Consequential loss....

[nelliewops]

Hi guys,

I was having a nosey over on MSE today when I spotted a thread in the PPI reclaiming section that mentioned someone with a claim in against LTSB for mis-sold loan PPI being offered a refund that included an amount described as being for 'Optional Consequential Loss'............has anyone else heard of this or had experience of receiving a sum from Lloyds for consequential loss in relation to mis-sold loan PPI at all?

I would post a link, but am absolutely hopeless at that sort of thing, lol! For anyone that's interested in exploring further, the thread is entitled 'lloyds triumph - but confused!'

Many thanks,

Nellie x

[di30]

Re: Consequential loss....

Hi guys,

I was having a nosey over on MSE today when I spotted a thread in the PPI reclaiming section that mentioned someone with a claim in against LTSB for mis-sold loan PPI being offered a refund that included an amount described as being for 'Optional Consequential Loss'............has anyone else heard of this or had experience of receiving a sum from Lloyds for consequential loss in relation to mis-sold loan PPI at all?

I would post a link, but am absolutely hopeless at that sort of thing, lol! For anyone that's interested in exploring further, the thread is entitled 'lloyds triumph - but confused!'

Many thanks,

Nellie x

Hi Nellie

I was actually wondering that myself, it will be interesting to know, hopefully someone will, but will see if I can find any details as well x

This link does not actually relate to ppi but its a meaning of the consequential loss.....
http://www.investopedia.com/terms/c/...ntial-loss.asp

http://ezinearticles.com/?What-is-Co...ss?&id=2115476

Di
xx

[nelliewops]

Re: Consequential loss....

Hi Nellie

I was actually wondering that myself, it will be interesting to know, hopefully someone will, but will see if I can find any details as well x

This link does not actually relate to ppi but its a meaning of the consequential loss.....
http://www.investopedia.com/terms/c/...ntial-loss.asp

http://ezinearticles.com/?What-is-Co...ss?&id=2115476

Di
xx

Thanks Di (and thanks for the links too!) - that would be most appreciated, especially in relation to my other ongoing complaint! I've never seen or heard of it being mentioned with regard to a PPI refund before, so wonder if it's a new thing? xxx

[di30]

Re: Consequential loss....

Thanks Di (and thanks for the links too!) - that would be most appreciated, especially in relation to my other ongoing complaint! I've never seen or heard of it being mentioned with regard to a PPI refund before, so wonder if it's a new thing? xxx

Your welcome. X

Yes maybe it is, will have to look out for other posts from them as well.

If I do come across anything, I will let you know. Xxx

[Paul210]

Re: Consequential loss....

I've never personally come across this but would assume its loss borne out of the failure of the policy to meet clients needs.

One example I can think of off the top of my head would be a complainant claims on policy but cliam is declined as is a pre existing medical condition, loan is then defaulted and complainant incurs losses as a result, added costs for collection agents/court costs etc. If its proven LTSB didnt advise complainant of the relevant clause and that complainants actions would have been different if they had then its plausible that LTSB may be held liable for losses incurred by the complainant as a rsult of LTSB's failure. This would i'd think fall under category of consequential loss.

I suppose this could further be extended to cover say a credit card which is defaulted due to cost of insurance, LTSB were a big favourite of taking funds from a LTSB current account to cover missed payments, even if no funds there, if a complainant then incurs bank charges as a result of this action and when restructuring the account after ppi complaint shows it should never have gone over limit/defaulted then again the bank charges and associated interest could be classed as consequential losses and be claimed.

Im sure there will be a few other instances but off the top of my head I'd think these would be most likely.

[leclerc]

Re: Consequential loss....

The argument on consequential losses is a difficult one but if you can link the cause to an event that would not have occurred had the PPI not been missold then yes, you can argue the case however, you have got have a firm footing in this regards because the banks defence is that the consequence was not foreseeable. Likelihood is that this one was one of those that on the balance of probabilities was foreseeable.