Lloyds TSB Loan PPI - Success!

[crystaltipps]

My reason for claiming PPI back was that I was mis-sold because I was not made aware that the PPI was optional. I was fresh out of university at the time and quite un-worldly wise and very trusting of my bank manager. I was told that as I had only just started working, I had to also take out the insurance.

 

I started my battle with Lloyds in February with a request for detail of PPI payments paid out for both my Credit Card (in arrears and on a DMP) and Loan (paid in full), using a template letter from this forum and sending a £10 cheque. Letter sent recorded delivery. Within the 40 days I had a brief letter back stating that there were no default charges on my loan account and nothing about the credit card. I rang up and clarified that I wasn't asking about default charges, rather PPI and confirmed that a copy of the original agreement ( both dated Aug 00) and the statements or a table would be fine.

 

I made endless phone calls to chase these and eventually got the credit card statements, however nothing came for the loan. Infact, I was passed from department to department as noone took ownership for it. Loan department said as it was closed they didn't have it on record, other departments couldn't see it either, despite me giving the loan account number. I was offered promise after promise and call back after callback, none of which were kept.

 

I finally got fed up and end of July took my complaint to the Ombudsman, who confirmed receipt of my letter immediately. I then got a letter from Lloyds Insurance saying they were looking into my complaint. Two weeks later, I had a letter from the complaints department advising that the account number I was quoting was opened in Aug 00 and closed in Aug 01, when I had been given a rebate - but they were happy to refund the payments I had made plus interest. I checked my bank statements and found this to be true, and as Lloyds had forgotten to include the acceptance slip, rang to accept.

 

Whilst on the phone I mentioned the other loan, which after a memory jog I remembered taking out and the same bank manager just assuming that I would want to continue the PPI, not giving me any say in it. I had the reference for this from my statements too and the complaint handler took the details then called me back to say she had rung my old branch and they had a copy of the agreement. I was sent a copy which detailed the PPI that I had paid up front - £1954.83. I didn't even have to ask for it back - I was offered it and told that I would get the interest too.

 

That was yesterday, and I gave my bank details for a bank transfer. Today I have a deposit of £1954.83 sitting in my account.

 

The smaller amount of £250ish I have been told is a different type of loan, and my branch will be arranging the payment plus interest in the next 21 days.

 

I will ring up about the missing interest next week....

 

However, my advice to everyone is this - it's not just the people whose insurance was not valid who can complain and win - it's also the people who were not told it was optional. And get the Ombudsman involved as quickly as possible - it's amazing the difference they made.

 

If anyone needs advice or a telephone number for the complaints team (who I can't praise enough once I actually got to speak to them rather than the other 101 staff beforehand), I'm happy to help.

[tonycee]

Today I have a deposit of £1954.83 sitting in my account.