LloydsTSB what a surprise ***WON***

[stevebenarr]

good afternoon Wonder if someone can advise on this. Firstly I have been advised that on a loan with Lloyds the PPI premium was added as a lump sum to the total and this make the loan unenforceable under the latest legislation. Secondly the loan was taken out to pay off an already exisiting Lloyds loan, which the bank failed to do and resulted in 2 loans being in operation and 2 payments being taken from the account for many months. This led to an impossible debt situation. The first loan was in single name the second loan was taken in joint name to "improve" the interest terms. Job loss some 3 months later and PPI could not be implemented because there was a second name on the loan. Bankruptcy resulted, now discharged, but the second name is still paying an agreed minimum of £50 a month.

Would this whole sorry scenario have any redress under current legislation?

 

I will admit to having contacted a debt clearing company who assured me the loan was unenforceable due to misselling of the PPI but having 2 loans instead of 1 also meant this was illegal. And fortunately I havent paid them a penny or signe with them as yet and from reading some of the threads on this site I will not be following up with them either.

 

I would however appreciate some guidance as to whether Lloyds have a case to answer

[RedVixen]

Hi Steve

 

You need to start your own thread so people can deal with your issue on its own - just look for the start thread button at the end of the thread list

 

Lump sum policies are not illegal but are frowned upon and most likely to be subject to mis selling as they are the most profitable for the blood sucking banks

 

The loan is also not unenforceable just because the PPI was missold it is a seperate product but you may have grounds for misselling

 

Secondly having two loans is also not illegal. I would suggest you send a SAR off to your bank to get all the documentation they have regarding your accounts - i found it to be VERY interesting

[RedVixen]

Livid absolutely ****ing livid

 

response to the complaint fail to address any of the points raised basically they have twisted it to suit their template replies

 

There are several paragraphs in response to the fact that i didn't agree to taking out the PPI in the first place all of which are based on me originally agreeing to taking out the policy then failing to cancel when I changed my mind - I didn't change my mind at all

[RedVixen]

Then they are surprised by me alleging that policy coverage wasn't discussed it wasn't there was no need I didn't want it.

[RedVixen]

With the earlier loans they haven't got the documentation but basically deny the allegation because none of their turd like salemen would possibly lie to customers would they

[RedVixen]

So furious - they will get a reply and FOS complaint will be started but I suspect they will take me to court for debt owed before then so it will end up in court before then

[RedVixen]

Right I have phoned FOS - a bit tight on the 6 month rule what with their letter being dated yesterday

 

reference number issued and complaints pack on its way

[Paintball]

Hi RedVixen

 

I was keeping out of the way 'til you stopped fuming

 

OK, some issues of non-compliance where they are unable to ptovide documentation; you have acquired since the original sale knowledge and understanding of the regulations governing the sale of PPI and now know that you have been mis-sold the product. You were not provided with sufficient info to allow you to make an informed decision about a product that suited your personal need and circumstances. Had you known then what you know now, you would not have chosen to add the PPI.

 

Personally I would choose the court route as I would love to see them attempting to defend their actions to a judge, but it looks like you will stick with the FOS.

[RedVixen]

LOL paintball Luckily I blow up very loudly but for a short period of time - the TV was nearly murdered though

 

I am thinking about taking the court route but I can't afford the fees and I suspect they will initiate court action to recover what they reckon I owe them so I am not sure whether to let them waste more money and make sure the counter claim is tight. I am planning on trying to link my bank charges into this as well. Looking at the last three years I only went overdrawn by more than £40 a couple of times and the PPI portion of the loan was about £45 so if someone agrees that they took this money unfairly/unlawfully then logically the vast majority of the charges should also be returned as they were only taken as a result of them theiving the PPI payments

 

Also add into the mix that they constantly refused a £50 buffer overdraft despite their code of conduct saying they will be sympathetic to customers circumstances and I had just had a massive pay cut and was trying to deal with a switch to weekly pay from very good quarterly - but I was actually contacted without any request on my part but another of their high flyers to take about my finances where despite apparently not being able to do anything about this small buffer zone could (if I stayed in credit the next month) restructure my long term borrowing ( which would have meant either longer term on same amount but you can guarantee the interest rate would have been higher and then no doubt try and persuade me to add a few hundred) and therefore possibly increase the monthly payments for someone who was struggling a little bit. Does anyone think the FOS will take on customer abuse cases - the complaint is going through LLoyds at the moment

 

 

They actually only responded to four points and called it full and final without bothering to answer several more.

 

Alot of words were cut and pasted about LLoyds obligations under FSA guidelines when the FSA has yet again stated that after another secret customer exercise over half of all calls failed to adhere to their guidelines - I did actually mention this in the complaint

 

Looking at it again the second point is that I state I was not told what it did or did not cover - ermm no I didn't I knew it wouldn't cover me the conversation about PPI ended way before the guy got any chance to not bother with going though the alleged training bumf as it wasn't necessary

 

I actually have a copy of one of the older loan agreements and yes I did agree to PPI but only because I wasn't given the option and this is from the guy who boasted about the holiday LLoyds had given him as a reward for his sales not did he point out that the existing loan which had only run for 5 month at this time hence I already had a PPI policy which would have covered me for most of the loan - in fact I had another holiday plan which may or may not have covered the payments I am not sure I wasn't asked about that anyway

 

Another one is they are quoting customer notes as gospel when I clearly told them that they weren't true - it went the reason you asked for the policy are stated as in only having one months sick pay - I didn't have any sick pay and never claimed that as I was a funded research student you get your money at the start of the quarter and thats it.

[lexis200]

Hi RedVixen

 

I've been following your thread with interest - and disbelief at how they can treat a customer so poorly!

 

I was just wondering about the quote below

Right I have phoned FOS - a bit tight on the 6 month rule what with their letter being dated yesterday

 

reference number issued and complaints pack on its way

 

Do you mean that you can just phone the FOS, tell them you want to make a complaint and they'll issue you with a ref. no? If this is the case can I ask how you go about it, as I am trying to get a complaint together to send, but it's taking forever. If I could get a ref. no. straight away that I can quote to the bank to try and stop them phoning, it would be great.

 

Thanks for any help:)

 

Lexis

[RedVixen]

Lexis I phoned 0845 080 1800 them to state my intent - they asked basic details, what about, who about, and the internal Lloyds complaint reference they asked the date of the letter Lloyds sent and whether it included the 'if you are still not happy you can now complain to the FOS then they gave me a reference number and told me there will be an claim pack in the post

 

It is one reference number at the moment but I suspect (and hope - more cash lost by Lloyds) that they split the complaint as there are two separate issues with the different loans

[havinastella]

Wow, your templated response letter looks familiar

 

Just had my response from Lloyds about my missold PPI, Superb bit od detective work as the Loans Complaints team only received the letter on Tuesday.

 

So they have checked all my files, spoken to the advisor that mis sold the PPI and completed their investigation to the SEVEN points I raised about the Mis Selling, Including my partner being epileptic, which automatically discludes her from the PPI and turned the refund down, in ONE DAY.

 

Lloyds must be the best bank EVER.

 

I'll send the Dr's letter explaining her condition and then hit them in court.

 

JOgs

[lexis200]

Thanks so much, that's great:)

[RedVixen]

The one I got yesterday is full of the same rubbish as well havinastella - i gave them 2 chances and they spectacularly balled them both up

 

I live near to the Lloyds insurance place I am considering collecting some adult literacy literature and leaving it at reception in the hope that they add it to their employee training

 

For a job that involves answering written complaints with written answers the lack of basic literacy is shocking

 

I phoned them up after I got the letter and women who answered asked me what I would like them to do and I said I would like my complaint to be revisited by someone who understands English but as it has apparently already been dealt with by a 'senior' advisor that wasn't an option

[RedVixen]

thinking about it I don't mean basic literacy I mean the ability to think independently - Given the close nature of some banks and DCAs its safe to assume they recruit form the same gene pools

[lexis200]

Just a quick thank you RedVixen - FOS phoned and reference number obtained. Feeling much happier and crossing fingers it'll help the situation:)

[RedVixen]

Its nice to have a number to quote when they get arsey with you isn't it means its in progress rather than about to be

 

I received my stuff after a couple of days - firefighting on a lot of fronts at the moment but will rad through it today and get all the letters printed and scanned ready to send off as support document

[joneseyblod]

subscribing

[RedVixen]

Right I could do with a bit of advice

 

I have worked out the figures again for my claim to the FOS It is probably a long winded way to work it out but its one I can follow - I could follow my last attempt after a while but this one seems clearer to me

 

Firstly I simply took all the PPI lump sums calculated the days since it was added and worked out then added the contractual interest for that number of days - right up until today as they have deprived me

 

Then I took the refunded amounts and worked out the interest on those based on when the refund occured, added refund and interest and took that off the first figure

 

Then worked out the balance that WASN'T refunded plus associated interest and added that back on - up until today

 

The total is just over 10K

 

I am now going to work it out up until the day that the agreements expired

 

 

[RedVixen]

If I work it out just up until the agreement ended an refunds were made then it is 6.5K

 

Ethically if I have been deprived from day one then I think I should go for the higher figure

 

Do the FOS add staturory as that would make the higher amount just over 11K and the lower one 7.5K

[LoopyLou22]

Subscribing - Good Luck, watching with great interest, hope you get a very nice return

 

Jen

[lexis200]

I have no idea RedVixen, it all sound very complicated, but I'm crossing everything that you get a good outcome!!

 

I would say that seeing as the banks would have no qualms about you having paid from day one, I'd be tempted to charge them from day one!

[RedVixen]

The from day one bit is fine its do I ask for the interest after the agreement was terminated after all they still have technically have the benefit of it whereas I lost it

[lexis200]

Oh I see, sorry:oops:

 

That's a bit more tricky. I'd like to say yes, but playing devils advocate, I would guess the FOS would look at it that once your account is defaulted/terminated, the bank would not be charging you interest (supposedly anyway). So, even though it is sat in their accounts, they are not actively asking for it, therefore, you should not be entitled.

 

That's not actually what I think though, personally I think you should go for the lot as you are absolutely right - they have had it from you when it could have been sat in your bank earning you interest. Unfortunately it's not my opinion that they go on (we'd all be rich if it was:D), and I think they may use the 'logic' in my first paragraph.

 

I'm sure you'll have someone along soon who can actually give you a decent answer though rather than just opinion - have you tried asking ReallyMadWoman? She's pretty well up on the workings of the FOS and may be able to give you a solid idea of what'll work.

 

Lexis:)

[RedVixen]

Its worth a try - I am not even sure if I am supposed to work it out myself or just send all the details over and let FOS work it out - maybe with a bit of prompting form me

 

Lloyds no longer have any of the old agreements but I still have the most recent of those but they did send statement accounts for the older laons which show hom much PPI was (and wasn't) refunded when the loans were refunded