Lloyds PPI claim 2007

[ferrotty]

Hi,I am doing this for my son but basically he was sold a TSB loan of £6000 loan plus £1916 PPI both at 18.3% Interest.

He has been trying to pay this loan off but keeps going overdrawn as he is finding it difficult as TSB keeps piling on charges for being overdrawn and it just makes matters a lot worse.

What I am asking is was he miss sold PPI as in his paperwork it says quote

"I have recommended this PPI product for the following reasons You said that you have no means that you wish to use to meet your loan commitment if you became unemployed,suffered an accident or sickness or were diagnosed with a critical Illness.

You don't know if you would be able to meet your loan commitment if you died.You are aware that I have only taken into account the information available.In particular,I have not taken into account any existing Insurance cover or employment benefits.Life cover may therefore may not be suitable for you.

You are aware of the elements of the optional loan protection Insurance for which you are currently eligible,the reason why I am recommending the policy and the range of benefits on which you can claim.You have also received information on the cost, terms and conditions and significant policy exclusions".

[di30]

Re: Lloyds PPI claim 2007

Hi and welcome

This sounds like Lloyds to me LOL.

Despite all this of their T&C's it's possible your son may have still been mis sold.

Was the loan sold directly in the branch?

Or internet, on the phone etc?

There are many reasons for mis selling of the PPI:

For example:

Was the policy discussed with your son? (even though it states in writing as you posted above) did they actually make sure your son would be eligible to make a claim for - unemployment/sickness?

Did your son already have adequate cover with the employer? such as would they pay out for sickness?

Was there any pre-medical conditions when your son taken out the policy?

Was your son pressurised in taking out the policy? for example - did they say he stood a better chance of having the loan if he accepted the PPI?

Was it added automatically? Or maybe it was pre-ticked by the bank and your son assumed it was all part of the package?

Was it a joint loan - if so the 2nd applicant would not have been eligible to make a claim, as it would only cover the first applicant, yet also left responsible for the 2nd applicant as the PPI was included within the loan as one monthly single payment?

Was it explained that interest was to be added to the full loan and the ppi?

If you do have any paperwork in relation to this account, like the loan agreement and have the facilities to scan and attach, please feel free to attach to your post, delete personal details, and maybe one of the folks will in time check the calculations.

Is the loan still active?

To make a reclaim there is a reclaim questionnaire, there is one directly on Lloyds website and the address of where to send the questionnaire, I would also save copies and post by signed for recorded delivery.

http://www.lloydstsb.com/payment_pro...complaints.asp

On the questionnaire I can recall a question of both loan account number and insurance, but that would be the same account number as the loan account.

Hope this info helps.

[ferrotty]

Re: Lloyds PPI claim 2007

Thanks for the guidance,I will have a word with him and go over all the points,I would also like to get off Lloyds all his past statements since he started going overdrawn and getting charges on top of charges.

He does have a fair bit of paperwork that I have not had time to check yet as well.

[ferrotty]

Re: Lloyds PPI claim 2007

Apparently from what he remembers it was all done over the phone and he says he was given the impression that the PPI Insurance was only about 10 pounds a month,how on earth they can charge 33% of the loan in PPI charges is beyond me.He has been unable to service the loan as they keep charging him for going into overdraft its just a vicious circle,he has tried to come to some arrangement but still cannot pay loan and Lloyds have now sold the debt on.

I am also going to chase them for all the fees that they have charged because the loan and PPI charges kept putting him in overdraft and he kept missing DD payments as well.Can anyone tell me if this is the way to tackle it,has anyone else been in this position as well.

[ferrotty]

Re: Lloyds PPI claim 2007

Just checked and his paperwork has PPI paid upfront which means that with the Interest at 18.3% APR(jeez)the PPI comes to nearly 50% of the loan unbelievable.

[Turboman]

Re: Lloyds PPI claim 2007

Just checked and his paperwork has PPI paid upfront which means that with the Interest at 18.3% APR(jeez)the PPI comes to nearly 50% of the loan unbelievable.

Hi

just to help you get your head round the sums:

the PPI was £1916 on a £6000 loan = 31.93% EXTRA added
the % of the PPI to the Total of Loans ( 1916:7916) is 24%

So-24% of the premiums was in fact PPI---irrespective of whether they were at original initial mthly payment/or an increased payment/or a settlement payment

Di & me & Bill will help you on this thread-so don't worry

[ferrotty]

Re: Lloyds PPI claim 2007

PPI £2855 in total with the Interest nearly 48% of original loan of £6000.

[Turboman]

Re: Lloyds PPI claim 2007

PPI £2855 in total with the Interest nearly 48% of original loan of £6000.

Yes-but the TAP was much higher

You got?

• Loan Amount (cash advance) + mthly payment
• PPI SPI + mthly payment
• Total Loans Amount + Mthly Payment (as a cross check of above as people sometimes give me wrong figures)
• Date of first payment
• Current outstanding balance
• Current monthly payment (in case its gone up or down )
• Any agreements re Arrears

and I'll show you with a spreadsheet what you would get as a refund + what your revised monthly payment would be (if you successfully claimed for mis-selling)----

in meantime --read the threads by me in here
Understanding PPI Calculations - Legal Beagles Consumer Forum

Turbs

[ferrotty]

Re: Lloyds PPI claim 2007

Thanks for your help Turboman,I reading them now,that spreadsheet would be a great help,bear in mind they have sold the debt on,I'm not sure how much he has paid on repayment though as I have not seen him yet.

[ferrotty]

Re: Lloyds PPI claim 2007

Can someone point me in the right direction for this thanks-

1 First I want to ask for all statements since the loan was formed-who do I write too.

2 I want to make a claim for miss selling of PPI ,again who do I write to.

3 I want to claim back all the fees and charges that were made (will have to wait for statement first)again what's the procedure and who do I write to.

Any other recommendations would be helpful as well thanks.

[Turboman]

Re: Lloyds PPI claim 2007

Di will be on in morning to help you with points1 and 2
Have you thoroughly read her posts above?

re 3--as its a loan-its a possibility you could claim back the charges apportioned for just the PPI---but lets see the statements first.

Can someone point me in the right direction for this thanks-

1 First I want to ask for all statements since the loan was formed-who do I write too.

2 I want to make a claim for miss selling of PPI ,again who do I write to.

3 I want to claim back all the fees and charges that were made (will have to wait for statement first)again what's the procedure and who do I write to.

Any other recommendations would be helpful as well thanks.

[di30]

Re: Lloyds PPI claim 2007

Can someone point me in the right direction for this thanks-

1 First I want to ask for all statements since the loan was formed-who do I write too.

2 I want to make a claim for miss selling of PPI ,again who do I write to.

3 I want to claim back all the fees and charges that were made (will have to wait for statement first)again what's the procedure and who do I write to.

Any other recommendations would be helpful as well thanks.

Hiya

Just caught this now, cheers Turbo.

Details of Lloyds Data dept here below, post by recorded delivery.

Copy Statement Unit
Lloyds TSB plc
Swallow House
10 Swallow Street
Birmingham
B1 2AL

If you required all data from the account, this will cost £10 for all details and should include statements as well, so for a full Subject Access Request in short a SAR, the address I used is here.

LLOYDS TSB BANK PLC
DSAR TEAM
CUSTOMER SERVICES
RECOVERY TEAM
CHARLTON PLACE C57
ANDOVER
HAMPSHIRE
SP10 1RE


In regards of query number 2.

http://www.lloydstsb.com/payment_pro...complaints.asp

The above link takes you directly into Lloyds website, with the address details of where to send your complaint and you will also come across the link to the complaint/reclaim questionnaire you can use, and send to the address shown.
Remember to keep copies as well.

I note Turbo have answered to the last query.

Do you require a copy of the SAR letter?

I'm sure there is one on this site somewhere, I will check it out, or maybe Turbo or one of the others may post this up for you.
I will come back to your thread sometime tomorrow.

Good luck.

[ferrotty]

Re: Lloyds PPI claim 2007

Thanks to you both that's brilliant,I should be able to find the SAR letter so leave it with me thanks.

[ferrotty]

Re: Lloyds PPI claim 2007

Can anyone answer this one,we have a credit Co chasing my son for payment of his loan obviously bought off Lloyds, can we stop them as the next step is legal action and he has no chance of paying them.

[Celestine]

Re: Lloyds PPI claim 2007

Which Debt Collection Agency is chasing your son? BLS (Black Lion Street) Capquest??

My initial advice would be to contact this DCA stating that the debt is in dispute due to misselling of PPI.

However I would advise your son to try and keep up some sort of payments to the loan to avoid being defaulted....if he hasn't already? Check his Credit reference file to be sure.