Lloyds ppi business loan mis selling whatever next !

[DAISYC3CJS]

Lloyds have rejected my claim for ppi on 2 business loans, despite the fact that I sent them all the relevant information and reasons I felt I was mis-sold, one of which is I was self employed, (there are others which I also advised them of) At the time of taking the loan I was led to believe it was compulsory I had the ppi and the box had been pre ticked.


Their rejection letter did not actually say why my claim wasn't upheld so I therefore telephoned to find out the reason.


Their reason was:


I was sent terms & conditions after I had taken out the loan stating I had a cooling off period to cancel the ppi.


My argument is:


I do not actually recall receiving these.


If I had have received them, the fact that I had a cooling off period would have been totally irrelevant, since I was led to believe no ppi - no loan.


If I had received them and were able to read the small print which is normally far too small and the jargon put in such a way, it would have probably taken someone with a degree in law to decipher it!


It's a disgrace that Lloyds TSB are being allowed to get away with not paying genuine people like myself and I am sure there are many more like me.


What on earth are they going to come up with next to get out of coughing up?


They are a disgrace!


Any help/suggestions appreciated. They told me they would reinvestigate and I would have to wait another 8 weeks, however I feel I need to write and clarify my thoughts once again but really don't want to screw up on the wording re: their rubbish terms & conditions

Thanks in advance

[leclerc]

Re: Lloyds ppi business loan mis selling whatever next !

Lloyds have rejected my claim for ppi on 2 business loans, despite the fact that I sent them all the relevant information and reasons I felt I was mis-sold, one of which is I was self employed, (there are others which I also advised them of) At the time of taking the loan I was led to believe it was compulsory I had the ppi and the box had been pre ticked.


Their rejection letter did not actually say why my claim wasn't upheld so I therefore telephoned to find out the reason.


Their reason was:


I was sent terms & conditions after I had taken out the loan stating I had a cooling off period to cancel the ppi.


My argument is:


I do not actually recall receiving these.


If I had have received them, the fact that I had a cooling off period would have been totally irrelevant, since I was led to believe no ppi - no loan.


If I had received them and were able to read the small print which is normally far too small and the jargon put in such a way, it would have probably taken someone with a degree in law to decipher it!


It's a disgrace that Lloyds TSB are being allowed to get away with not paying genuine people like myself and I am sure there are many more like me.


What on earth are they going to come up with next to get out of coughing up?


They are a disgrace!


Any help/suggestions appreciated. They told me they would reinvestigate and I would have to wait another 8 weeks, however I feel I need to write and clarify my thoughts once again but really don't want to screw up on the wording re: their rubbish terms & conditions

Thanks in advance

Apart from Not receiving the T&C's and already have the box ticked is there any other reason why the cover did not cover your specific needs, ie did you have cover elsewhere? Did their terms and conditions exclude you from claiming if you were self employed?

You need them to provide you with the terms and conditions and to have a think about the reasons why you were not eligible.
Have they given you a letter stating that this is the final response? If that is the case then your next recourse is the FOS.

Was the loan done face to face or over the phone or online?

[DAISYC3CJS]

Re: Lloyds ppi business loan mis selling whatever next !

Apart from Not receiving the T&C's and already have the box ticked is there any other reason why the cover did not cover your specific needs, ie did you have cover elsewhere? Did their terms and conditions exclude you from claiming if you were self employed?

You need them to provide you with the terms and conditions and to have a think about the reasons why you were not eligible.
Have they given you a letter stating that this is the final response? If that is the case then your next recourse is the FOS.

Was the loan done face to face or over the phone or online?

Hi thanks so much for your reply. I was not told I could buy PPI elsewhere. I was not offered alternative products. I was not told interest was payable on the PPI. I had other means of meeting the payments. Having not had the terms and conditions I have no idea if the conditions excluded me being self employed. I feel by asking for the t & c's now would be like shutting the stable door etc.

Also I was not informed of any commission/incentive payments the salesperson would maybe have received.

Had I had the t & c's and cancelled the PPI afterwards, I probably would have assumed the loan would have been recalled. It was in fact a Non Cancellable Loan Agreement with the PPI added in and paid on a monthly basis.

The loan was done in the branch face to face. The t & c's were never explained to me, neither was I told there would be a cooling off period. I don't see how there could have been a cooling off period with a Non Cancellable Loan Agreement? (The first loan being in 2000). The second smaller loan was done over the telephone in 2007, I do not remember ppi being even mentioned. The letter did not state is was their FINAL response.

Hope that answers your queries and any further help appreciated.

Thank you

[di30]

Re: Lloyds ppi business loan mis selling whatever next !

Hi there

Just posted on the other thread, but do not give in.

In my own experience with them, when I first started making complaint of mis selling of PPI, Lloyds were the same with me, even on a final decision, I still wrote back and asked them to reconsider by 14 days, or the matter will be going elsewhere with my evidence to support my case.
I no longer have the copy saved, but have another go, word it a little stronger to the last letter you sent, and tell them you are a long term genuine customer of Lloyds (or were) and believe they have overlooked your complaint because................

Anyway I got there in the end, think they realised I was not so easy lol.

good luck.

[DAISYC3CJS]

Re: Lloyds ppi business loan mis selling whatever next !

Many thanks again for your replies, when I spoke to them yesterday they said they would re-investigate and this would take another 8 weeks ! Unacceptable I think to wait yet another 8 weeks! I will be writing another letter today/tomorrow, I just want to ensure I get my wording right !


I've also just noticed the following about the Business Loan Repayment Insurance as follows:

Who can benefit

Any eligible sole proprietor, partner, director or key employee of a business arranging a business loan. If eligible the person requesting the business loan must be insured.

Every person nominated for insurance must be:

over 18 and under 70 during the loan term;

working permanently for the business for at least 16 hours per week (not absent due to injury or sickness or working against their doctor's advice);

not receiving State Retirement Pension

Now interestingly enough, the phone call I had from them last week, one of the questions asked was, was I working more than 16 hours per week. My answer was NO, and in my follow up letter I confirmed I was working 15 hours or under a week.

It seems even more now that their decision not to uphold my claim on the grounds of their t & c's is even more like a get out for them. I'm even angrier now than I was before!

So, again your comments/advice greatly appreciated and apologies if I keep repeating myself !

[di30]

Re: Lloyds ppi business loan mis selling whatever next !

Good one, and I do think this time round they will give you a decision in your favour. The fact you did not work the required hours to what it states on the T@C's of working less than 16 hours per week, if you were to make a claim, they would not have paid out.
You need to make this clear to them and although they will have a copy of the T@C's. enclose and highlight this to them on the letter, and tell them they completely overlooked your complaint and you want this looked into for asap.

Fingers crossed.

[di30]

Re: Lloyds ppi business loan mis selling whatever next !

Just added more info in the above post, hope it helps.

[DAISYC3CJS]

Re: Lloyds ppi business loan mis selling whatever next !

Yes it helps and thank you again, just wondered what your thoughts were on my not having received the T & C's and questioning them as to whether they had proof of postage and my receipt of them? I'm assuming the T & C's would have been in booklet form. The thing I have quoted from is entitled Summary of Cover and printed on thick card like paper. There is nothing whatsoever on there about a cooling off period!

[di30]

Re: Lloyds ppi business loan mis selling whatever next !

Yes it helps and thank you again, just wondered what your thoughts were on my not having received the T & C's and questioning them as to whether they had proof of postage and my receipt of them? I'm assuming the T & C's would have been in booklet form. The thing I have quoted from is entitled Summary of Cover and printed on thick card like paper. There is nothing whatsoever on there about a cooling off period!

Have you tried requesting a Subject access request (SAR) from them at all by any chance? (Sorry if you have and I missed this along the line somewhere). The SAR info may be of some help and enclose details of everything of the sale etc, and what you received, what they received and so on, as there may be some evidental data within the SAR that may help.

In regards of not receiving the T@C's they may try to argue that these are sent automatically and could be a difficult one to prove, but yet they MUST take your complaint seriously.Yes you could give it a go on asking of the proof, and if you have any evidence of the posting receipt, send them a copy as well.
With mine T@C's were enclosed with the agreement, yet it maybe different with business loan, so worth mentioning.

If you've not requested a SAR and you want the template for this (tweak to your requirments) I shall post it up for you.
The only thing is it may take up to 40 calendar days before you receive anything back, in this case though I would still continue to write further to them whilst waiting for the Data to arrive. The SAR request is sent to a different dept to complaints.

[DAISYC3CJS]

Re: Lloyds ppi business loan mis selling whatever next !

Hi, no I haven't requested a SAR because I have all the relevant info, i.e., the copy Loan Agreement (well the first one anyway) and I also have bank statements. Both loans were paid off in full, so therefore don't think I need a SAR but thanks for the suggestion anyway.

Re: the T & C's - well yes they could say these are sent automatically but surely unless they are sent by Recorded Delivery there is no proof that they were sent or that I had received them? If I had received them, I would surely have placed them with my copy loan agreeement. I think that is a reasonable assumption. Items do go missing in the post, we all know that!

[DAISYC3CJS]

Re: Lloyds ppi business loan mis selling whatever next !

just added another line

[di30]

Re: Lloyds ppi business loan mis selling whatever next !

Hi, no I haven't requested a SAR because I have all the relevant info, i.e., the copy Loan Agreement (well the first one anyway) and I also have bank statements. Both loans were paid off in full, so therefore don't think I need a SAR but thanks for the suggestion anyway.

Re: the T & C's - well yes they could say these are sent automatically but surely unless they are sent by Recorded Delivery there is no proof that they were sent or that I had received them? If I had received them, I would surely have placed them with my copy loan agreeement. I think that is a reasonable assumption. Items do go missing in the post, we all know that!

Yes you have made a good point here, you stand your ground on this, and the fact that you would not be eligible anyway for working less than the required hours as stated on the T@C's.
You need to tell them because of not receiving the stated paperwork you have since researched online - which clarifies of the policy not being suited to you.

[DAISYC3CJS]

Re: Lloyds ppi business loan mis selling whatever next !

Thanks for that Dizzy, much appreciated - thought I added a line to my last post but see I didn't. One last question, promise lol - what do you reckon about them taking yet another 8 weeks? Not acceptable me thinks! Should I give them another 14 days or else? or go with the flow and wait another 8 weeks? Actually, I think I've answered my own question but interesting to get other people's opinions also ?

[di30]

Re: Lloyds ppi business loan mis selling whatever next !

Thanks for that Dizzy, much appreciated - thought I added a line to my last post but see I didn't. One last question, promise lol - what do you reckon about them taking yet another 8 weeks? Not acceptable me thinks! Should I give them another 14 days or else? or go with the flow and wait another 8 weeks? Actually, I think I've answered my own question but interesting to get other people's opinions also ?

lol that's ok ask away anytime, that's what we are here for lol.
I do not think another 8 weeks is acceptable to be honest, but I do not think it will take that long either, and with it being the same case ref numbers and they have not closed the complaint why should you have to wait a further 8 weeks.
I would personally go with the flow, it's up to you of course, but tell them you will appreciate if they can take a look with the further info you have provided in regards of the account(s) numbers ******* and let you know for as soon as possible.

Maybe others on here will also post up of their own opinion on the timescale, in mine though you have waited long enough already.

Keep at them, good luck and please keep us posted.

[DAISYC3CJS]

Re: Lloyds ppi business loan mis selling whatever next !

Thank you, yes I will go with the flow so to speak but also state that I expect a refund in full of all monies due to me without further delay! What makes it even more frustrating is that I had a result with Santander two weeks after my application, refund in full! Sent them a copy of the Agreement etc., no form filling just a letter and it was sorted! Grrrr no wonder Lloyds are getting a bad name, I think it has also come to light that they have been accused of interest rate fixing !!

Of course I will keep you informed, watch this space lol