Single Premium PPI Lloyds - Please HELP

[lizy]

Hi,

Hopefully someone here can help or give me some advice regarding PPI and this single premium ppi.

Since 1999 I have had several loans with lloydstsb including credit cards. The first loan I took out in 1999 (struggling to find details except for policy number),the next in 2001, 2003, 2004, 2005.

Each of the these policies had ppi on them, paid for as 'premium advanced as part of loan', I believe also known as single premium ppi.

Each loan from 2001 was a consolidation of debts (2001-£2500, 2003-£5500, 2004-£8000, 2005-£16000),
and thus none of these loans ever reached its full term,
though if I understand correctly, with premium advance as part of loan, I would have paid for the whole ppi cost upfront on the loan,
which was then added on each loan thereafter as well as the interest they charge.

I'm told that these single premiums are part of mis selling?!

The final loan in 2005 was paid off early in whole, would this therefore have included all the ppi too? If so surely this should be refunded also.
Digging through old paperwork we have found three of the personal loan agreements which we have been trying to get our heads around.

Two of the agreements show:- cash loan to you, optional loan protection insurance loan, loan for repayment of existing debts owed by you and total loan ( e.g. 2004 consolidation loan, cash loan to you £2000, optional loan protection insurance loan £1800, loan for repaying of existing debts owed by you £6500, total loan £10000.

Under those headings the monthly premium £42, £37, £135, total £215. The loan protection monthly payment is almost as much as the new cash loan of 2k)

Only one of them actually states the interest on the loan protection loan giving the total price of the loan protection, the others dont.

(Seperate to the fact that i was advised to have ppi from when I took out the policies in the branch, it was recommended even though i had an income protection plan already running from 1997
which was also purchased through lloydstsb which I am still paying to date?!,

why would someone take out ppi when u already have some cover in place should illness or accident become an issue)

Sorry this maybe slightly long (and hopefully am in the right area in the forum), but just wanted to try and explain as well as I could.

Am I right that this is indeed miselling?

When speaking to Lloyd's over the phone they requested a questionnaire be completed and returned to them. We have a lot of the details but not all of them.

The questionnaire asks for various details, and the main reason why u think it was missold. From what I have written, how would you word this answer? I'm not very good at wording things and want to get this right.

What concerns me is wording the complaint in the right way, I'm told its crucial, can anyone offer any advice or who would be best to speak ref this.

Any help or already worded paragraphs would be greatly appreciated

Many thanks
Liz

[di30]

Re: Single Premium PPI Lloyds - Please HELP

Hi and welcome to LB and your in the correct part of the forums.

I have had many loans with ppi via Lloyds since the mid 90's and been successful with them all, however the mid 90's due to lack of info but proof of being sold PPI, they did give 2 standard offers on those 2 old ones that we did accept because we could not find all the info going back all that far, but the other many were also successful.

Now if you no info, you can if you wish write to the Data dept of Lloyds and send a Subject Access Letter (SAR), where they have 40 calendar days to comply, if you banked with lloyds as well, all you have to do is send one sar to cover all under the one SAR, with the one off payment of £10 cheque or postal order.

Let us know if you wish to do this and one of us will apply the SAR template letter for you.

You could as well call into your local branch by giving them the banking and or the loan numbers in order for them to check all the way back on loans, credit cards taken out with them, hopefully there will be some good lenient staff to help and look for you.

When you make a reclaim, you can do this on one complaint form that you will find on the website of Lloyds, as long as you reasons are the same, just apply all loan account numbers that apply.
http://www.lloydsbank.com/payment-pr...complaints.asp

I would complete the reclaim complaint form on the link above, then send to the address they have given by recorded delivery.
The fact that you already had cover to protect your loans, you just have to word it with something like this "I was sold a cover as it was strongly recommended that I take it, but it was not fully discussed with me, if it was then I would have been given the opportunity to confirm that I already had adequate cover in place" these loans were sold directly in branch by a Lloyds adviser, but the adviser made me assume this was to be accepted, but no reasons to explain otherwise.

If there is anything else like a pre med condition at the time it was also sold to you, you need to make that clear to them as well, say if the adviser had discussed all exclusions of the policy then you would have had the opportunity to confirm on this, but I now realise that if i tried making a claim for this med condition that affects me for sickness reasons from work that you would not pay out on the policy, so whereas its worthless to me.

An additional info, you can write anything further you may have to add, or state that you do not feel the policy was sold in your best interest, you feel they have failed you as a long term and respectable customer, and now believe I was pressurised into taking out the PPI.

Hope this info helps, any further probs let us know, good luck! x:tinysmile_twink_t2:

[lizy]

Re: Single Premium PPI Lloyds - Please HELP

Hi di30 and thanks for your response.


Popping into the branch I was able to get a customer account print out. This printout shows the policy numbers and product names and gives the start dates of them. I was able to get the rough amount of the loans for them all with the exception of the 1st loan, which as it was prior to 2000 was held on a different system.


i think it makes sense to get an SAR letter sent to them to see exactly what they hold, if you would be so kind to upload a template that would be great thank you.


What I do find annoying, having read more about it is the single premium ppi that I paid on each loan, the fact that the ppi was for the whole term, which no loan reached, and was then lumped into consolidating with the next loan, adding to the next lot of ppi, and thus this happening each and every time, and to cap this is the interest on top. If this was properly explained there is no way I would have taken the policy. Even more frustrating was the IPI cover I have incase of illness or an accident which would pay me a set premium(3 month deferred period i believe), two cover policies seems over the top, bearing in mind I had no mortgage or anything I had to pay each month, only living costs, and option of living with parents would mean I had next to no payments to cover.
im sure the bank will try to twist it saying its different cover, i.e covers payments for anything, where the ppi is specific to the loan blah blah.


I have read elsewhere that single premium policies are a main focus as part of the mis selling, has anyone found this?




thanks again


liz

[di30]

Re: Single Premium PPI Lloyds - Please HELP

Hi there

Thank you for your post and I'm glad Lloyds provided you with the info.

Yes you are correct about these Single ppi policies, they are very costly and of course then there's the interest.

In regards of these policies I take it they were just for you with no partner?
I can then forward you the appropriate SAR template letter. x

Basically the template below is the same you can use for a couple, but if for both, then you both have to sign.

If you banked with Lloyds, you can use your banking account number you hold/held with them in order to receive every bit of info they hold on all your account.

.................................................. .................................................. .................
[ Your Name & Address ]

The Data Controller
[ address ] Date:









Dear Sir/Madam,

Data Subject Access Request - Pursuant to the Data Protection Act 1998
Data Subject: [ xxx, address as above, and formerly of: ]


Please supply all data that your company holds relating to my entire account history. Whilst not exhaustive, for the avoidance of doubt I list below what I require:

o Full and legible copies of all contracts and agreements that have existed between myself and your organisation, including copies of any documents you hold in support of same. This is to include account no. [XXXX]
o Full and legible copies of all statements relating to the above accounts. This is to include all credits, debits, charges & interest applied to my account(s) including details of any instances that required manual intervention. It is also to include monthly account balances.
o Full and legible copies of all correspondence, including all letters, faxes, emails and memos sent and received between ourselves, and any other third party in relation to any of the above accounts.
o Full unedited copies of any telephone recordings and/or transcripts of these recordings as well as any logs or journals that relate to them.
o Full and legible copies of all documents which include any of my personal information including copies of any contracts or invoices, emails or computer records containing my personal information, or any records which pertain to this information.
o Full details and legible copies of any documents upon which you relied when you have provided my personal or financial information to any individual, organisation or third party.
o Full and legible copies or transcripts of any computer logs or database records kept in relation to myself or in relation to my financial or personal information.
o Details of all systems you currently have in place to ensure my personal or financial information is kept securely, including details of those officers who currently have control of the same, and at the time it was held or provided to a third party.
o If any data has been deleted or disposed of, the methods used to do so, including dates, reason for deletion, certificates or documents confirming details of destruction. If you are unable to provide such certificates, then I require a declaration, signed by an authorised officer of your company, confirming the dates and methods of destruction of this data.
Please be aware that the Data Protection Act 1998 clearly states that all information held must be disclosed and there is no correlation to the Limitation Act 1980 whatsoever. This request therefore lawfully includes any and all data which is older than six years. If you do not hold any data older than 6 years, then I require a signed declaration from your data controller confirming this, and a copy of all documents pertaining to its proper disposal.
All data - including data held on a microfiche or similar systems - must be provided within 40 days, and if you require a fee for this, then I enclose the maximum statutory fee of £10.00 – which must not be used for any other purpose. If you choose to waive all or part of the fee, then please be aware that you will still have a legal obligation to comply with this request. I thank you in anticipation of a prompt and full response and compliance.

Yours faithfully,

[ Sign ]



[ Print your name ]

Encl: £10.00 fee.


[ Your Names & Address ]

The Data Controller
[ address ] Date:

[lizy]

Re: Single Premium PPI Lloyds - Please HELP

Thanks di30

Will get it filled out and posted tomorrow and see what they come back with. Yea these policies were just for me as my partner at the time was self employed.

I've been digging through boxes of old paperwork (I am such a hoarder!), and found a third personal loan agreement or credit agreement. I've also found a letter dated in 1999, where I had initially been denied a loan due to credit scoring. Following on from that improving my account operation over a few months the loan was given. I cant recall exactly but I'm thinking that having ppi was seen as improving my chances of getting a loan!?!

Looking at everything as a whole, i think the issues are
1) single premium ppi, not appropriate, costs not disclosed properly
2) had some cover in place via an IPI they must of known about, or clearly didn't ask about it
3) impression was that in order to get the loan, I was 'advised' to take ppi to improve chances of getting. I cant really recall exactly what was said, but am thinking it must of been to improve chance of getting loan.

many thanks again for your responses and advice, it's really appreciated

liz

[lizy]

Re: Single Premium PPI Lloyds - Please HELP

Thank you for your help.

Update, 1yr and a half ago Lloyd's paid 'alternative redress' due to the single premium, however stated they still felt Ppi was right and so they worked out the monthly rate for the months on the loan and took that off the payment! Having complained they ignored us and said that's it.

so off to the ombudsman who agreed it was mis sold (all loans Ppi) and following their recommendations agreed to refund all Ppi premiums paid!! At last

Took just under two years but got there in the end, so anyone else complaining don't give up and be fobbed off by them!

[Turboman]

Re: Single Premium PPI Lloyds - Please HELP

Update, 1yr and a half ago Lloyd's paid 'alternative redress' due to the single premium, however stated they still felt Ppi was right and so they worked out the monthly rate for the months on the loan and took that off the payment! Having complained they ignored us and said that's it.

I don't fully understand what you are saying here

I dealt with a case a bit back for Skintmember where she had multiple consolidated loans and we managed to work out and understand the way that the "remaining PPI" on the loans were constantly carried forward and we also got additional compensation

http://www.legalbeagles.info/forums/...-upload-please

If you would like me to help you--send me your offer letters & detailed workings out etc to ppi@legalbeagles.info

Note:confidentiality is totally assured as only myself & Amethyst can see stuff there

Turbs

[lizy]

Re: Single Premium PPI Lloyds - Please HELP

I don't fully understand what you are saying here

I dealt with a case a bit back for Skintmember where she had multiple consolidated loans and we managed to work out and understand the way that the "remaining PPI" on the loans were constantly carried forward and we also got additional compensation

http://www.legalbeagles.info/forums/...-upload-please

If you would like me to help you--send me your offer letters & detailed workings out etc to ppi@legalbeagles.info

Note:confidentiality is totally assured as only myself & Amethyst can see stuff there

Turbs

Hi Turbs and thank you for your response.

Just waiting for figures letters through from Lloyd's and will most likely take up your generous offer thanks!

Sorry I probably didn't explain it correctly. 5 loans in all taken out, each consolidated with Ppi paid upfront on each. Complained to Lloyd's (initially told to do one as per Lloyd's standard response), and they said that they believed Ppi was right for me (lol crooks), just the way it was sold to me was wrong. (Single premium added to loan). With that in mind, they would refund total cost of Ppi minus what it would of cost me should I paid for Ppi monthly and not upfront.

The credit card paid in full, however Lloyd's wouldn't budge on the loan Ppi. So went to the ombudsman who about 5weeks ago upheld our complaint and wrote to Lloyd's. Lloyd's have then come back and agreed to refund all, but needed time to work the figures out. Letter should be here any day.

Any my help with the figures would be really appreciated thanks, one copy of figures they previously sent was incorrect, so I've no doubt this one will need to be checked properly

thanks

lizy

[Turboman]

Re: Single Premium PPI Lloyds - Please HELP

Ok..no problem. .will await info

Turbs

[lizy]

Re: Single Premium PPI Lloyds - Please HELP

Ok..no problem. .will await info

Turbs

Hi turbs,

i I have sent the email through, hopefully the pictures are with it!

many thanks again

lizy

[Turboman]

Re: Single Premium PPI Lloyds - Please HELP

Yep--got them--

I've only got the Appendices to the offer--can you also send me for all 5 Loans:

a) Origingal Agreement (Consumer Credit Agreement)
b) Date of first payment
c) Agreement Loan Amount for the cash advance and also the PPI Premium Amount
d) Monthly premiums for above at c) and Total Mthly Premium (as a crosscheck)
e) Letters offering terms of Settling each Loan and carrying forward balances amounts
f) PPI Offer Letters in detai for both the original offer & the new revised offerl--including the dates of the original & the recent revised Amounts


Anything else that you think might be useful that mentions figures,%'ges & respective dates

Turbs

[Turboman]

Re: Single Premium PPI Lloyds - Please HELP

Lizy

If I use Excel Spreadsheets---can you view them?
..or PDF's

Also just a tip for scanning--scan as black & White only as a .jpg or scan as a PDF

Turbs

[lizy]

Re: Single Premium PPI Lloyds - Please HELP

Lizy

If I use Excel Spreadsheets---can you view them?
..or PDF's

Also just a tip for scanning--scan as black & White only as a .jpg or scan as a PDF

Turbs

Hi turbs,

pdfs are good thanks for viewing. Will also scan and try to send as PDFs

just digging all all the forms out now

thanks again!

lizy