LLoyds LPI Claim

[alanalana]

Hey Buster78

Not a problem at all. I got all that I needed after my SAR request, more than was necessary really, a whole ton of stuff not relating to the LPI/PPI! But concerning the loans I have taken out and the LPI I've paid out on for each one, yep I got a all the accounts numbers, summary of what each loan was, the LPI with it and a list of payment for each month, going back to 1992. Also got interest rates etc. I'm struggling to fathom out why after a SAR request you didn't get the same information? Would it worth phoning them and asking why? I hope you get what you need. I'm currently waiting to hear back from Lloyds on my claim, they've got 7 weeks!!

 

This red bit is really good if they have produced SAR documents this far back for you then they have no reason to say it is not available to other claimants against Lloyds TSB. A very useful post for other claimants against Lloyds

Edited December 16, 2009 by alanalana
this needs to be widespread information on the PPI forum

[Buster78]

Hey CB, yes I specifically asked for the PPI info but when I complained that they hadn’t sent it, they wrote back saying I had to send another S.A.R to their insurance dept with another fee. My reply was that it was BS and I would be seeking her attendance at the court hearing so she could tell that to the DJ (they then failed to file a defence). My local CC has a backlog but I’m hoping the DJ will make judgement soon. Thanks for the link, I’ll go through it now.

[Buster78]

True Alan, I was a little shocked when I saw that. They are claiming they only keep 6 years worth (exactly 6 years) to me. I also told them that was BS and I wont accept it. I'll drag them kicking and screaming through the EU courts if I have to.

[citizenB]

Hey CB, yes I specifically asked for the PPI info but when I complained that they hadn’t sent it, they wrote back saying I had to send another S.A.R to their insurance dept with another fee. My reply was that it was BS and I would be seeking her attendance at the court hearing so she could tell that to the DJ (they then failed to file a defence). My local CC has a backlog but I’m hoping the DJ will make judgement soon. Thanks for the link, I’ll go through it now.

 

Sheesh, they do talk a lot of BS at Lloyds as you will see when you look at the link I gave you.

[Mikey40]

Oh my god I've just re-read me post! Was a bit way out with the time scales for the PPI info, more 2002!! I've got inforrmation my Lloyds in my SAR request going back to 1992, that's maybe where I got confused! So sorry for the mistake, guys and gals! Maybe too much Xmas wine already! Seems the 6 years is about spot on then. By the way Happy Xmas and prosperous NY to you all

[Buster78]

Hey Mikey, don't worry about it. The dates are still relevant as Lloyds say the six years apply to near enough everything, not just PPI. Glad to hear you’re enjoying yourself with the wine .

 

Merry Christmas and all the best for 2010!

[Mikey40]

Update... Had letter back from Lloyds TSB Insurance with an update on my ongoing complaint. They've told me there is a delay in gathering all the information regarding all the information required to deal with the complaint... strange had all the SAR information through within 4 weeks, and surely its the same material?! Anyway there hoping to give me a final decision within 4 weeks, and if they can't they will provide me with the information to conatct the Financial Ombudsman Service. Lovely. Just gotta love the delaying tactics! I shall wait for the next response!

[Mikey40]

New update: Couple of weeks ago I sent a letter off to the Peterlee office (deal with the insurance policies apparently) asking them to cancel my LPI insurance on my current loan, as stated I could in the first letter of my ongoing claim, this is the reply I got...

 

'Unfortunately this is not something we can arrange by letter. Please call us on the above number and we will be happy to see if we can assist you. Alternatively, you can contact your local Lloyds TSB branch, to arrange an appointment.'

 

Is this a standard reply from Lloyds? I'm a little confused why they just can't cancel the LPI insurance on the loan via letter. I'm keen to keep a letter trail for everything regarding the claim on the loan, so why should I have to contact them by phone or pop into my local branch. Another stalling tactic or is this standard procedure? Any thoughts before I procede? I'm still waiting a reply on the main case of missold LPI... funny that!

[landy_alert]

New update: Couple of weeks ago I sent a letter off to the Peterlee office (deal with the insurance policies apparently) asking them to cancel my LPI insurance on my current loan, as stated I could in the first letter of my ongoing claim, this is the reply I got...

 

'Unfortunately this is not something we can arrange by letter. Please call us on the above number and we will be happy to see if we can assist you. Alternatively, you can contact your local Lloyds TSB branch, to arrange an appointment.'

 

Is this a standard reply from Lloyds? I'm a little confused why they just can't cancel the LPI insurance on the loan via letter. I'm keen to keep a letter trail for everything regarding the claim on the loan, so why should I have to contact them by phone or pop into my local branch. Another stalling tactic or is this standard procedure? Any thoughts before I procede? I'm still waiting a reply on the main case of missold LPI... funny that!

 

Hi Mikey:)

 

Goodness knows - LTSB are a law unto themselves after all!

 

I do know this - Mr L and I were also told we could only cancel by telephoning, but we went ahead and wrote firmly explaining that we wished to only communicate regarding the matter in writing. LTSB did cancel our PPI, but according to a letter subsequently received it took virtually 2 months from the date they received our (signed for) letters to actually credit the accounts with the PPI rebates they so generously gave us - meaning they got to hold onto this money for a little while longer. So when you do manage to have it cancelled make sure they don't pull this fast one on you too!

 

Furthermore, they probably want to get you on the phone so they can persuade you of the need to take out a new loan when you cancel the PPI on the current one, as this is another stunt they seem inclined to pull!

 

Glad to see you're keeping on top of this - can't let the blighters at LTSB win:D

 

Landy x

[Mikey40]

Hey thanks for reply Land, think you are spot on with your assessment of Lloyds! I could think of a few other words to use as well!! ha! I will continue to insist on correspondence by letter only and will ask again to cancel the LPI insurance. Is it worth writing to someone else, maybe Customer Services in Newport, than the loan people in Peterlee? Well at the end of the day if I can get them to agree with my claim they will only be paying me back at a later date! Hopefully! Know all about them trying to get you take out new loans etc! Why is it so difficult for them just to cancel the damn thing as stated in their T&Cs... daft question really! here's waiting for the next instalment!!

[Mikey40]

Right, 4 days before the deadline for Lloyds to reply I've had a letter back! I'm going to list my loan details and then move onto Lloyds findings, the highlights only! Any thoughts or help would be most appreciated, especially with the maths and what I should be looking for, it's not me strong point! Well if you are sitting comfortably, here goes...!

 

Loan A (************)

Loan £10,000. LPI advance of £2,143.03

Period covered - 19th October 2001 - 31st July 2002

Interest Rate - 9.96% per annum, applied throughout period of statement

Terms of Agreement - 60 months

Paid in 9 payments of £257.76 per month. Interest payments 10

Final payment when loan updated - £10,689.54 31/7/2002

 

Loan B (***********)

Loan £11.100.00. LPI advance £2,455.59

Period covered - 26th July 2002 to 15th May 2003

Interest Rate - 11.34% per annum

Terms of Agreement: 60 months

Loan rebate when settled: £1643.77

Paid in 9 payments of £297.04. Interest charged 10 payments

Loan updated 15/5/2003. Bal Transferred £12,054.76

 

Loan C (***********)

Loan £15,000. LPI advance £3,249.95

Period covered - 15th May 2003 to 15th April 2005

Interest Rate - 10.43%

Terms of Agreement: 60 months

Loan rebate when settled: £1,181.36

Paid in 23 payments of £391.67. Interest payments 24

Loan updated 15/4/2005. Bal transferred £11,130.19

 

Loan D (***********)

Personal Loan £15,000. LPI advance £3,341.58

Period covered - 15th April 2005 to 13th February 2007

Interest Rate - 10.43%

Terms of Agreement: 60 months

Loan rebate when settled - £1,257.55

Loan updated 13/02/2007. Bal transferred £11,660.08

Paid in 22 payments of £393.63. Interest charged 23 payments

 

Loan E (************)

Cashback Loan £15,000. LPI advance of £4,580.92

Period covered - 13th February 2007 to present

Interest Rate - 11.33%

Terms of Agreement - 84 months

Paid in so far - 23 payments of £338.77. Interest 23 payments

 

Phew! There’s more… Lloyds findings in brief…

 

Loans A-C

Have rejected my complaints

 

My Concerns (Across the 3 loans, A-C)

Sales person failed to advise the optional nature of loan, felt obliged to take as part of loan

Not made aware that alternative policies were available elsewhere

Sales person had no proper financial background to recommend the best policies and information

No discussions took place about any alternative products I may have had

 

Lloyds Findings

They did not lead customers to believe that the insurance was compulsory or that the application for credit would be compromised in the absence of cover. See Consumer Credit Agreement…

The single premium insurance policy was the only policy of its nature available through Lloyds to protect loans sold by our sellers at the time of the policies were sold. Lloyds TSB are only authorised and regulated to offer advice and information on products so by them

Lloyds TSB provide training to all sellers of PPI. Issued with general Insurance Standards Council (GISC) Code which set out guidelines and workbook to complete… etc… Lloyds TSB sellers clearly had a finacial background and were trained to recommend LPI in the event that it matched a customer’s requirements

 

Decision

Loan A. pro-rata rebate would have amounted to £1,804.84. They would like to offer the difference of £370.30. Their final response…

 

Loan B. pro-rata would have amounted to £2057.31. They would like to offer difference of £413.54. Their final response…

 

Loan C. pro-rata would have amounted to £1,998.74. They would like to offer the difference of £817.38. Their final response…

 

 

Loans D & E

Have Upheld my complaint…

They propose to for Loan E:

A) calculate a refund of the PPI monthly payments that you have paid to date and

B) calculate simple interest at 8% per annum on each of the PPI monthly payments

 

They add the redress remedy that an adjudicator at the FOS would make in your favour…

 

Propose for Loan D

Do two calculations:

One

1) calculate the difference between the settlement balance you have paid on the loan and what the settlement would have been had the PPI premium not been added to your loan

2) will then calculate an 8% interest payment on this sum from the day the loan was settled to the day the calculation is completed

 

Two

They will then calculate the amount you have paid up to the date of the cancellation and refund this back you…

The partial rebate in respect of the insurance of £1,257.55 on 14th February 2007, will be taken into consideration when calculating refund.

 

For the above two loans, it’s their final offer…

 

Think that just about covers their response in brief…

 

Immediate Questions and Queries

*Why have they only upheld my claim on two of the most recent loans, when the reasons for making the claim for all the loans are the same across the board?

* No settlement figure for the upheld loans

* Aside issue, I started an IPP plan in 2001 with Scottish Widows, connected to Lloyds, in their response they are saying they have no record of this even though I gave them the policy number. Surely this comes under the claim of not being aware of other similar policies I may have had?

* How can they say the people are qualified in the field of selling LPI when all they are doing is selling their own products!

 

I’m sure there are more queries, hopefully you good people can highlight any for me, and also help with dissecting the figures as this is where I am really struggling. Would like to go back to them with a really good response and with the intention of asking the FOS to investigate the claims on all the loans, and not settle for what they are currently offering.

 

Any help much appreciated…

Mikey:-|

[Mikey40]

Suppose another query would be do I deal the claim on the loans as one still or deal separately now, as the outcome on loans D & E is different to loans A-C. As always any thoughts most helpful...

Mikey:|

[Mikey40]

Me again! I'm looking to get a reply to Lloyds asap so any help on the above would be appreciated, still trying to get me head around things, so if pompeyfaith, alanalana etc are about with their words of wisdom, it would be very much appreciated. Is it worth starting a new thread?

[Mikey40]

Anyone to help? Sorry to keep nagging:-| be nice just to get some feedback before proceding... here's hoping...

Mikey40

[citizenB]

Mikey, sorry I havent been getting email notices ..

 

I am not quite sure what it is you are asking or indeed what LTSB have provided you with

 

I have hit the SOS button for you. Hang in there, someone will be with you as soon as they can.

 

BTW, alanalana has limited availability at the present. Have you pm'd pompeyfaith directly and asked him to pop in. I am sure he would if asked.

[Mikey40]

CitizenB

Many thanks for thread! Thought I'd said something wrong! ha! Well I tried to keep the thread as short as possible and precied the information, suppose would have been better to have scanned the letters I got from Lloyds. I suppose to sum up: I am seeking compensation on missold LPI, on 5 loan accounts over 8 years with Lloyds, hence listing these accounts. Lloyds have upheld on 2 loans and not on 3, as shown. All decisions are final. Going to get in touch with FOS over the 3 loans no upheld, contact Lloyds for more detailed figures on the other 2, then contact FOS, does that sound about right? How do I go about prompting pompeyfaith?

Cheers

Mikey40:D

[Mikey40]

Well have sent off the claim details to the FOS after having the final response from Lloyds, see what they come up with and how long it will take them!! Is it worth letting Lloyds know I have sent a complaint to the FOS, just to keep them in the picture?

[Buster78]

Hi Mikey, I wouldn't bother informing them personally, it would just be a waste of postage and your time. If the FOS has all the information they need then I'm sure they'll be intouch with Lloyds soon anyway. You may have a long wait before you get a decision thought.

 

Good luck!

[afee12345]

hi mikey40

 

i am in similar situsation as you with lloyds.if you have a chance read my thread.i have just been made aware by dx100uk member that lloyds had been adding ppi ontop of ppi and int on top of int.

 

a big thankyou to dx100uk for pointing out.

 

they did pick selected peoplt to swindle money out...

[citizenB]

CitizenB

Many thanks for thread! Thought I'd said something wrong! ha! Well I tried to keep the thread as short as possible and precied the information, suppose would have been better to have scanned the letters I got from Lloyds. I suppose to sum up: I am seeking compensation on missold LPI, on 5 loan accounts over 8 years with Lloyds, hence listing these accounts. Lloyds have upheld on 2 loans and not on 3, as shown. All decisions are final. Going to get in touch with FOS over the 3 loans no upheld, contact Lloyds for more detailed figures on the other 2, then contact FOS, does that sound about right? How do I go about prompting pompeyfaith?

Cheers

Mikey40:D

 

Hi Mikey, I wouldn't bother informing them personally, it would just be a waste of postage and your time. If the FOS has all the information they need then I'm sure they'll be intouch with Lloyds soon anyway. You may have a long wait before you get a decision thought.

 

Good luck!

 

Hi Mikey,

 

You dont have to inform LTSB that you have made your complaint to the Financial Ombusdman. If they have sent you what amounts to their final response then that is sufficient.

 

send a pm to pompeyfaith.. stick "URGENT" in your subject header.

 

HTH

[Mikey40]

Thanks. I'm expecting a long wait to be honest, especially reading other posts on here! Not a problem, will see it through and hope they will agree in my favour, but who knows!

CB did email pompeyfaith but no response, hope ok? Not too worry will see if anyone can help if and when I get a response/figures from the FOS?

Mikey40

[Mikey40]

Well had a letter back from the FOS... 'due to sheer volume of cases it maybe a while for an adjudicator to become available...' Thought as much! They did say they give me an update within two months, so it's looking like a long one! But hey all good things... and all that jazz!

[citizenB]

Hi Mike, yes.. chances are it will probably be longer than 2 months. However, if you get any hassle from LTSB or their agents,just send a short note back saying that it is now being investigated by the FOS and quote the FOS ref number. If nothing else it should keep everyone off your back for a while.

[Mikey40]

Right here we go an update... Got a letter back from the FOS containing the following:

'i am pleased to let you know that following our involvement Lloyds TSB Bank Plc has now agreed to make an offer to settle your complaint. Lloyds TSB Bank Plc will be writing to you to explain the precise items of its proposed settlement - however, it has told us that it will be based on the general approach that the FOS takes when we decide that a consumer has been mis-sold a PPI policy...'

Also...

'It is important to understand that the offer will be subject to you agreeing to the cancellation of the PPI policy/policies - if still in force. This will mean that all insurance cover provided by the policy will be lost...'

Also...

'If you would like to accept this offer, please sign and return the enclosed settlement form to us by 3rd May 2010. We will then pass the form to Lloyds TSB so it can finalise the details of your settlement with you. Please note that by signing the form, you are accepting the general approach to calculating the settlement on your complaint. Lloyds TSB will then write to you with the exact figures (and revise loan/account details where appropriate) once the calcualation has been carried out. If, once the figures have been received, you believe that the firm has made an error in the way it has carried out the calculation, please contact the firm initially to discuss this. If you are unable to resolve the matter with the firm, we will happy to assist...'

Then goes onto explain any new points, extending time to think about the above points, and when I'm likely to hear from Lloyds, and also includes factsheets on how compensations are calculated etc.

 

Well it's a start! I suppose the first question that needs resolving is do I complain again about having no figures, or just sign the agreement and wait until lloyds send me their figures? I don't mind doing this, as it does say I can follow the same complaint procedure. Wait and then complain! I have placed my figures above, so any help on an idea of what I could get would be appreciated, or is it just worth getting the ball rolling and signing and waiting for Lloyds to get back to me... any help appreciated on the points made above by the FOS...

Mikey40:)

[dx100uk]

did you receive any refunds when loan was topped up each time.?

 

dx