Lloyds ppi business loan mis selling whatever next !

[DAISYC3CJS]

Re: Lloyds ppi business loan mis selling whatever next !

Ok folks many thanks again, and yes it does worryingly seem to be becoming a bit of a trend. I will go back through the correspondence to check their previous replies and will post on here as I fear I am tying myself up in knots - nothing to do with 50 shades of course lol.

I will do this a little later and hope for your assistance again with yet more wording as nowhere I think did it say final response which I guess is a good thing an also Dizzy getting money back for the credit card ppi proves it can be done. I know I got my credit card ppi back but it was slightly different in that I was self employed and my husband was not at the time he took his out.

Also as said, there was a bit in the paper about banks running short of funds and Lloyds was mentioned. As you say could be buying more time, unacceptable! They will pay! Just wondering also if they monitor these kind of forums lol?

I see Bill you've had the same problem with the PPI for your friend i.e., loan ok but credit card not. I'm also just wondering if there is a kind of global way we could get this to the attention of the media?

[DAISYC3CJS]

Re: Lloyds ppi business loan mis selling whatever next !

Ok, I will now detail below the relevant part of the reply received on my husband's credit card ppi - sorry if this is getting boring! I won't put in the first few paras, just the few I think relevant:

So from their letter dated 19th July 2012

Your complaint

In your letter dated 13 June 2012 you said:

1) I am firmly of the belief that for me to have this PPI insurance in the first instance was totally unnecessary

Findings

In order to address the concern you raised, I have reviewed all the available sale related evidence. I have established that you applied for your credit card PPI policy in the branch on 19th November 1997.
To further assist my investigation I have also taken the following into consideration:

Your complaint letter
Your Consumer Credit Agreement
Our knowldge of our sales process and documentation at the time
Your sales documentation
Your age and employment status at the outset of the policy

It should be noted that prior to 2005 the sale of PPI was not regulated by the FSA. However, we were members of The Association of British Insurers (ABI), which expected its members to conduct business with utmost good faith and integrity.

For clarity, I have addressed your complaint under the following heading.

Suitability - Was your PPI policy suitable for you?

Suitability - Relating to complaint point 1

In addition to the documentation noted above, I have looked back to consider our circumstances at the point of sale taking into account any additional information that has been supplied with your complaint. It should also be noted that I have considered all aspects of suitability and not just those raised by you in your complaint.

These can be summarised as follows:

Pre existing medical conditions - You were not sufferin from any pre existing medical conditions that would affect your full use of your PPI policy; OR You had a pre existing medical condition but not one that would impact on the suitability of your PPI policy because of your identified needs for the remaining policy benefits.
Exclusions - Your status at point of sale confirmed in your application meant that you were not significantly affected by any exclusions or limitations associated with your PPI policy: Or You were affected to some extent by the (insert limitation) of your PPI policy. However, the extent of the affect meant that there was no impact on the suitability of your PPI policy because of your identified needs for the remaining policy benefits:

Having completed our assessment I believe that the policy was suitable for you.

Conclusion

In light of my findings I feel that our adviser acted fairly and reasonably throughout the sale.

I believe that the information provided at the time of the sale was a fair representation of the features of the policy and explained the policy exclusions and the cost of the insurance. I am also of the opinion that it was clear, fair and not misleading therefore allowing you to make a fully informed choice. My review has not highlighted any failings with the sale that would lead me to beliee your decision to purchase the PPI policy would have changed.

I will consider any additional information and advise you whether it changes my decision. If I do not hear from you within twenty eight days from the date of this letter I will close your complaint and consider it resolved. (Then the bit about the FOS etc.)

So folks that was basically their reply dated 19th July 2012 re: the credit card PPI.

My reply dated 27th July 2012 told them I did not agree and a further letter of 18th August also stated the following:

As I have already stated in my letter of 27th July 2012 I do not agree with your decision not to uphold my claim and would say as follows:

On Page 2 of your letter dated 19th July 2012 you state under the heading Conclusion: "In light of my findings I feel our adviser acted fairly and reasonably throughout this sale" etc.

I would suggest that unless you have an actual transcript of recording of the matter it is unfair for you to produce pure speculation and conjecture upon what might or ight not have happened in a conversation that you were not a party to, and this is quite frankly rather insulting.

To clarify further, please note the following, again already advised to you

I was led to believe the insurance was compulsory and it was certainly never at any time explained that it was optional.
I was pressurised into purchasing the said insurance, again as already advised to you
I was not asked if I had alternative insurance/employer cover to cover the payments
I was certainly never prodided with the full information as to what the insurance would/would not cover
It was not explained that by adding the insurance premium this would also accrue interest
It was definately not in my best interests to take out this policy and would not have done so had I not been pressured into doing so.

I then went on to quote the FSA Rules ending up saying I look forward to receiving full reimbursement of all monies due together with interest and charges without further delay.

So folks, as you know two identical letters were then received rejecting the claim as said above, stating that unless further evidence or additional points of concern are presented then basically we can get stuffed.

So my good friends I hope the above makes sense. I am just wondering what sort of additional points/further evidence they require?

As always your valued input would be much appreciated - as also said, they paid back the loan ppi ! Crazy or what! Sorry to ramble on, but I don't want to go off writing again without your input.

[Bill-K]

Re: Lloyds ppi business loan mis selling whatever next !

I'm not into media stuff, so I don't know whether or not anything could be done in that respect, Daisy. I think this is the Daily Mail article which reported that the banks were running low on funds:
http://www.dailymail.co.uk/money/sav...st-months.html

It appears that the banks themselves are not admitting they're running low, but Which? are saying they are. I don't know where Which? have got their info from, though.

With regard to this particular claim, it doesn't look like Antonio is gonna help, and it looks like you would eventually have to complain to the ABI, not the FOS. However, the FSA rules are NOT, in my opinion, inapplicable simply because the PPI was sold before FSA selling regulations came into force. The FSA rules cover the way in which firms CURRENTLY deal with PPI complaints and redress, and you may want to write back and point this out to them - and perhaps to Antonio.

Thus, I believe you can still complain to the FOS about the way that your complaint is being dealt with, and the bank should still be subject to FSA rules in this respect. Once they have PROPERLY decided on your claim, then you may eventually have to refer it to the ABI. Basically, the bank first has to look at whatever evidence it has, and then decide if the PPI was mis-sold under the ABI guidelines. They will probably say 'no,' because the guidelines were pretty vague back then, I believe. BUT - if they don't actually have any concrete evidence about the mis-selling (which it appears they don't) - then it shouldn't matter what the ABI guidelines were. They have a case to answer, and have no defence. Therefore, they must consider what you say, and treat your recollection of the mis-selling seriously. I believe the FOS can - and should - order them to do so.

[DAISYC3CJS]

Re: Lloyds ppi business loan mis selling whatever next !

Many thanks Bill, I have been giving this a lot of thought this time before I write, but will do so tomorrow.

Also interestingly enough, tonight Wednesday 24th October at 8pm on BBC1 Watchdog are reporting on the banks who are rejecting PPI claims, despite having previously agreed to pay, also on household fuel costs. Should make for interesting viewing !

[DAISYC3CJS]

Re: Lloyds ppi business loan mis selling whatever next !

My reply so far is as follows:

Dear bla bla

The PPI on the above was, as I have pointed out in numerous letters to you totally mis-sold for reasons already advised to you. Having taken further legal advice in this matter, my legal advisors are also of the opinion that this PPI was mis-sold.


In your letter to me of the 19th July 2012 (from a Mr. Munro) this points out:


“It should be noted that prior to 2005 the sale of PPI was not regulated by the FSA. However, we were members of The Association of British Insurers (ABI), which expected its members to conduct business with utmost good faith and integrity.”


I would say as follows:


Under the circumstances, whether or not PPI was regulated by the FSA prior to 2005 is totally irrelevant. Mis-sold is mis-sold whether regulated or not asfaras I am concerned. With regard to the ABI expecting its members to conduct business with utmost good faith and integrity I do not consider the Lloyds have acted with good faith and intregrity in this particular instance.


I do appreciate that I could take this matter to the FOS but I understand they are extremely busy, especially dealing with complaints about Lloyds. It is also interesting to note that 98% of the cases are upheld! (Naturally, Lloyds have denied this to the media). I am sure you are also aware that Lloyds are liable for costs in the event of cases being upheld.

So, ok my friends, what you you think of the above, does it sound/read correctly? Anything else I should/could add? Advice appreciated as always, need to get this off tomorrow

[Bill-K]

Re: Lloyds ppi business loan mis selling whatever next !

Hi Daisy. I'm not sure that telling them that mis-sold is mis-sold is a good idea. You can take the claim to the FOS, and they can insist that LTSB acts in accordance with FSA rules and guidelines in dealing with your claim, but I don't believe they will be able to actually adjudicate on the claim itself. This is because the criteria used in deciding if mis-selling took place are NOT the current FSA criteria, but those set by the ABI - which are very vague, I believe.

The position is that, if LTSB deny mis-selling (under whatever ABI guidelines were in place), the ABI then would have to adjudicate and determine if those guidelines had been adhered to. If mis-selling is confirmed by the ABI, then LTSB would have to adhere to the current FSA rules in settling the claim properly and fairly.

[DAISYC3CJS]

Re: Lloyds ppi business loan mis selling whatever next !

Ok many thanks Bill, I'll delete that bit then

[DAISYC3CJS]

Re: Lloyds ppi business loan mis selling whatever next !

Well, it appears Lloyds are still refusing to cough up on this mis sold credit card ppi policy (my other half's). Yet another letter appreciating our frustration but saying the Review Team has assessed and reviewed the case several times but as we have not supplied any additional points of concern or new evidence, they are unable to consider the complaint any further! Outrageous asfaras I am concerned and I think they are now resorting to delaying tactics, as from what I have read previously, they appear to be doing this with many others i.e., paying up on ppi on loans but not credit cards!

So, I've just filled in the FOS complaint procedure questionnaire, copied all the various correspondence and am now going to send the whole lot to the FOS, just though I would let you know the latest and thank you all for being so brilliant and helpful.

I am confident (she says!) that the FOS will rule in our favour ! (hopefully lol)

[Celestine]

Re: Lloyds ppi business loan mis selling whatever next !

Good Luck Daisy. Let us know how you get on with the FOS xx

[DAISYC3CJS]

Re: Lloyds ppi business loan mis selling whatever next !

Thank you, rest assured I will, it was all sent off Recorded Delivery although as yet I haven't received an acknowledgement, not surprising I suppose they must have millions to deal with!

[DAISYC3CJS]

Re: Lloyds ppi business loan mis selling whatever next !

Good morning folks - I am pleased to report very good news....... After Lloyds rejected my other half's credit card ppi on numerous occasions despite having paid out on his loan, in November I decided to go to the Financial Ombudsman. About 8 weeks ago we received a letter from them stating that the claim was to be upheld and we would be hearing from Lloyds in about 12 weeks. Last week we sent a letter to Lloyds reminding them of the decision in other words telling them to get a move on.

This morning a large amount of £ was deposited in my other half's account courtesy of Lloyds! We have not received a letter from them as yet but no doubt this will follow. Also in my letter to them I did ask for compensation for the time wasted in their rejecting the claim. I doubt if anything was included in the payment but will see when the letter arrives. If no compensation was included, I will write to them again, if even we get another £50 it's worth it as I don't see why we should put up with this.

As stated, we went to the FOB in about November/December 2012 and the payment came through today.

I would urge anyone who has rejection letters from Lloyds, not to accept these and go straight to the FOB. Yes it may take 6 months or slightly longer and it's frustrating with the paperwork etc., but it's well worth it if you have a valid claim!

My thanks to everyone on this forum for all their advice - now I just have to sort out my Nationwide claim!

[Bill-K]

Re: Lloyds ppi business loan mis selling whatever next !

Many congrats and well done, Daisy !!! It's good to see your patience and determination finally rewarded.

The FOS often order lenders/banks to pay compensation where their conduct has caused distress or inconvenience. This is, I believe, generally in the region of £100 to £1000. It may be worth checking if this has been ordered.

Here's wishing you similar success with Nationwide...

[DAISYC3CJS]

Re: Lloyds ppi business loan mis selling whatever next !

Thank you Bill, a letter has not been received yet but I will certainly let you know when it arrives and if it includes an amount for distress and inconvenience. Sofaras Nationwide is concerned, I phoned the FOB this morning but I think this will go on a while longer as an offer had been made to me which I rejected, so from what they say it gets dealt with slightly differently. However, I am assured it is in the correct queue!

Thanks again and I will certainly keep you informed

[Souljunkie1179]

Re: Lloyds ppi business loan mis selling whatever next !

It seems that I am not the only one that has been scammed by Lloyds Bank and their so called Business Loan Repayment Insurance what a total joke! Another PPI RIP OFF!