sounds good to me. many thanks mark.

Thank you for your help. Not expecting them to reply on time or give me the answer I want but at least its a start!

Many thanks for the replies Dotty. I have drafted up a new letter and will get it sent off Monday if it looks ok. I definitely want to get this all sorted out but on looking at the bigger picture I don't want to effect my credit rating missing payments. The whole point of trying to sort this out is to make myself better off and increase my credit rating at the same time. Thanks Mark Dear Sir or Madam, R.e:- Account number xxxxxxxxxxxxx I am writing to confirm cancellation of my Loan Protection Insurance I took out with Lloyds as per 1.4 of the terms and conditions of my loan contract. Please can you send me a new contract showing the new monthly amount of £116.97 as per the original cash loan amount and the amended loan amount. Please confirm this in writing within 7 days of receiving this letter. Yours Sincerely. xxxxxxxxxxx

Many thanks Dotty. Thats exactly what I'll do. Thanks Mark

hi mangle. I'm currently trying to sort my LPI with Lloyds. Could I ask a couple of questions... What address did you send the letter too? I'm not actually trying to claim my LPI back at present just trying to sort out my re-payment without it to which they've added another £1200 to my total loan amount. cheers mark

Thanks Mark.

Could someone have a quick look at this for me please and make any necessary changes as i've not really done anything like this before and not sure what reasonable time limits are etc. Also do I have any legal rights to put my payments on hold until the dispute is sorted as I don't see why I should be paying £41 for the LPI if I don't want it and I don't want to sign this new loan agreement either. Thanks You Dear Sir or Madam, R.e:- Account number xxxxxxxxxxxxx I took the above loan out with Lloyds TSB 23 months ago and was told at the time of taking the loan out I would need to have Loan Payment Protection as I had a low credit rating. The total amount of the loan was £4296.62 over 59 months, which meant a monthly repayment of £116.97. With the LPI this added a further £1514.32 to the loan and an extra £41.23 each month to the loan. I feel I was mis-sold the LPI and due to this have spoke to your loans department (11/01/2010) to cancel the LPI, which they agreed to do. I have now received a letter for a new loan agreement without LPI but for a new loan of £139.93 a month over the remaining period of the loan.(Account number :-xxxxxxxxxxxxxxx) I do not want a new loan I just simply want to have the £41.23 each month taken off my monthly loan amount and pay £116.97 as arrange with my current loan. It clearly states in section 1.4 of my loan agreement “If you choose to purchase the LPI, we will pay any LPI loan directly to the insurer to cover the price of the premium. If you decide to cancel the LPI policy the LPI loan will also be cancelled. The cash loan will continue and we will collect only the monthly repayment for the cash loan.” As this is clearly stated in your terms and conditions I request that you revert my existing loan to the monthly cash repayments only of £116.97 for the remaining 36 months. Please respond in writing within 14 working days with a decision so I can continue to make my monthly cash loan repayments. Yours Sincerely.

If you look in to it there a quite a few i.e being self employed/unemployed etc at the time of taking out the loan.I think alanalana is the man with the full answer. Just going to draft a letter to lovely Lloyds! :-|

Just as I expected spoke to three different people. None of them worked for Lloyds TSB and worked for ICIS or something like tat. Basically there saying its policy to cancel the loan all together and arrange new finance. I've read out 1.4 and there saying thats within 30 days of agreeing to the loan although I can't see it saying that anywhere within the T&C's. There now sending me a letter of some sort for Lloyds Loans with a phone number I can ring (why they can't give me this now I don't know?) and they she kindly told me I have 30 days to sign the new loan agreement or stick with the original loan. I feel like cancelling as there not sticking to there terms so why should I. Surely company policy can't be different to loan contract....I know this wouldn't be straight forward!! oh well see what this pathetic letter has to say! Thanks Mark

Hey Landy, Thanks again for the quick reply. I did cancel my LPI under terms 1.4 for any which is interested states.... 1.4 If you choose to purchase LPI, we will pay any LPI loan directly to the insurer to cover the price of the premium. If you decide to cancel the LPI policy the LPI loan will be cancelled. The cash loan will continue and we will collect only the monthly repayments for the cash loan. As pointed out already it states they will continue to collect my previous set up loan amoutn. There is no mention of totally cancelling the original loan and signing up for a new one. I have the papers in my hand for the new contract which which is showing a new loan for £3853.08 with another £1184.40 added in interest. I will go to the bank shortly and hopefully get this sorted and carry on as normal.

Hi many thanks for the great replies. It does look a very long and complicated process to get any money back. I should be receiving the new agreement today. Before I sign it I'm going to take it to my local Lloyds TSB branch and ask them to explain the repayments. I'll happily pay £116 or slightly less as this is what the original loan agreement was going to be without LPI. I'm not prepared to sign a new agreement effectively taking out a new loan. I simply asked them to cancel my LPI which I was paying £41 a month for and expect to pay £41 a month less on my repayments. I'm not sure how I'm going to get them to do this as its not going to be easy I can tell and I don't want to stop paying my loan and risk CCJ's etc over it but to me its pretty cut and dry I no longer want LPI so I no longer pay £41 a month for it!! Thanks again will update later after I've been to bed.

23 payments at £158.20 as the loan was over 59 months and the women on the phone, when I canceled my LPI, said I had 36 payments left. Just a bit miffed about how much I'm still paying although I'll still claim back my LPI if possible although from reading through some threads my loan will probably be paid before I get a final decision and I'm sure there going to get something in place eventually to stop people claiming their LPI / PPI back.

Hi, Thanks for the replies. I don't have a scanner so can't scan it in unfortunately. Basically the loan was for the original paper work states.... Cash Loan £4296.62 with 59 monthly repayments of £116.97 with an APR of 22.9% making a total repayable of £6901.23. The loan protection was £1514.34 with 59 monthly repayments of £41.23 with an APR also of 22.9% making a total payable £2432.57 So altogether they calculates I had borrowed £5810.96 over 59 months at £158.20 with a total amount payable of £9333.80. This is the loan and LPI together. They have now said I have remaining without LPI £3853.08 with 36 monthly repayments left of £139.93 at an APR of 19.9%. Compared to my previous loan I will be paying £18.27 less a month. This is where i'm confused to the figures as without the LPI surely I should be paying at least £41.23 less and with the 2% APR off should be around £45 less I would of thought? Sorry if its all a bit complicated. I'm just failing to work out why cancelling something I was originally being charged £41.23 for and with less APR I'm only going to be £18.27 better off a month over the same time period!! :confused:

Hi, I'm going to draft a letter up to claim my LPI back. Will someone with a bit of knowledge have a read over it for me please and does anyone know where to send it at Lloyds so it reaches the right people? Thanks Mark

well they've lowered the APR by 2% which is a bonus but I don't know if I'm looking at the figures wrong. On the break down of my loan it says.... Cash Loan. £4296.62 Monthly Payment £116.97 Number of repayments 59 Total amount payable £6901.23 APR 22.9% So thats the actual loan that I took out. They've reduced the APR to 19.9% and yet my new monthly repayments are £139.92. Surely it should of been £116 at least and with the APR drop even lower now or is there something they add etc etc I'm a bit lost how they work it out....:? Any help please. Many thanks.

Thanks will check again in a month or two and see how things are looking. Surely one of the companies must be up to date as a lot could change in a month in some peoples cases. Hopefully it'll show my correct info soon.

so basically 0 for everything including available credit. not quite sure whats gone on as all I've done is registered a new address and go on the electoral role to try and improve my rating not delete it all!!!

Is this right? CreditExpert.co.uk (dragged).pdf

not sure how but if I can work it out I will.

but i've got 0 on everything which isn't correct its basically saying i've not got or ever had any finance now....

Hi, I've just applied to be put on the electoral role at an new address I have been living at for the last 5 months. I have just had a look on experian and its showing the new address along with 7 other addresses on my account??? But everything else is 0 in all my previous credit etc etc etc. Whats going on? Help please Thanks Mark

I'm certainly no expert but I very much doubt it. Anyone of us could do this at the end of the day as time is valuable to everyone not just people who are self employed. Possibly worth a try but I really can't see it happening.

A little update this morning. Phoned up Lloyds and they tried to upgrade my debit card which I quickly refused So then I was passed on to the loans department who went through all the...."can you make the repayments etc" My old figures where.... Total left to pay £4238.65 Monthly payment inc LPI £158.20 @ 22.9% APR New figure Total left to pay £3853.08 Monthly payment £139.93 @ 19.9% APR So basically they've knocked £400 off the loan total and £18 a month off the repayments. not quite what I was expecting considering I've paid £948.29 already in LPI not including the 8% and was due to pay another £1484 @ 22.9% APR. Sort of feel somethings not quite right............

Many thanks again will give the bank a ring in the morning to cancel the LPI and let you know how I get on and then start trying to claim some of the money back Take care. Mark.

Thank you.