Landy_alert v Lloyds PPI on personal loans ** WON**

[landy_alert]

On 26th Jan we sent CCAs to Lloyds TSB for two personal loans - one mine and one my husband's. Royal Mail Track & Trace said these were received in Brighton on 27th Jan.

 

I feel I definitely should have a case for mis-selling of PPI as I was a stay-at-home mum/housewife at the time and most certainly not employed in any way. OH could also have a case as he was led to believe he wouldn't get the loan unless he took out the PPI too.

 

Today OH received 2 letters from Lloyds - one a letter stating he is behind in his payments (we know!) and the other being a statement of his loan account - quote 'a handy summary of the main points to do with your loan and loan protection insurance........a new style of yearly statement....introduced by the Consumer Credit Act'.

 

These are dated 27th and 28th Jan respectively.

 

I guess it is just coincidence that he has received these now, as nowehere in either is there any reference to our request for CCAs!

 

Should be interesting to see what else (if anything) turns up within the next couple of weeks!

[pompeyfaith]

Blimey they are quick off the mark and a new delaying tactic these yearly statements for PPI are a recommendation by the competition commission and not due to come into effect until 2010 i believe.

 

I would copy that letter and statement to the competition commission and send a non-compliance letter to LTSB GROUP.

 

BBC NEWS | Business | Loan insurance to be restricted

 

On the above link pay particular attension to the paragraph headed recommendations

Edited January 31, 2009 by pompeyfaith

[landy_alert]

Thanks Pompeyfaith - will do that!

 

As the 12+2 day deadline for Lloyds to respond to our CCA requests is up tomorrow we will be sending the account in dispute letters off to them post haste (unless of course we receive a surprise package from the postie in the morning!), but then we have to decide whether they really don't have our agreements or whether they do and are just not playing ball.

 

In which case at what point do we go down the route of trying to get our mis-sold PPI back? You see, the idea is -

 

unenforceable agreements = just forget the loans ever existed???

 

enforceable agreements = at least try to recover the money paid out in PPI payments

 

At the moment we haven't mentioned the mis-selling of PPI to Lloyds, but have the letter already to go if need be.

 

However, we have no information regarding what we have been paying in PPI as we have no original agreements or loan statements as they rarely send us anything regarding the loans - except to remind us we haven't been paying, lol!

 

Any help regarding how best to tackle this would be gratefully received.

 

Thanks in advance,

 

Landy

[pompeyfaith]

Hiya Landy,

 

I think your next move is to send a CCA non-compliance letter hold fire for a bit and ill search here for the template ill be back in a while.

 

Regards

 

Pompeyfaith

[landy_alert]

Hi Pompeyfaith,

 

That would be most helpful - many thanks!

 

Regards,

 

Landy

[landy_alert]

Hi Everyone,

 

Well, on Saturday 14th (just outside the 12+2) my CCA from Lloyds turned up. It looks ok on the face of it - I haven't had a chance to examine it or the T & Cs thoroughly yet and can't post it up on here as we currently have a problem with our scanner.

 

Accompanying the CCA is the PPI info (which I had signed) and some statements detailing the payments made - the first year of which is missing.

 

On the 'Optional Loan Protection acknowledgement of purchase' form, there is a section which reads -

 

'Key areas to understand and confirm in purchasing your Loan Protection insurance policy.............if you are either employed, retired or meet the non-employed person criteria and are incapacitated due to sickness or injury when you sign the Loan Agreement , you must have either returned to work for at least 14 consecutive days or, your incapacity must have ended for at least 14 days before you are covered by your Loan Protection insurance.'

 

Now I was a stay at home mum and housewife at the time of taking out the loan - I had been for about 7 years prior to taking it out and have been ever since - so how does that impact on the above statement?

 

The bank knew this, as prior to starting a family I had run my own business and had always banked with Lloyds.

 

What do they mean by 'non-employed person criteria'?

 

Do you think I will be able to go down the mis-selling route? I am hoping to, as it was a front-loaded premium of £1685.19 with monthly interest payments of £31.59 on the PPI alone!

 

I am almost 100% certain I was told I would only get the loan if I took out the insurance, although of course all their paperwork refers to it as optional.

 

I definitely wasn't told I could get it elsewhere, or that it may not be suitable for me as a housewife.

 

Any advice would be most useful please!

 

As I type, OH's CCA has just dropped through the letterbox - only 4 days late - so that's another one to peruse!

 

Will post my findings on that one later.

 

Thanks again,

 

Landy

[landy_alert]

Hi Everyone,

 

Having had a read through of both mine and OH's Lloyds Loan agreements and checked with examples etc on here, they both appear to be enforceable - as I expected.

 

However, on my loan of £6000 I have made approx 33 payments, totalling £4754.64 yet there is still £6949.23 owing - more than I borrowed in the first place - absolutely disgusting!

 

The front-loaded single premium PPI plus 33 monthly interest payments has cost me £2727.66 alone!

 

As for OH's £10,000 loan - he has repaid £6535.80, of which £3937.11 has been front-loaded single premium PPI and 30 monthly interest payments, yet he still owes £9408.12!

 

Suffice to say, as we obviously are not going to be able to get the loans written off we are going to try to get the PPI refunded - well, offset against the outstanding balances.

 

I can't believe we were stupid enough to have taken out these loans in the first place!!!

 

Still, at least we won't fall for that one again - not that we'd get offered credit now anyway, lol!

 

If anyone can advise what my next move should be that would be great, thanks!

 

Landy

[landy_alert]

The only 'boob' I can see on OH's Loan Agreement is that he dated both forms one year ahead 2005 instead of 2004 - don't think we can have them on that one!!!

 

Am off to investigate spreadsheets for PPI.

[landy_alert]

Having spent best part of the last 3 days trying to decipher how to use the Single Premium PPI spreadsheets, I'm afraid I'm still none the wiser.

 

We really need to get this sorted as now Lloyds have demanded OH repays £9500+ immediately on his loan and we need to put in some kind of counter request for return of mis-sold PPI

 

So if any kind soul could explain to me how you fill them out I would be eternally grateful, lol

 

Many thanks,

 

Landy x

[landy_alert]

Am literally tearing my hair out over these spreadsheets now, so if any clever member could help it would be great please.........it's my birthday tomorrow and I can see I'm going to be spending the whole day struggling with figures I just don't understand - help, pleeeeeeeeeease!!!

 

Thanks,

 

Landy x

[landy_alert]

Now I'm wondering how open Lloyds would be to negotiations regarding off-setting these repayments (and the over £7000 plus interest worth of unlawful bank charges we are also reclaiming) against the loans themselves and our overdraft???

 

Any thoughts and comments would be most welcome please!

 

Regards,

 

Landy x

Edited August 24, 2009 by landy_alert
Error in calcs!

[landy_alert]

Today we have each (OH and I) had a letter from Andover (where our prelim letter for bank charges ended up) saying -

 

'further to our recent telephone conversation...........' (THERE HAS BEEN NO SUCH CONVERSATION!)

 

'....................we are writing to confirm the payment arrangement we made with you to assist you through your financial difficulties'.

 

They go on to explain(???) that our cheque facility (I presume they mean our overdraft) will reduce by £41.94 each month in line with an included schedule and that it is important that sufficient funds remain available in our account to cover the amount agreed. (AGREED WHEN AND BY WHOM???)

 

It begins by saying the limit amount at 19/2/09 is £4340.00 and ends by saying that by 2/8/09 the limit will be £0.00.

 

Help - I don't understand what this means at all!!!

 

There is no acknowledgement of our prelim letter and accompanying schedule of charges.

 

We haven't phoned Lloyds at all regarding this matter or anything else!

 

Are they trying to be helpful?

 

Should we respond to this letter?

 

I'm at a total loss now with what to do next?

 

How do we go about trying to get our charges off-set against our debts?

 

Anyone got any ideas, please?

 

Many apologies for all the questions, but I really need some help with this please!

 

Thank you,

 

Landy x

Edited February 25, 2009 by landy_alert
typo

[landy_alert]

Oh dear, I think I made an error in my calculations - on my loan agreement it says the monthly repayment for PPI is £31.59 and I assumed this was the PPI interest - but it's not though is it?

[RedVixen]

No its the PPI payment plus interest on the payment - have you had a play with the duel calc stuff

 

Initially you mostly pay of interest as the interest is applied at the same rate to the ammount of capital cleared so as the term goes on the capital reduces faster and faster as the interest portion of the repayments goes down

 

As for that letter you got they seem to have sent alot of those out to people that never made any sort of arrangement with them they are not being helpful its just another Lloyds wind up tactic

[landy_alert]

Thank you RedVixen!

 

I don't suppose you have a link to dualcalc please?

 

Regards,

 

Landy x

[RedVixen]

I will have a look - I don't quite understand duel calc but have used it to look at whether APRs are right

[landy_alert]

Am searching for it too now - will post up if I find it and/or understand it!!!

 

Thanks again!

 

Landy x

[landy_alert]

Without wishing to appear totally dim (as usual) - is there a way of working out which part of the PPI repayment was interest without using Dualcalc, please?

[RedVixen]

The CAG PPI calculator does that on the first worksheet - though it looks a bit high for one of mine

[landy_alert]

Hi RedVixen,

 

Thanks for all the help - I have finally (!!!) got it worked out - I think!!!

 

Regards,

 

Landy x

[landy_alert]

Hi Everyone,

 

Can someone help me with this please?

 

Is it possible to put a loan account into dispute whilst attempting to reclaim PPI?

 

We are unable to repay our two loans accounts due to the change in our financial circumstances and have not been doing so for a while (we did have an agreement to pay a reduced amount but this has ended).

 

Having finally got the amounts for our PPI reclaims sorted out, I am going to send off letters today explaining why we believe the PPI was mis-sold, but wondered if we can also send 'account in dispute' letters, particularly as OH has had this letter demanding he repays £9500+ immediately (and that was nearly a week ago).

 

Also, would we need to copy the account in dispute letter to Allied Credit International, who now seem to be chasing OH on behalf of Lloyds?

 

Any advice on this would be most appreciated.

 

Thank you,

 

Landy x

[RedVixen]

There are no guarantees it will be the same but at the moment debt collection activitires have been put on hold on my loan account as a direct result of my PPI claim which is off to the FOS now

 

So send an account in dispute letter off to AIC. Mine is likely to be bigger than the laon and with charges added to it will DEFINATELY be bigger Apex backed off when I said go on then take me to court the counter claim will be bigger - it went straight back to Lloyds

[landy_alert]

Hi RedVixen,

 

Thanks for that! I've just got the PPI letters done and am about to send off recorded now. Will prepare some 'account in dispute' ones next and get those sent to both Lloyds and AIC to be on the safe side.

 

Neither of our PPI reclaim charges are bigger than the loans themselves, but our bank charges reclaim (also Lloyds) is pretty enormous - about £9000 including statutory interest - if we ever get it back!

 

Thanks again,

 

Landy x

Edited August 24, 2009 by landy_alert
Error in calcs!

[RedVixen]

Hi Landy - I basically added the two together since Lloyds had lumped the loan and current account together for debt collection purposes and Apex's letters certainly quoted a total amount for both accounts rather than seperate ones

[landy_alert]

Just an update on this -

 

On 2nd March we sent Account in Dispute letters off to Lloyds/AIC regarding the fact that until we had a satisfactory outcome on the PPI claims thse two loan accounts were in dispute.

 

Today (after 7 days) our PPI reclaim letters have been acknowledged by Lloyds TSB Insurance who state that they are investigating our complaints.

 

Regards,

 

Landy