeks about PPI; the next big mis-selling scandal methinks!

 

Bicester1

[dolly]

One question - how can you prove that you were told you would not get the loan if you did not take out the PPI? And are these not covered by the 6yr rule like bank charges are?

 

Just wondering as we took out a loan in 2000, with Lloyds, same thing for us but have no proof that that is what they said.

[reidnet]

Just wondering as we took out a loan in 2000, with Lloyds, same thing for us but have no proof that that is what they said.

 

And how can they prove that it was not said ?.. Thats just my opinion..lol

 

Hi Bicester1.. Yeah you are right there seems to be a fair bit about PPI hitting the Press again..lol. Ohh and expect some more fairly soon too. . I spent another long afternoon on the phone on Friday with a Media Comapnay that I have dealings with, Another Press release has gone out to one of the Major National Papers who are keen to run the stories, Once they have run it then the Media Company will punt it aroud all their National Press Contacts.

 

I still havnt got my Apology from Lloyds Yet either..lol , Cant wait to see what they say apart from "We have had enough of you , you moaning faced &&4^^%%$..lol Wonder if they may close my account too.. Oh well if they do that will give me something else to moan about..lol.

 

Still no response from the Nice people at GE Money either.. I Think I will give the guy a call tomorrow and see what his response is (will record call of course..). I will wait till after the post comes tomorrow just in case he has already sent me a cheque..lol.

 

Ian

[reidnet]

If anyone's after LLoyds for mis sold PPI then this is the addy that is dealing with my prelim.

 

Customer Care

Lloyds TSB Insurance

Tredegar Park

Newport

South Wales

NP10 8SB

 

TEL 0845 3005599

FAX 01633 468835

 

Bicester1

 

That was the address that dealt with my claim too, In fact they could not have been more helpful.. But I bet it is changed days there now..lol

[martinhw]

I have just sent my LBA to the above address.

 

Lets hope they even respond..... not like in my thread:

http://www.consumeractiongroup.co.uk/forum/ppi/62046-martinix-lloyds-tsb-select.html