Dave's Gran v Lloyds TSB

[Dave's gran]

Hello there,

I'm a novice at this so please bear with me as I inundate you with (probably stupid) questions. We applied for a £16k loan with lloyds TSB in Feb 2002 and were told unless we took the PPI our application wouldn't be looked on favourably and unlikely to be approved. PPI was rediculously high - amounted to almost £12k on top of our loan repayments -but we were desperate and agreed. Last year a LLoyds TSB customer services agent told us it wasn't their policy to make PPI conditional and that we could cancel at any time which we did immediately - asked Lloyds to refund the money as it had been sold to us under duress. They declined all reponsbitility. We referred the matter to the Ombudsman who said because the loan predated the creation of the Ombudsman they had no jurisdiction. Is there anything else we can do?

 

Also we want to repay the loan early (part of attempts to consolidate debt) - but Lloyds TSB are charging us £2k for early repayment. Is there anything we can do or are we stuffed? Once you're in a debt hole it's almost impossible to climb out!!!

 

This is just one of 9 claims we're pursuing. We're also claiming unfair account charges with the following:

 

MBNA

Tesco

Barclaycard

Monument

Capital One

Morgan Stanley

Alliance & Leicester

Barclays

 

Can anyone advise if we should go for reclaiming the charges first and then have a go at reclaiming PPI on each of the above or should we hit them for both bank charges and the PPI at the same time.

[dx100uk]

the ppi is a bit more diff to crank , though in saying that, i have done that with one of mine.

i also recc only hitting one co at a time unless you are highly organised

 

good luck

we are with oyu.

 

dx100uk

[Dave's gran]

Thanks for the advice - am feeling really swamped as I was trying to hit all 9 at same time and almost tempted to give up! Perhaps I'll feel more able to cope if I try one or two at a time - problem is most of the charges occured in 2001 and 2002 so if I leave it too late I'll miss the boat anyway.

Back to the PPI - should I ignore the fact the Ombudsman has said it's outside his jurisdiction and put in a claim anyway?

[dx100uk]

you can gleam an awful lots of really good info about PPI by looking on that forum.

i certain would go for go for PPI, esp on the claim you mention, its a typical case of mis-selling & you will evidently win as well.

 

dont forget to hit them with contratural interest [where ness].

 

reidnet [amongst others] is certain a poster to watch for , well worth following what he says & advises,

 

might be an idea to start a thread there too! nothing like keeping people informed .

 

dx100uk

[reidnet]

Hi,

Even when the Ombudsman says that the sale was outwith thier Jurisdiction you can still carry on and reclaime for mis-sold PPI, I did against Lloyds some time ago and I received my full premium plus Interest as a refund, But it was a Gesture of Goodwill of course.

 

I am also fighting with GE Money over a mis-sold PPI which was aslo outwith the Jurisdiction of the Ombudsman, I have a court Hearing (allocation) on Tuesday in Wolverhampton.

 

Most of these companies were members of the likes of the FISA before they were taken in hand by the FSA so to speak. I complained to the FISA regarding GE Money but to be honest they were an absolute waste of time and effort. The FISA have no real power or authority over these companies as I found out.

 

Good luck, and if you need any help with Lloyds just shout, I cannot at the momment post much about Lloyds on open forum, though can answer by email etc ..

 

Ian

[Dave's gran]

Thanks so much - all help greatly appreciated in wrestling my money out of the clutches of the evil bankers. I can't find any documentation for this loan but have obtained a statement showing an advance of £16k was made in 2003- the opening balance is £21862 so I'm guessing the £5862 difference is the PPI, which was front loaded. As I cancelled the PPI last year I'm not sure what I ask for - is it the amount of PPI payments made, ie 41 payments at £91.96 each = £3770.36 (they should be jailed!) Do I add interest?

 

As I already have this information I was thinking I don't need to submit an Access Request, However, I should probably ask for copies of the loan and PPI agreements?

[dx100uk]

yep hit them with compounded interest at the rate of the loan.

vamps on 13 spreadsheet springs to mind. [i think]

 

dx100uk

[hellhasnofury]

Thanks so much - all help greatly appreciated in wrestling my money out of the clutches of the evil bankers. I can't find any documentation for this loan but have obtained a statement showing an advance of £16k was made in 2003- the opening balance is £21862 so I'm guessing the £5862 difference is the PPI, which was front loaded. As I cancelled the PPI last year I'm not sure what I ask for - is it the amount of PPI payments made, ie 41 payments at £91.96 each = £3770.36 (they should be jailed!) Do I add interest?

 

As I already have this information I was thinking I don't need to submit an Access Request, However, I should probably ask for copies of the loan and PPI agreements?

 

Hello Davesgran,

 

You should end them a request for the original agreement. You will find it in this sticky. you need letter N. Send it recorded delivery and keep and file the receipt.

 

Creditors and DCAs - Letter Templates & Budget Planner

 

They have 12working days before they default and then plus a following 1 month they commit a criminal offence.

 

Good luck

[Dave's gran]

Thanks - really helpful. I'm still trying to get to grips with the site and don't know my way around yet... so much really useful nformation it's hard to take in! But what a fantastic site and wonderful support from everyone - will definitely be donating from my 'winnings' to help others in the fight!

[Dave's gran]

I'd really appreciate guidance on what to do next re reclaiming ppi - I have a copy of the loan and ppi agreement now, by the way the loan is with Black Horse not Lloyds TSB (sorry - only just realised they're different).

Loan for £16k taken out march 2003, took out PPI because salesperson told us we wouldn't get the loan otherwise. The opening balance shows £21.8k so I'm assuming the extra £5.8k s the PPI - is this right? I cancelled the PPI last March when during a conversation with a customer services person I was told that it wasn't their policy to make PPI conditional and I could cancel at any time. I cancelled the PPI and was refunded £2.4k and the monthly repayments dropped from £334 to £244 per month. I sent various letters asking for a refund of the PPI premiums we had already paid because I felt it had been sold to us under duress and we wouldn't have taken it out. Went through the Black Horse complaints procedure, complaint was rejected, took it to the Ombudsman earlier this year and was told he can't intervene because the loan predates the Ombudsman. I had given up until I came across CAG site. What now - do I just start court procedings? Is there a template somewhere I can follow 'cos I haven't a clue what to do next. ALso don't know how I work out the interest which is 14.7 %. Please help.

[hellhasnofury]

I'd really appreciate guidance on what to do next re reclaiming ppi - I have a copy of the loan and ppi agreement now, by the way the loan is with Black Horse not Lloyds TSB (sorry - only just realised they're different).

Loan for £16k taken out march 2003, took out PPI because salesperson told us we wouldn't get the loan otherwise. The opening balance shows £21.8k so I'm assuming the extra £5.8k s the PPI - is this right? I cancelled the PPI last March when during a conversation with a customer services person I was told that it wasn't their policy to make PPI conditional and I could cancel at any time. I cancelled the PPI and was refunded £2.4k and the monthly repayments dropped from £334 to £244 per month. I sent various letters asking for a refund of the PPI premiums we had already paid because I felt it had been sold to us under duress and we wouldn't have taken it out. Went through the Black Horse complaints procedure, complaint was rejected, took it to the Ombudsman earlier this year and was told he can't intervene because the loan predates the Ombudsman. I had given up until I came across CAG site. What now - do I just start court procedings? Is there a template somewhere I can follow 'cos I haven't a clue what to do next. ALso don't know how I work out the interest which is 14.7 %. Please help.

 

Hello Davesgran

 

Sorry, no offence intended, but I feel you need to walk before you can run. These things can take a bit of time. pace yourself and you will get there:D

 

Ok, you have the credit agreement with the amounts, but no real info of the amount the ppi was and the interest charged. The break down of any ppi payment you have made to them. If I am wrong can you post them on this thread

 

In your previous post you mentioned that you had all the information, but maybe you need to send a SAR to get a full and detailed breakdown of the account.

 

Sent them a sar specifically asking for a full breakdown of the ppi.

 

The cost of the ppi premium

The interest applied to the ppi

The interest rate applied to the interest.

how long the policy ran for, over the period of the loan.

 

This is the information that you need to reclaim the mis-sold ppi. You have won a battle in the refund, but it you continue and get the vital info you need, you win the war:D

[Dave's gran]

Sorry - I think I do have most of the information in the loan agreement:

Cash price for PPI - £5862.96

Interest rate per month - 1.1 = 14.7%APR

Total charge for credit £4975.44

Total amount payable - £10,838.40

Monthly repayment - £90.32

120 monthly repayments

 

I don't understand what you mean by interest rate applied to the interest - the loan was for 16k and was at the same rate of interest as the PPI - 1.5, (14.7APR). I have a statement showing that the loan advance is £16k and the opening balance is £21,862.96, which is the loan plus PPI. The interest is added monthly.

 

Should I ask for more information? Thanks.

[hellhasnofury]

Sorry - I think I do have most of the information in the loan agreement:

Cash price for PPI - £5862.96 Is this the premium and the interst they applied to the ppi

Interest rate per month - 1.1 = 14.7%APR

Total charge for credit £4975.44 is the interest that was applied to the ppi, or the loan amount

Total amount payable - £10,838.40 Is this the total amount of the ppi premium and the interest they applied to the ppi

Monthly repayment - £90.32I Is this what they charged you for the ppi

120 monthly repayments

 

I don't understand what you mean by interest rate applied to the interest - the loan was for 16k and was at the same rate of interest as the PPI - 1.5, (14.7APR). I have a statement showing that the loan advance is £16k and the opening balance is £21,862.96, which is the loan plus PPI. The interest is added monthly. Sorry I have probalby got this wrong

 

If the loan was £16.000 at what rate of interest was applied to it, and what was the total amount of interest to the actual loan they applied.

 

 

Should I ask for more information? Thanks.

 

If the ppi was a single premium loaded at the start of the loan, they will add extra interest to the ppi. Then add that on the the loan and interest amount and you get the total.

I would personally get a breakdwon of all the information through a S.A.R - (Subject Access Request). but that is my opinion

[Dave's gran]

Thanks for your help - sorry to be so dense but this is really confusing ...

The loan agreement shows that the loan was for £16k plus £13.5k was added in interest at £14.7% APR - total of £29.5k payable for the loan to be repaid £246 per month.

The PPI was £5.8k plus £5k was added in interest - again at £14.7& APR - total of £10.8k payable for PPI to be repaid £90 per month.

Total cost of loan and PPI plus interest was £40.3k for a £16k loan!

We cancelled the PPI last year so are no longer paying the £90 per month - we were also given a rebate of £2.4k at the time.

 

So, do I claim for all the PPI payments we had already made, which are basically three years at £90 per month = £3240. To add to the confusion the interest rate dropped from 14.7% to 11.9% in October 2003 (the reason for this was at the time of taking the loan I queried the fact that the rate was so high and was told that it would be reviewed when they were happy we were making the payments - I had to phone up to remind them of this otherwise it wouldn't have been done).

 

I desperately want to get the PPI back from them, I feel much more angry about this than the bank charges issue - at least with charges the banks are brazenly upfront about them even though they're unfair. But with this we've just been told bare faced lies to rob us of our money. In fact I spoke to one of their reresentatives yesterday and he admitted that the practice of mis-selling PPIs went on at the time we took out the loan.

 

I confess that I'm a bit fazed by this - but I don't want to give in on point of principle.

[reidnet]

Bear with me Im just trying to get me=y head around this one..lol,

 

I need some more info so that I can hopefully give you a more accurate answer here.

 

1) What date was the Loan and PPI taken out

2) What date was the PPI Cancelled

3) Did the Interest rate change at the same time as you Cancelled PPI

4) Did you take out an new agreement when you cancelled PPI.

 

Ian

[Dave's gran]

Ian

Thanks so much.

1) What date was the Loan and PPI taken out. 4th Feb 2003

2) What date was the PPI Cancelled hard to be exact - I think it's 28th March 2006. (I wrote 3 letters between 28 mar 06 & 1st May 06 with no response whatsoever. In the last letter on 1st May I wrote that I was cancelling my direct debit, (which I did) until I got a response. Someone rang me on 8th May and said they would cancel the PPI backdated to the date of the first letter. They said they couldn't refund me for payments made before that date because I had 'enjoyed the benefit of cover' during that period. I also got a rebate of £2488 on 23rd May for the unused portion of the PPI cover, ie the remaining 7 years of the loan)

3) Did the Interest rate change at the same time as you Cancelled PPI no, it dropped in Oct 2003. At the time of taking the loan I said I thought the rate was excessive for a secured loan and the sales person said it would automatically be reviewed in a few months time when they were satisfied we were making regular payments. It didn't happen automatically and I rang her 6 months later to reminde her of this - that's when they dropped the rate to 11.9%

4) Did you take out an new agreement when you cancelled PPI. no - the agreement continued as before.

 

I hope the fact we had a rebate doesn't jeopardize our case - the rebate was only £2488 and the loan agreement shows the total amount they were charging me for PPI was £10,838 (£5.8k PPI and £5k interest on the PPI).

Thanks again.

[Dave's gran]

Hi - Can anyone please shed any light on what I should claim for. Is it just the payments actually made (approx £4,700) or is it the total amount of PPI plus interest which were added upfront to the loan (£10,800) less the rebate (£2488) which would make the claim £8,322. I'm not sure what, if any, bearing the drop in interest rate has on my claim?!

 

I also want/need to repay the loan early immediately but wonder if I should give them notice of my PPI claim with the intention of pursuing it post settlement. If so I need an idea of what I'm claiming for.

 

This one's really complicated and I'm wondering if I'm up to it .... you guys know better than me what's involved so if anyone thinks I'm biting off more than I can chew please can you shout!

[hellhasnofury]

Hi - Can anyone please shed any light on what I should claim for. Is it just the payments actually made (approx £4' date='700) or is it the total amount of PPI plus interest which were added upfront to the loan (£10,800) less the rebate (£2488) which would make the claim £8,322. I'm not sure what, if any, bearing the drop in interest rate has on my claim?! I persoanlly would be reclaiming back all of the payment you have made plus the interst £8322 (plus the interest from the start of the loan, either 8% which is the statuatory interest allowed via the court or even if you which the 14.9% they charged you. You could tell them that you will charged them 14.9% until they proved that they are going to give it to you and then consider dropping it lower. They are so greedy and take advantage don't they:-x

 

I also want/need to repay the loan early immediately but wonder if I should give them notice of my PPI claim with the intention of pursuing it post settlement. If so I need an idea of what I'm claiming for. The problem with that one I feel, I feel, that if you pay it off. They get it all. and then the fight will be harder to get it back. You could use the ppi dispute for threatening to stop payments to them until the dispute is resolved. Maybe ask for the mis-sold ppi refund to be taken of the balance of the loan that is outstanding.

 

This one's really complicated and I'm wondering if I'm up to it .... you guys know better than me what's involved so if anyone thinks I'm biting off more than I can chew please can you shout!

 

Hiya Daves Gran,

 

PPI is a little bit complicated and reclaiming back is relatively new, but there have been a few successful cases after a bit of a fight. I have put some info in read to you post above. You must do what you think is right for you. but to must continue and not take no for the anwer.

 

Good luck and keep us posted:D

[Dave's gran]

Thanks for the support. If I put a letter together over the weekend do you think you could you run your eye over it please?

 

Gran

[hellhasnofury]

Hello Davesgran,

 

You've been up late. I don't mind having a look at the letter, either post it here or pm it to me.

[Dave's gran]

..and you're an early riser! Still it's the early bird that catches the worm and there's plenty of those to be caught in the banking world!

 

Thanks for you help - I've had bash at a letter and will PM you if that's okay.

[hellhasnofury]

..and you're an early riser! Still it's the early bird that catches the worm and there's plenty of those to be caught in the banking world!

 

Thanks for you help - I've had bash at a letter and will PM you if that's okay.

 

Hello davesgran,

 

I'm up even earlier today, have you read my thread lately. Just got over £7,000 from the nW for mis-sold ppi, so it can be done before court. I have also been sucessful with M&S for again over £7,800. They did respond to my lba, but do to its complicity I still did not have all of the facts and had to write a couple of more letter to get more ammunition. There last letter revealed that the had charged me 8.9% interest per year over a ten year period. So in total I was charged 89%. They are so greedy:shock:

 

I have had a look at your letter and its fine. I have added a few bits it red for you to look at and may add if you like or not:D

 

With the court thingy, because of the amount you are claiming there is a possibility it may go fast track and if you lost you may be liable for costs, but I do believe the costs are capped.

 

But why will you lose, the ppi was mis-sold and they behave terribly. Personally I would keep the pressure on before court. Its worked for me.

 

Do keep us up to date with progress and if help needed ask;)

[Dave's gran]

Just being going through your threads - don't know how I'd missed them but I'm not the most competent user - usually leave anthing computer related to my OH.

 

Well done you! I'm in awe!

[Dave's gran]

Hiya Hell

 

I sent off my letter and had a response saying they would get back to me by 13th July. I was away with work all last week so was a bit disappointed to find no response when I got home on Saturday. Any ideas as to tactics... would you write again or just proceed to court stage?

 

Thanks

Gran

[hellhasnofury]

Hiya Hell

 

I sent off my letter and had a response saying they would get back to me by 13th July. I was away with work all last week so was a bit disappointed to find no response when I got home on Saturday. Any ideas as to tactics... would you write again or just proceed to court stage?

 

Thanks

Gran

 

Hello Gran,

 

Hope you are well

 

How many letters have you sent them, was it just the first prelim, then sent the lba now:grin: If not maybe send another letter and then court:grin: